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Baker Hughes

Baker Hughes

$BKR
NASDAQEnergy

209 stories mentioning Baker HughesUpdated 2d ago

Baker Hughes reported US rigs rising by one to 550 amid a Permian and Haynesville land-drilling rebound, while crude posted a weekly loss.

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Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) down 1.7%.The Philadelphia Oil Service Sector Index was shedding 1.7%, and the Dow Jones US Utilities Index fell 1.2%.Oil prices fell after President Donald Trump said the US and Iran were in "very deep talks," fueling optimism about the prospects of de-escalation between the two nations, though Trump also said military action could resume if diplomacy fails, according to Axios.Front-month West Texas Intermediate crude oil fell 8% to $82.14 a barrel, and the global benchmark Brent crude contract dropped 9.1% to $88.00 a barrel. Henry Hub natural gas futures shed 4.1% to $2.75 per 1 million BTU.In corporate news, Expand Energy (EXE) has agreed to buy private asset-backed natural gas and power marketer Twin Eagle from Five Point Infrastructure for about $1.25 billion, becoming North America's leading gas marketer. Expand Energy shares were down 1.1%.Ameren (AEE) unit Ameren Missouri said Monday it plans to build the West Alton Energy Center, a 2,100-megawatt combined-cycle natural gas power plant designed to provide baseload electricity, support economic growth and strengthen grid reliability. Ameren shares were shedding 1.4%.TotalEnergies (TTE) has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case, the company said. TotalEnergies shares were down 2.8%.Baker Hughes (BKR) shares jumped past 5% after it posted Q2 adjusted earnings and revenue that topped analysts' expectations.Chevron (CVX) Chief Executive Mike Wirth met with senior US government officials to discuss measures to keep the company's Kazakhstan operations safe from becoming collateral damage in the Ukraine-Russia war, The Wall Street Journal reported Friday. Chevron shares were down 2%.

$AEE$BKR$CVX$EXE$TTE
Sectors

Sector Update: Energy Stocks Decline Monday Afternoon

Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index falling 2.1% and the State Street Energy Select Sector SPDR ETF (XLE) down 1.4%.The Philadelphia Oil Service Sector Index was shedding 1.3%, and the Dow Jones US Utilities Index fell 1.3%.Oil prices fell after President Donald Trump said the US and Iran were in "very deep talks," fueling optimism about the prospects of de-escalation between the two nations, though Trump also said military action could resume if diplomacy fails, according to Axios. Oman is conducting talks with Iran, but Qatar, Pakistan and Egypt are also actively involved in the process, Axios reported.Front-month West Texas Intermediate crude oil fell 7.5% to $82.61 a barrel, and the global benchmark Brent crude contract dropped 8.2% to $88.87 a barrel. Henry Hub natural gas futures shed 3.9% to $2.76 per 1 million BTU.In corporate news, Expand Energy (EXE) has agreed to buy private asset-backed natural gas and power marketer Twin Eagle from Five Point Infrastructure for about $1.25 billion, becoming North America's leading gas marketer. Expand Energy shares were up 0.6%.TotalEnergies (TTE) has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case, the company said. TotalEnergies shares were down 2.7%.Baker Hughes (BKR) shares jumped past 6% after it posted Q2 adjusted earnings and revenue that topped analysts' expectations.

$BKR$EXE$TTE
Asia Markets

Update: US Equity Indexes Mixed as Tech Heads Lower, Crude Oil Sinks on Pause in Iran Strikes

(Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.)US equity indexes traded mixed as investor concerns grew over circular investments in the artificial intelligence industry and as crude oil prices plunged after a pause in Iran strikes entered its third day.The Dow Jones Industrial Average climbed 0.2% to 52,022.2 after midday Monday. The Nasdaq Composite retreated 0.7% to 24,809.9, and the S&P 500 declined 0.4% to 7,385.5.Energy and technology led decliners while communication services and consumer staples topped the gainers.Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative valued at more than $500 billion. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. Nvidia's shares dropped 5.1%, the Dow's steepest decliner. The SK Hynix stock plummeted 9.6%.VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, slumped 3.7%.In geopolitical news, the US paused military attacks against Iran over the weekend, while Tehran also refrained from retaliatory action, according to a Commerzbank note. Meanwhile, Oman and Iran continued discussions on a transit arrangement for the Strait of Hormuz, with diplomats describing the negotiations as "moving in the right direction." Iranian officials likewise characterized the talks as "constructive."Mediators have achieved progress in getting the US and Iran back to negotiations, the Associated Press reported, citing regional officials. The two regional officials said mediators led by Qatar and Pakistan were working to bridge the gap between Washington and Tehran to return to an interim ceasefire deal that had collapsed after the exchanges of fire, the news report said.The front-month US West Texas Intermediate sank 7.4% to $82.72 a barrel, and global benchmark North Sea Brent plunged 8% to $89.06 a barrel.Most US Treasury yields fell, with the 10-year down 3.4 basis points to 4.65% and the two-year lower by 1.9 basis points to 4.31%.In precious metal markets, gold futures rose 0.4% to $4,087.1, and silver futures edged up 0.2% to $59.05.Further in company news, Forte Biosciences (FBRX) shares surged 40% after the company agreed to be acquired by Belgian-Dutch immunology firm argenx (ARGX) in a deal worth about $2.2 billion.Baker Hughes (BKR) shares jumped 6.6% after the company posted Q2 adjusted earnings and revenue that topped analysts' expectations.In economic news, new orders for US durable goods rose by 0.3% in June following a decline of 4.0% in May compared with the expectations for a larger increase of 1.8% in a survey compiled by Bloomberg. Excluding a 0.2% decrease in transportation orders, new orders would have been up 0.6% in June after a 1.8% increase in May. Expectations were for a 0.8% gain.The Dallas Fed's monthly manufacturing index rose to 1.3 in July from zero in June, below expectations for a 2.0 print.

Dow JonesNasdaq CompositeS&P 500$ARGX$BKR$FBRX$NVDA$SKHY$SMH
Wire

Top Midday Stories: Nvidia Enters Into $500 Billion Partnership With SK Group; AstraZeneca Earnings Top Estimates

The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were down in late-morning trading Monday, as oil prices fell amid a pause in the hostilities between US and Iran over the weekend.In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion artificial intelligence infrastructure initiative. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. They will also jointly co-develop next-generation AI memory solutions that include high-bandwidth memory chips intended for AI training, AI agents and physical AI applications. Nvidia shares were down 5.1% around midday, while SK Hynix shares were down 8.8%.Further, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft (MSFT)-backed OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday, citing unnamed sources familiar with the matter. The guarantees would help OpenAI secure financing to lease a 10-gigawatt campus being developed by SoftBank-owned SB Energy. Nvidia is also discussing financing for up to $350 billion in AI chip purchases, according to the report.AstraZeneca (AZN) reported Q2 core earnings Monday of $2.63 per diluted share, up from $2.17 a year earlier and above the FactSet consensus analyst estimate of $2.49. Q2 revenue was $15.38 billion, up from $14.46 billion a year ago and below the FactSet consensus of $15.43 billion. For 2026, the company continues to expect core EPS to rise by a low double-digit percentage and revenue to grow by a mid-to-high single-digit percentage. Analysts are looking for $10.24 and $63.18 billion, respectively. The company also raised its interim dividend by 3 cents to $1.06 per share. AstraZeneca shares were up 1.2%.United Airlines (UAL) pitched a merger deal to Delta Air Lines (DAL) last year, but the talks fizzled out without a deal after Delta declined to pursue the proposal, The Wall Street Journal reported Sunday, citing sources familiar with the matter. Sources told the news outlet that discussions reached preliminary due diligence, where Delta Air Lines management assessed the potential merger. The proposal came before President Donald Trump's return to office, when companies anticipated a more favorable regulatory backdrop for major mergers, according to the report. United Airlines shares were up 1%, while Delta Air Lines shares were up 1.5%.Baker Hughes (BKR) reported Q2 adjusted earnings Sunday of $0.64 per diluted share, up from $0.63 a year earlier and above the FactSet consensus analyst estimate of $0.49. Q2 revenue was $6.74 billion, down from $6.91 billion a year ago and above the FactSet consensus of $6.51 billion. Baker Hughes also maintained its quarterly dividend at $0.23 per share, payable on Aug. 17 to holders of record on Aug. 7. Further, the company said that its total orders stood at $10.50 billion in Q2, a 49% jump from $7.03 billion a year earlier, as orders under the industrial and energy technology segment doubled. Segment orders in the quarter surged year over year to $7.09 billion from $3.53 billion, led by the gas technology product line. Segment revenue also steadied at $3.29 billion, data showed. Baker Hughes shares were up 5.8%.DeepSeek has suspended its second fundraising round after informing some prospective investors that investment agreements would not be signed as expected, Bloomberg reported Saturday, citing people familiar with the matter. The pause followed viral online posts widely attributed to founder Liang Wenfeng about US-China artificial intelligence competition. Bloomberg could not verify the authenticity of the posts. DeepSeek had been seeking to raise at least 10 billion yuan at a pre-money valuation of at least 480 billion yuan and is preparing for an initial public offering that could be filed as early as this year, according to the report.Price: $196.23, Change: $-10.61, Percent Change: -5.13%

