Bakken Rig Count Holds at 24 as Oil Prices Retreat from Recent Highs

North Dakota's active drilling rig count held steady at 24 on Friday, April 24, 2026, even as crude oil prices retreated from recent highs. The stability in the rig count, a leading indicator of future production, suggests operators are maintaining a consistent level of activity in the Bakken formation.

The price for West Texas Intermediate (WTI) crude was $94.87 per barrel, down $0.98 or 1.02% for the day. The international benchmark Brent crude traded at $98.76, down $0.59. The Bakken crude differential—the discount at which Bakken barrels trade compared to WTI at the Cushing, Oklahoma hub—was -$3.42. Natural gas prices were $2.69 per MMBtu.

Historically, the number of active rigs in North Dakota has been a strong predictor of oil production levels approximately 4-6 months later. A stable rig count typically indicates that production will remain on a plateau, absent significant changes in well productivity or completion activity. The current count of 24 rigs is far below the boom-era peaks of over 200 but represents a level that has supported production around 1.2 to 1.3 million barrels per day in recent years.

The current high but volatile price environment, with WTI still near $95, provides sufficient economic incentive for Bakken operators to continue drilling and completing wells. However, the modest rig count reflects a continued industry emphasis on capital discipline, shareholder returns, and efficiency gains rather than aggressive production growth.

The Bakken differential is a critical factor for local operators' realized prices. A discount of $3.42 per barrel means Bakken crude is fetching approximately $91.45 relative to WTI. This differential affects cash flows and drilling decisions for companies operating in the region.

For royalty owners and state revenues, the current dynamic suggests a continuation of steady production and cash flows, provided prices do not see a sustained sharp decline. The focus for Bakken producers remains on optimizing production from existing wells and strategically deploying new rigs to high-return areas.