The rig count in the Permian Basin was down one this week, the latest count Friday by Baker Hughes shows, with 226 rigs active in the region. A year ago, 246 rigs were active in the region.
Nationally, the oil and gas rig count is down one from last week at 438 rigs. A year ago, 529 rigs were active. The count shows that 343 rigs sought oil, down one from the previous week, and 94 explored for natural gas, unchanged from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $58.62 per barrel, down 99 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $62.14 per barrel, down 99 cents from the previous week.