Current BHI Stock Info

Total U.S. rig count down 57% from Last Year

The number of rigs drilling in the U.S. continued to fall this week, as prices recovered to more than $38 per barrel of WTI. The total number of operating rigs in the U.S. fell by nine in the week ended March 11, 2016, according to Baker Hughes (ticker: BHI) to 480. The rig count is 57% lower than it was this time last year, months after OPEC’s decision to maintain production, when the rig count stood at 1,125.

The number of both oil and gas rigs declined this week, with drills targeting oil falling to 386 total from 392 last week, and gas rigs falling to 94 from 97 a week ago.

The Permian was saw the largest losses this week, with the rig count falling by 6 to 152. Despite large losses compared to other basins, the Permian continues to have the most drilling activity, with the Eagle Ford having the second-most rigs at 43. The Eagle Ford, Granite Wash, Utica and Williston all reported lower rig counts this week as well.

The only plays that added rigs this week were the Marcellus and the Mississippian, which added three rigs and one rig, respectively.

The Canadian rig count continues to fall fast, with just 98 active rigs reported this week, down 24% from a week ago. The Canadian rig count has posted double-digit declines for three consecutive weeks.

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