Oil services company Baker Hughes announced it was suspending the publication of a quarterly barometer of the strength of the U.S. onshore energy sector.
The company said that, as of Thursday, it was suspending the quarterly publication of U.S. onshore well data.
"In response to the recent market downturn and internal initiatives to reduce costs, the company has prioritized its resources to support the ongoing publication of the weekly North America and monthly International rig counts, which continue to provide a timely and relevant snapshot of evolving market conditions," the company said in a statement.
As of April 2, Baker Hughes said there were 1,028 rigs actively exploring for or producing oil and natural gas in the United States, down nearly 2 percent from the previous week and 23 percent year-on-year.
The decline in oil prices, off about 50 percent from their June 2014 levels, has forced energy companies to designate less capital in 2015 on exploration and production. Rig counts in general have declined, with Baker Hughes reporting a drop of 7 percent internationally.
Baker itself is the target of a takeover effort by rival oil services company Halliburton. Halliburton said Tuesday it was selling off part of its drilling business to clear the way for the acquisition.
"Although we would prefer to retain these assets, we will be required to divest some of our overlapping businesses to obtain competition authorities' approvals as anticipated when we announced the Halliburton-Baker Hughes transaction," Halliburton Chief Executive Officer Dave Lesar said.
