Permian Basin rig count down as national count rises

The rig count in the Permian Basin declined by one in the week ending Friday, the latest count by Baker Hughes shows, with 452 rigs active in the region.

Nationally, the oil and gas rig count increased by eight to a total of 1,021 rigs. A year ago, 870 rigs were active. The count shows that 825 rigs sought oil, an increase of five from the previous week, and 195 explored for natural gas, an increase of three 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 $64.50 per barrel, down 25 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $68.10 per barrel, down 28 cents from the previous week.

ON THE NET: Baker Hughes rig count.