The rig count in the Permian Basin was down five this week, the latest count Friday by Baker Hughes shows, with 317 rigs active in the region. A year ago, 344 rigs were active in the region.
Nationally, the oil and gas rig count is down 11 from last week at 630 rigs. A year ago, 764 rigs were active. The count shows that 507 rigs sought oil, down eight from the previous week, and 118 explored for natural gas, down three 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 $86.51 per barrel, down 74 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $90.03 per barrel, down 74 cents from the previous week.
