The U.S. rig count, an indicator of oil country tubular goods demand, was down for the week, but is up 23 percent year over year, according to Feb. 2 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs fell by 1 to 946 rigs, with oil rigs up 6 to 765 rigs, gas rigs down 7 to 181 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 946 count is up 217 rigs, with oil rigs up 182, gas rigs up 36, and miscellaneous rigs down 1. See the first graph below for a history of active U.S. rig counts.
The Canadian rig count continues to recover from its seasonal slump, climbing by 4 to 342 rigs this past week, with oil rigs up 14 to 234 rigs, gas rigs down 10 to 108 rigs, and miscellaneous rigs unchanged at 0. Compared to last year, the 342 count is down by 1 rig, with oil rigs up 37, gas rigs down 38, and miscellaneous rigs unchanged. Canada has about the same number of active rigs as it did this time last year, as opposed to the U.S. and international markets which have seen drilling activity improve significantly since February 2017. See the second graph below for a history of active Canadian rig counts.
International rigs increased by 12 to 942 rigs for the month of December, an increase of 25 rigs from the same month one year ago. For a history of both the U.S. and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.
About the Rotary Rig Count
A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.
The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.
The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.
Brett LintonRead more from Brett Linton
Latest in Environment and Energy
USS, NETL to Test Carbon Capture Technology at Edgar Thomson Plant
U.S. Steel and the National Energy Technology Laboratory (NETL) plan to test carbon-capture technology at the company’s Edgar Thomson Plant in Braddock, Pa.
Leibowitz: Readout of the SMU Steel Summit—Steel Decarbonization
As the Oct. 31 deadline approaches to reach an agreement on steel matters, the US and EU are headed for an impasse.
Leibowitz: The Steel Mess—Decarbonization, Overcapacity, and Stalemate
Steel trade continues to cause dissension among our friends, perhaps more so than our adversaries. The conflict between the US and EU is the most talked about, but it impacts others including Japan, Brazil and India.
Steel Groups Urge US-Made Material to Receive IRA Tax Credits
Five domestic steel trade associations wrote a letter requesting the government to ensure the use of US-made steel in certain components of wind and solar projects receiving federal funding. Addressing the letter to US Treasury Secretary Janet Yellen, the groups included the American Iron and Steel Institute (AISI), Steel Manufacturers Association (SMA), American Institute of Steel Construction (AISC), […]
Rig Counts: US Drops, Canada Sees Modest Increase
The rig count roller coaster continues, with numbers dropping in the US but inching up in Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count dipped to 664 active rigs as of July 28, down five from the week prior. Active oil rigs in the US decreased […]