The Baker Hughes Rig Count is a weekly report that tracks the number of active drilling rigs in the United States and Canada.
The report is published by Baker Hughes, a global oilfield services company, and is widely followed by the oil and gas industry as a leading indicator of drilling activity.
What is the Baker Hughes Rig Count?
The Baker Hughes Rig Count is a closely watched report that tracks the number of active drilling rigs in the oil and gas industry.
It serves as a barometer for the health of the energy sector, with changes in rig counts reflecting fluctuations in exploration and production activities.
Established in 1944 by oilfield services company Baker Hughes (now Baker Hughes, a GE company), the rig count has evolved into a key indicator of drilling activity in the United States, Canada, and international markets.
By monitoring the number of active rigs, the report provides insights into industry trends, production levels, and the overall health of the energy sector.
How to Read the Report
The Baker Hughes Rig Count breaks down the data into several categories:
- Geographical regions: The report tracks rig counts in the United States, Canada, and international markets. U.S. data is further divided into individual states and offshore regions.
- Rig types: Rig counts are separated into oil rigs, gas rigs, and miscellaneous rigs, providing insights into the specific energy resources being targeted.
- Directional, horizontal, and vertical drilling: The report also includes information on the types of drilling techniques employed by the active rigs, which can be indicative of technological advancements and efficiency improvements in the industry.
The weekly changes in rig counts, along with longer-term trends, can be analyzed to gain insights into the direction of the energy sector and its potential impact on oil and gas prices
Why is the Baker Hughes Rig Count important?
The Baker Hughes Rig Count is a valuable tool for industry participants, analysts, and investors for several reasons:
- Production levels: An increase in active rigs can signal higher production levels, while a decrease may indicate lower production. This information can affect oil and gas prices as well as energy stocks.
- Industry health: Rig count trends can provide insights into the financial health of the oil and gas industry, as companies may adjust their exploration and production activities in response to market conditions, such as oil prices and economic factors.
- Employment and economic impact: The number of active rigs can also be indicative of employment levels in the oil and gas sector and the broader economic impact of the industry.
Who publishes the Baker Hughes Rig Count?
The Baker Hughes Rig Count is published by Baker Hughes, a GE company, one of the world’s largest oilfield services providers.
The company compiles the data from its extensive network and industry sources.
When is the Baker Hughes Rig Count released?
The Baker Hughes Rig Count is released every Friday and can be accessed on the Baker Hughes website.
Historical data is also available, enabling users to analyze long-term trends and compare rig counts across different time periods and market conditions.