Its oilfield products and services fall into one of two groups, Drilling and Evaluation or Completion and Production.
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Analysts said U.S. crude futures were trading at their lowest level since March on lackluster global demand growth and lingering oversupply concerns.
The oilfield providers provider assures the rig counts are “an necessary enterprise barometer for the drilling business and its suppliers”. Baker Hughes’s revenue was down 33.1% compared to the same quarter a year ago. The Firm’s Integrated Operations is focused on the performance of projects that have characteristics, like project management, good site supervision, well building, intervention, third party contractor rig, procurement and management direction. Rigs thought-about lively have to be on location and drilling. As per the most recent report, the number of natural gas-directed rigs is down nearly three-fourth from its recent peak of 811 reached in 2012.
Oil Rig Count: The count, which rocketed to the highest figure of 1,609 in October 2014 since Baker Hughes started breaking up oil and natural gas rig counts in 1987, rose by 6 to 670.
Colorado recorded a two rig loss last week. Ahead of the rig count release, WTI was down about 1% near $44.22 per barrel in New York. The Canadian rig count decreased by 7 to 208 rigs this past week, with oil rigs down 12 to 100 rigs and gas rigs up 5 to 108 rigs.
Rig Count by Type: The number of vertical drilling rigs was up by 3 to 129, while the horizontal/directional rig count (encompassing new drilling technology that has the ability to drill and extract gas from dense rock formations, also known as shale formations) was up by 7 to 755. During the same quarter in the previous year, the company posted $0.92 earnings per share.
Gulf of Mexico (GoM): The GoM rig count was up by 3 to 37 units. The Oil Field Services company announced earnings per share of $-0.14 against a consensus Street estimate of $-0.14, matching the average estimate.
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The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies. As per the latest research report, the brokerage house lowers the price target to $77 per share from a prior target of $78. Click to get this free report >>.
