Basin rig count unchanged as prices decline

The rig count in the Permian Basin was unchanged this week, the latest count Friday by Baker Hughes shows, with 231 rigs active in the region. A year ago, 162 rigs were active in the region.

Nationally, the oil and gas rig count is up two from last week at 455 rigs. A year ago, 318 rigs were active. The count shows that 356 rigs sought oil, up four from the previous week, and 99 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 $60.06 per barrel, down $1.79 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $63.58 per barrel, down $1.79 from the previous week.