OCTG
US rig count slips, Canada higher
Written by David Schollaert
February 16, 2024
Rig counts in the US and Canada were mixed again for the week ended Feb. 16. The US saw totals move down, while Canadian rig figures ticked up week on week (w/w), Baker Hughes’ latest data shows.
US rigs
The number of active rotary rigs in the US slipped by two to 621 from the previous week. Oil rigs were off by two to 497. Gas rigs were unchanged at 121. Miscellaneous rigs were also flat at three.
The count of active US rigs is down by 139 from the same week last year when 760 rigs were in operation, according to the data from the oilfield services provider. There are 110 fewer oil rigs and 30 fewer gas rigs in operation, while the miscellaneous count is up by one to two.
Canada rigs
The number of operating oil and gas rigs in Canada moved up by two to 234 vs. the week prior. Oil rigs were up by three to 144, while gas rigs were down one to 90.
Drilling in Canada is also lower year over year. There are 14 fewer rigs running now vs. a year ago, with oil rigs down 19, and gas rigs up 5.
International rig count
The international rig count is updated monthly. The total number of active rigs during January was 965, up 10 from December and up 64 from January 2023.
The Baker Hughes rig count is important to the steel industry because 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. For a history of the US and Canadian rig counts, visit the rig count page on our website.
David Schollaert
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