Canada’s active rig count came in at 93 this morning, a decrease of 4 rigs compared to December 22. This follows a larger drop last week, although we fully expect rig activity to increase rapidly in the new year. Alberta’s active rig count held steady at 70, while Saskatchewan’s rig count dropped by 3. BC’s active rig count settled at 21 compared to 22 earlier in the week.
With respect to target commodities, the number of oil rigs decreased by 10 between December 22 and December 29. The number of gas rigs rose by 4, settling at 57 rigs. The number of rigs classified as “Other” or “Unknown” increased to 3.
Today’s rig utilization rate is 28.0%, an increase from 26.6% at last week’s end. The total number of rigs fell from 365 to 346, a 5.2% 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.