Canada’s Rig Count Plunges by More Than Half in Two Weeks
- Number dropped from 174 to just 70, Baker Hughes Inc. says
- Holiday season usually slower, but December had record drop
A natural gas drilling rig in Alberta.
Photographer: Norm Betts/Bloomberg
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Where have all the rigs gone?
While the U.S. continues to add oil and natural gas drilling rigs despite the recent swoon in crude prices, Canada’s count in the past two weeks has dropped from 174 to just 70, the lowest since June 2016. Twelve years ago, it had as many as 727 rigs drilling for oil or natural gas, according to data provided by Baker Hughes Inc.