OCTG
Active rig counts ease in US and Canada
Written by Brett Linton
September 20, 2024
Drilling activity in both the US and Canada edged lower last week, according to the latest data from oilfield services provider Baker Hughes.
US rig counts remain near multi-year lows, which is the territory they have been in for the last three months. Canadian counts have edged lower in the past two weeks, slipping from a six-month high earlier this month.
US rigs
Through Sept. 20, there were 588 drilling rigs operating in the US, two less than the week before. Oil rigs were stable at 488, gas rigs fell by one to 96, and miscellaneous declined by one to four. There were 42 fewer active US rigs last week compared to last year, with 19 fewer oil rigs, 22 fewer gas rigs, and one fewer miscellaneous rigs.
Canada rigs
There were 211 active Canadian drilling rigs operating as of last week, seven less than in the prior week. Oil rigs fell by six to 144, gas rigs eased by one to 66, and miscellaneous rigs were unchanged at one. There are currently 21 more Canadian rigs in operation than levels one year ago, with 29 more oil rigs, nine fewer gas rigs, and one more miscellaneous rig.
International rig count
The international rig count is a monthly figure updated at the beginning of each month. The total number of active rigs for the month of August fell to 931, two less than the July count and down by 21 from levels a year ago.
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.
Brett Linton
Read more from Brett LintonLatest in OCTG
Rig count update: US count rebounds, Canada’s slips
Oil and gas drilling activity in the US recovered the week ended Sept. 13, but remains near multi-year lows.
Rig count update: US count dips, Canada flat
Oil and gas drilling activity in the US edged lower last week, while the Canadian rig count held steady at a six-month high.
Zekelman Industries buys 5% of Algoma Steel shares
Zekelman Industries has bought 5% of available shares of Canada’s Algoma Steel.
Drill rig activity stabilizes in US and Canada
Oil and gas drill rig activity in the US inched lower last week while holding steady in Canada, according to the latest report from oilfield services provider Baker Hughes.