Oil & Gas Rotary Rig Counts (Canada)
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending June 25th was 82 oil and 44 gas (totaling 126). In percentage terms, on a month on month (m/m) basis, oil rigs were up 192.9% and gas up 29.4%. On a year on year (y/y) comparison, rigs were up 1000+% for oil and up 388.9% for gas. The combined figure for y/y was +869.2% or 113 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.