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 29th was 45 oil and 50 gas (totaling 95). In percentage terms, on a month on month (m/m) basis, oil rigs were down 29.7% and gas down 16.7%. On a year on year (y/y) comparison, rigs were up 125% for oil and up 61.3% for gas. The combined figure for y/y was +86.3% or 44 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.