OCTG
US Rig Count Drops, Canada Unchanged
Written by Becca Moczygemba
September 22, 2023
The number of active oil and gas drilling rigs in the US dropped this week. Canada’s count remains unchanged, according to the most recent data from oilfield services company Baker Hughes.
There were 630 active rotary rigs in the US for the week ended Sept. 22, down 11 from the week prior. The US lost eight oil rigs and three gas rigs in the past week. Miscellaneous rigs were unchanged.
The US rig count is down 134 rigs compared to a year ago, when there 764 active rigs. Compared to last year, there were 95 fewer oil rigs and 42 fewer gas rigs. A gain of three miscellaneous rigs offset the year-over-year drop only minimally.
There were a total of 215 active rigs in Canada this week, flat compared to last week. Oil rigs fell by four, but gas rigs increased by four to offset the loss.
The Canadian rig count is down 25 rigs compared to this time in 2022. Oil rigs were down 33 year over year. Gas rigs were up by eight.
The international rig count is updated on a monthly basis. It is therefore unchanged from last week’s report.
The Baker Hughes rig count is important to the steel industry because it is 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. Wells are drilled to explore for, develop, and produce oil or natural gas. Baker Hughes’ rotary rig count includes only those rigs that are significant consumers of oilfield services and supplies.
For a history of the US and Canadian rig counts, visit the rig count page on our website.
Becca Moczygemba
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