Baker Hughes reports on fourth-quarter 2013 well count

Baker Hughes Inc.

Baker Hughes Inc. (NYSE: BHI) reports that the US onshore well count for the fourth quarter of 2013 is 9,056 wells, down 19 wells from the revised 9,075 wells counted in the third quarter of 2013. Compared to the fourth quarter of 2012, the well count was up 398 wells or 5%. Due to improved drilling efficiencies, the average US onshore drilling rig now produces 9% more wells compared to the same quarter last year.

Compared to the third quarter of 2013, the well count increased most notably in the Eagle Ford (up 75 wells or 7%), Mississippian (up 23 wells or 6%), and Marcellus (up 21 wells or 4%) basins. These increases were offset by reductions in the Fayetteville (down 29 wells or 18%) and Granite Wash (down 22 wells or 13%) basins.

The average US onshore rig count for the fourth quarter of 2013 was down 12 rigs from the previous quarter at 1,697 rigs. On average, the US onshore rig fleet produced 5.34 new wells during the fourth quarter, representing a 1% improvement in drilling efficiencies compared to the third quarter.

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