US Rig Count Hits 15-Month High, Baker Hughes Data Shows
BKR sits 46% above its 52-week low of $38.47.
Summary
The US rig count rose by 7 to 588 this week, the highest since April 2025, marking a fifth straight weekly gain. Oil rigs led the increase, up 7 to 452, while gas rigs held steady. The count is now 8% above year-ago levels, signaling sustained upstream activity. This follows Baker Hughes' strong Q1 orders and the recent completion of its $13.6B Chart acquisition, reinforcing its leverage to rising energy demand. The trend supports higher future output, with EIA projections pointing to record crude and gas production in 2026.
At the time of this announcement, BKR was trading at $56.12 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $55.7B. The 52-week trading range was $38.47 to $70.41. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.