Bakken Output Holds Steady as Global Tensions, Investor Shifts Loom

North Dakota's oil production held firm in February, posting a slight increase to 1.129 million barrels per day, according to the state's Department of Mineral Resources. Natural gas output also rose to 3.392 billion cubic feet per day.

The data, which lags by about two months, shows 96.2% of the state's production continues to come from the Bakken and Three Forks formations. The rig count in North Dakota stood at 26 as of April 21, up by one from March. McKenzie County remains the top producer, accounting for 32% of the state's total.

Statewide gas capture improved, increasing to 95.8% in February, while the volume of flared gas decreased by 21.1 million cubic feet per day to 136.5 MMcf/d. The number of producing wells reached 19,625 in October 2025, an all-time high.

The stability in Bakken output contrasts with heightened geopolitical risks affecting global oil transport. According to a separate report from OilPrice.com, an explosion rocked the South Korean cargo ship HMM Namu in the Strait of Hormuz on Monday. The cause of the fire in the ship's engine room is under investigation, with South Korean authorities not yet confirming if it was an external attack or internal malfunction.

The incident has increased tensions in the critical chokepoint, with U.S. President Donald Trump suggesting in a social media post that Iran was responsible. South Korea-operated ships near the United Arab Emirates have begun moving toward Qatar to avoid the strait.

Simultaneously, a major source of global investment capital is facing scrutiny over its climate stance. Norway's $2.2 trillion Government Pension Fund Global, a shareholder in many large oil companies including Bakken operator Chevron, has been accused of reducing active engagement on climate issues. A report from climate group Framtiden i våre hender, cited by OilPrice.com, analyzed the fund's 2025 voting at 12 major oil firms and found it sided with management on nearly all key votes, supporting just one of 23 priority resolutions potentially linked to climate concerns.

For Bakken operators, the local production fundamentals remain solid. The top producers in North Dakota for 2026 are led by Chord Energy at 18.5%, Continental Resources at 15.2%, and ConocoPhillips at 13.3%. However, the global landscape underscores persistent risks: volatility in key shipping lanes can impact crude prices, while the investment strategies of massive funds like Norway's could influence long-term capital flows and shareholder expectations for the industry.