Current BHI Stock Info

Total rig count follows similar trend as oil rigs

The number of rigs drilling for oil in the United States declined again, continuing the trend for a tenth straight week. According to Baker Hughes (ticker: BHI) the number of rigs drilling fell by six to 572 for the week ended November 6, 2015. The count for rigs drilling for oil has fallen by 90 over the course of the last ten weeks.

Excluding the week ended October 23, when added gas rigs balanced out the fall in oil rigs, the trend for the overall rig count in the U.S. has followed the decline of oil rigs. The total number of rigs in the U.S. fell to 771 from 775 last week. The total rig count stood at 885 in the week ended August 21, and has since declined steadily every week since.

The number of rigs drilling for gas has remained relatively more stable, and helped to keep the overall rig count up slightly. The total number of rigs drilling for gas this week increased by two to 199. Gas rigs are down just 12 rigs since August 21 of this year.

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