For the week of January 2, 2026 (with data released December 30, 2025), Baker Hughes reported that the Western Canadian gas-directed rig count fell seven to 52 (blue line and text in left hand chart below), one more than a year ago, and the highest for this time of year since 2023. The oil-directed rig count fell 10 to 47 (red line and text in right hand chart), five more than a year ago, and its highest level for this time of year since 2023. The pullback in rig counts is consistent with the traditional year-end holiday break for many rig crews and drilling activity that will be subdued until the start of the new year. Some producers may also be winding down capital spending for the calendar year before renewing spending in the new year.
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- 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.
- Analyst Insight
Canadian Drilling – Last Kick at the Can Before the Holidays
Rig counts held relatively firm just before the traditional downturn at the end of the year.
