National Oilwell Varco 2010 Annual Report Download - page 35

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The following table details the U.S., Canadian, and international rig activity and West Texas Intermediate Oil prices for the past nine quarters
ended December 31, 2010 on a quarterly basis:
Source: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude Price: Department of Energy, Energy
Information Administration (www.eia.doe.gov).
The average price per barrel of West Texas Intermediate Crude was $79.40 per barrel in 2010, an increase of 28.8% over the average price for
2009 of $61.65 per barrel. Average natural gas prices were $4.39 per mmbtu, an increase of 11.1% compared to the 2009 average of $3.95 per
mmbtu. Higher oil prices led to increased rig activity worldwide, increasing 29.6% for the full year in 2010 compared to 2009. Average crude oil
prices for the fourth quarter of 2010 was $85.10 per barrel and natural gas was $3.80 per mmbtu.
At February 4, 2011, there were 1,739 rigs actively drilling in the U.S., compared to 1,694 rigs at December 31, 2010; an increase of 2.7% from
year end 2010 levels. The price of oil decreased to $89.03 per barrel and gas increased to $4.48 per mmbtu at February 4, 2011 representing a
2.6% decrease in oil prices and a 6.2% increase in gas prices from the end of 2010.
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