Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending March 31st was 58 oil and 81 gas (totaling 139). In percentage terms, on a month on month (m/m) basis, oil rigs were down 63.3% and gas down 8.0%. On a year on year (y/y) comparison, rigs were down 9.4% for oil and up 35.0% for gas. The combined figure for y/y was +12.1% or 15 rigs.

Figure 1 shows the Baker Hughes Rotary Rig Counts for oil and gas equipment in Canada from 2013 to present.

At Gerdau, we monitor rig counts along with the price of oil and natural gas since it has a major impact on long product sales – including special bar quality sucker rods for downhole pumping strings, to merchant and structural products for rigs and oilfield equipment.