Baker Hughes Shows Falling Rig Counts (BHI)

Baker Hughes Inc. (NYSE: BHI) is out with its weekly data on United States and Canadian oil and gas rigs for the last week.  The trend is down for North America as the U.S. rig count fell 16 rigs down to 1,968 rigs and as Canada saw a sharp drop of 165 rigs down to 352.

In the U.S. oil rigs were down by 4 at 1,313 and also the count for the gas rigs was down 11 to 652.  The good news is that the U.S. Rig Count is up 230 rigs from last year at 1738, with oil rigs up 462 and gas rigs down 228.

The U.S. Offshore rig count is 46, up 3 from last week and up 18 year over year.

Canadian rigs ae down as well with a count down 165 to 352 from last week, with oil rigs down 135 at 235 and gas rigs down 30 at 117.  The Canadian Rig Count is down 77 rigs from last year at 429, with oil rigs down 64 and gas rigs down 11.

JON C. OGG