Basin rig count up two as prices rise

The rig count in the Permian Basin was up two this week, the latest count Thursday by Baker Hughes shows, with 352 rigs active in the region. A year ago, 294 rigs were active in the region.

Nationally, the oil and gas rig count is up three from last week at 779 rigs. A year ago, 586 rigs were active. The count shows that 622 rigs sought oil, up two from the previous week, and 155 explored for natural gas, up 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 $76.04 per barrel, up $5.27 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $79.56 per barrel, up $5.27 from the previous week.