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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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