Baker Hughes

U.S. drillers cut the number of oil and gas rigs for the second consecutive week, bringing the total rig count to its lowest since early September, as companies focus on debt reduction amid lower energy prices.

Baker Hughes cuts North American spending outlook due to reduced drilling activity but raises full-year revenue forecasts, banking on robust international growth and gas equipment demand.

The US pause on new LNG export permits has raised questions about meeting future global demand. Industry leader Baker Hughes says the gap will be filled by other countries like Qatar, Argentina, and African producers.