MTDR - Permian Oil Rig Count Increases in 4 of Prior 6 Weeks | Benzinga
In its weekly release, Baker Hughes Company (NASDAQ: BKR) stated that the U.S. rig count was lower than the prior week's figure. The rotary rig count, issued by BKR, is usually published in major newspapers and trade publications.
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. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company's oilfield services from exploration and production companies.
Rig Count Data in Detail
Total U.S. Rig Count Falls: The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 621 in the week ended Mar 28. The figure is lower than theweek-ago count of 624. The figure decreased in two straight weeks, signifying there has been a slowdown in drilling activities. Many analysts believe that shale producers are getting more efficient, requiring fewer rigs, while some doubt whether certain producers have enough prospective land to drill. The current national rig count is also lower than the ...