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Baker Hughes Reports Another 11-Rig Decline This Week

Baker Hughes (BHI - Get Report) issued its weekly rotary rig counts Friday, markedly noting a 11-count drop in U.S. active rigs to 420.

The U.S. rig count represents a 2.6% decline from last week's number of 431, with oil rigs down 11 to 332, and gas rigs down 1 to 87. The U.S. gained a miscellaneous rig, as well.

U.S. Rig Count is down 485 rigs from last year at 905, with oil rigs down 347, gas rigs down 135, and miscellaneous rigs down 3.

The U.S. Offshore rig count is 25, down 1 from last week, and down 9 rigs year over year.

The drop is no surprise, as Baker Hughes has stated that it doesn't expect this trend to reverse anytime soon.

As part of the company's earnings statement Wednesday, Baker Hughes said it forecasts the North America rig count to fall 30% in the second...