Canadian Rig Counts - Continue Seasonal Declines, Northeast Alberta Oil Drilling Bucking Trend

The Western Canadian rig count fell by 5 rigs for the week ending April 17, according to Baker Hughes data. The gas-directed rig count was up 1 to 53 rigs (blue line in left-hand chart below), while the oil-directed rig count was down 6 to 75 rigs (red line in right-hand chart below). After following last year's rig count quite closely so far in 2026, the gas-directed rig count has recently plateaued and is now ahead of this time last year by 6 rigs, while the oil-directed rig count was 6 rigs below this time last year, and continued its typical decline during spring break-up season.

For the week ending March 27, 2026, Baker Hughes reported that the Western Canadian gas-directed rig count fell by 5 rigs week-over-week, to 58 active rigs (blue line and text in left hand chart below), while the Western Canadian oil-directed rig count dropped by 19 week-over-week to 93 active rigs (red line and text in right hand chart below). At 58 rigs, the gas-directed rig count is 4 higher than this time last year, but well below the prior five-year high for this time of year of 81 in 2023, while the oil-directed rig count is 14 lower than at this time in 2025, which was the previous five-year high for this time of year. Rig counts in Western Canada tend to decline this time of year, especially oil-directed rig counts, as "spring break-up" season gets underway. Despite very strong oil prices, unseasonably warm weather through much of February and March has likely triggered a relatively early spring break-up season for oil drilling. 

For the week ending March 13th, 2026, Baker Hughes reported that the Western Canadian gas-directed rig count was unchanged week-over-week at 65, while the Western Canadian oil-directed rig count fell by 9 week-over-week to 129 active rigs.