NEW YORK, NY -- (Marketwire) -- 05/08/12 -- Plummeting Natural gas prices have seen the number of gas rigs in the U.S. fall to new 10 year lows. The Obama administration has recently announced new procedures that would cut the application for on shore drilling permits by nearly 80 percent and could potentially provide a major boost in demand for companies in the Oil & Gas Equipment & Services Industry. "The president has made it clear to us that he wants us to continue to produce more oil and natural gas here at home," said Bob Abbey, director of the Bureau of Land Management. Five Star Equities examines the outlook for companies in the Oil & Gas Equipment & Services Industry and provides equity research on Baker Hughes Inc. (NYSE: BHI) and Schlumberger Ltd. (NYSE: SLB).
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The number of rigs drilling for natural gas fell last month to the lowest level in 10 years, as historically low gas prices have forced companies to cut operations. The number of gas rigs have fallen 15 of the last 17 weeks, according to recent numbers put out by Baker Hughes the rig count has slid to 606, the lowest number since April 2002. On the other hand total rig count for oil and gas were up 20 last week totaling 1,965. Last year for the same week Baker Hughes reported a total of 1,836 rigs operating in the U.S.
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Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 57,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. The company currently offers investors a dividend yield of 1.46 percent.
Tesco Corporation and Schlumberger recently announced that they have signed a definitive agreement for Schlumberger to acquire Tesco's CASING DRILLING division for $45 million in cash. "Our CASING DRILLING division comprises some of our leading technologies, which Tesco has incubated for several years," said Julio M. Quintana, chief executive officer and president of Tesco Corporation. "The time is right to expand the market for this technology through this sale to Schlumberger. Tesco has been an innovator throughout its history and we look forward to introducing further new technologies to the industry."
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