Basin rig count down one as prices fall

The rig count in the Permian Basin was down one this week, the latest count Friday by Baker Hughes shows, with 256 rigs active in the region. A year ago, 273 rigs were active in the region.

Nationally, the oil and gas rig count is down one from last week at 562 rigs. A year ago, 555 rigs were active. The count shows that 433 rigs sought oil, up two from the previous week, and 121 explored for natural gas, down three from the previous week. The count also shows eight miscellaneous rigs, 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 $81.36 per barrel, down $5.66 from last Friday's close. National benchmark West Texas Intermediate crude ended at $84.88 per barrel, down $5.66 from the previous week.

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