Oil & Gas Rotary Rig Counts (Canada)
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada as of March 26th was 31 oil and 50 gas (totaling 81). In percentage terms, on a month on month (m/m) basis, oil rigs were down 66.3% and gas down 29.6%. On a year on year (y/y) comparison, rigs were up 72.2% for oil and up 38.9% for gas. The combined figure for y/y was +50.0%, or +27 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 – to include special bar quality sucker rods for downhole pumping strings, to merchant and structural products for rigs and oilfield equipment.