OCTG
Rig count down in US, up in Canada
Written by David Schollaert
February 2, 2024
Rig counts in the US and Canada were mixed, with US totals slipping and Canadian counts moving higher week on week (w/w) for the week ended Feb. 2, Baker Hughes’ latest data shows.
US
The number of active rotary rigs in the US slipped by two to 619. Oil rigs were unchanged at 499. Gas rigs fell by two to 117. Miscellaneous were flat at three.
The count of active US rigs is down by 140 from the same week last year when 759 rigs were in operation, according to the data from the oilfield services provider. There are 100 fewer oil rigs and 41 fewer gas rigs in operation, while the miscellaneous count is up by one to two.
Canada
The number of operating oil and gas rigs in Canada rose to 232, up by two from the week prior. Oil rigs decreased by three to 141. Gas rigs rose by five to 91.
Drilling in Canada is also lower year over year. There are 17 fewer rigs running now than a year ago.
International rig count
The international rig count is updated monthly. The total number of active rigs during January was 965, up 10 from December and up 64 from January 2023.
The Baker Hughes rig count is important to the steel industry because 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. For a history of the US and Canadian rig counts, visit the rig count page on our website.
David Schollaert
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