US oil rig count slips 2 units to 450: Baker Hughes

The number of active US oil drilling rigs fell by two units to 450 in the week ended July 24, Baker Hughes reported Friday.

Natural gas rigs edged up one unit to 127.

The combined count, which includes miscellaneous rigs, stood at 587, unchanged from the prior week.

Baker Hughes BKR publishes the weekly rig count as a gauge of activity in the oil and gas sector. The data captures drilling directed at both oil and natural gas targets.

The current oil rig count is down from 488 a year ago, reflecting a period of subdued crude prices that has kept many producers focused on capital discipline and shareholder returns rather than output growth.

Gas-directed drilling has been particularly constrained. The current gas rig count is down roughly 40% from a year earlier, as persistently low spot prices have pushed operators to idle equipment or shift toward oilier basins.

AlphaScala rates BKR at 50 out of 100, a Mixed label, reflecting the stock's position in a sector facing uncertain near-term demand signals.