Pritchard Capital Out With Industry Update On Oil Rigs (BHI)

Pritchard Capital is out with its weekly industry report on rig counts and takes a look at the Baker Huges BHI survey. In its weekly report, Pritchard Capital writes, "Baker Hughes, Inc. (BHI-$39.75): up 11 (+10 land/inland water, +1 offshore) as the oil rig count rose by 19, gas dropped by 7 and the geothermal tally lost 1. Smith International, Inc. (SII-$40.17): up 4 (+3 land/inland water, +1 offshore) with gas dropping by 12 and oil gaining 14. Unconventional plays - lost a net of 2 rigs, as 2 rig declines in both the Marcellus and DJ Basin and a one rig slip in the Eagle Ford were modestly offset by the Haynesville adding 2 and Barnett 1. Largest operators - cut a net of 4 rigs with EnCana Corp. (ECA-$28.15) and Newfield Exploration Co. (NFX-$50.92) each dropping 2. Largest drillers - dropped a net of eight rigs, led by Patterson-UTI Energy, Inc. (PTEN-$14.68) losing 5 and Precision Drilling Corp. (PDS-$6.70) losing three." Shares of Baker Hughes are down 90 cents in Friday trade to $38.85.