North American Rig Count
The U.S. rotary rig count was up 3 at 1,754 for the week of January 10, 2014. It is 7 rigs (0.4%) lower than last year.
The number of rotary rigs drilling for oil was up 15 at 1,393. There 70 more rigs targeting oil than last year. Rigs drilling for oil represent 79.4 percent of all drilling activity.
Rigs directed toward natural gas were down 15 at 357. The number of rigs currently drilling for gas is 77 lower than last year's level of 434.
Year-over-year oil exploration in the U.S. is up 5.3 percent. Gas exploration is down 17.7 percent. The weekly average of crude oil spot prices is 4.4 percent higher than last year and natural gas spot prices are 32.6 percent higher than last year.
Canadian rig activity is up 195 at 282 for the week of January10, 2014 and is 54 (10.2%) lower than last year's rig count. The number of rigs drilling for oil was up 148 at 300 and is 88 (22.7%) lower than last year. Gas directed rig count at 177 is up 47 and is 34 rigs (23.8%) higher than last year.