2017 Economic Calendar
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Baker-Hughes Rig Count  
Released On 12/8/2017 1:00:00 PM For wk12/8, 2017
PriorActual
N. Amer. Rig Count1151 1150 
U.S.929 931 
Gulf of Mexico20 20 
Canada222 219 

Highlights
The Baker Hughes North American rig count is down 1 rig in the December 8 week to 1,150, breaking a string of four consecutive increases in the prior weeks as exploration and development activity accelerated in response to climbing oil prices. The U.S. rig count is up 2 rigs at 931 and is up 307 rigs from last year at this time. The Canadian count is down 3 rigs from last week to 219 and compared to last year is down 11 rigs.

For the U.S. count, rigs classified as drilling for oil are up 2 rigs to 751 while gas rigs remain unchanged at 180. For the Canadian count, oil rigs are up 1 at 112 but gas rigs are down 4 at 107.

The week's rig count drop mimics a similar minor retreat in oil prices this week, with WTI futures trading around $57.20 per barrel, down about $1 from the prior week. But with breakeven rates for many U.S. shale oil exploration and development companies below $45 per barrel, activity is likely to heat up further if current price levels are maintained.

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
 

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