U.S. Oil Rig Count Flat This Week

Drilling rig
Drilling rig

The latest data from Baker Hughes Inc. (NYSE: BHI) shows that drilling rig counts in North America rose by 1 in the week ending today and fell by 308 from the comparable period a year ago. In the U.S., the number of rigs fell from 1,764 last week to 1,759 for the week. That's down 230 from the same period a year ago.

The Canadian rig count rose from 625 to 631 in the week, but has fallen by 78, from 709, year-over-year.

The number of U.S. oil rigs fell by 2 in the week, to 1,330, while the number of natural gas rigs fell by 3 to 425. In Canada, the oil rig count rose by 7 to 480 and the gas rig count fell by 1 to 151 for the week.

Among U.S. states, Texas saw its rig count fall by 2 week-over-week to 824, and Louisiana's count rose by 5 to 111. For the year, the Texas count is down by 85, while Louisiana is down by 25 and Pennsylvania is down by 40.

U.S. oil rig counts have dropped from 1,408 at the end of October to 1,330 as of today, down 5%. The gas rig count is up from 416 to 425, a rise of about 3%. Drill rig counts could start to pick up as companies roll into a new fiscal year, but any growth is likely to be at a very slow pace.

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