Canadian Oil & Gas Rig Count Heads North (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its new rig count data showing that there is a drop of rigs in the United States and a big gain in Canada. As far as why it matter, Baker Hughes quoted, “When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.”

The rig data for the United States was down by -20 at 1987, but Canada rose by 250 to 611 as follows:

• U.S. Rig Count is down 20 from last week at 1987; up 287 year over year.
• Canadian Rig Count up 250 from last week at 611; up 34 year over year.
• The US Offshore rig count is 43, up 1 from last week; up 18 year over year.

Additional information from Baker Hughes on the rig count location is available in an interactive map format.

JON C. OGG