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Permian Basin Rig Count Declines for 16th Week in a Row
The Permian Basin Rig Count declined for the 16th consecutive week, according to data issued Friday by Baker Hughes. Active rotary rigs in the basin declined to 131 for the week ended June 26, down by one from the previous week and by 310 from a year ago.
Nationally, the oil and gas rig count is down one from last week to 265 rigs. A year ago, 967 rigs were active.
The U.S. count shows that 188 rigs sought oil, down one from the previous week, and 75 explored for natural gas, unchanged from the previous week, the Odessa American reported.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in June of 2020 at 265. Baker Hughes has been reporting the rig count as a service to the petroleum industry since the 1940s.
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- ◦Economy
