Baker Hughes

Having enjoyed consistent growth since 2016, the U.S. rig count has leveled off in recent weeks, a trend that continued for the week ended Friday as Baker Hughes Inc.’s (BHI) domestic tally increased by two units overall, including gains in the Marcellus Shale and Permian Basin.

One year after General Electric Co. (GE) combined its estimable oilfield services business with Baker Hughes Inc., the company is working to secure oilfield business in an increasingly competitive market, a strategy that appeared to pay dividends during the second quarter.

Baker Hughes, a GE company (BHGE), is selling its natural gas solutions (NGS) business, part of the turbomachinery and process solutions segment, in two separate agreements for a total of $375 million. The NGS product line is being sold to First Reserve in a transaction that includes three manufacturing sites in North America and the UK, as well as transferring 450 employees in eight countries. Separately, the Talamona, Italy branch of the NGS product line, which includes a manufacturing site, is being sold to Pietro Fiorentini SpA. Forty employees in Talamona also would be transferred. Both transactions are expected to close by the end of the year.

The U.S. rig count fell by five units for the week ended Friday thanks to a drop in both oil and natural gas activity, including declines in the Haynesville and Eagle Ford shales and in the Williston Basin, according to data from Baker Hughes Inc.

General Electric (GE), which spent billions to become the largest shareholder in Baker Hughes Inc., said Tuesday it plans to “fully separate” its 62.5% interest within three years.

Less than a year after General Electric Co. (GE) combined its oilfield business with Baker Hughes Inc., which created the second largest oilfield services (OFS) company by revenue, the venture appears to be paying dividends, while the backlog grows and costs decline.

The last North American rig count of 2017 went out with a whimper instead of a bang as the number of rigs actively drilling for oil and gas for the week ending Dec. 29 declined by two units to 929, according to Baker Hughes data.

While adding three natural gas-directed rigs — including gains in the Marcellus and Haynesville shales — the U.S. rig count fell by one for the week ended Friday, according to data from Baker Hughes Inc. (BHI).

A pullback in oil-directed drilling fueled an eight-rig decline in the U.S. rig count for the week ended Friday, according to data released by Baker Hughes Inc. (BHI).