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 April 28th was 36 oil and 57 gas (totaling 93). In percentage terms, on a month on month (m/m) basis, oil rigs were down 37.9% and gas down 29.6%. On a year on year (y/y) comparison, rigs were down 20.0% for oil and up 14.0% for gas. The combined figure for y/y was -2.1% or -2 rigs.
Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2013 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.