Environment and Energy

Oil & Gas Rig Counts Still Dropping

Written by Brett Linton

March 11, 2016

According to Baker Hughes data from March 11, 2016, the U.S rig count for the week was 480 rigs exploring for or developing oil or natural gas. This is a decrease of 9 rigs when compared to last week, with oil rigs down 6 to 386 rigs, gas rigs down 3 to 94 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 480 count is down 645 rigs, with oil rigs down 480, gas rigs down 163, and miscellaneous rigs down 2.

The Canadian rig count decreased by 31 to 98 rigs this past week, with oil rigs down 22 to 28 rigs and gas rigs down 9 to 70 rigs. Compared to last year the 98 count is a decrease of 122 rigs, with oil rigs down 57 and gas rigs down 65. International rigs decreased by 27 to 1,018 rigs for the month of February, a decrease of 257 rigs from the same month one year ago. For a history of both the US and Canadian rig count, visit the Steel Market Update website 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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