The rig countdown has dropped by one as prices remain stable

The number of drilling rigs in the Permian Basin decreased by one this week, according to the latest count released by Baker Hughes on Friday. There are currently 303 drilling rigs active in the region, down from 327 a year ago.

Nationally, the number of oil and gas rigs dropped by two from the previous week, and now stands at 586. A year ago, 642 rigs were active. The count shows 483 rigs were exploring for oil, two fewer than the previous week, and 98 were exploring for natural gas, one more than the previous week. The count also shows five other rigs, one fewer than the previous week.

The number of oil rigs in the United States peaked in 1981 at 4,530 and reached its lowest point in August 2020 at 244.

The regional benchmark Plains-West Texas Intermediate Posting closed Friday at $73.13 a barrel, down 19 cents from last Friday. The national benchmark West Texas Intermediate Crude closed at $76.65 a barrel, down 19 cents from the previous week.

Related