Rigs

Drillers took heed of recent industry comment that the U.S. rig count has further to fall. The latest Baker Hughes Inc. count shows the withdrawal of 17 land-based rigs and one offshore rig from service (12 oil and six natural gas).

Drillers took heed of recent industry comment that the U.S. rig count has further to fall. The latest Baker Hughes Inc. count shows the withdrawal of 17 land-based rigs and one offshore rig from service (12 oil and six natural gas).

Reduced U.S. land fleet expenses lifted Helmerich & Payne (H&P) above Wall Street expectations in the latest period, and with a firm backlog of rig contracts and flexibility to reduce costs further, management said it is poised for a return to business as usual. As to when that may be, however, remains a question.

Sixteen land-based rigs left the U.S. pack, according to the latest tally by Baker Hughes Inc., offset by a gain of three offshore rigs to yield a net decline of 13 U.S. rigs.

Earnings results for the leading oilfield services (OFS) operators begin Friday with Schlumberger Ltd. kicking it off, and the conference call comments may set the tone for what to expect in North America over the coming year.

The U.S. rig count dropped by a net of 14 units in the week ending Jan. 15 compared with the previous week, falling 61% from a year ago. At the same time, the number of rigs in Canada jumped to 227, up 37% from 166 in the first week of the year, but still down 48% from 440 last year.

The U.S. rig count dropped by a net of 14 units in the week ending Jan. 15 compared with the previous week, falling 61% from a year ago. At the same time, the number of rigs in Canada jumped to 227, up 37% from 166 in the first week of the year, but still down 48% from 440 last year.

Basic Energy Services Inc.’s well servicing rig hours and drilling rig days continued to slide in December and fall sharply from a year ago during an exceptionally slow holiday period, CEO Roe Patterson said Tuesday.

The U.S. rig count dropped by a net of 34 units in the first Baker Hughes Inc. tally of 2016. Eighty-three rigs returned to the hunt in Canada, but this sort of stampede is typical for the new year/post-holiday period. Look for U.S. rigs to keep dropping in the months ahead under the weight of depressed commodity prices, analysts have been saying.