Canadian Rig Counts - Oil Down, Gas Flat, as Spring Break-Up Approaches

For the week ending March 20, 2026, Baker Hughes reported that the Western Canadian gas-directed rig count fell by 2 week-over-week to 63, while the Western Canadian oil-directed rig count fell by 17 week-over-week to 112 active 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. 

Western Canadian oil and gas rig counts fell once again to conclude the year and the year-end holiday break for rig crews.