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Wednesday, April 17, 2024
HomeNewsEconomyBaker Hughes North American Rig Count Down 25 for Week Ending October 20

Baker Hughes North American Rig Count Down 25 for Week Ending October 20

The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)
The U.S. flag is displayed at Tesoro's Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)

The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery in Los Angeles, California. (Photo: Reuters)

The Baker Hughes North American Rig Count is down 25 to 1,115 for the week ending October 20, as both the U.S. and Canada declined. Overall, the North American Rig Count is up 419 on the year, still far more than the 695 rigs in commission at this time last year.

The U.S. rig count was down 15 rigs to 913 and up 360 rigs from last year. The Canadian count was up 10 rigs to 202 and up 59 rigs from last year.

For the U.S., rigs classified as drilling for oil was down 7 to 736, while rigs classified as gas are down 8 at 177. For Canada, oil rigs were down 5 to 107 and gas rigs are down 5 to 95.

Worth noting, the rig count in states impacted by Hurricane Harvey were mixed, contrary to forecasts. Texas rigs were down 8 to 436 and Louisiana rigs were flat at 67. The Gulf of Mexico, which is a subset of the U.S. in the North American Rig Count, was flat at 20.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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