For the week ending February 21, Baker Hughes reported that the Western Canadian gas-directed rig count fell one to 70 (blue line and text in left hand chart below), 20 less than one year ago and holding just below the five-year range. The oil-directed rig count was unchanged at 172 (red line and text in right hand chart), 31 more than a year ago and six higher than the top of the five-year range. Canadian drilling activity has been largely cruising sideways for many weeks and may hold near current levels until the winter drilling season begins to wind down in late March and early April.
Featured Articles
- Analyst Insight
Canadian Drilling – Rig Counts Continue to Move Sideways
Canadian oil and gas drilling remains largely on autopilot, cruising sideways until spring break up later in March or early April.
- Analyst Insight
Canadian Drilling – No Valentine Treats! Gas and Oil Rig Counts Slip Lower
No hugs and kisses for Canadian drilling activity with gas and oil rig counts down slightly for the week of February 14.
- 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.
