In its monthly release, Houston-based oilfield services provider, Baker Hughes Inc.'s (BHI) worldwide Rotary Rig Count for Dec 2014 fell to 3,570, down 100 from 3,670 in Nov 2014 and up 92 from 3,478 in Dec 2013.
The Baker Hughes Rotary Rig Counts give the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets. The Baker Hughes’ rotary rig count, issued since 1944, acts as an important yardstick for drilling contractors like Tesco Corporation (TESO), Patterson-UTI Energy Inc. (PTEN) and Atwood Oceanics, Inc. (ATW) in gauging the overall business environment of the oil and gas industry. Baker Hughes initiated the monthly international rig count in 1975.
Analysis of Monthly Data
International: Rigs engaged in exploration and production worldwide totaled 1,313 in Dec 2014. This was down 11 from 1,324 counted in Nov 2014, and down 22 from 1,335 in Dec 2013. Rigs engaged in land operations fell by 8 from Nov 2014 to 975 and by 22 from the Dec 2013 count. The international offshore rig count for Dec 2014 was 338, down 3 from 341 counted in Nov 2014 and up 32 from 306 counted in Dec 2013.
North America: North American rigs engaged in exploration and production totaled 2,257 in Dec 2014. This was down 89 from 2,346 counted in Nov 2014, and up 114 from 2,143 in Dec 2013. Rigs engaged in land operations fell by 96 to 2,196 from 2,292 in Nov 2014 and increased by 116 from 2,080 in Dec 2013. The North American offshore rig count for Dec 2014 was 61, up by 7 from the Nov 2014 count of 54 and down 2 from 63 in Dec 2013.
The average U.S. rig count for Dec 2014 was 1,882, down 43 from 1,925 in Nov 2014 and up 111 from 1,771 in Dec 2013. The monthly average Canadian rig count was 375, down 46 from 421 counted in Nov 2014 and up 3 from 372 in Dec 2013.
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