Canadian Oil Rig Counts Bounce Back Amid Gas Stability

According to Baker Hughes data, oil-directed rig counts in Western Canada rebounded significantly last week. The active oil-directed rig count jumped by 11 to 143 rigs for the week ended September 25.

This increase is a notable contrast to the same time last year, when there were 17 fewer oil rigs. However, it still falls short of the prior five-year high set in 2022, which saw a total of 148 oil rigs.

Meanwhile, gas-directed rig counts remained unchanged at 62 rigs for the week ended September 25. This is one higher than last year's count and two above the prior five-year low for this time of year.

The additions in oil rigs were largely concentrated in the heavy oil regions of Northeast Alberta, East Central Alberta, and Central Saskatchewan, where 11 new rigs brought the combined total to a healthy level.