U.S. Offshore rigs down by 1

According to the Baker Hughes’ Weekly Rig Count report, issued on July 3, the U.S. offshore rig count was 54.

BHI Rig Count: U.S. + 1 to 1874 rigs

U.S. Rig Count is up 1 rig from last week to 1874, with oil rigs up 4 to 1562, gas rigs down 3 to 311, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is up 117 rigs from last year at 1757, with oil rigs up 167, gas rigs down 44, and miscellaneous rigs down 6.
The U.S. Offshore rig count is 54, down 1 rig from last week, and down 5 rigs year over year.

BHI Rig Count: Canada + 73 to 309 rigs

Canadian Rig Count is up 73 rigs from last week to 309, with oil rigs up 49 to 190, and gas rigs up 24 to 119.

Canadian Rig Count is up 95 rigs from last year at 214, with oil rigs up 38, and gas rigs up 57.

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.

The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. 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.