US Rig Count Drops, Canada Flat

After a three-week climb, active rigs in the US dropped to 618 from last week’s count of 625. Working oil rigs declined by eight to 496, gas rigs increased by one to 118, and miscellaneous rigs were unmoved at four.

Compared to the same time last year, the US rig count is down 152 rigs, with oil rigs down by 117 and gas rigs off by 37 rigs. Miscellaneous rigs are up by two.

Canadian Rig Count

Canada’s rig count remained unchanged from the previous week at 196 working rigs. Total active oil rigs are at 122 and gas rigs at 74.

Compared to the same time last year, the total number of working rigs in Canada is down by 13. Oil rigs are down by 19 while gas rigs are up by six.

International Rig Count

The international rig count is updated monthly. The total number of active rigs during the month of October was 962, up by 51 from October 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.