Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending December 30th was 25 oil and 59 gas (totaling 84). In percentage terms, on a month on month (m/m) basis, oil rigs were down 80.5% and gas down 11.9%. On a year on year (y/y) comparison, rigs were down 35.9% for oil and up 15.7% for gas. The combined figure for y/y was -6.7% or -6 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2012 to present.

At Gerdau, we monitor rig counts along with the price of oil and natural gas since it has a major impact on long product sales – including special bar quality sucker rods for downhole pumping strings, to merchant and structural products for rigs and oilfield equipment.