US Oil and Gas Rig Count Update

In the latest Baker Hughes weekly rig count, the United States saw a modest increase in its oil rig operations. As of the week ending February 2, the oil rig count rose by one, bringing the total to 480. This increment, however, doesn't overshadow the annual decline, with the count down by 19 rigs compared to the previous year.

Gas Rig Count and Total Rigs

The gas rig count in the US also experienced a slight uptick, advancing by two to reach 100. Despite this weekly gain, the annual comparison shows a significant drop of 21 rigs. Overall, the total number of rigs across the country now stands at 586, marking a weekly increase of 4 but a yearly decrease of 37.

Canadian Rig Operations

Turning our attention north, Canada's rig count for the same week was reported at 249. The country witnessed a decrease in its oil rig count by 9, settling at 177, while the gas rig count remained steady at 72. On a positive note, Canada's oil rig count has surged by 36 compared to the same period in 2024.