Basin rig count down four as prices drop

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Aug. 5—The rig count in the Permian Basin was down four this week, the latest count Friday by Baker Hughes shows, with 347 rigs active in the region. A year ago, 243 rigs were active in the region.

Nationally, the oil and gas rig count is down three from last week at 764 rigs. A year ago, 491 rigs were active. The count shows that 598 rigs sought oil, down seven from the previous week, and 161 explored for natural gas, up four from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $55.49 per barrel, down $9.61 from last Friday's close. National benchmark West Texas Intermediate crude ended at $89.01 per barrel, down $9.61 from the previous week.