Permian Basin Rig Count Holds Steady as Oil Prices Decline

The oil and gas rig count in the Permian Basin remained unchanged this week, according to Baker Hughes' latest count. A total of 267 rigs were active in the region, up from 255 a year ago.

Nationally, the oil and gas rig count also stayed steady at 588 rigs, compared to 536 a year ago. The number of rigs drilling for oil decreased by five to 447, while those searching for natural gas increased by five to 132. Nine miscellaneous rigs remained unchanged from last week.

The U.S. rig count peaked at 4,530 in 1981 and bottomed out in August 2020 at 244. The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $79.88 per barrel, down $3.66 from last Friday's close. National benchmark West Texas Intermediate crude finished the week at $83.40 per barrel, also down $3.66.