Baker Hughes’s revenue from North America
In 3Q16, Baker Hughes’s (BHI) revenue share from North America came down. In 3Q16, BHI’s North America revenue share fell to 28% compared to 36% in 3Q15. However, compared to 2Q16, BHI’s revenue share from North American operations remained unchanged.
US rig count
In 3Q16, the US rig count fell 38% over 3Q15. The US rig count reached a multiyear high in September 2014. Since then, it has dropped 68% through December 9.
From September 30 until the week ended December 9, the US rig count rose 20% to close at 624. In comparison, the international rig count fell 1% from September to November. A higher US rig count could increase BHI’s revenues and earnings in 4Q16.
Next, we’ll discuss Baker Hughes’s revenues and earnings.