For the week ending November 8, Baker Hughes reported that the Western Canadian gas-directed rig count fell two to 65 (blue line in left hand chart below), nine less than one year ago and holding very much in the same range where it has been since the start of July. The oil-directed rig count slipped four to 140 (red line in right hand chart), 16 more than a year ago and a 16-week low. The gas rig count remains stable ahead of what may be a gradual ramping up of activity into the winter drilling season, but several large producers have recently announced further deferrals to gas-focused drilling programs to late this year. The fifth consecutive weekly drop in oil rigs may be reflecting seasonal variations as some rigs prepare to move to winter access-only drilling sites.
Featured Articles
- Analyst Insight
Canadian Drilling – Oil Rig Count Slips Lower, Gas Rig Count Holds Near Flat
The Canadian gas rig count continues to hold a sideways pattern in the 60s, while oil rigs have slipped lower from the recent peak likely due to seasonal factors.
- Analyst Insight
Canadian Drilling – Oil and Gas Rig Counts Continue to Move Lower
Canadian rig counts drifted lower last week for both oil and gas.
- Analyst Insight
Canadian Drilling – Oil Rigs Move Lower Once Again, Small Uptick for Gas Rigs
The Canadian oil rig count made a surprising move lower, while gas rigs inched a little higher - almost the opposite of what one might expect.
