Basin rig count down three as prices fall

The rig count in the Permian Basin was down three this week, the latest count Friday by Baker Hughes shows, with 309 rigs active in the region. A year ago, 345 rigs were active in the region.

Nationally, the oil and gas rig count is down four from last week at 619 rigs. A year ago, 762 rigs were active. The count shows that 497 rigs sought oil, down five from the previous week, and 118 explored for natural gas, up 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 $79.27 per barrel, down $8.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $82.79 per barrel, down $8.00 from the previous week.