Baker Hughes

          The steep drop in oil and gas exploration wells across the nation continues. According to figures from oil field services company Baker Hughes, eight rigs stopped operation last week, adding to the 21 that stopped drilling the week before.

The company reports that the active rig count in the U.S. this week is 822, which is down about a fifth from a year ago when 1,067 rigs were in operation.

Alaska lost one rig last week, and Baker Hughes shows seven active in the state, which is up from five active rigs a year ago.

The Houston-based oil-field services company Baker-Hughes, which has a significant presence on the Kenai Peninsula and in Alaska, saw its stock drop by 6 percent Thursday after a well-known fraud expert accused its parent company GE of using it to hide billions of dollars in losses.
    GE’s stock sank 11 percent on the news.

  In what’s turned out to be a brief and unprofitable foray into the global oil business, General Electric Co. has announced that it will divest itself of the 62.5 percent ownership it has in the oilfield-services company Baker Hughes.

Bloomberg News reported Tuesday that GE plans to “unload” it’s stake in Baker Hughes over the next two to three years through sale of stock.

 

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