Baker Hughes Weekly Rig Counts

Baker Hughes $BHI has released it's weekly rig counts for North America and the U.S.

BHI Rig Count: U.S. +1 to 1929 rigs

U.S. Rig Count is up 1 rig from last week to 1929, with oil rigs down 4 to 1574, gas rigs up 5 to 355, and miscellaneous rigs unchanged at 0.

U.S. Rig Count is up 168 rigs from last year at 1761, with oil rigs up 187, gas rigs down 14, and miscellaneous rigs down 5.

The U.S. Offshore rig count is 53, up 1 rig from last week, and down 4 rigs year over year.

BHI Rig Count: Canada +32 to 434 rigs

Canadian Rig Count is up 32 rigs from last week to 434, with oil rigs up 27 to 243, and gas rigs up 5 to 191.

Canadian Rig Count is up 66 rigs from last year at 368, with oil rigs up 43, and gas rigs up 23.

Due to the Thanksgiving holiday next week, the NA Rig Count will be distributed on Wednesday, November 26 at 1:00 p.m. ET.

Additional information on the rig count is available on the rig count website at www.bakerhughes.com/rigcount.

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Fridays Earnings...Schlumberger and Baker Hughes SLB BHI

Schlumberger (SLB) reports 1st quarter EPS of $1.01, beats by $0.02. Revenue of $10.67B misses by $0.08B. “The outlook for North America remains uncertain, with lower than expected rig activity and continuing pricing weakness," CEO Paal Kibsgaard says. Oilfield services revenue from North America, the region which generates most of the top line, fell 4.2% to $3.29B. Overall drilling revenue was $4.1B, up 9% year over year. Shares +0.5% premarket.

Baker Hughes Inc. (BHI) announced today adjusted net income for the first quarter of 2013 of $290 million or $0.65 per diluted share. This compares to net income of $0.49 per diluted share for the fourth quarter of 2012, and $0.86 per diluted share for the first quarter of 2012. Adjusted net income for the first quarter of 2013 excludes a foreign exchange loss of $23 million before and after tax ($0.05 per diluted share) related to the devaluation of Venezuela's currency in February 2013.


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