US rig count down seven as prices drop

The rig count in the Permian Basin was down three this week, the latest count Friday by Baker Hughes shows, with 310 rigs active in the region. A year ago, 346 rigs were active in the region.

Nationally, the oil and gas rig count is down seven from last week at 618 rigs. A year ago, 770 rigs were active. The count shows that 496 rigs sought oil, down eight from the previous week, and 118 explored for natural gas, up 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 $76.99 per barrel, down $5.03 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $80.51 per barrel, down $5.03 from the previous week.