US drillers cut oil and gas rigs to lowest since December 2021, Baker Hughes says
1. U.S. energy firms reduced oil and gas rigs to a December 2021 low. 2. Baker Hughes reports a second consecutive week of declining rig counts.
FAQ
Why Bearish?
Lower rig counts may indicate reduced upstream activity, negatively impacting BKR's earnings potential.
How important is it?
The decline in rig counts signals a contraction in the energy market relevant to BKR's operations.
Why Short Term?
The impact of reduced rig counts is likely to be felt in upcoming earnings reports.