US Rig Count Drops

US Rig Count Drops
The United States has dropped two rigs since January 17, 2020, and 265 rigs since January 25, 2019.

The United States has dropped two rigs since January 17, 2020, and 265 rigs since January 25, 2019, Baker Hughes’ most recent rotary rig count has revealed.

Overall, the U.S. lost three land rigs and added one offshore rig from January 17 to January 24, 2020, according to Baker Hughes.

In Canada, the rotary rig count stayed at 244 on January 24, 2020, the same number reported on January 17, 2020, Baker Hughes showed. Compared to this time last year, Canada has added 12 rigs.

Baker Hughes’ current international rotary rig count, taken in December 2019, stands at 1,104, which is eight more than in November 2019 and 79 more than December 2018.

According to the Baker Hughes website, the company has issued the rotary rig count as a service to the petroleum industry since 1944. Baker Hughes initiated the monthly international rig count in 1975, its website shows.

“The Baker Hughes rig counts are an important business barometer for the drilling industry and its suppliers,” Baker Hughes states on its website.

“When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons,” Baker Hughes adds.

Baker Hughes describes itself as the leading energy technology company. The business employs 67,000 people and operates in more than 120 countries, according to its website.

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