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Canada’s active rig count dropped to 162 on August 4, a decline of 12 rigs compared to last Friday. This is the fourth consecutive week that we’ve observed a week-on-week rig activity decline, although current optimism around oil prices may serve to motivate future activity. Alberta’s active rig count declined from 120 on July 28 to 109 this morning, a 9.2% decline, while Saskatchewan’s rig count decreased by 3. BC’s rig count held fast at 21 rigs, the same tally as last Friday. With respect to target commodities, the number of gas rigs increased by 3 between July 28 and August 4, reaching 59 active gas rigs. The number of oil rigs, in contrast, dropped from 108 on July 28 to 97 today. The number of rigs classified as “Other” or “Unknown” decreased from 10 to 6 over the same period. Today’s rig utilization rate is 41.5%, a slight decrease from 41.9% at last week’s end. The total number of rigs declined from 415 to 390, a 6.0% drop. This suggests that, compared to last week, a smaller pool of rigs is being utilized slightly less efficiently overall. For a closer look at this data, visit our rig count […]
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