Steel Markets
US Gas & Oil Rigs Continue to Decline
Written by Brett Linton
January 16, 2015
According to Baker Hughes data from January 16th, 2015, the U.S rig count for this week is 1,676 rigs exploring for or developing oil or natural gas. This count is a decrease of 74 rigs when compared to last week, with oil rigs down 55 to 1,366 rigs, gas rigs down 19 to 310 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to last year the 1,676 count is a decrease of 101 rigs, with oil rigs down by 42, gas rigs down by 55, and miscellaneous rigs down by 4.
The Canadian rig count increased by 74 to 440 rigs this week, with oil rigs up 53 to 234 rigs and gas rigs up 21 to 206 rigs. Compared to last year the 440 count is a decrease of 125 rigs, with oil rigs down by 145 and gas rigs up by 20. International rigs decreased by 11 to 1,313 rigs for the month of December, a decrease of 22 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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