The Baker Hughes North American rig count up 18 rigs in the December 15 week to 1,168, pulled higher by an outsized increase in the oil rig count for Canada that masks a U.S. count decline. The U.S. rig count is down 1 rig from last week to 930 but is up 293 rigs from last year at this time. The Canadian count is up 19 rigs from last week to 238, 4 rigs more than last year for this time of year.
For the U.S. count, rigs classified as drilling for oil are down 4 rigs at 747 but gas rigs are up 3 at 183. Canadian oil rigs are up 22 at 134 while rigs drilling for gas decreased by 3 from last week to 104.
The week's increase underscores that with oil prices hovering above $57 per barrel and breakeven rates for many North American shale oil exploration and development companies below $45 per barrel, activity is likely to heat up further if current price levels are maintained.