For the week ending January 17, Baker Hughes reported that the Western Canadian gas-directed rig count rose one to 73 (blue line and text in left hand chart below), ten less than one year ago and its highest level since the final week of March 2024. The oil-directed rig count increased 12 to 154 (red line and text in right hand chart), 14 more than a year ago and its strongest showing since the first week of October 2024. Drilling crews and rigs were back in full swing after the traditional end-of-year holiday break and could push to seasonally higher levels in the weeks ahead. With capital spending programs set months ago, it is far too soon to assess the conjectural impact of potential U.S. tariffs on Canadian crude oil and natural gas exports and any follow-on impacts on drilling activity.
Featured Articles
- Analyst Insight
Canadian Drilling – Rig Counts Come Roaring Back After the Holiday Break
Back to Work! The first full week of the year saw Canadian drilling activity come roaring back from the holiday break with substantial gains in oil and gas rig counts.
- Analyst Insight
Canadian Drilling – Summer Heat Lifts Rig Counts
For the week of July 11, the Canadian oil rig count rose with drier weather while the gas rig limped higher.
- Analyst Insight
Canadian Drilling – Rig Counts Creep Higher to Start July
The Canadian drilling rig count makes some headway going into July but still lags year ago activity levels.
