Permian Basin Rig Count Edges Up as Oil Prices Dip

The Permian Basin added three rigs this week, bringing the region’s active count to 261, according to the latest data from Baker Hughes released Thursday. That’s a slight improvement from the previous week, though still down from 265 rigs operating at the same time last year.

Nationally, the combined oil and gas rig count rose by seven to 580, marking a continued but measured recovery from pandemic-era lows. A year ago, the U.S. had 539 active rigs. The breakdown shows 445 rigs targeting oil (up five week-over-week), 126 focused on natural gas (up one), and nine classified as miscellaneous (up one). The U.S. rig count peaked at 4,530 in 1981 and bottomed at 244 in August 2020.

The regional benchmark Plains-West Texas Intermediate Posting closed Thursday at $65.17 per barrel, down 54 cents from last Friday’s close. Meanwhile, the national benchmark West Texas Intermediate crude settled at $68.69 per barrel, also down 54 cents from the prior week. The disconnect between rising rig activity and falling prices reflects ongoing caution among operators, who are balancing production discipline with steady demand signals.