For over 70 years now, Baker Hughes Incorporated (NYSE: BHI) has been issuing rotary rig counts for the United States and Canada every week. The count had declined for 29 weeks until July 2, when oil companies began sending rigs back to oil fields in Texas and elsewhere. Much of the increase in supply comes from U.S. shale oil basins. Others have started adding more rigs. North American rig count data is scheduled to be released at noon central time on the last working day of each week. The biggest losing state was Pennsylvania, which saw the net retreat of three rigs. The count has increased five of the last six weeks. The Alberta count is down by 50%, while British Columbia is down 24%, Saskatchewan is off 45% and Manitoba is off 60% from year-ago levels. The trend spilled across the border to Canada, which added 54 more rigs from June to reach 183. This is two fewer rigs than in the previous week, which ended July 24.
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June’s average rig count of 868 represents a rise of seven from the 861 active rigs in May.
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Baker Hughes said the total U.S. rig count rose by 10 to 884, with gas rigs up by 4 to 213 and miscellaneous rigs unchanged at 1. The number of natural gas rigs in use fell by 7, bringing the combined oil and gas count to 874 from 872.
