The total number of rigs actively exploring for or producing oil and gas in the United States dropped more than 8 percent, Baker Hughes reports. In its monthly report for January, Baker Hughes, which provides services for the upstream oil and gas sector, said the U.S. rig count for January was 654, down 8.4 percent from the previous month. Lower crude oil prices means energy companies have less capital to invest in exploration and production, a trend loosely reflected in rig counts. U.S. upstream player Hess Corp. last week said it was cutting planned spending for exploration and production for the year by 20 percent to $2.4 billion. For Baker Hughes, fourth quarter revenue was down about 60 […]