For the week of August 22, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 56 (blue line and text in left hand chart below), ten less than one year ago and is the lowest for this time of year since 2020. The oil-directed rig count fell three to 121 (red line and text in right hand chart), 28 less than a year ago and the lowest for this time of year since 2023. Gas drilling activity continued to be held back by very low natural gas prices and increased caution exercised by producers over capital spending programs directed at both oil and gas drilling activities.
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- Analyst Insight
Canadian Drilling – End of Summer Holiday
The Canadian drilling rig count remains on summer vacation, still trending sideways.
- Analyst Insight
Canadian Drilling – Summer Vacation Lingers On for Rig Counts
Oil and gas rig counts remain trapped in a narrow range held back by oil/gas price weakness and uncertainty.
- Analyst Insight
Canadian Drilling – Dull as Dishwater
Canadian drilling activity remains stagnant and dull, going sideways for eight consecutive weeks.
