Baker Hughes’s Outperform Rating Reiterated at FBR & Co. (BHI)

A ConocoPhillips rig works in South Texas’ Eagle Ford shale. The… A year ago, with oil prices about double the pric…


Weekly Summary: Rigs engaged in exploration and production in the USA totaled 838 for the week ended September 25, 2015.

Following the data, crude oil was slightly higher, with West Texas Intermediate crude up less than 1% at around $45.31 per barrel in New York. The Business is a supplier of oilfield services, products, technology and systems to the the world petroleum and natural gas industry. The Firm’s Integrated Operations is focused on the performance of projects which have attributes, including project management, good site oversight, well construction, intervention, third party contractor rig, procurement and management direction. It dropped by 8 to 644, and was the slowest pace in the three weeks of declines. Natural gas rigs were down one this week to 197, up just one from its lowest level since at least 1987, according to the Baker Hughes data. In Canada, four oil rigs were lost and two gas rigs were stacked.


U.S. Rig Count is down 1,093 rigs from previous year at 1,931, with oil rigs down 952, gas rigs down 141, and miscellaneous rigs unchanged at 1. “Well, with oil prices remaining low, it looks as if multiple companies are scaling down their programs further and rigs that were either recently added or were on the cusp of coming online now look to be idling once again”.

U.S. benchmark West Texas Intermediate crude rose by 79 cents to $45.70 a barrel Friday. Friday’s slight tick up was driven in part by the fourth consecutive decline in the Baker Hughes rig count