Steel Markets

US and Canadian Rig Counts: Mixed Start in February

Written by Brett Linton

February 7, 2014

According to Baker Hughes data from February 7th, 2014, the U.S rig count for this week is 1,771 rigs exploring for or developing oil or natural gas. This count is a decrease of 14 rigs when compared to last week, with oil rigs down 6 to 1,416 rigs, gas rigs down 7 to 351 rigs, and miscellaneous rigs down 1 to 4 rigs. Compared to last year the 1,771 count is an increase of 12 rigs, with oil rigs up by 86, gas rigs down by 74, and miscellaneous rigs unchanged.

The Canadian rig count increased by 13 to 621 rigs this week, with oil rigs up 5 to 409 rigs and gas rigs up 8 to 212 rigs. Compared to last year the 621 count is a decrease of 10 rigs, with oil rigs down by 71 and gas rigs up by 61. International rigs decreased by 10 to 1,325 rigs for the month of January, an increase of 46 rigs from the same month one year ago. For a history of both the US and Canadian rig count 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

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

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