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Category: BakerHughes

Baker-Hughes oil rig count is suddenly hot after 71 years

February 27, 2015 Posted by Chris Wysong

A weekly report that has been ignored for years is suddenly highly anticipated by traders. Baker-Hughes oil rig count is suddenly hot after 71 years By: Lynn Doan and Dan Murtaugh (Bloomberg News) HOUSTON It was like clockwork. Every week since 1944, Baker Hughes would release its survey of how many rigs were out drilling for U.S oil and gas. And every week, oil and gas traders would, for the most part, overlook it. What a difference a $50-a-barrel slide in oil makes. Last Friday, traders were bent over their desks, staring at their screens, waiting for 1 p.m. New York time to see whether drillers extended their biggest-ever retreat from U.S. oil fields. (They did.) Oil futures spiked within minutes of the count, closing at the highest level in four days. I dont think Ive heard Baker Hughes more in my life than I have in the past month, Dan Flynn, a trader at Price Futures Group in Chicago, said by phone on Feb. 13. Its like Im saying it in my sleep. The sudden interest in Houston-based

Posted in BakerHughes, RigCounts, Oil

Strong U.S. Oilfield Activity Should Drive Baker Hughes' Results

October 16, 2014 Posted by Chris Wysong

Baker Hughes is set to release its Q3 2014 results today, reporting on the quarters strong exploration and production activity globally. The report will detail trends in the U.S. land drilling market, pressure pumping, and oil prices. Strong U.S. Oilfield Activity Should Drive Baker Hughes Results By: Trefis Team Baker Hughes, the worlds third-largest oilfield services company, is expected to publish its Q3 2014 results on October 16, reporting on a quarter that saw strong exploration and production activity in North America and the Eastern Hemisphere. We expect the companys earnings to rise on a sequential as well as a year-over-year basis, driven by stronger unconventional activity and possibly higher completions activity in the U.S. Gulf of Mexico. During Q2, quarterly revenues rose by around 8% year-over-year to around $5.93 billion while profit before tax margins rose from around 9% to around 13%. Here is a brief look at some of the factors that we believe will drive the companys

Posted in BakerHughes, Oil
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