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On the chart we have circled several time periods -two in red, one in blue and one in green. As can be seen, the sharp fall in the rig count over the past 10 months compares to the fall in 1985 ...

Still, the rig count remains 36 rigs or 6% below the 629 reported last year. For the month of February, Baker Hughes’ rig count was up 11 rigs, the biggest monthly gain since November 2022.

Apr. 25—The rig count in the Permian Basin was unchanged this week, the latest count Friday by Baker Hughes shows, with 289 rigs active in the region. A year ago, 317 rigs were active in the region.