$AZN$BKR$DAL$MSFT$NVDA$SKHY$UAL
Commodities

US Land Rig Activity Sends Mixed Signals as Enverus Count Falls, Baker Hughes Holds Steady, TPH Says

US land drilling activity showed mixed signals last week, with Enverus reporting an eight-rig decline to 616 rigs, while Baker Hughes (BKR) recorded no weekly change at 572 rigs, TPH Energy Research analyst Jeff LeBlanc said in a Monday note.Enverus' four-week average rose by one rig, compared with a three-rig increase for Baker Hughes.LeBlanc, citing Enverus data, said horizontal activity fell by six rigs, led by a four-rig decline among private operators and a two-rig drop among public producers.The Permian Basin recorded the largest regional decline, losing four rigs, with most reductions tied to structural changes and top-hole activity.The Bakken and Haynesville each added one rig, although the increases appeared linked to data volatility rather than underlying operational growth, LeBlanc said.Offshore activity in the Gulf of Mexico was unchanged at 15 floaters and three jackups. Canadian drilling activity rose by four rigs to 202, compared with 181 rigs operating a year earlier.Price: $60.63, Change: $+3.38, Percent Change: +5.90%

$BKR
Sectors

Sector Update: Energy Stocks Decline Pre-Bell Monday

Energy stocks were declining pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) falling 2.5%.The United States Oil Fund (USO) was down 6% and the United States Natural Gas Fund (UNG) was 3.3% lower.Front-month US West Texas Intermediate crude oil was 5.7% lower at $84.25 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 6.1% to $90.90 per barrel, and natural gas futures were down 3% at $2.79 per 1 million British Thermal Units.TotalEnergies (TTE) has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case, the company said. Shares of TotalEnergies were down more than 3% premarket.Baker Hughes (BKR) shares were up more than 3% after the company posted Q2 adjusted earnings and revenue that topped analysts' expectations.Expand Energy (EXE) stock was down more than 1% after the company said it has agreed to acquire Twin Eagle, a private asset-backed natural gas marketing and optimization business, for $1.25 billion in cash from Five Point Infrastructure.

$BKR$EXE$TTE$UNG$USO$XLE
Commodities

Baker Hughes Q2 Orders Climb YOY

Energy technology company Baker Hughes Monday said its total orders stood at $10.50 billion in Q2, a 49% jump from $7.03 billion a year earlier, as orders under the industrial and energy technology segment doubled.In the quarter ended June 30, IET orders surged year over year to $7.09 billion from $3.53 billion, led by the gas technology product line. Segment revenue steadied at $3.29 billion, data showed.Baker Hughes said the IET segment received several awards from companies, including Venture Global (VG), Cheniere Energy (LNG), Bechtel, Golar LNG (GLNG), Nigeria LNG, Dynamis Power Solutions, Kodiak Gas Services (KGS), and Saipem Nasser Saeed Al-Hajri Contracting.Meanwhile, the company's oilfield services and equipment business received lower orders in Q2, totaling $3.41 billion. This represents a 3% decline from the previous year's $3.50 billion.Segment revenue stood at $3.45 billion, 5% lower than a year earlier, according to the report.Baker Hughes said it divested Waygate Technologies to Hexagon and completed the acquisition of Chart Industries (GTLS) in July.It also entered into a commercial agreement with Mantle Reach Power to develop up to 500 megawatts of power over the next five years, advancing large-scale geothermal development in North America.

