Canada’s active rig count reached 187 on October 27, an increase of 1 rig compared to last Friday. Alberta’s active rig count decreased from 134 last Friday to 133 this morning, while Saskatchewan’s rig count decreased by 3.3%. BC’s active rig count rose slightly, reaching 20 rigs today.
With respect to target commodities, the number of oil rigs decreased by 4 between October 20 and October 27, settling at 111 active oil rigs. The number of gas rigs increased by 5, settling at 68. The number of rigs classified as “Other” or “Unknown” held fast at 8 rigs.
Today’s rig utilization rate is 44.8%, a modest drop from 45.8% at last week’s end. The total number of rigs increased from 406 to 417, a 2.7% jump. This suggests that, compared to last week, a larger pool of rigs is being deployed less efficiently.