The rig count in the Permian Basin was up three this week, the latest count Friday by Baker Hughes shows, with 271 rigs active in the region. A year ago, 147 rigs were active in the region.
Nationally, the oil and gas rig count is up six from last week at 550 rigs. A year ago, 300 rigs were active. The count shows that 450 rigs sought oil, up six from the previous week, and 100 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 $77.75 per barrel, down $2.30 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $81.27 per barrel, down $2.30 from the previous week.
