For the week of January 9, 2026, Baker Hughes reported that the Western Canadian gas-directed rig count rose 17 to 69 (blue line and text in left hand chart below), three less than a year ago, and the lowest for this time of year since 2022. The oil-directed rig count rebounded 79 to 126 (red line and text in right hand chart), 16 less than a year ago, and its lowest for this time of year since 2022. The significant upswing in both categories is consistent with the usual return of rig crews to drill sites following the yearend holiday break. Some producers may also be ramping up capital spending programs for the new year depending on the buoyancy (or not) of crude oil and natural gas prices.
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- Analyst Insight
Canadian Rig Counts – Back in Full Swing
Canadian and oil and gas rig counts rose again as the industry got back into full swing after the holiday break.
- Analyst Insight
Canadian Drilling – Holiday Break Time
The holidays have arrived for Canadian rig crews with the traditional downturn for oil and gas rig counts.
- Analyst Insight
Canadian Drilling – Next to Last Gasp Before the Holidays?
Gas rig count remained fairly static while the oil rig count pushed to their first year-on-year gain since May.
