Active rig count rises in US, falls in Canada

Written by Brett Linton

Drilling activity increased in the US but declined in Canada, according to the latest data from Baker Hughes.

US rigs

The number of active drilling rigs in the US increased by two week over week (w/w) to 619 as of Friday. Oil rigs increased by five to 511, gas rigs decreased by three to 106, and miscellaneous rigs held steady at two.

This week there are 134 fewer active US rigs compared to the same week last year. In this time oil rig counts have fallen by 80, gas rigs are down by 53, and miscellaneous rigs are down by one.

Canada rigs

The number of operating oil and gas rigs in Canada declined by 14 to 127 this week. Canadian drilling experiences these seasonal declines every spring, as warmer weather sets in and thawing ground conditions limit access to roads and sites. Oil rigs fell by 10 to 60 this week, while gas rigs declined by four to 67.

Active drilling levels in Canada are up by 22 compared to this time last year. The number of active oil rigs is up by 18 and gas rigs are up by four.

International rig count

The international rig count is updated monthly. The total number of active rigs for the month of March rose to a four-month high of 971, up 13 from February and up 41 from March 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.

Brett Linton

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