Canada’s active rig count came in at 106 this morning, a decrease of 52 rigs compared to December 15. This is a large drop, but entirely expected in the lead-up to Christmas. Alberta’s active rig count declined from 110 to 77, while Saskatchewan’s rig count decreased to 6. BC’s active rig count settled at 23 compared to 26 earlier in the week.
With respect to target commodities, the number of oil rigs decreased by 41 between December 15 and December 22. The number of gas rigs decreased by 10, settling at 57 rigs. The number of rigs classified as “Other” or “Unknown” held steady at 1 rig.
Today’s rig utilization rate is 29.5%, a decline from 43.4% at last week’s end. The total number of rigs fell from 364 to 359, a 1.4% decrease. We expect that the utilization rate will rebound strongly after the Christmas slowdown.
For a closer look at this data, visit our rig count tool with data provided by the CAOEC.