For the week ending October 11, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 65 (blue line in left hand chart below), 11 less than one year ago and matches the level of two weeks ago. The oil-directed rig count fell three to 152 (red line in right hand chart), 37 more than a year ago and is still at it one of its highest levels since March 2023. The gas rig count may be stabilizing ahead of what is usually a gradual ramping up of activity as the industry gears up for the winter drilling season. The small pullback in the oil rig count may be reflecting rig movements between drilling sites during the latest week, resulting in fewer rigs engaged in drilling activities.
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Canadian Drilling – Oil and Gas Rig Counts Continue to Move Lower
Canadian rig counts drifted lower last week for both oil and gas.
