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Basin rig count decline slows as oil prices continue to rebound


Posted: Friday, June 5, 2020 2:30 pm

Basin rig count decline slows as oil prices continue to rebound

Odessa American
oanews@oaoa.com

Odessa American

The rig count in the Permian Basin was down seven this week, the latest count Friday by Baker Hughes shows, with 141 rigs active in the region. A year ago, 446 rigs were active in the region.

Nationally, the oil and gas rig count is down 17 from last week at 284 rigs. A year ago, 975 rigs were active. The count shows that 206 rigs sought oil, down 16 from the previous week, and 76 explored for natural gas, down one from the previous week.

The U.S. rig count peaked at 4,530 in 1981. It bottomed out in June of 2020 at 284.

The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $36.00 per barrel, up $4.00 from last Thursday’s close. National benchmark West Texas Intermediate crude ended at $39.55 per barrel, up $4.06 from the previous week.

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