Connect With PPD
Follow Us:
Economy

Baker-Hughes North American Rig Count Down for Fourth Consecutive Week

An offshore oil platform is seen in Huntington Beach, California September 28, 2014. (Photo: Reuters)

The Baker-Hughes North American Rig Count fell 3 rigs to 1,157 for the week ending August 25, the fourth consecutive drop after an uninterrupted surge for months.

The U.S. rig count is down 6 rigs to 940, but is still up 451 rigs from last year. The Canadian count is up 3 rigs to 217, but up 71 rigs from last year.

For the U.S., rigs classified as drilling for oil are down 4 rigs to 759 and those classified as gas rigs are down 2 to 180. For the Canadian count, rigs classified as oil rigs are down 6 rigs to 115, but those classified as gas are up 9 rigs to 102.

Worth noting, the rig count in Texas was down by 3 rigs to 456 rigs this week, which could very well be due to preparations for Hurricane Harvey. The National Hurricane Center has said it is expected to cause catastrophic flooding across the Gulf, specifically southern and southeastern Texas.

But since the other 3 U.S. rigs taken out commission were in Pennsylvania, the decline this week more likely is due to the fact that oil prices have not been able to stay above $50 per barrel. At that level, most North American rigs are well above their break-even point.

READ FULL STORY

SubscribeSign In
PPD Business Staff

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.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.