US oil and natural gas rig count up 10 to 884

A more detailed look at Baker Hughes’ report shows that the surge in U.S. active rigs was driven by an increase in active oil rigs, from 664 last week to 670 this week, and by a proliferation of gas rigs, which now stand at 213, up from 209 last Friday.

For over 70 years now, Baker Hughes Incorporated (NYSE: BHI) has been issuing rotary rig counts for the United States and Canada every week. The figures mark the second week in a row that the rig count is below 100.

Crude oil prices are down more than 50 percent from last year because of oversupplies in a weak global economy.

In the week prior, the U.S. oil rig count increased by five. The State of Texas saw a net gain of eight rigs while the United States gained 10 rigs over the past week. In comparison, June’s rig count fell by 28 from May.

Baker Hughes is the target of a takeover bid from rival Halliburton. The count has increased five of the last six weeks. Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. In July, Halliburton reported a 26 percent decline in revenues to $5.9 billion, with North American revenues alone down 39 percent to $2.7 billion. This is two fewer rigs than in the previous week, which ended July 24.