Steel Markets
US and Canadian Rig Counts: Slightly Lower
Written by Brett Linton
February 28, 2014
According to Baker Hughes data from February 28th, 2014, the U.S rig count for this week is 1,769 rigs exploring for or developing oil or natural gas. This count is a decrease of 2 rigs when compared to last week, with oil rigs up 5 to 1,430 rigs, gas rigs down 7 to 335 rigs, and miscellaneous rigs unchanged at 4 rigs. Compared to last year the 1,769 count is an increase of 12 rigs, with oil rigs up by 97, gas rigs down by 85, and miscellaneous rigs unchanged.
The Canadian rig count decreased by 6 to 626 rigs this week, with oil rigs up 1 to 423 rigs and gas rigs down 7 to 203 rigs. Compared to last year the 626 count is a decrease of 29 rigs, with oil rigs down by 86 and gas rigs up by 57. 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
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