Baker Hughes worldwide rig count increases in August from July

9/10/2013

Baker Hughes worldwide rig count increases in August from July

BY MICHAEL CALIA

HOUSTON -- Baker Hughes said the number of its drilling rigs actively exploring or developing oil rose in August from July. The oilfield services company said the worldwide rig count last month was 3,416 up from the 3,362 counted in July, though down from the 3,471 counted in August of last year.

The international rig count for August was 1,267, down from July's 1,305 but up from 1,261 counted in August 2012.

Meanwhile, the average United States rig count for August was 1,781, up from July's 1,766, although down from the 1,894 counted in August of last year.

A glut of natural gas supply has led to lower prices and pushed energy companies to shift operations to oil rich shale, which is harder to tap, a transition that has resulted in inefficiencies and higher costs for oilfield services providers. The transition has challenged Baker Hughes's pressure pumping business.

In July, Baker Hughes reported that its Q2 earnings fell 45% as weaker North America profits continued to weigh on the oil field services company's bottom line.

Dow Jones Newswires

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