The US drilling rig count plunged 61 units—almost entirely land-based oil rigs—to settle at 1,750 rigs working during the week ended Jan. 9, Baker Hughes Inc. reported.  That total is the lowest since November 2013. The US now has 4 fewer units compared with this week a year ago.  The average US rig count for December was 1,882, down 43 from November but up 111 from December 2013.  During the week, land rigs fell 60 units to 1,684. Offshore rigs edged down a unit to 54. Rigs drilling in inland waters were unchanged at 12.  Oil rigs fell 61 units to 1,421. Rigs considered unclassified lost its only working unit. Gas rigs edged up a unit to 329.  Horizontal drilling rigs plummeted 35 units to 1,301. Directional drilling rigs dropped 14 units to 161.  Canada, coming off a 48-unit loss last week, more than rebounded with a 158-unit spike to 366. Oil rigs represented the bulk of that gain, rocketing 129 units to 181. Gas rigs were up 29 units to 185. Canada still has 111 fewer rigs compared with this week a year ago.  The average Canadian rig count for December was 375, down 46 from November but up 3 from December 2013.  Barclays indicated in its E&P Spending Outlook on Jan. 9 that it expects the North American rig count to “bottom out in the fourth quarter [2015] with operators dropping 500 rigs over the course of the year (OGJ Online, Jan. 9, 2015).”  The worldwide rig count for December, meanwhile, totaled 3,570, down 100 from November but up 92 from December 2013.

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