Features
Rig count update: US activity eases, Canada strengthens
Written by Brett Linton
October 4, 2024
US drilling activity fell to a four-week low last week and remains near multi-year lows, according to the latest data released from Baker Hughes. Meanwhile, Canadian counts increased for the second consecutive week, now at one of the highest levels recorded in seven months.
US rigs
Through Oct. 4, there were 585 drilling rigs operating in the US, two fewer than the week prior. Oil rigs counts were down five to 479, gas rigs rose by three to 102, and miscellaneous rigs were unchanged at four. There were 34 fewer active US rigs last week compared to the same week last year, with 18 fewer oil rigs and 16 fewer gas rigs.
Canada rigs
There were 223 active Canadian drilling rigs as of last week, five more than the previous week and the highest count recorded since early March. Compared to the week prior, oil rigs rose by five to 157, gas rigs eased by two to 63, and miscellaneous rigs were up two to three.
There are currently 43 more Canadian rigs in operation than levels one year ago, with 49 more oil rigs, nine fewer gas rigs, and three more miscellaneous rigs.
International rig count
The international rig count is a monthly figure updated at the beginning of each month. The total number of active rigs for the month of September rose to 947, up 16 from the August count and seven more than levels one year prior.
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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