The rig count in the Permian Basin was down one this week, the latest count Wednesday by Baker Hughes shows, with 173 rigs active in the region. A year ago, 405 rigs were active in the region.
Nationally, the oil and gas rig count is up two from last week at 348 rigs. A year ago, 805 rigs were active. The count shows that 264 rigs sought oil, up one from the previous week, and 83 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 Thursday at $44.50 per barrel, down $1.00 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $48.23 per barrel, down 87 cents from the previous week.
