The rig count in the Permian Basin was down five this week, the latest count Friday by Baker Hughes shows, with 312 rigs active in the region. A year ago, 344 rigs were active in the region.
Nationally, the oil and gas rig count is down seven from last week at 623 rigs. A year ago, 765 rigs were active. The count shows that 502 rigs sought oil, down five from the previous week, and 116 explored for natural gas, down two from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $87.27 per barrel, up 76 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $90.79 per barrel, up 76 cents from the previous week.
