Features

US and Canadian rig counts slip: Baker Hughes

November 15, 2024

The number of active oil and gas rigs ticked lower in both the US and Canada last week, according to the latest data released from Baker Hughes.

US rig counts have been in this territory since June and are only slightly above multi-year lows. Canadian counts have declined over the last month but remain historically strong.

US rigs

Through November 15, there were 584 drilling rigs operating in the US, one fewer than the week prior. This count was comprised of 478 oil rigs, 101 gas rigs, and five miscellaneous rigs. There were 34 fewer active US rigs last week compared to the same week one year prior.

Canadian rigs

There were 200 active Canadian drilling rigs last week, seven less than the prior week. Oil rig counts totaled 137, gas rigs were 63, and miscellaneous rigs remained at zero. There are currently four more Canadian rigs in operation than there were this time last year.

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 October rose to 950, up three from September but 12 fewer than levels seen one year ago.

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

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.