The rig count in the Permian Basin was up five this week, the latest count Friday by Baker Hughes shows, with 306 rigs active in the region. A year ago, 204 rigs were active in the region.
Nationally, the oil and gas rig count is up 10 from last week at 645 rigs. A year ago, 397 rigs were active. The count shows that 520 rigs sought oil, up four from the previous week, and 124 explored for natural gas, up six 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 $87.55 per barrel, down $2.03 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $91.07 per barrel, down $2.03 from the previous week.
