US and Canadian Rig Counts Tick Back Up

So far this year, the US rig count was highest during the week of Jan. 13 when 775 rigs were in operation, and lowest during the week of Sept. 1 when there were 631 rigs operating.

At this time last year, 763 US rigs were in operation, with 84 more oil rigs, 41 more gas rigs, and three fewer miscellaneous rigs compared to this week.

In Canada, six net oil rigs and two net gas rigs were added over the previous week to bring this week’s total count to 190 active rigs.

So far in 2023, the highest number of active Canadian rigs was during the week of Feb. 10 with 250 rigs. The fewest rigs in operation was during the week of May 19 when the count was 85.

Compared to the same week last year, Canada’s count is down by 21 net rigs, with 27 fewer oil rigs and six fewer gas rigs in operation.

The international rig count is updated on a monthly basis and is therefore unchanged from last week’s report.

The Baker Hughes rig count is important to the steel industry as is is a leading indicator of demand for oil country tubular goods (OCTG), a key end-market for steel sheet.

A rotary rig rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. Wells are drilled to explore for, develop, and produce oil or natural gas. Baker Hughes’ rotary rig count includes only those rigs that are significant consumers of oilfield services and supplies.

For a history of the US and Canadian rig counts, visit the Rig Count page on our website.