Basin rig count down two as prices rise

The rig count in the Permian Basin was down two this week, the latest count Friday by Baker Hughes shows, with 224 rigs active in the region. A year ago, 219 rigs were active in the region.

Nationally, the oil and gas rig count is up two from last week at 440 rigs. A year ago, 408 rigs were active. The count shows that 342 rigs sought oil, down one from the previous week, and 96 explored for natural gas, up two 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 $60.06 per barrel, up $1.44 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $63.58 per barrel, up $1.44 from the previous week.