Basin rig count up one as prices continue to decline

The rig count in the Permian Basin was up one this week, the latest count Friday by Baker Hughes shows, with 311 rigs active in the region. A year ago, 349 rigs were active in the region.

Nationally, the oil and gas rig count is up two from last week at 618 rigs. A year ago, 782 rigs were active. The count shows that 500 rigs sought oil, up six from the previous week, and 114 explored for natural gas, down four 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 $72.37 per barrel, down $1.28 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $75.89 per barrel, down $1.28 from the previous week.