The rig count in the Permian Basin was down seven this week, the latest count Friday by Baker Hughes shows, with 320 rigs active in the region. A year ago, 348 rigs were active in the region.
Nationally, the oil and gas rig count is down ten from last week at 632 rigs. A year ago, 765 rigs were active. The count shows that 512 rigs sought oil, down eight from the previous week, and 115 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 $76.31 per barrel, down $1.42 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $79.83 per barrel, down $1.42 from the previous week.
