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BAKER HUGHES

(BHGE)
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Baker Hughes A GE : U.S. Oil-Rig Count Falls by Four in Latest Week

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01/11/2019 | 01:38pm EDT

By Allison Prang

The number of rigs drilling for oil in the U.S. fell by four the past week to 873 rigs, according to oil-field services company Baker Hughes, a GE Company.

The U.S. oil-rig count typically is viewed as a proxy for activity in the sector. After peaking at 1,609 in October 2014, low oil prices put downward pressure on production and the rig count fell sharply. The oil-rig count generally has been rising since the summer of 2016.

The nation's gas-rig count rose by four to 202, according to Baker Hughes.

The U.S. offshore-rig count is up by one from last week at 21, which is two more than a year ago.

On the New York Mercantile Exchange, West Texas Intermediate futures fell 2.2% to $51.42 a barrel.

Write to Allison Prang at allison.prang@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES 1.00% 23.32 Delayed Quote.7.40%
WTI 0.26% 54.71 Delayed Quote.14.21%
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Financials ($)
Sales 2019 24 083 M
EBIT 2019 1 623 M
Net income 2019 439 M
Debt 2019 3 713 M
Yield 2019 3,07%
P/E ratio 2019 25,32
P/E ratio 2020 15,64
EV / Sales 2019 1,16x
EV / Sales 2020 1,05x
Capitalization 24 185 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 30,5 $
Spread / Average Target 31%
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Managers
NameTitle
Lorenzo Simonelli Chairman, President & Chief Executive Officer
Uwem Ukpong Chief Global Operations Officer
Brian Worrell Chief Financial Officer
Derek Mathieson Chief Marketing & Technology Officer
Jennifer Hartsock Chief Information Officer & Vice President
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