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It's hard to find the right adjective to describe the state of Canadian drilling. Dismal, catastrophic, gloomy, dreadful? They all fit. The chart below is chilling.
Some depressing numbers:
From a peak in 2012 of around 700 rigs the count as of Dec 20 stood at 149 (Baker Hughes Rig Count)
Trican's annual revenue fell from C$2.7 billion in FY14 to C$900 million in FY18, a drop of 67%
PSAC (Petroleum Services Association of Canada) predicts 4500 wells will be drilled in Canada next year, 500 fewer