Canada’s active rig count dropped to 173 on July 21, a decline of 1 rig compared to last Friday. This is the third 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 21 to 119 this morning, a 3.3% decline, while Saskatchewan’s rig count increased by 1. BC’s rig count increased from 19 rigs last Friday to 21 today.
With respect to target commodities, the number of gas rigs increased by 4 to reach 60 on July 28. The number of oil rigs, in contrast, dropped from 109 on July 21 to 103 today. The number of rigs classified as “Other” or “Unknown” increased from 9 to 10 over the same period.
Today’s rig utilization rate is 42.6%, a slight increase from 41.9% at last week’s end. The total number of rigs declined from 415 to 406. This suggests more efficient allocation of a smaller pool of available rigs.
For a closer look at this data, visit our rig count tool with data provided by the CAOEC.