The rig count in the Permian Basin decreased by one in the week ending Friday, the latest count by Baker Hughes shows, with 477 rigs active in the region.
Nationally, the oil and gas rig count increased by one to a total of 1,060 rigs. A year ago, 916 rigs were active. The count shows that 861 rigs sought oil, an increase of two from the previous week, and 197 explored for natural gas, a decrease of one from the previous week. The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $62.25 per barrel, down $2 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $65.81 per barrel, down $2.07 from the previous week.
ON THE NET: Baker Hughes rig count.