Econoday Economic Report: Baker-Hughes Rig Count April 13, 2018

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Baker-Hughes Rig Count

Released On 4/13/2018 1:00:00 PM For wk4/13, 2018

	Prior	Actual
N. Amer. Rig Count	1114	1110
U.S.	1003	1008
Gulf of Mexico	12	16
Canada	111	102

Highlights
The Baker Hughes North American rig count is down 4 rigs in the April 13 week to 1,110, as a seasonal weather-related decline in the Canadian count once again overshadowed a U.S. increase. The U.S. rig count is up 5 rigs from last week to 1,008 and is up 161 rigs from last year at this time. The Canadian count is down 9 rigs from last week to 102 and is down 16 rigs compared to last year.

For the U.S. count, rigs classified as drilling for oil are up 7 at 815, gas rigs are down 2 at 192, and miscellaneous rigs remain unchanged at 1. For the Canadian count, oil rigs are down 7 at 41 and gas rigs are down 2 at 61.

The Canadian count usually declines, sometimes dramatically, during the "spring thaw" when muddy terrain makes moving drilling equipment difficult and environmentally prohibitive.

Definition
The Baker Hughes North American rig count tracks weekly changes in the number of active operating oil & gas rigs. Used for drilling wellbores for wells that may eventually produce oil or gas, active rigs are essential for the exploration and development of oil and gas fields. Rigs that are not active are not counted. Components in the data are the United States and Canada with a separate count for the Gulf of Mexico (which is a subset of the U.S. total). The count includes only rigs that are significant users of oilfield services and supplies. Why Investors Care