The Shrinking North American Oil & Gas Rig Counts, Sort Of (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its rig counts and the gains in the United States were small against a large drop in Canada.

BHI Rig Count was up 11 rigs in the U.S. to 1984 rigs for the last week. Oil rigs were up by 21 at 1317 rigs, while the gas rig count was down 7 at 663 rigs.  Over last year the rig count is up 264 rigs, which is with oil rigs up 478 and gas rigs down 212.  The U.S. Offshore rig count is 43, up by a count of 2 rigs from last week and up 18 rigs on a year over year basis.

The BHI Rig Count in Canada was a drop of -138 down to 517 rigs.  Oil rigs were down by 124 rigs at 370 rigs and gas rigs were down by a count of 14 at 147 rigs.  The Canadian rig count is down 69 rigs from last year at 586.  Of those, the oil rigs are down by 60 rigs and the gas rigs are down by 8 rigs.

JON C. OGG

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