For the week of April 25, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 47 (blue line and text in left hand chart below), 15 less than one year ago and remained within the five-year range. The oil-directed rig count dropped six to 80 (red line and text in right hand chart), 26 more than a year ago and remained above the five-year range. The additional pullback in oil rigs continued to follow a seasonal pattern known as spring break up, when drilling and rig movement activity is reduced due to restrictions on the movement of heavy equipment in some regions because of the thawing of surface conditions. Depending on weather, rig counts may bottom out within the next one to two weeks.
Featured Articles
- Analyst Insight
Canadian Drilling – Reaching the Bottom of Spring Break Up
Western Canada's rig count appears to have reached the low point of spring break up. Real question going forward will be how fast does the rig count recover?
- Analyst Insight
Canadian Drilling – One More Down Week To the Bottom of Spring Break Up
Oil rigs dropped another week to the downside so maybe this is finally the end of spring break up?
- Analyst Insight
Canadian Drilling – Bottom in Sight for Spring Break Up
Rig counts are approaching the bottom of the seasonal cycle known as spring break up with a likely gradual increase post-April.
