Permian Basin rig count down by one

The rig count in the Permian Basin decreased by one the week ending Friday, the latest count by Baker Hughes shows, with 434 rigs active in the region.

Nationally, the oil and gas rig count increased by three to a total of 981 rigs. A year ago, 756 rigs were active. The count shows that 800 rigs sought oil, an increase of one from the previous week, and 181 explored for natural gas, an increase of two 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 $57.75 per barrel, down $2.25 from last week. National benchmark West Texas Intermediate crude ended at $61.25 per barrel, down $2.30 from last week.

ON THE NET: Baker Hughes rig count.