Nov. 26–The rig count in the Permian Basin was unchanged from the prior week, the latest count Friday by Baker Hughes shows, with 493 rigs active in the region.
Nationally, the oil and gas rig count is down three at 1,079 rigs. A year ago, 923 rigs were active. The count shows that 885 rigs sought oil, down three from the previous week, and 194 explored for natural gas, unchanged 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 $46.75 per barrel, down $6.25 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $50.42 per barrel, down $6.04 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.