Baker Hughes Announces October 2004 Rig Counts

HOUSTON, Nov 5, 2004 /PRNewswire-FirstCall via COMTEX/ -- Baker Hughes Incorporated(NYSE: BHI) announced today that the international rig count for October 2004was 842, down 24 from the 866 counted in September 2004, and up 52 from the790 counted in October 2003. The international offshore rig count forOctober 2004 was 234, down one from the 235 counted in September 2004, and uptwo from the 232 counted in October 2003.

The US rig count for October 2004 was 1,240, unchanged from the 1,240counted in September 2004 and up 138 from the 1,102 counted in October 2003.The Canadian rig count for October 2004 was 372, up 99 from the 273 counted inSeptember 2004 and down 22 from the 394 counted in October 2003.

The worldwide rig count for October 2004 was 2,454, up 75 from the 2,379counted in September 2004 and up 168 from the 2,286 counted in October 2003.

October 2004 Rotary Rig Counts October 2004 September 2004 October 2003 ---------------- --------------- -------------- Land OS Total Var. Land OS Total Land OS Total ------------------------------------------------------------------------ Europe 30 40 70 7 28 35 63 36 44 80 Middle East 205 30 235 (13) 214 34 248 182 27 209 Africa 34 13 47 (2) 33 16 49 33 18 51 Latin America 230 66 296 2 231 63 294 201 65 266 Asia Pacific 109 85 194 (18) 125 87 212 106 78 184 International 608 234 842 (24) 631 235 866 558 232 790 United States 1,145 95 1,240 0 1,149 91 1,240 996 106 1,102 Canada 369 3 372 99 270 3 273 391 3 394 North America 1,514 98 1,612 99 1,419 94 1,513 1,387 109 1,496 ------------------------------------------------------------------------ Worldwide 2,122 332 2,454 75 2,050 329 2,379 1,945 341 2,286 ======================================================================== October 2004 Workover Rig Counts October 2004 Var. September 2004 October 2003 ------------------------------------------------------------------------- United States 1,329 36 1,293 1,132 Canada 721 100 621 373 ------------------------------------------------------------------------- North America 2,050 136 1,914 1,505 =========================================================================

About the Baker Hughes Rig Counts

The Baker Hughes Rotary Rig Counts are counts of the number of drillingrigs actively exploring for or developing oil or natural gas in the UnitedStates, Canada and international markets. Baker Hughes has issued the rotaryrig counts as a service to the petroleum industry since 1944, when Hughes ToolCompany began weekly counts of US and Canadian drilling activity. Hughesinitiated the monthly international rig count in 1975. In 1987, Baker OilTools began its monthly workover rig count.

North American rig count data is scheduled to be released at noon centraltime on the last working day of each week. The international rig count andNorth American workover rig counts are scheduled to be released on the 5thworking day of the month. Additional detailed information on the Baker Hughesrig counts are available from our website athttp://www.bakerhughes.com/investor/rig .

Baker Hughes is a leading provider of drilling, formation evaluation,completion and production products and services to the worldwide oil and gasindustry.

NOT INTENDED FOR BENEFICIAL HOLDERS

Contact:
Gary R. Flaharty (713) 439-8039
H. Gene Shiels (713) 439-8822

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