Canada’s active rig count settled at 187 on September 29, an increase of 7 rigs compared to last Friday. This marks another consecutive week of rig count growth, prolonging a strong run of activity that has seen the number of active rigs hold above 160 since late June. Alberta’s active rig count increased to 132 from 129 last Friday, while Saskatchewan’s rig count grew by 3.2%. BC’s active rig count held fast, settling at 22 as of this morning.
With respect to target commodities, the number of oil rigs increased by 11 between September 22 and September 29, settling at 115 active oil rigs. The number of gas rigs dropped by 5, settling at 64. The number of rigs classified as “Other” or “Unknown” increased since last Friday, reaching 8 rigs.
Today’s rig utilization rate is 44.0%, a solid increase from 42.9% at last week’s end. The total number of rigs increased from 420 to 425, a modest 1.2% boost. This suggests that, compared to last week, a larger pool of rigs is being deployed slightly more efficiently.