Canada Weekly Rig Count as of 5/31/24

Canada Weekly Rig Count as of 5/31/24

Interested in prior rig count and research notes? Check out the archive (here).

Baker Hughes Rig Count

• Current week total rig activity was at 125, up from 118 rigs the previous week (+7 rigs)

• Rig adds were in East-Central AB (+2), NE AB (+1), SE SK (+5) and MB (+2)

• Rig reductions were in NE BC (-1), NW AB (-1) and SE AB (-1)

Rig Count by E&P

• Rig activity for the week of 5/31/24 by Companies Mentioned totaled 53, down from 56 rigs from the prior week

• Rig count leaders by E&P include CNQ (9), CPG (6), ARX (6), POU (5), WCP (5) and CVE (4)

• Rig adds were ARX (+1), WCP (+1), VET (+1), and BTE (+2)

• Rig reductions were CNQ (-2), CPG (-1), CVE (-2), PEY (-1), MEG (-1)

• Among US-based E&Ps operating in Canada, COP and OVV remained steady at 3 rigs each

Companies Mentioned

• Tourmaline Oil Corp. (TOU)

• Canadian Natural Resources Limited (CNQ)

• Cenovus Energy Inc. (CVE)

• ARC Resources Ltd. (ARX)

• Baytex Energy Ltd. (BTE)

• Crescent Point Energy Corp. (CPG)

• Peyto Exploration & Development Corp. (PEY)

• Tamarack Valley Energy Ltd. (TVE)

• Whitecap Resources (WCP)

• Paramount Resources Ltd. (POU)

• Birchcliff Energy Ltd. (BIR)

• Vermilion Energy Inc. (VET)

• NuVista Energy Ltd. (NVA)

• Suncor Energy Inc. (SU)

• MEG Energy Corp. (MEG)

• Imperial Oil Resources (IMO)

• Athabasca Oil Corporation (ATH)

• ConocoPhillips Canada Resources Corp. (COP)

• Ovintiv Canada Ulc (OVV)

• Murphy Oil Corp (MUR)

_{Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Patrick Enwright accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Patrick Enwright makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.}