For the week of November 28, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged at 67 (blue line and text in left hand chart below), three less than a year ago, and three less than the top of the five-year range. The oil-directed rig count slipped five to 121 (red line and text in right hand chart), 11 less than a year ago and versus the top of the five-year range, and its lowest level for this time of year since 2023. Rig counts are within a few weeks of shifting lower as part of the traditional holiday break for rig crews at the end of each year.
Featured Articles
- 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.
- Analyst Insight
Canadian Drilling – Signs of Life for Natural Gas, But Not So Much for Oil
Western Canada's natural gas rig count crept higher and is now above a year ago; crude rigs pulled back and are struggling.
