Current BHI Stock Info

The Baker Hughes active U.S.  rig count shows another drop this week

The Baker Hughes (ticker: BHI) weekly rig count for the week ended March 13, 2015, shows rig counts falling for the fourteenth straight week. The total number of active rigs in the U.S. fell by 67 to 1,125, down 6% from last week’s report.

Rigs drilling for oil continued to go offline in greater numbers than those looking for gas, following the trend seen since price of oil began its slide in October 2014. Oil rig counts fell 56 this week to a total of 866, while 11 rigs drilling for gas were taken offline, bringing its respective U.S. total to 257.

The Permian Basin saw the steepest decline in rigs, losing 22 since last week. The current total for rigs in the Permian stands at 311, down 39% from 514 rigs this time last year.

Oil prices were down again today, with WTI down over 4% on the day at $45.00 and Brent at $54.83, also down more than 4%. The International Energy Agency said in its latest report that the fallout from the decline in oil prices “has yet to run its course.” The BHI rig count has not been this low since the total of 1,137 on September 27, 2009, according to Bloomberg.

BHI rig counts from Sep. 2009 to present. Source: Bloomberg

BHI rig counts from Sep. 2009 to present. Source: Bloomberg

Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication.

Legal Notice