(BHI) U.S. Oil Drilling Rig Count Holds Steady at 1769

In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (BHI) reported an unchanged U.S. rig count (number of rigs searching for oil and gas in the country), as a recovery in the number of natural gas rigs was offset by a fall in the oil rig count. The Baker Hughes’ data, issued since 1944, acts as an important yardstick for drilling contractors like Transocean Ltd. (RIG) , Diamond Offshore Drilling Inc. (DO) , Ensco plc (ESV) , etc. in gauging the overall business environment of the oil and gas industry. Analysis of the Data Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled 1,769 for the week ended May 17, 2013, same as the previous week’s count. The current nationwide rig count is more than […]