Nov. 29 – The number of rigs in the Permian Basin was unchanged this week, according to Friday’s latest count from Baker Hughes, with 303 rigs operating in the region. A year ago, there were 314 oil rigs active in the region.
Nationally, the number of oil and gas rigs dropped by one compared to last week, at 582 rigs. A year ago there were 625 active oil rigs. The count shows that 477 oil rigs searched for oil, two fewer than the week before, and 100 searched for natural gas, one more than the week before. The count also shows five miscellaneous drilling rigs, unchanged from the previous week.
The number of U.S. drilling rigs peaked in 1981 at 4,530. In August 2020, it reached a low of 244.
Regional benchmark Plains-West Texas Intermediate Posting ended Friday at $64.48 a barrel, down $3.24 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $68.00 a barrel, down $3.24 from the previous week.
