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Baker Hughes Report Shows No Sign of Slowing Rig Decline

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Another week has passed, and yet another disappointing rig decline was reported Friday by Baker Hughes (BHI - Get Report) .

The third largest oilfield equipment and services provider issued its weekly active rotary rig report counts to end the week, noting a 5-drop in U.S. active rigs to 415.

The U.S. rig count represents a 1% decline from last week's number of 420, with oil rigs down 4 to 328, and gas rigs down 1 to 86.

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U.S. Rig Count is down 479 rigs from last year at 894, with oil rigs down 340, gas rigs down 135, and miscellaneous rigs down 4.

The U.S. Offshore rig count is 24, down 1 from last week, and down 10 rigs year over year.

Once again, industry followers are not shocked by the decline, as Baker Hughes has stated that it doesn't expect this trend to reverse anytime soon.

Baker Hughes recently forecasted the North America rig count to fall 30% in the second quarter compared to the first quarter average.

The oilfield services and equipment company said it expects U.S. rig count will begin to stabilize in the second half of 2016, but cautioned that it doesn't anticipate activity to meaningfully increase this year.

Not counting today's results, Baker Hughes' rig count has declined 7% quarter to date with an average second quarter rig count to date of 434...


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