Weekly Rig Counts Down (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its weekly rig counts and the headline data is a bit on the negative.  BHI Rig Count: U.S. -13 at 1981, Canada -4 at 701…

The U.S. Rig Count is down 13 rigs from last week, and the breakdown is gas rigs down 6 and oil rigs down 7.  The U.S. Rig Count is up 282 rigs from last year, and the breakdown shows oil rigs up 482 and gas rigs down 196.  With gas prices, it is no wonder.  The US offshore rig count is now 43, which is up 2 from last week and up 18 year over year.

BHI Rig Count: Canada -4 to 701 rigs, with gas rigs down 14 and oil rigs up 10.  The Canadian Rig Count is up 78 rigs from last year with oil rigs up 100 and gas rigs down 21.