Rig Counts Down in US and Canada

Active rigs in the US are down by 143 from one year prior when there were 762 rigs in operation. Compared to the previous year, there are 105 fewer oil rigs, 40 fewer gas rigs, and two more miscellaneous rigs.

Active rigs in Canada totaled 180 in the first week of October, down 11 from the previous week. Oil rigs fell by seven, while gas rigs dropped by four.

Canada’s rig count is down by 35 year over year, with 40 fewer oil rigs but five more gas rigs.

The international rig count for September is 940, a decrease of 12 month over month but up 61 from a year earlier. The international rig count is updated on a monthly basis.

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.