Steel Markets
US Rig Count Remains Steady while Canadian Count Rebounds
Written by Brett Linton
January 11, 2014
According to Baker Hughes data from January 10, 2014, the U.S rig count for this week is 1,754 rigs exploring for or developing oil or natural gas. This count is an increase of 3 rigs when compared to last week, with oil rigs up 15 to 1,393 rigs, gas rigs down 15 to 357 rigs, and miscellaneous rigs up 3 to 4 rigs. Compared to last year the 1,754 count is a decrease of 7 rigs, with oil rigs up by 70, gas rigs down by 77, and miscellaneous rigs unchanged.
The Canadian rig count increased by 195 to 477 rigs this week after a sharp decrease of 135 rigs 2 weeks prior. This week’s oil rigs were up 148 to 300 rigs and gas rigs were up 47 to 177 rigs. Compared to last year the 477 count is a decrease of 54 rigs, with oil rigs down by 88 and gas rigs up by 34. International rigs increased by 24 to 1,335 rigs for the month of December, an increase of 82 rigs from the same month one year ago. For a history of both the US and Canadian rig counts click here.
About the Rotary Rig Count
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetracking an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.
The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.
Brett Linton
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