2017 Economic Calendar
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Baker-Hughes Rig Count  
Released On 12/1/2017 1:00:00 PM For wk12/1, 2017
PriorActual
N. Amer. Rig Count1138 1151 
U.S.923 929 
Gulf of Mexico22 20 
Canada215 222 

Highlights
The Baker Hughes North American rig count is up 13 rigs in the December 1 week to 1,151, the fourth consecutive weekly increase as exploration and development activity heats up in response to climbing oil prices. The U.S. rig count is up 6 rigs at 929 and is up 332 rigs from last year at this time. The Canadian count is up 7 rigs from last week to 222 and compared to last year is up 22 rigs.

For the U.S. count, rigs classified as drilling for oil are up 2 rigs to 749 while gas rigs are up 4 rigs at 180. For the Canadian count, oil rigs are up 4 at 111 and gas rigs are up 3 at 111.

With breakeven rates for many U.S. shale oil exploration and development companies below $45 per barrel, activity is likely to heat up further if current price levels are maintained.

Definition
The Baker Hughes North American rig count tracks weekly changes in the number of active operating oil & gas rigs. Used for drilling wellbores for wells that may eventually produce oil or gas, active rigs are essential for the exploration and development of oil and gas fields. Rigs that are not active are not counted. Components in the data are the United States and Canada with a separate count for the Gulf of Mexico (which is a subset of the U.S. total). The count includes only rigs that are significant users of oilfield services and supplies.  Why Investors Care
 

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