2022 Capex Trends – Western Canada Activity On The Upswing

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The active rate for drilling rigs kept climbing in July, according to Rig Locator data.

After bottoming out at 20 per cent during the breakup period at the end of May, rig activity has been on a steady rise, and has continued climbing through June and July. In the month just completed, the active rate exited at 45 per cent, up from 31 per cent last year and eight per cent in 2020.

Some recent capex announcements portend a positive outlook for drilling activity in the coming months.

To read the Daily Oil Bulletin’s latest guidance report, which features corporate announcements made in July 2022, click here to access it directly, or click on the Guidance tab on the DOB website.

The guidance report provides 2022 forecasts for capital spending, drilling and production for companies headquartered in Canada and the U.S. We will continue with monthly updates until we resume weekly reports later this year for 2023 announcements.

Data for the report is powered by Evaluate Energy.

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