For the week of November 14, Baker Hughes reported that the Western Canadian gas-directed rig count rose two to 64 (blue line and text in left hand chart below), one greater than a year ago, the first year-on-year gain since December 2024, and nine less than the top of the five-year range. The oil-directed rig count fell five to 122 (red line and text in right hand chart), 13 less than a year ago and its lowest level for this time of year since 2023.
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- Analyst Insight
Canadian Drilling – Post-Halloween Dullness for Rig Counts
Rig counts remained well contained in the early stages of the winter drilling season.
- 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 – 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.
