Active Rig Count - August 5

[dan_s]

Baker Hughes reported an increase of 4 rigs in North America, bringing the active rig count to 586. Compares to 1,092 a year ago.

United States:
> Rigs drilling for oil increased by 7 to 381, compared to 1,609 in October, 2014 and 670 a year ago.
> Rigs drilling for gas dropped by 5 to 81, compared to 213 a year ago.
If the 464 rigs drilling in the U.S., 217 are drilling in Texas

Canada
> Rigs drilling for oil, no change at 60, compared to 100 a year ago.
> Rigs drilling for gas increased by 2 to 60, compared to 108 a year ago.

There is NO WAY that this level of drilling activity can keep North American production from falling.

[dan_s]

Commentary at link below:
http://www.oilandgas360.com/rig-count-t ... S_Campaign