The Permian Basin added three active drilling rigs this week, reaching a total of 263, according to the latest data released Friday by Baker Hughes. This figure marks an increase compared to the 256 rigs recorded in the region during the same period last year.
National Drilling Trends and Composition
On a national scale, the total U.S. oil and gas rig count remained stagnant at 588 rigs this week. Despite the lack of movement in the overall number, the composition of active operations shifted: 454 rigs are currently targeting oil—an increase of three—while 124 are dedicated to natural gas exploration, marking a decline of three from the previous week. The number of miscellaneous rigs held steady at 10.
Historical Context of U.S. Rig Activity
To understand the current landscape, it is helpful to look at historical data. The U.S. rig count reached an all-time peak of 4,530 in 1981. Conversely, the industry hit a historic low in August 2020, when the count plummeted to 244 active rigs.
Market Response to Price Volatility
Despite the uptick in Permian activity, the broader market is facing significant downward pressure on pricing. The regional benchmark, Plains-West Texas Intermediate Posting, closed Friday at $74.66 per barrel, reflecting a sharp decline of $6.49 from the previous week’s close. Similarly, the national benchmark, West Texas Intermediate crude, finished the week at $78.18 per barrel, also down $6.49 over the same period.
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