BHI Counts Lesser Rigs in Mar - Analyst Blog
08 Avril 2013 - 5:10PM
Zacks
In its monthly release, oilfield
services provider, Baker Hughes Inc.'s (BHI)
worldwide Rotary Rig Count for Mar 2013 fell to 3,488, down 191
from 3,679 in Feb 2013 and 175 from 3,663 in Mar 2012. The lower
count is due to the spring breakup in the North American segment
where thawing roads and soft fields made it difficult for rig
operators to move their equipment.
The Baker Hughes Rotary Rig Counts give the number of drilling rigs
actively exploring for or developing oil or natural gas in the
U.S., Canada and international markets. The Baker Hughes’ rotary
rig counts, issued since 1944, acts as an important yardstick for
drilling contractors like Tesco Corporation
(TESO), Patterson-UTI Energy Inc. (PTEN) and
Atwood Oceanics, Inc. (ATW) in gauging the overall
business environment of the oil and gas industry. Baker Hughes
initiated the monthly international rig count in 1975.
Analysis of Monthly Data
International: Internationally rigs engaged in exploration and
production totaled 1,268 in Mar 2013. This was down 7 from 1,275
counted in Feb 2013, and up 76 from 1,192 counted in Mar 2012. Rigs
engaged in land operations remained flat with the Feb 2013 count at
952 and increased by 63 from the Mar 2012 count. The international
offshore rig count for Mar 2013 was 316, down 7 from 323 counted in
Feb 2013 and up 13 from 303 counted in Mar 2012.
North America: North American rigs engaged in exploration and
production totaled 2,220 in Mar 2013. This was down 184 from 2,404
counted in Feb 2013, and down 251 from 2,471 counted in Mar 2012.
Rigs engaged in land operations fell by 182 to 2,167 versus 2,349
in Feb 2013 and decreased by 261 versus 2,428 in Mar 2012. The
North American offshore rig count for Mar 2013 was 53, down by 2
from 55 counted in Feb 2013 and up 10 from 43 counted in Mar
2012.
The average U.S. rig count for Mar 2013 was 1,756, down 223 from
1,979 counted a year earlier. The monthly average Canadian rig
count was 464, down 28 from 492 counted in Mar 2012.
Zacks Rank
As of now, Tesco and Patterson-UTI Energy holds Zacks Rank #1
(Strong Buy) and Zacks Rank #2 (Buy), respectively implying that
these are expected to perform above the broader U.S. equity market
over the next one to three months. On the other hand both Baker
Hughes and Atwood Oceanics currently holds Zacks Rank #3 (Hold)
stocks, implying that these are expected to perform in line with
the broader U.S. equity market over the next one to three
months.
ATWOOD OCEANICS (ATW): Free Stock Analysis Report
BAKER-HUGHES (BHI): Free Stock Analysis Report
PATTERSON-UTI (PTEN): Free Stock Analysis Report
TESCO CORP (TESO): Free Stock Analysis Report
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