North American Oil & Gas Rig Count Decreases in Week 10
Rig CountWestwood Energy

North American Oil & Gas Rig Count Decreases in Week 10

Houston based oil field Services Company Baker Hughes reported for the week ending March 12, US ig count decreased by one WoW to 402 rigs. The US rig

Houston based oil field Services Company Baker Hughes reported for the week ending March 12, US ig count decreased by one WoW to 402 rigs. The US rig count is now down by 390 rigs compared to the same week a year ago. Meanwhile, the Canadian rig count decreased by 25 WoW to 116 rigs in the week ending March 12. The Canadian rig count is now down by 59 rigs compared to the same week a year ago. Canadian rig count decreased by 25 WoW to 116 rigs in the week ending March 12. International rig count is up by 24 WoW to 701 rigs down by 384 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.

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