Permian Basin Rig Count Rises Amid OPEC-Neutral Price Surge
The Permian Basin saw an increase in rigs this week, according to Baker Hughes' latest count. The region now has 268 active rigs, up one from last week and significantly higher than the 254 seen a year ago.
Nationally, the oil and gas rig count remained unchanged at 588 rigs. However, there is still a notable increase in activity compared to this time last year, when only 537 rigs were active.
The rig count shows that 449 rigs are searching for oil, up two from the previous week. In contrast, 130 rigs are exploring for natural gas, down two from the previous week.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $87.96 per barrel, a significant increase of $8.08 from last week's close. The national benchmark West Texas Intermediate crude also saw an increase, ending the week at $91.48 per barrel.