$BKR$GLNG$GTLS$KGS$LNG$VG
Wire

Baker Hughes Q2 Adjusted Earnings Rise, Revenue Falls; Shares Up Pre-Bell

Baker Hughes (BKR) reported Q2 adjusted earnings Sunday of $0.64 per diluted share, up from $0.63 a year earlier.Analysts polled by FactSet expected $0.49.Revenue for the quarter ended June 30 was $6.74 billion, down from $6.91 billion a year earlier.Analysts polled by FactSet expected $6.51 billion.Baker Hughes also maintained its quarterly dividend at $0.23 per share, payable on Aug. 17 to holders of record on Aug. 7.Shares of the company were up over 2% in Monday's premarket activity.Price: $58.54, Change: $+1.29, Percent Change: +2.25%

$BKR
Oil & Energy

Crude Benchmarks Post 3rd Straight Weekly Gain Amid Middle East Supply Fears

Global oil benchmarks logged their third straight week of gains as the escalating US-Iran conflict, a closed Strait of Hormuz, and tanker attacks intensified supply concerns, even as prices pulled back slightly on Friday.West Texas Intermediate settled higher at $90.47 per barrel, up from $82.47/bbl the previous week, while Brent closed at $98.70/bbl, up from $88.30/bbl a week earlier.Brent futures registered a weekly increase of 11.8%, while the WTI futures contract rose about 8.3% over the week.The rally kicked off early in the week following intensified US-Iran military exchanges and reports that Iran had received mediator-backed proposals for a ceasefire.However, diplomatic hopes quickly evaporated as shipping traffic through the critical Strait of Hormuz ground to a halt due to active military exchanges, tanker strikes near Oman, and decisions by major refiners like India's state-run firms to cancel crude liftings to avoid the hazardous chokepoint."The key question is at what price level pressure begins to build on the Trump administration to return to the negotiating table," ING noted.Mid-week panic deepened significantly as Brent breached the $100/bbl mark on Thursday, hitting its highest level since May 22, while WTI futures touched their highest since June 11.The upward spiral was supercharged by a combination of factors such as Houthi attacks on Red Sea commercial vessels and Saudi tankers near the Bab el-Mandeb Strait, President Donald Trump's warnings of major military action against Iran, threats from Iranian officials targeting regional exports, and storm-related support from Tropical Storm Bertha.Meanwhile, Murban widened its premium over Brent well beyond its pre-conflict relationship, when Murban typically traded near parity levels or at only a modest premium, Naveen Das, senior analyst at Kpler, toldin an emailed response."As of July 23, 2026, Murban surged 19% to above $106/bbl while Brent climbed to $97-100.69/bbl, putting Murban at a roughly $6-9/bbl premium to Brent, a sharp outlier versus the pre-conflict relationship, where Murban typically traded within a few dollars of Brent or at a modest quality premium," Das said.Compounding global supply pressures, physical disruptions extended outside the Middle East following an attack on the Caspian Pipeline Consortium terminal on Russia's Black Sea coast, threatening the bulk of Kazakhstan's crude exports.Although prices cooled on Friday, analysts noted that underlying physical markets remain exceptionally tight.While the European Union's Oil Coordination Group assured markets that commercial inventories can temporarily cover regional demand, shrinking global stockpiles, low US Strategic Petroleum Reserves, and persistent threats to critical trade corridors leave the energy sector acutely vulnerable to further shocks, analysts warned.The US oil rig count dropped by two from 452 the previous week to 450, in the week ending July 24, according to data from Baker Hughes (BKR) released Friday. That compares with 415 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.On the supply side, US commercial crude oil inventories increased by 2 million barrels to 411.7 mmbbls in the week ended July 17, the Energy Information Administration said in its weekly report on Wednesday.The US oil rig count dropped by two from 452 the previous week to 450, in the week ending July 24, according to data from Baker Hughes (BKR) released Friday. That compares with 415 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.Money managers in the WTI crude futures and options markets maintained their net long positions in the week ended July 21, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed that money managers reported 189,485 long positions, up 6,602 from July 14, while short positions were up 6,080 to 102,580.Meanwhile, OPEC+ producers are expected to approve another oil output increase for September at their August 2 meeting, Reuters reported on Thursday.

