Rig counts are down in the US and Canada as of Dec. 21, according to Baker Hughes.
US rig count
US rigs edged down by three to 620 compared to the week prior. Oil rigs dropped by three to 498, and gas rigs are up one at 120. Miscellaneous rigs dropped by one, to two.
Compared to the same period one year ago, the US count is down by 159. There are 124 fewer oil rigs, 35 fewer gas rigs, while miscellaneous rigs are unchanged at two.
Canadian rig count
Canada’s drilling companies cut active rigs by 39, bringing the count to 146 active rigs. Oil rigs dropped by 37 to 81 and gas rigs moved down by two to 65.
Year over year there are 49 more oil rigs and one more gas rig. Overall, there are 50 more 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 MoczygembaRead more from Becca Moczygemba
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