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Energy

Rig Counts Making Oil Supply Drops Self-Fulfilling (BHI)

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By Douglas A. McIntyre Updated Published
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Oil Well ImageWe have just seen the newest weekly data from Baker Hughes, Inc. (NYSE: BHI).  It is surprising how the rig count keeps heading lower and lower despite oil prices having risen so much.  It seems on some weeks that this is stabilizing and that trend may be the ultimate case for stabilization or at least a lower rate of declines, but it makes one wonder how high oil prices will have to go before that trend changes.

U.S. Rig Count is down 18 from last week at 900; down 989 from a year ago.

Canadian Rig Count is up 6 from last week at 74; down 78 from a year ago.

The US Offshore rig count is 54, down 2 from last week; down 13 from a year ago.

As always, there is some seasonality that may explain this.  At least there is an increase in Canada.  For a while it looked as though our friends from the North were getting out of the energy business entirely.

JON C. OGG
MAY 22, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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