In its weekly release, Houston-based oilfield services company Baker Hughes Inc. (NYSE:BHI) reported a dip in the U.S. rig count (number of rigs searching for oil and gas in the country).
This can be attributed to cutbacks in the tally of gas-directed rigs, partially offset by increase in oil and miscellaneous rig counts. In particular, the natural gas rig count dropped for the seventeenth time in 20 weeks to touch a new 10-year low, while oil drilling jumped to another 25-year high.
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