In its weekly release, Baker Hughes, a GE company BHGE reported a decline in weekly rig count in the United States.
More on 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.
A change in the Houston-based oilfield services player’s rotary rig count affects 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.
US Removes One Oil Rig: Oil rig tally was 788, down from 789 in the week ended Jun 7. With this, the tally for crude-drilling rig declined for two successive weeks.
Moreover, the current total, far from the peak of 1,609 attained in October 2014, is lower than 863 a year ago.