Domestic & Global Rigs Counts Still Contracting, But Slower (BHI)

Baker Hughes Incorporated (NYSE: BHI) has announced its monthly rig counts for the month of April on the domestic and on a global basis.  The good news is that the rate at which the rigs are shrinking is contracting.  The bad news is that the rig counts are still contracting, despite the rise in oil prices.  As noted before, there is some seasonality to these, but there has yet to be the turn for that.

The international rig count for April 2009 was 986, down 26 sequentially from the 1,012 counted in March 2009, and down 88 annually from the 1,074 counted in April 2008.

The international offshore rig count for April 2009 was 273, down 8 from the 281 counted in March 2009 and down 24 from the 297 counted in April 2008.

The US rig count for April 2009 was 995, down 110 sequentially from the 1,105 counted in March 2009 and down 834 annually from the 1,829 counted in April 2008.

The Canadian rig count still looks like Canada is getting out of the fossil fuel and gas businesses.  The count of rigs for April 2009 was 74, down 122 sequentially from the 196 counted in March 2009 and down 32 annually from the 106 counted in April 2008.

The worldwide rig count for April 2009 was 2,055, down 258 sequentially from the 2,313 counted in March 2009 and down 1,004 annually from the 3,009 counted in April 2008.

The old chant of Drill, Baby, Drill!” looks like it has slowly become “Shutter, Baby, Shutter.”

Jon C. Ogg