Analysis
February 20, 2026
Rig count unchanged in US, up in Canada
Written by David Schollaert
The latest Baker Hughes rig count report shows steady drilling for oil and gas in the US, while drilling in Canada improved slightly.
The US rig count this week totaled 551 active rotary rigs, marking a third week at such levels. The breakdown was flat across the board, with oil, gas, and miscellaneous rigs all unchanged w/w at 409, 133, and 9, respectively.
In Canada, there were two additional rotary rigs in operation vs. the previous week. Oil rigs were unchanged, while two gas rigs were added, and miscellaneous rigs were flat.
Baker Hughes updates the international rig count monthly. It last reported 1,079 rigs for the month of January. The count increased by 14 rigs from the previous month but was down by 20 rigs from a year earlier.
The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.
