The U.S. added 14 more rigs to its active fleet this week The active rig count in the United States continued to climb this week as oil prices remained above $50 per barrel. The majority of the new activity came from the Permian Basin this week where capital has been flooding as operators look for the most profitable margins. Baker
The Permian rig count fell in a week when overall activity increased The number of rigs actively drilling in the United States Rose again in the week ended September 9, with the total rig count climbing 11 to 508, according to information released by Baker Hughes Industries (ticker: BHI). The total rig count is currently 340 rigs (40%) lower than
Oil prices bounced around today on a variety on news entering the market. All eyes were on Janet Yellen who spoke this morning from a symposium in Jackson Hole, Wyoming. Speculation on when and if the Fed will raise rates has influenced the strength of the U.S. dollar. News of a Yemeni missile strike on Saudi Arabia boosted prices for
Baker Hughes released an updated rig count today. This week’s count saw a shift in the oil and gas split, with oil rigs increasing by seven rigs while gas rigs fell by five. The rig additions were solely horizontal, with eight horizontal rigs added to the mix, directional rigs fell by four, and vertical rigs fell by three. Looking at
But BHI Chairman Predicts “Continued Uncertainty” in Global Oil Markets Before the markets opened today, Baker Hughes (ticker: BHI) hosted the company’s second quarter conference call. BHI reported an adjusted net loss of $0.90 per share, with revenue falling 39.3% year over year to $2.41 billion. Baker Hughes said it was hurt by a “continued steep decline” in drilling activity
After an up and down week for crude oil prices, the U.S. rig count extended its upward momentum to make it six out of the last seven weeks in the positive. The total number of active rigs increased by seven rigs over last week to 447, according to date released today by Baker Hughes (ticker: BHI). Despite gains in the
Rig counts continue to climb while oil prices retreat After yesterday’s bottom fell out for oil and prices hover near the $45 per barrel mark, the U.S. rig count continues to increase. The total number of rigs actively drilling this week increased by nine to 440, according to information released from Baker Hughes Industries (ticker: BHI). Despite increases over the
Total U.S. rig count falls by three to 421 as oil prices struggle to stay above $50 per barrel After three weeks of slowly increasing, the U.S. rig count posted a loss for the week ended June 24, 2016. The total number of active rigs operating in the country fell by three to 421 this week, according to information released
U.S. rig count adds four to 408 Breaking a ten-month long decline, the U.S. rig count rose by four in the week ended June 3, 2016, according to information from Baker Hughes (ticker: BHI). The total U.S. rig count reached 408 today, sill down 53% from this time last year. The first increase in the rig count in 2016 was
Count of U.S. Working Oil Rigs Falls 2 Rigs to 316 The total U.S. rig count held steady this week for the first time in 2016 (last week of unchanged rig count was December 18, 2015), bucking the trend of continued decline. Oil rigs continued to decline, down -2 rigs this week, and 220 rigs year to date. Natural gas
As of last week, rig count is 78% lower than the previous low in 2010 Crude oil price and rig count have moved primarily in conjunction with one another over the years. Rig count has fallen 81% since the most recent high of 2,094 during Q3 2014. The recent average high oil price came in Q2 2014 at $103.06/barrel,
From Yahoo Finance Many traders are waiting for oil prices to crash again, as a rally triggered by the falling value of the U.S. dollar fizzles. They could be waiting a long time. “You could be at 50 or 60 [dollars per barrel] in 60 days,” famed oil investor T. Boone Pickens tells Yahoo Finance in the video above. “Supply
