Oil & Gas Rotary Rig Counts (Canada)
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada the week of August 28th was 19 oil and 35 gas (totaling 54). In percentage terms, on a month on month, (m/m) basis, oil rigs were up 72.7% and gas up 6.1%. On a year on year, (y/y) comparison, rigs were down 81.4% for oil and down 22.2% for gas. The combined figure for YoY was -63.3% or -93 rigs.
Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in the 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 to include Special Bar Quality sucker rods for downhole pumping strings to merchant and structural products for rigs and oilfield equipment.