Bakken Rig Count Holds at 25 as Oil Prices Support $90+ WTI

North Dakota's active rig count held steady at 25 on Friday, as sustained high oil prices provide a stable backdrop for Bakken Shale operators. West Texas Intermediate (WTI) crude was trading at $97.10 per barrel, up 78 cents on the day, while the international benchmark Brent crude traded at $103.60, according to live market data.

The current price environment, with WTI consistently above $90, is considered supportive for drilling and completion activity in the Bakken formation. The Bakken crude differential, the discount at which Bakken crude trades compared to WTI, was recorded at -$3.42, a typical spread for the region that allows producers to capture a strong net price.

Historically, rig count is a leading indicator of future oil production, as it reflects the number of drilling crews actively working to bring new wells online. The current count of 25 rigs represents a stabilized level of activity after the volatility of recent years. While significantly lower than the boom-era peaks of over 200 rigs, this level is sufficient to moderate the natural decline rates of existing wells and maintain overall production volumes.

For near-term Bakken production, a stable rig count at these price levels suggests operators are maintaining a disciplined capital program focused on generating free cash flow while keeping output relatively flat. Major producers are likely concentrating drilling in the core, most productive areas of the Williston Basin to maximize returns.

Natural gas prices, another key revenue stream for many Bakken wells which produce associated gas, were quoted at $3.03 per MMBtu. This provides an additional, though modest, revenue component for operators.

The combination of strong oil prices, a manageable differential, and steady activity points to a stable production outlook for North Dakota in the coming months. Barring a significant drop in commodity prices, the current rig count should support the state's position as a top-three oil-producing state in the U.S. Operators continue to balance shareholder returns with the capital investment required to sustain one of the nation's most critical oil basins.