US drillers cut oil and gas rigs to lowest since December 2021, Baker Hughes says
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U.S. energy firms have reduced the number of oil and natural gas rigs for the second consecutive week, reaching the lowest count since December 2021, according to Baker Hughes.
January 17, 2025 | 6:30 pm
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Baker Hughes reported a reduction in U.S. oil and gas rigs to the lowest level since December 2021. This could indicate a decrease in demand for Baker Hughes' drilling services.
The reduction in oil and gas rigs suggests a potential decrease in demand for Baker Hughes' services, which could negatively impact its revenue in the short term. This is significant as Baker Hughes is directly involved in providing these services.
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IMPORTANCE 70
RELEVANCE 80