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BAKER HUGHES COMPANY

(BKR)
  Report
Delayed Nasdaq  -  04:00 2022-11-30 pm EST
29.02 USD   +1.29%
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U.S. oil & gas rig count falls to lowest since late July - Baker Hughes

09/09/2022 | 01:04pm EST

Sept 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating to the lowest since late July as the growth in the rig count and production has slowed despite relatively high energy prices.

The U.S. oil and gas rig count, an early indicator of future output, fell by one to 759 in the week to Sept 9, down for the fifth week in six, energy services firm Baker Hughes Co said in its closely followed report on Friday. <RIG-USA-BHI> <RIG-OL-USA-BHI> <RIG-GS-USA-BHI>

Despite the decline, the rig count was still up 256, or 51%, over this time last year.

U.S. oil rigs fell five to 591 this week, their lowest since mid June, while gas rigs rose four to 166, their highest since August 2019.

With oil prices up about 16% so far this year after soaring 55% in 2021, the total rig count fell in August after rising for a record 24 months in a row.

But even when rising, weekly increases have mostly been in the single digits as many companies focus more on returning money to investors and paying down debt rather than boosting output.

Supply chain constraints and inflationary pressures also mean disappointing oil output gains, chief executives of shale oil producers EOG Resources and Pioneer Natural Resources said this week.

Scott Sheffield, CEO of leading shale producer Pioneer said those limitations are "going to keep people from drilling too much in the Permian," the largest U.S. oilfield which has supplied most of the American oil gains in recent years.

Sheffield forecast U.S. oil production will rise around 500,000 barrels per day (bpd) this year, and next year's gains could fall below that level. His estimate is well below the 800,000 bpd projection for 2023 by the U.S. Energy Information Administration (EIA).

The EIA this week cut its forecast for 2022 oil output to 11.8 million bpd, down 100,000 bpd from a previous forecast. It also lowered its 2023 outlook by 100,000 bpd, to an average 12.6 million bpd.

However, top oilfield services company Schlumberger on Wednesday said North American oil and gas activity was growing at a faster pace than expected, as investments rates soar.

U.S. financial services firm Cowen & Co said the independent exploration and production (E&P) companies it tracks plan to boost spending by about 35% in 2022 versus 2021 after increasing spending about 4% in 2021 versus 2020. (Reporting by Scott DiSavino Editing by Marguerita Choy)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES COMPANY 1.29% 29.02 Delayed Quote.0.00%
BRENT OIL 1.94% 86.56 Delayed Quote.6.82%
EOG RESOURCES, INC. 0.45% 141.93 Delayed Quote.59.06%
S&P GSCI NATURAL GAS INDEX -4.22% 324.4686 Real-time Quote.93.97%
WTI 2.24% 80.493 Delayed Quote.1.55%
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Financials (USD)
Sales 2022 21 346 M - -
Net income 2022 -396 M - -
Net Debt 2022 3 497 M - -
P/E ratio 2022 -71,4x
Yield 2022 2,52%
Capitalization 29 063 M 29 063 M -
EV / Sales 2022 1,53x
EV / Sales 2023 1,31x
Nbr of Employees 55 000
Free-Float 99,2%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 28,65 $
Average target price 32,99 $
Spread / Average Target 15,2%
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Managers and Directors
Lorenzo Simonelli Chairman, President & Chief Executive Officer
Nancy K. Buese Chief Financial Officer
Jeff Fleece Chief Information Officer
Gregory D. Brenneman Independent Director
Lynn Laverty Elsenhans Independent Non-Executive Director
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