Baker Hughes

Driven by a sharp drop in natural gas drilling, five U.S. rigs packed up for the week ended Friday (Aug. 11), according to data released Friday by Baker Hughes Inc. (BHI).

The latest tally of rigs from Baker Hughes Inc. (BHI) showed offshore units making a comeback, gaining eight, while the land rig category added just three for a total gain of 11 rigs to 508 active in the United States. Meanwhile, analysts at Societe Generale see oil and natural gas markets tightening.

Halliburton Co. and Baker Hughes Inc. said they will fight Justice Department efforts to block their pending $34.6 billion merger, claiming government officials reached the wrong conclusion in assessing the transaction and charged the action is counterproductive in light of the challenges now being experienced by the global energy industry.

The U.S. land rig count continued working lower in the latest tally from Baker Hughes Inc., released on Friday. It’s on its way to a trough of 375-400, according to one firm tracking the action.

North American onshore activity isn’t showing any signs of recovery, with demand continuing to decline for stimulation, drilling services and completions product lines, Baker Hughes Inc. reported Wednesday.

The three biggest pressure pumping providers serving U.S. operators — Halliburton Co., Schlumberger Ltd. and Baker Hughes Inc. — are facing a class action antitrust lawsuit over alleged price manipulation, which comes two weeks after the U.S. Department of Justice (DOJ) launched an investigation.