Environment and Energy

US Rig Count Increases, Canada's Slips

October 27, 2023

The active rig counts for the week ended Oct. 27 inched up in the US but edged down in Canada, according to oilfield services provider Baker Hughes.

US Rig Count

The rig count in the US ticked up by one to 625 vs. the previous week, marking the third consecutive week of increases. Active oil rigs increased by two to 504, while gas rigs were down one to 117. Miscellaneous rigs remained unchanged at four.

Compared to the same time last year, the US rig count is down 143 rigs, with oil rigs decreasing by 106, and gas rigs off by 39 rigs. Miscellaneous rigs are up by two in the same comparison.

Canadian Rig Count

Canada’s rig count fell by two from last week to 196. Oil rigs were up one to 122, while gas rigs were down three to 74.

The count in Canada is down just 16 rigs from last year’s 212, with oil rigs down 23, and gas rigs up 7.

International Rig Count

The international rig count is updated monthly and is therefore unchanged from our last report, showing 940 active rigs during the month of September. This was down by 12 rigs from August but up by 61 from September 2022.

The Baker Hughes rig count is important to the steel industry as it 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.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.