Basin rig count up three as prices fall

The rig count in the Permian Basin was up three this week, the latest count Friday by Baker Hughes shows, with 314 rigs active in the region. A year ago, 350 rigs were active in the region.

Nationally, the oil and gas rig count is up three from last week at 625 rigs. A year ago, 784 rigs were active. The count shows that 505 rigs sought oil, up five from the previous week, and 116 explored for natural gas, down one 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 $70.55 per barrel, down $1.47 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $74.07 per barrel, down $1.47 from the previous week.