Baker Hughes Inc: US rig count drops 18 units; global count could fall 30% in 2016 lweb.es/f775
OEF REVIEW:With oil-directed rigs representing two thirds of the decline, the US drilling rig count fell 18 units to 619 during the week ended Jan. 29, the latest Baker Hughes Inc. data show (OGJ Online, Jan. 22, 2016). The overall count is down 924 year-over-year and the lowest since Aug. 6, 1999. Martin Craighead, BHI chairman and chief executive officer, forecasted more pain in 2016 for the worldwide drilling industry“. At current commodity prices, the global rig count could decline as much as 30% in 2016, as our customers’ challenges of maximizing production, lowering their overall costs, and protecting cash flows are now more acute,” he said.