In its weekly release, Baker Hughes BHGE, a GE (NYSE: GE) company, reported an increase in total rig count in the United States.
About the Rig Count
Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.
Change in this Houston-based oilfield services player’s rotary rig count impacts demand for energy services like drilling, completion and production provided by the likes of Halliburton Company HAL, Schlumberger Limited SLB, Diamond Offshore Drilling, Inc. DO and Transocean Ltd. RIG.
Weekly Summary: Rigs engaged in the exploration and production of oil and natural gas in the United States totaled 1008 in the week (ended Apr 13) compared with the prior week’s 1003. Notably, total count increased eight times in the last 10 weeks.
Since it slipped to an all-time low of 404 in May 2016, rig count has been rising rapidly in U.S. shale resources. Punctuated by a few pauses, the current nationwide rig count …