U.S. markets open in 44 minutes
  • S&P Futures

    3,944.25
    -21.50 (-0.54%)
     
  • Dow Futures

    33,649.00
    -154.00 (-0.46%)
     
  • Nasdaq Futures

    11,583.25
    -62.25 (-0.53%)
     
  • Russell 2000 Futures

    1,805.40
    -14.30 (-0.79%)
     
  • Crude Oil

    72.48
    +1.02 (+1.43%)
     
  • Gold

    1,808.00
    +6.50 (+0.36%)
     
  • Silver

    23.38
    +0.13 (+0.55%)
     
  • EUR/USD

    1.0544
    -0.0016 (-0.15%)
     
  • 10-Yr Bond

    3.5270
    +0.0360 (+1.03%)
     
  • Vix

    22.52
    -0.16 (-0.71%)
     
  • GBP/USD

    1.2256
    +0.0018 (+0.15%)
     
  • USD/JPY

    136.0950
    -0.5350 (-0.39%)
     
  • BTC-USD

    17,155.29
    +308.19 (+1.83%)
     
  • CMC Crypto 200

    404.28
    +9.59 (+2.43%)
     
  • FTSE 100

    7,449.45
    -22.72 (-0.30%)
     
  • Nikkei 225

    27,901.01
    +326.58 (+1.18%)
     

The Zacks Analyst Blog Highlights Baker Hughes, EOG Resources and Continental Resources

For Immediate Release

Chicago, IL – October 5, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Baker Hughes Company BKR, EOG Resources EOG and Continental Resources, Inc. CLR.

Here are highlights from Tuesday’s Analyst Blog:

Permian Oil Rig Count Rises in Two of Past Three Weeks

In its weekly release, Baker Hughes Company reported that the U.S. rig count was higher than the prior-week tally. The rotary rig count, issued by BKR, is usually published in major newspapers and trade publications.

Baker Hughes' data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the prior-week figure indicates the demand trajectory for Baker Hughes' oilfield services from exploration and production companies.

Details

Total U.S. Rig Count Increases: The count of rigs engaged in the exploration and production of oil and natural gas in the United States was 765 for the week ended Sep 30. The figure is higher than the prior week's count of 764. The current national rig count is higher than the year-ago level of 528.

The onshore rigs in the week ended Sep 30 totaled 745, higher than the prior-week count of 744. In offshore resources, 16 rigs were operating, in line with the prior-week count.

U.S. Oil Rig Count Rises: Oil rig count was 604 for the week ended Sep 30, higher than the prior week's figure of 602. The current number of oil rigs — far from the peak of 1,609 attained in October 2014 — is up from the year-ago figure of 428.

U.S. Natural Gas Rig Count Falls: Natural gas rig count of 159 was lower than the prior-week figure of 160. The count of rigs exploring the commodity is, however, higher than the prior-year week's tally of 99. Per the latest report, the number of natural gas-directed rigs is 90.1% lower than the all-time high of 1,606 recorded in 2008.

Rig Count by Type: The number of vertical drilling rigs totaled 23 units, lower than the prior-week count of 25. Horizontal/directional rig count (encompassing new drilling technology with the ability to drill and extract gas from dense rock formations, also known as shale formations) of 742 is higher than the prior-week level of 739.

Gulf of Mexico (GoM) Rig Count Flat: GoM rig count was 15 units, all oil-directed. The count was in line with the prior-week number.

Rig Count in the Most Prolific Basin

Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 339, flat with the prior week count. The tally increased in two of the past three weeks.

Outlook

The West Texas Intermediate crude price is still extremely favorable for exploration and production activities. Solid oil price will likely pave the way for further rig additions despite a slowdown in drilling activities, as upstream players mainly focus on stockholder returns rather than boosting output.

Investors may keep a close eye on energy stocks like EOG Resources and Continental Resources, Inc., as these companies are expected to benefit from the current healthy oil price scenario.

EOG Resources, a leading oil and natural gas exploration and production company, is well-placed to capitalize on the promising business scenario. EOG has an estimated 11,500 net undrilled premium locations, resulting in a brightened production outlook.

EOG Resources is strongly committed to returning capital to shareholders. Since it transitioned to premium drilling, the company has returned roughly $10 billion in cash to stockholders. With the employment of premium drilling, EOG will be able to reduce its cash operating costs per barrel of oil equivalent, thereby aiding its bottom line.

Continental Resources is also a leading upstream energy company with proven reserves in North Dakota and Oklahoma. The oil inventories of Continental Resources are among the best in the industry.

Why Haven't You Looked at Zacks' Top Stocks?

Our 5 best-performing strategies have blown away the S&P's impressive +28.8% gain in 2021. Amazingly, they soared +40.3%, +48.2%, +67.6%, +94.4%, and +95.3%. Today you can access their live picks without cost or obligation.

See Stocks Free >>

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

support@zacks.com                       

https://www.zacks.com

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
 
Continental Resources, Inc. (CLR) : Free Stock Analysis Report
 
Baker Hughes Company (BKR) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research