Oct. 12–The rig count in the Permian Basin is up by four from the prior week, the latest count by Baker Hughes shows, with 489 rigs active in the region.
Nationally, the oil and gas rig count is up 11 at 1,063 rigs. A year ago, 928 rigs were active. The count shows that 869 rigs sought oil, up eight from the previous week, and 193 explored for natural gas, up four 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 $67.75 per barrel, down $3 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $71.34 per barrel, down $3 from the previous week.
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