Tags: oil | gas | rigs | US

Oil and Gas Rigs in US Decline for Third Week

Friday, 14 Dec 2012 01:33 PM

Oil and gas rigs in the U.S. declined for a third week, oil-services company Baker Hughes Inc. said Friday.

The energy rig count slipped by one to 1,799 this week, according to data posted on Baker Hughes’ website. Gas rigs decreased by one to 416, the Houston-based company said. The oil count also slid by one to 1,381.

The U.S. natural gas rig count has shrunk to less than a third of its peak in August 2008 as energy producers started focusing on more lucrative liquids drilling. Oil rigs declined last quarter for the first time since 2009 as more efficient drilling operations and a drop in crude prices curbed companies’ demand for equipment.

Schlumberger Ltd., the world’s largest oilfield-services provider, said in a statement Friday that it expects earnings per share to fall in the fourth quarter because of contractual delays and because “North America activity is weaker than anticipated on land.”

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Oil and gas rigs in the U.S. declined for a third week, oil-services company Baker Hughes Inc. said Friday.
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2012-33-14
Friday, 14 Dec 2012 01:33 PM
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