Trade Resources Company News International Rig Count for November Rose 0.6% From The Prior Month

International Rig Count for November Rose 0.6% From The Prior Month

Baker Hughes Inc said its international rig count for November rose 0.6% from the prior month and 6.9% from a year ago to 1,267.

The international offshore rig count for November was 300, versus 306 the prior month and 302 in the year ago period.

The average US rig count for November was 1,809, down from 1,834 in October and from 2,011 in November 2011. Meanwhile, the average Canadian rig count for November 2012 was 384, versus 365 the prior month and 487 in November.

The worldwide rig count for November was 3,460, up a hair from 3,458 in October but down from 3,683 in November 2011.

Producers have largely been retreating from natural-gas drilling as the commodity's prices languish near 10 year lows. Oil and gas companies have been shifting their production to oil rich shale, unlocking the energy trapped in vast shale formations in the US and elsewhere.

In October, Baker Hughes said its third quarter earnings fell 60% as lower international activity contributed to the oil field services company's revenue missing consensus estimates.

 

Source: http://www.steelguru.com/international_news/International_rig_count_up_69_percent_in_November/294624.html
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International Rig Count up 6.9% in November
Topics: Metallurgy