Canadian Rig Counts - Gas Rig Count May Have Bottomed, Oil Rig Count Down By 6

For the week ending Thursday April 2, 2026, Baker Hughes reported that the Western Canadian gas-directed rig count fell by 4 rigs week-over-week, to 54 active rigs (flat year-over-year, 21 below the prior five-year high for this time of year), while the Western Canadian oil-directed rig count dropped by 7 week-over-week to 86 active rigs (down 12 vs. this time last year, which was the prior five-year high). Seasonally expected reductions to rig counts continued as "spring break-up" season takes hold. Active rigs in Northeast Alberta targeting horizontal oil wells (SAGD and other heavy oil targets) have not yet begun typical spring break-up declines, with the active rig count in that area holding up at 40 rigs.

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. 

The holidays have arrived for Canadian rig crews with the traditional downturn for oil and gas rig counts.