For the week ending April 4, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 54 (blue line and text in left hand chart below), 17 less than one year ago but well within the five-year range. The oil-directed rig count dropped nine to 98 (red line and text in right hand chart), 33 more than a year ago and its second lowest point this year. The additional pullback in oil rigs continues to follow a seasonal pattern known as spring break up, when drilling and rig movement activity is reduced due to restrictions on the movement of heavy equipment in some regions because of the thawing of surface conditions. Depending on weather, rig counts may not bottom out until late April.
Featured Articles
- Analyst Insight
Canadian Drilling – Rig Counts Nearing the Bottom of Spring Break Up
Rig counts continue to fall as we approach the bottom of spring break up.
- Analyst Insight
Canadian Drilling – Bottom in Sight for Spring Break Up
Rig counts are approaching the bottom of the seasonal cycle known as spring break up with a likely gradual increase post-April.
- Analyst Insight
Canadian Drilling – Rig Counts Continue to Feel the Heat of Spring Break Up
Canadian rig counts fell again, still searching for the bottom as spring break up pushes on.
