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26
The historical average rig counts based on the weekly Baker Hughes Incorporated rig count information were as
follows:
Land vs. Offshore 2015 2014 2013
United States:
Land 943 1,804 1,705
Offshore (incl. Gulf of Mexico) 35 57 56
Total 978 1,861 1,761
Canada:
Land 189 378 352
Offshore 2 2 2
Total 191 380 354
International (excluding Canada):
Land 884 1,011 978
Offshore 283 326 318
Total 1,167 1,337 1,296
Worldwide total 2,336 3,578 3,411
Land total 2,016 3,193 3,035
Offshore total 320 385 376
Oil vs. Natural Gas 2015 2014 2013
United States (incl. Gulf of Mexico):
Oil 751 1,528 1,375
Natural gas 227 333 386
Total 978 1,861 1,761
Canada:
Oil 84 218 234
Natural gas 107 162 120
Total 191 380 354
International (excluding Canada):
Oil 916 1,070 1,029
Natural gas 251 267 267
Total 1,167 1,337 1,296
Worldwide total 2,336 3,578 3,411
Oil total 1,751 2,816 2,638
Natural gas total 585 762 773
Drilling Type 2015 2014 2013
United States (incl. Gulf of Mexico):
Horizontal 744 1,274 1,102
Vertical 139 376 435
Directional 95 211 224
Total 978 1,861 1,761
Our customers’ cash flows, in most instances, depend upon the revenue they generate from the sale of oil and natural
gas. Lower oil and natural gas prices usually translate into lower exploration and production budgets.
WTI oil spot prices declined significantly towards the second half of 2014 from a high of $108 per barrel in June 2014,
and continued to decline throughout 2015, ranging from a high of $61 per barrel in June 2015 to a low of $35 per barrel in
December 2015. WTI oil spot prices reduced further into January 2016 to a low of $27 per barrel, a level which has not been
experienced since 2003. Brent crude oil spot prices declined from a high of $115 per barrel in June 2014, and ranged from a