Rig

Baker Hughes Inc. expects the North American rig count will “begin to stabilize” in the second half of this year, but things are expected to get worse before they get better, CEO Martin Craighead said Wednesday.

Baker Hughes Inc. expects the North American rig count will “begin to stabilize” in the second half of this year, but things are expected to get worse before they get better, CEO Martin Craighead said Wednesday.

North Dakota officials on Wednesday said they expect low oil and natural gas prices to prevail throughout 2016, and said the rig count could fall by another 25%.

The oil and natural gas commodity price rout is showing no signs of abating, which doesn’t bode well for the rig count this year, Baker Hughes Inc. CEO Martin Craighead said Thursday.

The United States saw two oil-directed rigs and no natural gas units leave the hunt in the final rig count of 2015, according to Baker Hughes Inc.

The North American rig count swooned last week, losing 31 units, according to Baker Hughes Inc., just as a group of oilfield services (OFS) analysts said in a note assessing the sector that things are “so bad it may be good.”

The North American rig count dropped by 31 units last week, according to Baker Hughes Inc., just as a group of oilfield services (OFS) analysts said in a note assessing the sector that things are “so bad it may be good.”

The tally of rigs plying unconventional basins held mostly steady from one basin to the next in the latest weekly census by Baker Hughes Inc. The Permian saw the exit of four rigs, making it the biggest loser for the week ending Friday (Dec. 4).

The tally of rigs plying U.S. natural gas plays is off 44% from one year ago, and that’s with a slight uptick of three units in the latest rig census by Baker Hughes Inc. for the week ending Friday (Dec. 4).