For the week ending October 25, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 66 (blue line in left hand chart below), eight 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 three to 148 (red line in right hand chart), 27 more than a year ago and a six-week low. The gas rig count remains relatively stable ahead of what may be a gradual ramping up of activity into the winter drilling season. The change in oil rigs reflects typical weekly variations at this time of year as producers continue to focus on heavy oil and oil sands drilling.
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- 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.
- 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 Sideways Trend
Canadian rig counts remain sideways bound, with gas rigs being directionless since July, while oil rigs hold well above the historic range.