$BKR
Commodities

Correction: US Natural Gas Prices Post Another Weekly Decline on Bearish Storage Build, Weak LNG Feedgas Flows

(Corrects price direction in the 2nd paragraph.)US natural gas prices ended another week in the red, pressured by a larger-than-expected injection into storage and lower liquefied natural gas feedgas flows.In the futures market, the Nymex front-month August contract closed the week at $2.883 per million British thermal unit, down from $2.916/MMBtu on July 17.Natural gas spot prices rose $0.15/MMBtu to $2.95/MMBtu during the week ended July 22, from $2.80/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Despite warmer-than-normal temperatures across the country for the second week in a row, total natural gas demand dipped during the week by 0.6 billion cubic feet per day, or 1%, even as gas output remained unchanged at 110.8 Bcf/d during the week.Prices were mixed across most regional hubs, ranging from a $0.54/MMBtu decrease at Algonquin Citygate, which primarily serves the Boston area, to a $0.71/MMBtu increase at the SoCal Border.Western parts of the country reported higher natural gas consumption overall, by 10%, largely due to the heatwave over the past week, according to LSEG data.Total demand was also impaired by low US LNG feedgas flows during the week, which averaged 17.4 Bcf/d, compared to the 30-day moving average of 18.41 Bcf/d, and significantly below the recent peak of 20 Bcf/d reported earlier this year.This was primarily due to the Freeport LNG terminal in Texas entering into planned maintenance starting July 10, and set to last until late August.The net injection into storage for the week ended July 17 was 32 Bcf, down from last week's 41 Bcf, bringing total gas inventories to 3,056 Bcf, according to EIA data.Storage injections were above forecasts, which had expected a net injection of 29 Bcf. This was also above the prior year's 23 Bcf net injection and the five-year average for this period of 30 Bcf, according to data compiled by Investing.com.The East and Midwest regions reported net injections of 17 Bcf, while South Central and Nonsalt reported 2 Bcf and 9 Bcf, respectively.Inventories remained above the five-year average across most regions, with the highest surpluses recorded in the Mountain and Pacific regions at 19% and 6% above their prior-year levels.According to Pinebrook Energy Advisors, this week's storage figures imply "that market fundamentals tightened by nearly 1.5 Bcf per day from the previous week," which it attributed to warmer temperatures and weaker wind power generation during the report period.Weather forecasts continued to point toward above-normal temperatures across most of the country from July 31 through August 06, according to the National Weather Service, leading to elevated space-cooling demand and gas-fired power burn.A total of 34 LNG carriers departed US ports during the week, unchanged from last week, with a combined capacity of 126 Bcf, down 5 Bcf from the prior week.In international markets, European TTF gas prices averaged $19.63/MMBtu for the week ended July 22, $2.39/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $21.05/MMBtu, about $4.43/MMBtu above the prior week.The US gas rig count increased by one from 126 the previous week to 127 in the week ending July 24, according to data from Baker Hughes (BKR) released Friday. That compares with 122 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.

$BKR
Commodities

US Natural Gas Prices Post Another Weekly Decline on Bearish Storage Build, Weak LNG Feedgas Flows

US natural gas prices ended another week in the red, pressured by a larger-than-expected injection into storage and lower liquefied natural gas feedgas flows.In the futures market, the Nymex front-month August contract closed the week at $2.883 per million British thermal unit, after falling as low as $2.858/MMBtu last Thursday.Natural gas spot prices rose $0.15/MMBtu to $2.95/MMBtu during the week ended July 22, from $2.80/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Despite warmer-than-normal temperatures across the country for the second week in a row, total natural gas demand dipped during the week by 0.6 billion cubic feet per day, or 1%, even as gas output remained unchanged at 110.8 Bcf/d during the week.Prices were mixed across most regional hubs, ranging from a $0.54/MMBtu decrease at Algonquin Citygate, which primarily serves the Boston area, to a $0.71/MMBtu increase at the SoCal Border.Western parts of the country reported higher natural gas consumption overall, by 10%, largely due to the heatwave over the past week, according to LSEG data.Total demand was also impaired by low US LNG feedgas flows during the week, which averaged 17.4 Bcf/d, compared to the 30-day moving average of 18.41 Bcf/d, and significantly below the recent peak of 20 Bcf/d reported earlier this year.This was primarily due to the Freeport LNG terminal in Texas entering into planned maintenance starting July 10, and set to last until late August.The net injection into storage for the week ended July 17 was 32 Bcf, down from last week's 41 Bcf, bringing total gas inventories to 3,056 Bcf, according to EIA data.Storage injections were above forecasts, which had expected a net injection of 29 Bcf. This was also above the prior year's 23 Bcf net injection and the five-year average for this period of 30 Bcf, according to data compiled by Investing.com.The East and Midwest regions reported net injections of 17 Bcf, while South Central and Nonsalt reported 2 Bcf and 9 Bcf, respectively.Inventories remained above the five-year average across most regions, with the highest surpluses recorded in the Mountain and Pacific regions at 19% and 6% above their prior-year levels.According to Pinebrook Energy Advisors, this week's storage figures imply "that market fundamentals tightened by nearly 1.5 Bcf per day from the previous week," which it attributed to warmer temperatures and weaker wind power generation during the report period.Weather forecasts continued to point toward above-normal temperatures across most of the country from July 31 through August 06, according to the National Weather Service, leading to elevated space-cooling demand and gas-fired power burn.A total of 34 LNG carriers departed US ports during the week, unchanged from last week, with a combined capacity of 126 Bcf, down 5 Bcf from the prior week.In international markets, European TTF gas prices averaged $19.63/MMBtu for the week ended July 22, $2.39/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $21.05/MMBtu, about $4.43/MMBtu above the prior week.The US gas rig count increased by one from 126 the previous week to 127 in the week ending July 24, according to data from Baker Hughes (BKR) released Friday. That compares with 122 gas rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.

