The rig count in the Permian Basin was down by six this week, the latest count Friday by Baker Hughes shows, with 446 rigs active in the region. A year ago, 480 rigs were active in the region.
Nationally, the oil and gas rig count is down nine from last week at 975 rigs. A year ago, 1062 rigs were active. The count shows that 789 rigs sought oil, down 11 from the previous week, and 186 explored for natural gas, up two from the previous week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in May of 2016 at 404.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $50.50 per barrel, up 50 cents from last Friday’s close. National benchmark West Texas Intermediate crude ended at $53.99 per barrel, up 49 cents from the previous week.
