Oil and Gas Rotary Rig Counts (Canada)
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending February 25th was 158 oil and 86 gas (totaling 244). In percentage terms, on a month on month (m/m) basis, oil rigs were up 0.6% and gas down 0.6%. On a year on year (y/y) comparison, rigs were up 14.5% for oil and up 1.2% for gas. The combined figure for y/y was +8.9% or 20 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.