For the week of December 19, Baker Hughes reported that the Western Canadian gas-directed rig count fell three to 66 (blue line and text in left hand chart below), ten more than a year ago — the first year-on-year increase since mid-2024 — one greater than the top of the five-year range, and the highest for this time of year since 2018. The oil-directed rig count dropped five to 118 (red line and text in right hand chart), ten more than a year ago, and its highest level for this time of year since 2017. The small drops this week are likely a precursor to further large declines at the end of the year as part of the traditional holiday break for rig crews.
Of the three western provinces in which gas drilling takes place (table below), the three rig drop occurred in Alberta. In terms of drilling by formation, one rig was picked up in the Alberta Montney, while three fell away in the Alberta Montney/Deep Basin.
For the provinces in which oil drilling takes place (table below), two rigs were added in Alberta, five dropped in Saskatchewan, while two fell away in Manitoba. By formation/region, rig count changes were mixed with the largest weekly increase of four occurring in Alberta Duvernay Oil/NGLs, while the Bakken suffered the most with a combined loss of five between Saskatchewan and Manitoba. Alberta’s oil sands recorded the best year-on-year performance with an increase of 11.
