Baker Hughes Q4 U.S. Onshore Well Count Increases 5% - Quick Facts

(RTTNews) - Oilfield services provider Baker Hughes Inc.'s (BHI) U.S. onshore well count for the 2013 fourth quarter is 9,056 wells; down 19 wells from the revised 9,075 wells counted in the third quarter 2013. Compared with last year, the well count rose 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 2013, the well count increased most notably in the Eagle Ford, Mississippian and Marcellus basins. These increases were offset by reductions in the Fayetteville and Granite Wash basins.

The average US onshore rig count for the quarter fell 12 rigs from the prior quarter at 1,697 rigs. On average, the US onshore rig fleet produced 5.34 new wells in the fourth quarter, representing a 1% rise in drilling efficiencies compared to the third quarter.