The rig count in the Permian Basin increased by 10 the week ending Friday, the latest count by Baker Hughes shows, with 437 rigs active in the region.
Nationally, the oil and gas rig count soared by 29 to a total of 975 rigs. A year ago, 741 rigs were active. The count shows that 791 rigs sought oil, an increase of 26 from the previous week, and 184 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 $57.75 per barrel, down $4.25 from last week. National benchmark West Texas Intermediate crude ended at $61.15 per barrel, down $4.30 from last week.
ON THE NET: Baker Hughes rig count.
