Rig counts increase in US, Canada

Written by Becca Moczygemba

The active rig count for the US and Canada both inched up for the week ended Nov. 22, according to Baker Hughes. The rig count was released early this week due to the Thanksgiving holiday.

US Rig Count

Active rigs in the US increased by four this week to 622 vs. the prior week. Oil rigs were unchanged at 500. Gas rigs moved up by three to 117, and miscellaneous rigs increased by one to five.

Compared to the same period one year ago, the US count is down by 162, with 127 fewer oil rigs, 38 fewer gas rigs, but three more miscellaneous rigs.

Canadian Rig Count

The Canadian rig count for the week increased by one to 197 active rigs. Oil rigs increased by one to 124 and gas rigs were unchanged at 73.

Year over year, there are three more active rigs in Canada than there were this week in 2022. Oil rigs are down by five, while gas rigs are up by eight.

International Rig Count

The international rig count is updated monthly. The total number of active rigs during the month of October was 962, up 22 from the previous month, and increasing by 51 from October 2022.

The Baker Hughes rig count is important to the steel industry as it 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

Read more from Becca Moczygemba

Latest in OCTG