North American Oil & Gas Rig Count Decreases in Week 08
Houston based oil field Services Company Baker Hughes reported for the week ending February 26, US rotary rig count increased by five to 402 rigs. The number of rigs drilling for gas increased by one to 92, while the number of rigs drilling for oil increased by four to 309. The overall rig count is now down by 388 rigs in a year-on-year comparison. Meanwhile, the Canadian rig count decreased by nine to 163 rigs in the week ending February 26. The Canadian rig count is now down by 77 rigs compared to the same week a year ago.
Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of US and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.