According to the latest rotary rig counts provided by Baker Hughes, North American rotary rig counts for the week ended June 2, 2017 were 1,015, up 79.3% from 566 at the end of the same week in in 2016.

Baker Hughes noted U.S. Land Rig counts of 889 were up from 507, or 75.3%, from the previous period one year ago.

Oil and Gas related Rig Counts were 733 and 182, respectively, for the week ended June 2, 2017, up from 408 and 100 for the same week in 2016.

Major basin variances showed the Permian Basin rig count activity at 364, up from 222, or 156.3%, compared to 142 at June 2, 2016.

Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Hughes initiated the monthly international rig count in 1975.

The North American rig count is released weekly at noon central time on the last day of the work week. The international rig count is released on the fifth working day of each month.

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.