National Oilwell Varco 2011 Annual Report Download - page 37

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Index to Financial Statements
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, 2011 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 $94.90 per barrel in 2011, an increase of 19.5% over the average price for 2010 of $79.40 per
barrel. Average natural gas prices were $4.00 per mmbtu, a decrease of 8.9% compared to the 2010 average of $4.39 per mmbtu. Higher oil prices led to increased rig activity
worldwide, increasing 16.1% for the full year in 2011 compared to 2010. Average crude oil prices for the fourth quarter of 2011 was $93.99 per barrel and natural gas was
$3.32 per mmbtu.
At February 3, 2012, there were 2,698 rigs actively drilling in North America, compared to 2,228 rigs at December 31, 2011; an increase of 21.1% from year end 2011 levels.
The price of oil increased to $102.96 per barrel and gas decreased to $2.49 per mmbtu at February 3, 2012 representing a 4.2% increase in oil prices and a 16.1% decrease in
gas prices from the end of 2011.
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