Basin rig count gains four

The rig count in the Permian Basin was up four this week, the latest count Friday by Baker Hughes shows, with 254 rigs active in the region. A year ago, 124 rigs were active in the region.

Nationally, the oil and gas rig count is up six from last week at 503 rigs. A year ago, 254 rigs were active. The count shows that 401 rigs sought oil, up seven from the previous week, and 101 explored for natural gas, down one 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 $66.20 per barrel, up 43 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $69.72 per barrel, up 43 cents from the previous week.