OCTG

Drill rig activity increases slightly in US and Canada
Written by Brett Linton
February 28, 2025
The number of active oil and gas rigs in the US and Canada increased marginally this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while activity in Canada is within earshot of a seven-year high.
The US had 593 rigs in operation in the week ended Feb. 28, up by one from the previous week and up from the three-year low of 576 in late January. US drilling activity has remained at reduced levels since June 2024.
Canada’s rig count rose by four this week to 248 rigs. Four weeks ago, rig activity in Canada hit the highest weekly rate since March 2018. Historically, Canada’s counts tend to surge through February before declining as warmer weather and thawing ground conditions limit access to drill sites.

The international rig count is a monthly measure updated at the beginning of each month. The January count was 905, four fewer than in December and 60 fewer than in the same month last year.

The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key end market for steel sheet.
For a history of the US and Canada rig counts, visit the rig count page on our website.

Brett Linton
Read more from Brett LintonLatest in OCTG

US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Rig count increases in the US and in Canada
Oil and gas drilling activity increased this week in the US and Canada for the third consecutive week, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Oil and gas rig counts rise in US and Canada
US rig counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

September energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.

Rig count dips again in both US and Canada
Oil and gas drilling activity waned in the US and Canada this past week. Ticking own for the second straight week in both regions.