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Baker Hughes, a GE company , declared the rig count for January 2019. In the United States, the total number of rigs fell from December 2018 figure, due to lower number of offshore rigs.
North America Rig Count
In January 2019, rig count in North America (the United States and Canada) totaled 1,241. The figure was higher than 1,219 in December 2019 and 1,215 a year ago.
U.S. rig:Total number of rigs in the United States was 1,065. The figure is lower than 1,078 rigs in last December and higher than 937 a year ago.
Of the total count, land rigs were 1,044. This is lower than 1,054 rigs in the prior month, but, higher than 919 rigs in January 2018.
The number of U.S. offshore rigs in January 2019 was 21, down from 24 in December 2018 and up from 18 rigs in January 2018.
Canada rig: In Canada, the total rig count of 176 was higher than 141 in December 2018 but lower than278 in January 2018.
International Rig Count
Total international rig count (offshore and land) in the month of January was 1,023. The count declined by 2 in December 2018. Nevertheless, the figure is higher than 960 recorded in January 2018.
Offshore rig count in January 2019 was 241, higher than 234 in December 2018 as well as 196 in the prior-year period.
Land Rig: The land rig count was 782 compared with 791 in December 2018 and 764 in January 2018.
In a separate announcement, Baker Hughes stated that it has received a contract to supply turbomachinery equipment for the construction of the Golden Pass LNG export facility in Sabine Pass, Texas.
The company will provide turbomachinery equipment for three LNG trains, comprising six gas turbines and 12 centrifugal compressors. The project is anticipated to produce about 16 million tons per year of LNG.
Zacks Rank & Key Picks
Baker Hughes carries a Zacks Rank #5 (Strong Sell).
Evergy, through its operating subsidiaries — Kansas City Power & Light Company (KCP&L) and Westar Energy, Inc — provides clean, safe and reliable energy in Kansas and Missouri. The company reported average negative earnings surprise of 11.1% in the last four quarters.
Headquartered in Houston, TX, Sunoco operates as a wholesale fuel distributor. The company is expected to witness year-over-year earnings decline of 38.9% in 2018.
Bristol-based Contura Energy is a mining company. The company delivered average negative surprise of 17.9% in the trailing four quarters.
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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US Rig Count Takes a Hit in the Month of January
Baker Hughes, a GE company , declared the rig count for January 2019. In the United States, the total number of rigs fell from December 2018 figure, due to lower number of offshore rigs.
North America Rig Count
In January 2019, rig count in North America (the United States and Canada) totaled 1,241. The figure was higher than 1,219 in December 2019 and 1,215 a year ago.
U.S. rig:Total number of rigs in the United States was 1,065. The figure is lower than 1,078 rigs in last December and higher than 937 a year ago.
Of the total count, land rigs were 1,044. This is lower than 1,054 rigs in the prior month, but, higher than 919 rigs in January 2018.
The number of U.S. offshore rigs in January 2019 was 21, down from 24 in December 2018 and up from 18 rigs in January 2018.
Canada rig: In Canada, the total rig count of 176 was higher than 141 in December 2018 but lower than278 in January 2018.
International Rig Count
Total international rig count (offshore and land) in the month of January was 1,023. The count declined by 2 in December 2018. Nevertheless, the figure is higher than 960 recorded in January 2018.
Offshore rig count in January 2019 was 241, higher than 234 in December 2018 as well as 196 in the prior-year period.
Land Rig: The land rig count was 782 compared with 791 in December 2018 and 764 in January 2018.
In a separate announcement, Baker Hughes stated that it has received a contract to supply turbomachinery equipment for the construction of the Golden Pass LNG export facility in Sabine Pass, Texas.
The company will provide turbomachinery equipment for three LNG trains, comprising six gas turbines and 12 centrifugal compressors. The project is anticipated to produce about 16 million tons per year of LNG.
Zacks Rank & Key Picks
Baker Hughes carries a Zacks Rank #5 (Strong Sell).
A few better-ranked players in the energy space are Evergy, Inc (EVRG - Free Report) , Sunoco L.P (SUN - Free Report) and Contura Energy (CTRA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Evergy, through its operating subsidiaries — Kansas City Power & Light Company (KCP&L) and Westar Energy, Inc — provides clean, safe and reliable energy in Kansas and Missouri. The company reported average negative earnings surprise of 11.1% in the last four quarters.
Headquartered in Houston, TX, Sunoco operates as a wholesale fuel distributor. The company is expected to witness year-over-year earnings decline of 38.9% in 2018.
Bristol-based Contura Energy is a mining company. The company delivered average negative surprise of 17.9% in the trailing four quarters.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>