$BKR
Commodities

Update: US Active Rig Count Drops by 1, Baker Hughes Says

(Updated with additional details.)The combined count of crude oil, natural gas, and miscellaneous rigs in the US dropped by one to 587 in the week ending July 24, according to data from Baker Hughes (BKR) released Friday.The US oil rig count dropped by two from 452 the previous week to 450, while the number of gas rigs increased by one from 126 the previous week to 127, the data showed.The number of miscellaneous rigs in the US was unchanged at 10. The US had 415 oil, 122 gas, and five miscellaneous rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 5 to 791 from 786 the previous week.Price: $57.78, Change: $+1.69, Percent Change: +3.01%

$BKR
Commodities

US Active Rig Count Drops by 1, Baker Hughes Says

The combined count of crude oil, natural gas, and miscellaneous rigs in the US dropped by one to 587 in the week ending July 24, according to data from Baker Hughes (BKR) released Friday.The US oil rig count dropped by two from 452 the previous week to 450, while the number of gas rigs increased by one from 126 the previous week to 127, the data showed.Price: $57.78, Change: $+1.69, Percent Change: +3.01%

$BKR
Commodities

US Active Rig Count Drops by 1, Baker Hughes (BKR) Says

US Active Rig Count Drops by 1, Baker Hughes (BKR) Says

$BKR
Commodities

US Land Rig Count Rises as Horizontal Activity Picks Up, TPH Energy Says

US land drilling activity increased last week as the Enverus rig count climbed 14 to 624, outpacing Baker Hughes' (BKR) gain of seven rigs to 572, TPH Energy said in a Monday note.Enverus and Baker Hughes (BKR) each reported a four-rig increase over the trailing four weeks, TPH said.Enverus reported horizontal drilling added five rigs over the week, while public operators increased activity by six rigs. TPH said it largely views those public operator changes as short-term data volatility rather than a lasting shift.Regional gains offset weakness elsewhere as Appalachian activity increased by three rigs, while the Permian, Eagle Ford, Niobrara and non-Energy Information Administration regions each added two rigs, TPH said.Haynesville and Anadarko each lost three rigs over the week, while Bakken activity remained unchanged. TPH expects Haynesville drilling to trend lower in the coming months as operators respond to the 2027 futures strip.Offshore activity in the Gulf of Mexico remained steady over the week with 15 floating rigs and three jackups operating, TPH added.Canadian drilling activity increased by 21 rigs over the week to 198, extending gains from 171 working rigs during the same period last year, according to the report.Price: $55.84, Change: $-0.11, Percent Change: -0.20%

$BKR
Commodities

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

$BKR$CHRD$COP$CRGY$CVX$DVN$EFXT$EOG$HP$LBRT$NBR$NOV$OXY$PDS$PTEN$XOM
Oil & Energy

Crude Surges Over 15% in 2nd Weekly Rally as Middle East Conflict Threatens Key Shipping Routes

