Canadian Drilling – Oil and Gas Rig Counts Continue Sideways Trend

For the week ending October 18, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 64 (blue line in left hand chart below), 13 less than one year ago and holding very much in the 60s range where it has been since the start of July. The oil-directed rig count fell one to 151 (red line in right hand chart), 31 more than a year ago and is still at it one of its highest levels since March 2023. The gas rig count remains relatively stable ahead of what may be a gradual ramping up of activity into the winter drilling season. The slight pullback in the oil rig count likely reflects rig movements between sites during the latest week, resulting in one less rig engaged in drilling activities.