Tuesday, December 23, 2014

As the Oil Rig Count Begins to Decline

Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon central time on the last day of the work week. The international rig count is released on the fifth working day of each month.

Falling oil prices will put tremendous on this count. Texas oil billionaire Boone Pickens was on CNBC this morning stating that he believes the US oil rig count will drop by 500, in coming months.

Rig Count Overview & Summary Count

AreaLast CountCountChange from Prior CountDate of Prior CountChange from Last YearDate of Last Year's Count
U.S.19 December 20141875-1812 December 2014+10719 December 2013
Canada19 December 2014391-4012 December 2014-719 December 2013
InternationalNovember 20141324+16October 2014+13November 

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