US Oil and Gas Rig Count Update

In the latest report from Baker Hughes, the United States observed a minor uptick in its oil rig count, reaching 480 by the week ending February 2. This marks an increase of one rig from the previous week. However, when compared to the same period last year, there's a noticeable decline of 19 oil rigs.

Gas Rig Count and Total Drilling Activity

The gas rig count in the US also saw an increase, adding two more rigs to reach a total of 100. Despite this weekly gain, the year-over-year comparison shows a decrease of 21 gas rigs. Overall, the total number of active rigs in the country now stands at 586, which is 4 more than last week but 37 fewer than the previous year.

Canadian Drilling Overview

Turning our attention to Canada, the rig count for the week remained at 249. Specifically, the oil rig count decreased by 9 to 177, while the number of gas rigs stayed constant at 72. Interestingly, Canada's oil rig count has shown significant growth, up by 36 rigs from the same time in 2024.