US and Canadian rig counts decrease

Written by Becca Moczygemba

Active rig counts fell in the US and Canada for the week ended Dec. 15, according to Baker Hughes.

US rig count

US rigs edged down by three to 623 compared to the week prior. Oil rigs dropped by two to 501, but gas rigs went unchanged at 119. Miscellaneous rigs dropped by one to three.

Compared to the same period one year ago, the US count is down by 153. There are 119 fewer oil rigs, 35 fewer gas rigs, but one more miscellaneous rig.

Canadian rig count

Canada’s drilling companies cut active rigs by nine, bringing the count to 185 active rigs. Oil rigs dropped by two to 118 and gas rigs moved down by seven to 67.

Year over year there are six fewer oil rigs and eight fewer gas rigs. Overall, there are 14 less rigs than there were at the same time in 2022.

International rig count

The international rig count is updated monthly. The total number of active rigs during the month of November was 978, up 16 from the previous month, and increasing by 68 from November 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