Market Data
February 27, 2026
Rig count shows slowdown in oil drilling in US and Canada
Written by Laura Miller
Oil drilling slowed in the US and Canada last week, while gas drilling inched higher in the US.
The latest Baker Hughes rig count report showed the US lost two net oil rigs but gained one gas rig in the week ending Feb. 27. The US in total had 550 rotary rigs in operation, down by 43 from the same week last year. Drilling for oil has slowed noticeably from last year, with 79 fewer rigs in operation. At the same time, gas drilling has picked up with 32 more rigs operating this year.
Canada’s rig count lost eight net oil rigs and two gas rigs during the week, for a total of 214 rigs in operation. While gas rigs are down by just two from last year, oil drilling is down more notably, with 32 fewer rigs in operation.
The international rig count is updated monthly and unchanged from last week. It should be updated with February data in next week’s report.
