Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
Current BHI Stock Info

Oil rig count continues to lead decline, shedding 10 this week alone

The total number of rigs drilling in the United States declined every week through the month of November, according to information released by Baker Hughes (ticker: BHI). The total U.S. rig count fell by seven this week to 737 from 744 last week. The total rig count is down 34 rigs over the course of the last month. The rig count stood at 771 in the first week of November.

Rigs drilling for oil continue to lead the plunge in overall rig count numbers, with the total this week at 545. The count was 10 higher last week, and 1,030 higher in the same week of last year.

The gas rig count grew from last week, according to BHI, with the total for the week ended December 4, 2015, reaching 192. The number of machines drilling for gas last week was three lower at 189 total rigs. The gas rig count has been less affected by the steep decline in oil prices, with the count down 152 rigs, or 44%, from last year, as opposed to the 65% decline in oil rigs.

Most of the lost rigs this week came from Louisiana and Texas, which lost four rigs and three rigs, respectively. Oklahoma and Wyoming both reported two added rigs to their counts this week.

The Canadian rig count gave back some of its count this week, reporting seven fewer rigs this week than last. The Canadian count saw an 11% build in the week ended November 25, and even with the seven rig decline this week, is still higher than the 166 rigs reported in the week ended November 20.


Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.