Entering text into the input field will update the search result below

Weekly Rig Count Report: U.S. Added 3 To 981, Canada Lost 4 To 302

Cornerstone Investments profile picture
Cornerstone Investments


  • U.S. added 4 rigs last week continuing its recent momentum.
  • Canada continued to lose 4 rigs driven entirely by gas.
  • Permian dominates U.S. production growth and oil rigs continue to take market share from gas rigs.

Welcome to the Weekly Rig Count Report. The North American energy market has seen a dramatic turn of events from the sharp decline in 2014, continued weakness through 2015 and 2016, and a nascent recovery in the works that saw WTI rising above $60 in 2017. Heading into 2018 the oil market (NYSEARCA:USO) has exhibited high volatility as prices swing widely. Opportunities are abundant for investors that keep a close eye on the fast-changing industry. This report aims to provide insightful data and analysis for energy investors.


In the week that ended March 2, the U.S. rig count increased by 4 to 981, and Canadian rig count decreased by 4 to 302. Compared with the same week last year, rig count increased by 229 in the U.S. and lowered by 33 in Canada. Total rig count in North America lowered by 1 last week.


U.S. Rig Count

In the past week, we saw the U.S. added 1 oil rig and 2 gas rigs, resulting in the total rig count increase of 3 for the week.

Looking at data from 2005, rig counts are still just starting to recover from a decade low. Rig counts have reversed the cyclical trough in mid-2016 to continue climbing towards 1,000. Another secular change has been the loss of gas rigs since this downturn. Natural gas has been hit hard due to a supply glut as shale producers flood the market with gas that came out with the more valuable liquids. We see oil to continue its winning streak while gas remains weak in the months to come.

Major U.S. Basins Variances

The Permian held steady with one loss this week.

We expect any further rig additions to concentrate in Permian this year, similar to the surge of Permian in the last two years. Permian

This article was written by

Cornerstone Investments profile picture
We are your best guide to cannabis investing. Read our 2021 Cannabis Sector Outlook here. We also provide in-depth industry analysis and coverage of 70+ cannabis stocks to help you get started.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

Comments (8)

I enjoy this weekly update and am now following CI. In your breakdown of major basins it looks like there is a net loss of 3 rigs, so if the total rig count has added 3 where are the additional rigs being put into the field? I'd appreciate it if you could drill down a little more and show some of the "minor" basins. Also Baker is good but not the best, DrillingInfo and Rig Data usually have more accurate data, for example your report shows no rigs drilling in the Fayetteville but SWN's Seeco #45 is drilling in Conway County.

Keep up the good work, if IEA is correct and the US is going to supply 60% of the worlds new oil over the next 5 years its going to have to come from somewhere other than just the Permian.
marcvinson profile picture
I know tbis is rig-focused, but don't forget almost 8000 DUCs.
Cornerstone Investments profile picture
Check out our articles on Calfrac and Precision Drilling. We think pressure pumpers are positioned well in this cycle.
marcvinson profile picture
will do. thanks
Nice report.

1. The WCS differential is a crying shame. Canada screwed themselves over also though also.

2. It's a nice increase for the year, but most of it in one week. Still wonder how it plays out going forward. Expect more rigs but not seeing it.

3. Would not count the Bakken out for rig increases.

4. I'm not so sure that vertical versus hz means so much any more. Lot of vertical rigs are really spud rigs for eventual hz developments.

5. If you look at the pivot table on BH site, there's actually more info available. For instance one can look at the Permian and gas versus oil directed drilling. Maybe not so important on a week versus week basis (because of variation) but interesting to look at now versus several weeks ago.
Cornerstone Investments profile picture
Thanks for the feedback. We will look to add more insightful data in our reports going forward.
rpspumps profile picture
Here we go! Only 3 rigs added, wow
Wash with Canada. -1 in Permian. Bullish!! Thanks for the report.
Disagree with this article? Submit your own. To report a factual error in this article, . Your feedback matters to us!

About USO

SymbolLast Price% Chg
Expense Ratio
Div Frequency
Div Rate (TTM)
Yield (TTM)
Assets (AUM)
Compare to Peers

More on USO

Related Stocks

SymbolLast Price% Chg
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.