Baker Hughes July Rig Counts – U.S. May have Bottomed, but Not NE

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Are we there yetOn Friday Baker Hughes, which is being forced into a merger with Halliburton by the end of this year/early next year, issued a summary of rig counts last Friday. At first blush it appears to be good news, but when you dig under the surface, it's not--at least for the Marcellus/Utica. The international rig count was 1,118, down 28 from the 1,146 counted in June 2015. However, the average U.S. rig count for July 2015 was 866, up 5 from the 861 counted in June 2015. It appears we've turned the corner on how low rig counts will go--we've bottomed and are either holding steady (in the U.S.), or perhaps every so slightly gaining ground again. But then we ran the numbers for the Marcellus/Utica and found rig counts continue to decline month over month...

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