In its monthly release, oilfield services provider,
Baker Hughes Inc.
) worldwide Rotary Rig Count for Jun 2014 was 3,437, up 66 from
3,371 counted in May 2014, and up 160 from 3,277 counted in June
The Baker Hughes Rotary Rig Counts gives the number of drilling
rigs actively exploring for or developing oil or natural gas in the
U.S., Canada and international markets. The Baker Hughes' rotary
rig counts, issued since 1944, acts as an important yardstick for
drilling contractors like
Helmerich & Payne, Inc.
Patterson-UTI Energy Inc.
) in gauging the overall business environment of the oil and gas
industry. Baker Hughes initiated the monthly international rig
count in 1975.
Analysis of Monthly Data
International: Rigs engaged in exploration and production globally
totaled 1,336 in Jun 2014. This was down 14 from 1,350 counted in
May 2014, and up 3 from 1,333 counted in Jun 2013. The
international offshore rig count for Jun 2014 was 314, down 12 from
326 counted in May 2014, and 23 from 337 counted in Jun 2013.
North America: North American rigs engaged in exploration and
production totaled 2,101 in Jun 2014. This was up 80 from 2,021
counted in May 2014, and 157 from 1,944 counted in Jun 2013. Rigs
engaged in land operations rose by 80 to 2,041 from 1,961 in May
2014 and by 153 from 1,888 in Jun 2013. The North American offshore
rig count for Jun 2014 was 60 flat with May 2014 and up 4 from 56
counted in Jun 2013.
The average U.S. rig count for Jun 2014 was 1,861, up 2 from 1,859
counted in May 2014, and up 100 from 1,761 counted in Jun 2013. The
average Canadian rig count for Jun 2014 was 240, up 78 from 162
counted in May 2014, and up 57 from 183 counted in Jun 2013.
A Key Barometer of Drilling Activity: An increase or decrease in
the Baker Hughes rotary rig count heavily weighs on the demand for
energy services - drilling, completion, production etc. Our
preferred pick in this group is
Flotek Industries Inc.
). The Houston, TX-based firm - sporting a Zacks Rank #1 (Strong
Buy) - has a solid secular growth story with potential to rise
significantly from the current level.
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BAKER-HUGHES (BHI): Free Stock Analysis Report
PATTERSON-UTI (PTEN): Free Stock Analysis
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