Bakken Rig Count Holds at 23 as Oil Prices Retreat Sharply

The number of active drilling rigs in North Dakota held steady at 23 this week, according to live Bakken data for July 25, 2026. This historically low rig count coincides with a significant drop in crude oil prices, pointing to a continued conservative approach by operators in the Williston Basin.

The benchmark West Texas Intermediate (WTI) crude price fell to $89.31 per barrel, a drop of $2.88 or 3.12% for the day. The international Brent benchmark also declined sharply to $96.78. The price for Bakken crude at the wellhead is effectively $85.89, reflecting a differential of $3.42 below WTI.

The current rig level, while stable week-over-week, remains near the lowest counts seen in the post-pandemic era. Historically, the active rig count is a leading indicator of future oil production, as it reflects the level of new drilling and well completion activity. A sustained rig count in the low 20s suggests that operators are not currently embarking on significant expansion campaigns.

This restrained activity comes despite the basin's reputation for high initial production rates from modern, long-lateral wells. Operators have focused on capital discipline and maximizing returns from existing drilled but uncompleted wells (DUCs) and enhanced completion techniques, rather than aggressively growing the rig fleet.

The simultaneous retreat in oil prices may reinforce this cautious stance. While prices remain above the breakeven costs for most core Bakken acreage, the volatility and recent drop could make companies hesitant to commit to new, capital-intensive drilling programs without clearer long-term price signals.

Natural gas prices, often a secondary factor in the primarily oil-driven Bakken, were recorded at $2.89 per MMBtu.

The combination of a low, steady rig count and recent price weakness sets the stage for relatively flat to slightly declining production in the coming months. State production figures, which lag real-time activity by several months, will eventually reflect the current subdued level of new well drilling. For now, Bakken operators appear focused on financial resilience and optimizing their existing assets.