OCTG

US and Canadian Rig Counts Tick Back Up

September 15, 2023

The number of active oil and gas drilling rigs in the US and Canada increased this week, according to the most recent data from oilfield services company Baker Hughes.

The US gained two net oil rigs and eight net gas rigs over the previous week while losing one miscellaneous rig. This brought the total number of active rotary rigs in the US to 641 for the week ended Sept. 15.

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.

Laura Miller

Laura Miller is a reporter and editor for Steel Market Update. Since 2007, she has held various editorial and marketing positions with steel industry publications, associations, and mills. In 2021, after a five-year hiatus working across other industries, she returned to steel trade journalism, joining SMU in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.