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

Area Last Count Count Change from Prior Count Date of Prior Count Change from Last Year Date of Last Year's Count U.S. 19 December 2014 1875 -18 12 December 2014 +107 19 December 2013 Canada 19 December 2014 391 -40 12 December 2014 -7 19 December 2013 International November 2014 1324 +16 October 2014 +13 November