US Oil & Gas Rig Count Increases in Week 11
Houston based oil field Services Company Baker Hughes reported for the week ending March 19, US rig count increased by 9 WoW to 411 rigs. The US rig count is now down by 361 rigs compared to the same week a year ago. Meanwhile, the Canadian rig count decreased by 24 WoW to 92 rigs in the week ending March 19. The Canadian rig count is now down by 6 rigs compared to the same week a year ago. International rig count increased by 24 WoW to 701 rigs in the week ending March but 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.