Permian Basin rig counts rises, national count falls

The rig count in the Permian Basin increased by six in the week ending Friday, the latest count by Baker Hughes shows, with 409 rigs active in the region.

Nationally, the oil and gas rig count declined by three to a total of 936 rigs. A year ago, 694 rigs were active. The count shows that 747 rigs sought oil, a decrease of five from the previous week, and 189 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 $59.75 per barrel, down $1 from last week. National benchmark West Texas Intermediate crude ended at $63.37 per barrel, down 93 cents from last week.

ON THE NET: Baker Hughes rig count.