The number of drilling rigs is on a downward spiral, both for the onshore and offshore units, according to the latest Weekly Rig Count, report issued by Baker Hughes.
BHI Rig Count: U.S. -14 to 450 rigs
U.S. Rig Count is down 14 rigs from last week to 450, with oil rigs down 10 to 362, and gas rigs down 4 to 88.
U.S. Rig Count is down 578 rigs from last year at 1,028, with oil rigs down 440, gas rigs down 134, and miscellaneous rigs down 4. The U.S. Offshore rig count is 26, down 2 from last week, and down 5 rigs year over year. BHI Rig Count: Canada -6 to 49 rigs
Canadian Rig Count is down 6 rigs from last week to 49, with oil rigs unchanged at 11, and gas rigs down 6 to 38.
Canadian Rig Count is down 51 rigs from last year at 100, with oil rigs down 9, and gas rigs down 42.