Aug. 17–The rig count in the Permian Basin increased by one from the prior week, the latest count by Baker Hughes shows, with 486 rigs active in the region.
Nationally, the oil and gas rig count was unchanged at a total of 1,057 rigs. A year ago, 946 rigs were active. The count shows that 869 rigs sought oil, no change from the previous week, and 186 explored for natural gas, the same as 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 $62.50 per barrel, down $1.75 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $65.91 per barrel, down $1.72 from the previous week.
(c)2018 the Odessa American (Odessa, Texas)
Visit the Odessa American (Odessa, Texas) at www.oaoa.com
Distributed by Tribune Content Agency, LLC.