Basin rig count up six as prices fall

The rig count in the Permian Basin was up six this week, the latest count Friday by Baker Hughes shows, with 278 rigs active in the region. A year ago, 156 rigs were active in the region.

Nationally, the oil and gas rig count is up seven from last week at 563 rigs. A year ago, 310 rigs were active. The count shows that 461 rigs sought oil, up seven from the previous week, and 102 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 $72.58 per barrel, down $4.69 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $80.79 per barrel, down $4.69 from the previous week.