In its weekly North American rig count report, Baker Hughes said U.S. energy companies added seven oil rigs and three natural gas rigs this week, bringing the total active count to 766 rigs. Oil-directed rigs climbed to 617, the highest level since October 2023, while gas rigs rose to 149. The Gulf of Mexico rig count remained unchanged at 15. The increase follows three consecutive weekly declines and signals incremental drilling momentum as producers respond to stabilized crude prices in the mid-$70s per barrel.

Baker Hughes is scheduled to report fourth-quarter results on February 2, with analysts forecasting revenue of $21.4 billion, down 6% year-over-year, and adjusted EPS of $0.34, versus $0.38 in Q4 2022. Sluggish oil prices, which averaged $74.50 per barrel in Q4, are expected to weigh on the company’s oilfield services segment, where day-rates have softened. Offsetting this headwind, Baker Hughes completed its $800 million acquisition of Energy Instrumentation Solutions on December 15, adding advanced sensor and measurement technology to its turbomachinery division. Management is expected to highlight how the deal helped boost aftermarket sales by 5% sequentially and improved segment margins by 120 basis points during the quarter.