NORTH AMERICAN RIG COUNTS
Canadian rig activity was down 2 at 80 for the week of May 12, 2017 and is 37 (86.0%) than last year. Rigs targeting oil were up 2 at 29 and are 13 (81.3%) higher than last year. Gas directed rig count at 51 was down 4 and is 25 rigs (96.2%) higher than last year. Canadian drilling falls rapidly in the spring to avoid environmental damage moving drilling equipment during the spring thaw and rainy season.
The U.S. rotary rig count from Baker Hughes was up 8 at 885 for the week of May 12, 2017. It is 479 rigs (118.0%) higher than last year.
The number of rotary rigs drilling for oil was up 9 at 712. There are 394 more rigs targeting oil than last year. Rigs drilling for oil represent 80.5 percent of all drilling activity.
Rigs directed toward natural gas were down 1 at 172. The number of rigs drilling for gas is 85 higher than last year's level of 87.
Year-over-year oil exploration in the U.S. is up 123.9 percent. Gas exploration is up 97.7 percent. The weekly average of crude oil spot prices is 3.1 percent higher than last year and natural gas spot prices are 54.3 percent higher than last year.
SOURCE: BAKER HUGHES