Global oil benchmarks tracked their second straight week of gains on Friday, with both Brent and WTI up over 15% as new supply concerns persist amid mounting US-Iran tensions.West Texas Intermediate settled higher at $82.47 per barrel, up from $71.51/bbl the previous week, while Brent closed at $88.30/bbl, up from $75.28/bbl a week earlier.The Brent futures contract registered a weekly increase of 16.2%, while the WTI futures contract rose 15.5% over the week.The rally has been primarily fueled by the escalating conflict in the Middle East, which has severely disrupted maritime trade and energy flows.US Central Command launched a fresh wave of strikes for the seventh consecutive day, beginning at 3 p.m. ET on Friday, targeted at further "degrading Iranian military capabilities."The attacks come a day after the US military destroyed a surveillance tower belonging to Iran's Islamic Revolutionary Guard Corps on the country's southeastern coast.Confirmed flows through the Strait have fallen to just 5.1 million barrels per day, down from 12.5 mmb/d a week ago, with Iranian exports representing 1.7 mmb/d of that total, according to a J.P. Morgan note.Commercial shipping activity in the Strait of Hormuz slumped to a three-week low on Thursday, as heightened military tensions between the US and Iran forced operators to prioritize security over trade routes, Kpler's shipping data showed on Friday."Confirmed crossings through the monitored Strait of Hormuz zone declined further on 16 July, falling to eight transits from 15 seen the previous day and reaching a three-week low," according to MarineTraffic, a ship tracking firm owned by Kpler.Compounding supply fears, Iran has renewed threats targeting traffic through the Strait of Bab al-Mandab, another vital route for Saudi exports, prompting fears of a broader supply crunch."New concerns were recently fueled by Iran's renewed threat to close the Strait of Bab al-Mandab, through which a significant portion of Saudi oil exports is currently being rerouted due to the blockade of the Strait of Hormuz," Commerzbank analysts said.The strategists noted that any disruption in the Bab al-Mandab Strait would likely push oil prices higher.Supply concerns were amplified by renewed Ukrainian attacks on Russian energy infrastructure.On Friday, Ukraine struck the Yanos refinery and several Russian military-linked fuel and naval assets during operations on July 16-17, according to a statement by the General Staff of the Armed Forces of Ukraine.The strikes damaged the Yanos refinery in Russia's Yaroslavl region, igniting a fire while officials assessed the extent of the damage, the General Staff said.The plant processes about 15 million metric tons of crude annually and produces gasoline, diesel, jet fuel, and other refined products, the General Staff said.Ukraine also struck two tankers, including a liquefied gas carrier, and a tugboat in the Black Sea and Azov Sea, the General Staff said.The military said Russia uses the vessels to transport oil, petroleum products and liquefied gas while bypassing international sanctions and supplying fuel for military operations.Separately, fresh Ukrainian drone strikes on refineries in Russia's Bashkortostan and Krasnodar regions have severely hampered Russia's refining capacity, forcing Russian energy firms to reportedly seek gasoline imports from India.The Security Service of Ukraine's drone strikes on tankers Louise 1 and Banda this week highlighted an escalation in attacks targeting the maritime infrastructure supporting Moscow's oil exports.RBC analysts said Ukrainian strikes on Russian energy infrastructure have pushed damaged refinery capacity to an estimated 4 mmb/d.RBC said June data showed Russian refinery intake had fallen to 3.43 mmb/d, the lowest level on record, while crude exports rose to 5.47 mmb/d, the highest since October 2019.Meanwhile, in Europe, uncertainty over the European Union's failure to finalize its 21st sanctions package against Russia added to concerns over the effectiveness of the bloc's existing oil price cap mechanism.Beyond geopolitical risks, tightening physical fundamentals drove bullishness in the market.On Wednesday, data from the US Energy Information Administration showed a 1.7 mmbbl decrease in commercial crude inventories, bringing levels to 409.7 mmbbls.While OPEC projects a more modest demand growth of 800,000 b/d for 2026, the supply side remains under heavy pressure.The US oil rig count rose by seven to 452 in the week ended July 17, from 445 the previous week, according to Baker Hughes (BKR). That compares with 422 oil rigs operating in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 26 to 786 from 760 the previous week.Money managers in the WTI crude futures and options markets maintained a bullish stance in the week ended July 14, according to the Commodity Futures Trading Commission's latest Commitments of Traders report released on Friday.The data showed money managers held 182,883 long positions, down 3,606 from July 7, while short positions fell by 15,310 to 96,500.Looking forward, as geopolitical risks converge across the Middle East and Eastern Europe, energy markets remain highly sensitive to any further disruptions to global supply chains, analysts said.

