Baker Hughes Inc (BHI.N)
24 Feb 2017
NEW YORK, Feb 24 U.S. drillers added oil rigs for a sixth consecutive week, extending a nine-month recovery as shale producers ramp up spending to take advantage of a recovery in oil prices.
U.S. energy companies added oil rigs for a fifth straight week, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November.
Feb 17 U.S. energy companies added oil rigs for a fifth straight week, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added six oil rigs in the week to Feb. 17, bringing the total count up to 597, the most rigs since October 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago
U.S. shale producers are facing their first production cost increase in five years in 2017 as industry activity picks up and energy service providers hike fees to take a bigger share of the profits generated by higher oil prices.
* OPEC delivered 93 percent of pledged output curbs in January
* Baker Hughes Inc - international rig count for January 2017 was 933, up 4 from 929 counted in December 2016
BRIEF-Baker hughes approved amendment to restated bylaws to provide that board shall consist of 12 directors instead of 13 directors
* Baker Hughes Inc - Approved amendment to restated bylaws of Baker Hughes to provide that board shall consist of 12 directors instead of 13 directors Source text: [http://bit.ly/2ke6lro] Further company coverage:
* OPEC-led group aims for 1.8 million bpd cut in first half (New throughout, updates prices and market activity to settlement)
Oilfield services provider Baker Hughes Inc, which is being acquired by General Electric Co, said crude oil prices would need to rise by roughly another 15 percent to spur producers to spend more on drilling outside North America.
* Shares down 1 percent, Oil prices up about 2 pct (Adds details)