Bakken Rig Count Holds at 22 as Crude Prices Surge Past $94

North Dakota's oil and gas activity appears steady at current levels, with the active rig count holding at 22 as of Thursday, April 23, according to live Bakken Wire data. This stability comes alongside a significant midday rally in oil prices, with West Texas Intermediate (WTI) crude trading at $94.65 per barrel, a gain of $1.69.

The current rig figure, a direct indicator of near-term drilling activity, remains near multi-year lows for the Bakken formation. Historically, the rig count is a leading indicator for production, with a lag of several months between new wells being drilled and their contribution to overall output. The current count suggests operators are maintaining a disciplined capital approach focused on efficiency rather than aggressive expansion.

The price environment is notably supportive. Brent Crude, the international benchmark, was trading at $103.81, up $1.90. Bakken crude traded at a differential of $3.42 below WTI, putting its local price above $91 per barrel. Such strong pricing provides healthy margins for Bakken operators and supports continued activity at the current pace.

Natural gas prices, however, remain a persistent challenge for associated gas production in the region. The commodity was priced at $2.73 per MMBtu in midday trading, a level that often makes gas capture and processing a break-even or cost-center endeavor for oil-focused wells.

Analysts note that with 22 rigs running, North Dakota is likely to sustain its current production plateau. A significant increase in output would require a sustained period of a higher rig count, which operators have been reluctant to initiate without longer-term price certainty. The current strategy continues to prioritize free cash flow generation and shareholder returns over volume growth.

The Bakken formation remains North Dakota's primary oil-producing region, though its output has flattened in recent years as the core of the play becomes more developed. The focus for operators has shifted to drilling longer lateral wells and using enhanced completion techniques to maximize recovery from each pad, allowing them to maintain production with fewer active rigs.