Rising Rig Counts Despite Lower Oil Prices

Baker Hughes Incorporated (NYSE: BHI) has announced that despite the drop in oil prices, its count on rigs rose in the month of May.  The services firm reported that the international rig count was 1,225, which is up 47 from the 1,178 counted in April 2012 and it is also up 74 from the 1,151 counted in May 2011. The international rig count and the U.S. rig count was higher, but Canada showed a drop in the rig counts.

• The international offshore rig count for May 2012 was 319, up 20 from the 299 counted in April 2012 and up 13 from the 306 counted in May 2011.
• The average U.S. rig count for May 2012 was 1,977, up 16 from the 1,961 counted in April 2012 and up 141 from the 1,836 counted in May 2011.
• The average Canadian rig count for May 2012 was 133, down 25 from the 158 counted in April 2012 and down 11 from the 144 counted in May 2011.
• The worldwide rig count for May 2012 was 3,335, up 38 from the 3,297 counted in April 2012 and up 204 from the 3,131 counted in May 2011.

JON C. OGG