Rig count up one as prices fall

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Sep. 23—The rig count in the Permian Basin was up one this week, the latest count Friday by Baker Hughes shows, with 344 rigs active in the region. A year ago, 260 rigs were active in the region.

Nationally, the oil and gas rig count is up one from last week at 764 rigs. A year ago, 521 rigs were active. The count shows that 602 rigs sought oil, up three from the previous week, and 160 explored for natural gas, down two 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 $75.22 per barrel, down $6.37 from last Friday's close. National benchmark West Texas Intermediate crude ended at $78.74 per barrel, down $6.37 from the previous week.