Permian Basin Rig Count Rises Amid Dropped Energy Prices
The Permian Basin rig count has seen an uptick, increasing by three rigs this week to reach 263 active rigs in the region. This is according to the latest count from Baker Hughes.
Compared to a year ago, the current rig count is higher, with 7 more rigs than last year's count of 256 rigs. Nationally, the oil and gas rig count remains unchanged from last week at 588 rigs, but it has increased by 49 rigs compared to a year ago when there were 539 rigs.
The breakdown of national rig counts shows that 454 rigs are searching for oil, up three from the previous week. Conversely, 124 rigs are exploring for natural gas, down three from the previous week. There are also 10 miscellaneous rigs in operation, remaining unchanged from last week's count.
As the rig count continues to fluctuate, energy prices have dropped. The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $74.66 per barrel, down $6.49 from last Friday’s close. The national benchmark West Texas Intermediate crude also saw a decline, ending at $78.18 per barrel.