Baker Hughes’s North America revenue
In 2Q16, Baker Hughes’s (BHI) revenue share from North America came down. BHI’s North American revenue share fell to 28% compared to 38% in 2Q15. During the same period, BHI’s aggregate revenues fell 39%. In comparison, CARBO Ceramics’ (CRR) 2Q16 revenues fell 72% over 2Q15.
US rig count
In 2Q16, the US rig count fell 51% over 2Q15. The US rig count reached its multi-year high in September 2014. Since then, it dropped 74% until September 2.
From June 30 to the week ending September 2, the US rig count gained 15% to close at 497. Higher rig counts can increase BHI’s revenues and earnings in fiscal 3Q16.
Next, we’ll discuss BHI’s revenues from international operations and international rig counts.