$BKR
Oil & Energy

US Natural Gas Prices Extend Weekly Decline as Bearish Weather Outlook Offsets Smaller Storage Build

US natural gas prices ended another week lower on Friday, despite the lower-than-expected gas injection into storage, amid milder weather forecasts and low LNG feedgas flows.In the futures market, the Nymex front-month August contract fell to $2.916 per million British thermal unit, down from $3.212/MMBtu on July 10.Natural gas spot prices dropped by $0.51/MMBtu to $2.80/MMBtu during the week ended July 15, from $3.31/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.Prices were mixed across major regional hubs during the week, ranging from a decrease of $0.54/MMBtu at Florida Gas Zone 3 to an increase of $0.65/MMBtu at the Northwest Sumas border crossing with Canada.The western regions saw a surge in prices, with average daily temperatures soaring by 4 degrees Fahrenheit, resulting in 71 more cooling days than the prior week. As a result, PG&E (PCG) Citygate rose $0.48/MMBtu over the past week to $2.55/MMBtu on July 15.The Pacific region similarly reported a 16% surge in natural gas consumption this week, to 0.8 billion cubic feet per day, driven by a 44% increase in the power sector.US LNG feedgas flows retreated during the week, with averages dropping below 18 billion cubic feet and the 30-day moving average of 18.60 Bcf, according to the Bloomberg LNG Feedgas Model. This was primarily due to the Freeport LNG terminal in Texas entering into a major planned maintenance starting July 10, which is set to last until late August.The net injection into storage for the week ended July 10 was 41 Bcf, down from last week's 61 Bcf, bringing total gas inventories to 3,024 Bcf, according to EIA data.Storage injections came in below forecasts, which had expected a 45 Bcf net injection into working gas for the week. It was also below the prior year's figures at 47 Bcf and the five-year average for this period, at 45 Bcf, according to data compiled by Investing.com.Most regions reported net injections during the week, with the Midwest and East reporting the highest inflows at 20 Bcf and 14 Bcf, respectively.Inventories across the Mountain and Pacific regions were 21% and 22% above their respective five-year averages, despite high consumption during the quarter.At 3,024 Bcf, US working gas inventories were 21 Bcf, or 1%, below the corresponding period a year ago, while reporting a surplus of 181 Bcf, or 6%, compared to the five-year average for this period.According to Pinebrook Energy Advisors, this storage build suggests a tightening driven by "stronger natural gas-fired generation as wind output dropped sharply," which helped offset the impact of milder-than-expected temperatures.Weather forecasts have continued to turn bearish over the past week, with most of the northeast set to experience average temperatures, and some regions below-average temperatures from July 24 to July 30, according to the National Weather Service.A total of 34 LNG carriers departed US ports during the week, up from 31 the previous week, with a combined capacity of 131 Bcf, 14 Bcf higher than a week earlier.Meanwhile, the US gas rig count remained unchanged at 126 in the week ending July 17, according to data from Baker Hughes (BKR) released Friday. That compares with 117 gas rigs in operation in the US a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, increased by 26 to 786 from 760 the previous week.In international markets, European TTF gas prices averaged $17.24/MMBtu for the week ended July 15, $1.85/MMBtu higher than the previous week. Meanwhile, the Japan-Korea Marker averaged $16.62/MMBtu, about $0.41/MMBtu above the prior week.

$BKR$PCG
Commodities

US Active Rig Count Rises by 7, Baker Hughes (BKR) Says

US Active Rig Count Rises by 7, Baker Hughes (BKR) Says

$BKR
Commodities

Baker Hughes Completes Chart Industries Acquisition

Energy technology company Baker Hughes (BKR) has completed the acquisition of Chart Industries (GTLS) for an enterprise value of $13.6 billion, as part of its optimization and growth strategy, it said on Thursday.Chart Industries will operate as a new segment within Baker Hughes, to preserve its focus on air and gas handling, thermal management, and lifecycle services.The deal is expected to generate $325 million in annualized cost synergies within three years, according to the statement, with further potential upside from commercial synergy opportunities.Baker Hughes has launched a comprehensive integration program to support operational alignment following the acquisition, it said.Price: $57.26, Change: $+0.01, Percent Change: +0.02%

$BKR$GTLS

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