OCTG

Rig Count Drops in the US, Inches Up in Canada

Written by Becca Moczygemba


The number of active oil and gas drilling rigs in the US dropped this week while Canada’s count increased by one, said oilfield services company Baker Hughes in its weekly report.

There were 623 active rigs in the US for the week ended Sept. 29, down seven from the previous week. Oil rigs decreased by five, gas rigs were down by two, and miscellaneous rigs were unchanged.

Active rigs in the US were down by 142 from one year ago when there were 765 rigs in operation. Compared to the previous year, there are 102 fewer oil rigs, 43 fewer gas rigs, and three more miscellaneous rigs.

Active rotary rigs in Canada totaled 191 in the last week of September, up by one from the week prior. Oil rigs remained flat, while gas rigs increased by one.

The Canadian rig count is down by 22 year-over-year, with 29 fewer oil rigs and seven additional gas rigs.

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 because it 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.

Becca Moczygemba

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