OCTG
Rig counts move lower again in US, Canada
Written by David Schollaert
March 28, 2024
Oil and gas drilling activity in North America continued to slow this week, according to the latest figures from Baker Hughes.
After reaching a six-month high two weeks ago, the number of active rigs in the US eased for a second consecutive week. In Canada, drilling activity continued its seasonal wind-down.
US rigs
The number of active rotary rigs in the US decreased by three from the week prior to 621. Oil rigs fell by three to 506, gas rigs were flat at 112, and miscellaneous rigs held steady at three.
In the week ended March 28, there were 134 fewer active rigs in the US than during the same week last year. In this time, the oil rig count has fallen by 86 and gas rig count by 48, while miscellaneous rigs were unchanged.
Canadian rigs
The number of operating oil and gas rigs in Canada declined by 18 to 151 this week. Oil rigs fell by 16 to 75 this week, while gas rigs declined by two to 76.
Canadian drilling experiences these seasonal declines every spring as warmer weather sets in and thawing ground conditions limit access to roads and sites.
Drilling levels in Canada are up by 12 rigs compared to this time last year. The number of active oil rigs is up by 17, while gas rigs are down by five.
International rig count
The international rig count is updated monthly. The total number of active rigs for February was 958, down seven from January, but up 43 from February 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
Read more from David SchollaertLatest in OCTG
Rig count update: US activity stable, Canada slips
The number of oil and gas rigs operating in the US remained unchanged this week for the second consecutive week, while Canadian activity declined, according to the latest data released from Baker Hughes.
U.S. Steel says OCTG duty adjustment is too low
A newly adjusted anti-dumping duty on imports of oil country tubular goods (OCTG) from Argentina is too low, according to U.S. Steel. This past week, the Department of Commerce released the preliminary results of annual AD duty order reviews on OCTG from both Argentina and Mexico. It is reviewing imports during the one-year period that […]
US rig count rises, Canada count falls
The US drill rig count increased by seven this week, while the Canadian count dropped by 11, according to the latest data from Baker Hughes.
Active rig counts stable this week
US rig activity has remained in multi-year low territory since June. Drilling in Canada has edged lower across the last few weeks but remains historically strong.
Northwest Pipe’s Q3 profits soar, sees strong end to ’24
Northwest Pipe’s third-quarter earnings jumped over 76% on-year as the company expects a strong finish to 2024.