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

North Dakota's active rig count held steady at 24 on Friday, July 24, 2026, as crude oil prices retreated from recent levels. The stable rig figure suggests operators in the Bakken formation are maintaining a measured pace of drilling activity even with benchmark prices providing a supportive environment.

West Texas Intermediate (WTI) crude was trading at $90.50 per barrel, down $1.69 or 1.83% on the day. The international benchmark Brent crude fell 2.41% to $98.26. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is -$3.42. Natural gas prices were at $2.90 per MMBtu.

The current rig count of 24 serves as a key indicator for future oil production in the state. Historically, the number of active drilling rigs is a leading indicator, with changes in the count preceding shifts in overall production volumes by several months. A stable rig count at this level points to a likely plateau or very modest growth in North Dakota's oil output in the coming quarters, barring significant changes in completion activity for drilled but uncompleted wells (DUCs).

The current activity level remains a fraction of the historic peaks seen in the previous decade, when more than 200 rigs were routinely at work in North Dakota. Today's count reflects an industry focused on capital discipline, shareholder returns, and efficiency gains from drilling longer lateral wells. Operators can maintain production with fewer rigs than in the past due to these technological and operational improvements.

While oil prices above $90 per barrel are generally considered profitable for most Bakken operators, the day's pullback highlights the market volatility that can influence spending decisions. The steady rig count suggests companies are not immediately reacting to short-term price dips but are following pre-set capital budgets.

The outlook for North Dakota production remains one of controlled stability. With the rig count anchored in the mid-20s, significant production declines are unlikely, but a return to rapid growth seen in the early 2010s is also not anticipated without a sustained and significant increase in drilling activity.