The rig count in the Permian Basin was down two this week, the latest count Friday by Baker Hughes shows, with 348 rigs active in the region. A year ago, 342 rigs were active in the region.
Nationally, the oil and gas rig count is down 15 from last week at 696 rigs. A year ago, 727 rigs were active. The count shows that 555 rigs sought oil, down 15 from the previous week, and 137 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 $68.22 per barrel, down 93 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $71.74 per barrel, down 93 cents from the previous week.
