Econoday Economic Report: Baker-Hughes Rig Count February 2, 2018

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Baker-Hughes Rig Count

Released On 2/2/2018 1:00:00 PM For wk2/2, 2018

	Prior	Actual
N. Amer. Rig Count	1285	1288
U.S.	947	946
Gulf of Mexico	17	16
Canada	338	342

Highlights
The Baker Hughes North American rig count is up 3 rigs in the February 2 week to 1,288. The U.S. rig count is down 1 rig from last week to 946 but is up 217 rigs from last year at this time. The Canadian count is up 4 rigs from last week to 342 but is down 1 rig compared to last year.

For the U.S. count, rigs classified as drilling for oil are up 6 at 765 but gas rigs are down 7 at 181. For the Canadian count, oil rigs are up 14 at 234 but gas rigs are down 10 at 108.

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