The Zacks Analyst Blog Highlights: Baker Hughes, Transocean, Diamond Offshore,
Noble and Helmerich & Payne
CHICAGO, April 24, 2012
CHICAGO, April 24, 2012 /PRNewswire/ --Zacks.com announces the list of stocks
featured in the Analyst Blog. Every day the Zacks Equity Research analysts
discuss the latest news and events impacting stocks and the financial markets.
Stocks recently featured in the blog include Baker Hughes Inc. (NYSE: BHI),
Transocean Inc. (NYSE: RIG), Diamond Offshore (NYSE: DO), Noble Corp. (NYSE:
NE) and Helmerich & Payne (NYSE: HP).
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from the Pros newsletter: http://at.zacks.com/?id=5513
Here are highlights from Monday's Analyst Blog:
Oil Drilling Rigs Scale New Peak
In its weekly release, Houston-based oilfield services company Baker Hughes
Inc. (NYSE: BHI) reported a rise in the U.S. rig count (number of rigs
searching for oil and gas in the country). This can be attributed to an
increase in the tally of both oil and natural gas-directed rigs. In
particular, the natural gas rig count climbed for only the third time in 2012,
while the oil rig count scaled another record high.
The Baker Hughes rig count, issued since 1944, acts as an important yardstick
for drilling contractors such as Transocean Inc. (NYSE: RIG), Diamond Offshore
(NYSE: DO), Noble Corp. (NYSE: NE), Helmerich & Payne (NYSE: HP), etc. in
gauging the overall business environment of the oil and gas industry.
Analysis of the Data
Weekly Summary: Rigs engaged in exploration and production in the U.S. totaled
1,972 for the week ended April 20, 2012. This was up by 22 from the previous
week's count and represents the fifth increase in the last 10 weeks.
The current nationwide rig count is more than double that of the 6-year low of
876 (in the week ended June 12, 2009) and significantly exceeds the prior-year
level of 1,800. It rose to a 22-year high in 2008, peaking at 2,031 in the
weeks ending August 29 and September 12.
Rigs engaged in land operations climbed by 19 to 1,904, inland waters activity
increased by 1 to 23, while offshore drilling was up by 2 to 45 rigs.
Natural Gas Rig Count: The natural gas rig count – which recently slumped to a
10-year low – increased for just the second time in 15 weeks to 631 (a gain of
7 rigs from the previous week). Despite the weekly improvement, the number of
gas-directed rigs is down approximately 33% from its 2011 peak of 936, reached
In fact, the current natural gas rig count remains 61% below its all-time high
of 1,606 reached in late summer 2008. In the year-ago period, there were 878
active natural gas rigs.
Oil Rig Count: The oil rig count was up by 15 to 1,337. The current tally –
the highest since Baker Hughes started breaking up oil and natural gas rig
counts in 1987 – is way above the previous year's rig count of 913. It has
recovered strongly from a low of 179 in June 2009, rising almost 7.5 times.
Miscellaneous Rig Count: The miscellaneous rig count (primarily drilling for
geothermal energy) at 4 remained unchanged from the previous week.
Rig Count by Type: The number of vertical drilling rigs rose by 3 to 571,
while the horizontal/directional rig count (encompassing new drilling
technology that has the ability to drill and extract gas from dense rock
formations, also known as shale formations) was up by 19 at 1,401. In
particular, horizontal rig units – that reached an all-time high of 1,185 in
January this year – increased by 10 from last week's level to 1,155.
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