Canadian Rig Counts Get Post-Holiday Rebound

The total rig count in the US dropped to 772 total rigs in operation. The number of active oil rigs dropped to 618, down three from the week prior, and the number of gas rigs declined to 152. Miscellaneous rigs remain unchanged at two. Compared to this time last year, the US count is up 184 rigs, with oil rigs up 137, gas rigs up 45, and miscellaneous rigs up two, respectively.

As expected, the Canadian rig count bounced back up to 189, with oil rigs at 113, gas rigs at 76, and miscellaneous rigs unchanged. This week’s Canadian count is up 48 rigs compared to levels one year ago, with oil rigs up 35 and gas rigs up 13, respectively.

The international rig count decreased by 10 to 900 rigs for the month of December, and is up 66 rigs from the same month one year ago.

For more in-depth information on the energy market, Steel Market Update publishes an “Energy Update” report each month covering oil and natural gas prices, detailed rig count data, and oil stock levels. Our November report is available here for Premium members.

For a history of both the US and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.

About the Rotary Rig Count

A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or to side track an existing one. Wells are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.

The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the US and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.

The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the US and Canada. International rigs considered active must be drilling for at least 15 days of the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore in China.

By Becca Moczygemba, Becca@SteelMarketUpdate.com