For the week ending December 20, Baker Hughes reported that the Western Canadian gas-directed rig count fell 14 to 56 (blue line in left hand chart below), nine less than one year ago and the single largest one week drop since late March 2020. The oil-directed rig count pulled back 10 to 108 (red line in right hand chart), 28 more than a year ago and a six-month low. The impact of drilling crews stepping away for year-end holidays reduced natural gas and crude oil drilling activity in the latest week, as well as the possibility that some producers are wrapping up capital spending programs before the end of the year. The next two drilling reports are likely to show seasonally low activity.
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- Analyst Insight
Canadian Drilling – Rig Counts Hit a Low for the Holidays
Home for the holidays is where many rig crews retreated as Western Canada's latest rig counts made a sharp pullback to holiday induced lows.
- Analyst Insight
Canadian Drilling – Gas Rigs Hold Near Five-Year High, Oil Rigs Headed for a Holiday Break
Canadian gas rigs holding stable near a five-year high; oil rigs look set to take the plunge into the holidays.
- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Dip Lower
Canadian oil and gas rig count slipped lower in the latest week but remain very active for this time of year, especially on the oil drilling side.
