In its latest Rig Count Overview, Baker Hughes reported the rig count in the U.S., as of March 13, 2015, was 1,125 active rigs down 684 or 37.8% from the same date last year. Canada’s rig count of 220 was down from 522 or 57.9% from a year earlier.

The average U.S. rig count for February 2015 was 1,348, down 335 from the 1,683 counted in January 2015, and down 421 from the 1,769 counted in February 2014. The average Canadian rig count for February 2015 was 363, down 5 from the 368 counted in January 2015, and down 263 from the 626 counted in February 2014.

The worldwide rig count for February 2015 was 2,986, down 323 from the 3,309 counted in January 2015, and down 750 from the 3,736 counted in February 2014.

The Baker Hughes Rig Counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

To view the full Baker Hughes report, click here.