Canada’s active rig count dropped to 172 on July 21, a decline of 5 rigs compared to last Friday. This is the second consecutive week that we’ve observed a week-on-week rig activity decline, although trends from prior years suggest this will likely not continue through August. Alberta’s active rig count declined from 123 on July 14 to 121 this morning, a modest 1.6% decline, while rig activity in Saskatchewan declined by 12.5% over the same period. BC’s rig count declined by 1.
With respect to target commodities, the number of gas rigs increased by 3 to reach 59 on July 21. The number of oil rigs, in contrast, dropped from 109 on July 14 to 106 today. The number of rigs classified as “Other” or “Unknown” dropped from 12 to 7 over the same period.
Today’s rig utilization rate is 42.4%, a slight decline from 42.8% at last week’s end. The total number of rigs declined from 414 to 406. This suggests a decline in both the total rig count as well as the number of rigs drilling or moving.