Bakken Rig Count Holds at 24 as Oil Prices Drop Sharply

The active drilling rig count in North Dakota's Bakken formation held steady at 24 on Tuesday, July 28, 2026, even as crude oil prices experienced a significant sell-off. The current rig level remains near historic lows for the modern shale era, a signal that operators are maintaining capital discipline.

West Texas Intermediate (WTI) crude fell $3.39, or 4.1%, to trade at $79.22 per barrel. The international Brent benchmark saw a steeper decline, dropping $4.52, or 5.12%, to $83.84. Bakken crude traded at a discount of $3.42 to the WTI benchmark, putting local wellhead prices near $75.80. Natural gas prices were reported at $2.68 per MMBtu.

The sustained low rig count, which has been in the mid-20s for an extended period, points to a cautious outlook among Bakken producers. Historically, the rig count is a leading indicator of future production, as new wells are required to offset the steep decline rates typical of shale formations. The current count of 24 is a fraction of the peak activity seen in the early 2010s, when over 200 rigs were routinely running.

While technological advancements have allowed operators to produce more oil per rig than ever before, the current low level of drilling activity suggests that North Dakota's overall oil output may struggle to grow in the coming months and could potentially decline. Operators are likely prioritizing free cash flow and shareholder returns over aggressive volume growth in the current price environment.

The sharp drop in oil prices on Tuesday adds another layer of caution. Although prices remain above levels that would trigger widespread shut-ins, volatility and lower margins could reinforce conservative spending plans. The Bakken differential, while improved from historically wider gaps, still means local producers realize a lower price than the headline WTI figure.

For royalty owners and service companies in the Williston Basin, the data underscores a period of stabilized, but muted, activity. The focus for Bakken operators continues to be on maximizing efficiency from existing wells and high-grading the most productive remaining drill sites, rather than embarking on a new cycle of accelerated drilling.