Permian Basin Rig Count Rises by One as WTI Futures Hit $82.10
Permian Basin rig count rose by one this week to 410 rigs as WTI crude futures climbed 3% to $82.10 per barrel, marking a second weekly increase. The uptick suggests improving drilling economics and could boost Baker Hughes’ North American services revenue.
1. Rig Count Trends
Baker Hughes’ Permian Basin rig count increased by one this week, reaching 410 active rigs. This marks the second consecutive weekly rise, driven by renewed operator confidence in shale drilling economics.
2. Oil Price Movements
Benchmark WTI crude futures jumped 3% to settle at $82.10 per barrel as global supply concerns and resilient U.S. demand pushed prices to multi-month highs. Higher prices are encouraging upstream producers to expand drilling activity.
3. Implications for Baker Hughes
The uptick in Permian drilling activity may translate into stronger equipment and service orders for Baker Hughes’ North America segment. Sustained oil price gains could prompt further rig additions and support aftermarket services revenue in coming weeks.