Latest news with #BakerHughes
Yahoo
7 hours ago
- Business
- Yahoo
US Oil Drilling Activity Slumps As Volatile Prices Spook Markets
The total number of active drilling rigs for oil and gas in the United States fell yet again this week, according to new data that Baker Hughes published on Friday, following a 1-rig decrease in the week prior. The total rig count in the US fell by 7 to 547 rigs, according to Baker Hughes, down 34 from this same time last year. The number of oil rigs fell by 6 to 432 after falling by 1 during the previous week—and down by 47 compared to this time last year. The number of gas rigs fell by 2 this week, to 109 for a gain of 12 active gas rigs from this time last year. The miscellaneous rig count rose by 1, to 6. The latest EIA data showed that weekly U.S. crude oil production rose again this week, from 13.431 million bpd to 13.435 million bpd. The figure is 196,000 bpd down from the all-time high reached during the week of December 6, 2024. Primary Vision's Frac Spread Count, an estimate of the number of crews completing wells, stayed the same during the week of June 20, at 182. The count is now 33 below where it was on March 21. Drilling activity in the basin fell by 1, to 270—a figure that is 35 fewer than this same time last year. The count in the Eagle Ford was unchanged again at 41 active rigs. Rigs in the Eagle Ford are 6 below where they were this time last year. At 12:58 p.m., ET, the WTI benchmark was trading down $0.18 per barrel (-0.28%) on the day at $65.06, down more than $10 per barrel from last Friday's price. The Brent benchmark was trading down $0.14 (-0.21%) on the day at $67.59, down about $9 per barrel from last Friday. By Julianne Geiger for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
20 hours ago
- Business
- Mint
US oil/gas rig count falls for 4th month to Oct 2021 low, Baker Hughes says
June 27 (Reuters) - U.S. energy firms cut the number of oil and natural gas rigs operating for a fourth month in a row to the lowest since October 2021, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by seven to 547 in the week to June 27. Baker Hughes said oil rigs fell by six to 432 this week, also their lowest since October 2021, while gas rigs decreased by two to 109. In June, drillers cut 16 oil and gas rigs, putting the total count down for a fourth month in a row for the first time since June 2024. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 3% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, and increases of 27% in 2023, 40% in 2022 and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected an 84% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 105.9 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023. (Reporting by Scott DiSavino Editing by Marguerita Choy)
Bloomberg
21 hours ago
- Business
- Bloomberg
US Shale Drilling Falls for Longest Streak in Five Years
The number of rigs drilling for crude in the US declined for the longest weekly streak in about five years as shale explorers shrugged off a recent jump in crude prices. The number fell by six to 432 and has fallen for nine consecutive weeks, the longest series of declines since an 18-week drop in July 2020, according to data released Friday by Baker Hughes Co.
Business Insider
a day ago
- Business
- Business Insider
Top 5 African countries with the most active drilling rigs in May 2025
A large number of operational oil drilling rigs typically represents a powerful sign of prosperity and potential for African countries with hydrocarbon resources. Business Insider Africa presents the top 5 OPEC African countries with the most active drilling rigs. This list is courtesy of the OPEC monthly oil market report. Algeria ranks number 1 on the list. Generally speaking, a large rig count denotes robust economic activity in the oil sector. It denotes the entire functioning of exploration and production (E&P) activities, which draw in capital, create jobs, and boost revenue. In many African countries where oil and gas continue to be major contributors, maintaining a strong rig count may be essential for long-term economic success. Each drilling rig generates jobs, not only on-site but also across the supply chain. These include engineers, geologists, welders, transportation operators, and local service providers. A larger rig count stimulates employment, local business revenue, and infrastructural development, particularly in oil-producing nations. The number of rigs is directly related to national policy and energy security for countries that rely heavily on oil. Increasing the number of local rigs can improve geopolitical negotiating leverage and lessen dependency on imports. Increasing rig activity can also assist governments in oil-rich African countries like Nigeria, Angola, and Algeria in balancing their budgets and meeting export goals. Investors keep a tight eye on rig count statistics, particularly those from firms like Baker Hughes. Decisions about capital allocation and market positioning are influenced by changes in the number of operating rigs, which frequently cause swings in oil prices and energy equities. With that said, here are the African countries with the most rig count currently, as per OPEC's report. Top 5 African countries with the most active drilling rigs in May 2025 Rank Country Number of oil rigs Change between April and May 1. Algeria 43 1 2. Libya 18 0 3. Nigeria 9 -2 4. Gabon 3 0 5. Democratic Republic of Congo 1 0
Globe and Mail
2 days ago
- Business
- Globe and Mail
UBS Remains a Hold on Baker Hughes Company (BKR)
UBS analyst Josh Silverstein reiterated a Hold rating on Baker Hughes Company (BKR – Research Report) today and set a price target of $40.00. The company's shares opened today at $39.34. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Silverstein covers the Energy sector, focusing on stocks such as Baker Hughes Company, EQT, and Coterra Energy. According to TipRanks, Silverstein has an average return of 7.6% and a 58.79% success rate on recommended stocks. Baker Hughes Company has an analyst consensus of Strong Buy, with a price target consensus of $48.81. Based on Baker Hughes Company's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $6.43 billion and a net profit of $402 million. In comparison, last year the company earned a revenue of $6.42 billion and had a net profit of $455 million
