Bakken Rig Count Holds at 26 as Oil Prices Retreat

North Dakota's active drilling rig count held steady at 26 for the midday report on Sunday, June 28, 2026, as the state's oil industry contends with a sharp pullback in benchmark crude prices. The stability in rigs comes despite West Texas Intermediate (WTI) crude trading at $69.23 per barrel, down $2.69 or 3.74% on the day.

The current rig count of 26 continues a trend of historically low activity in the Bakken formation. According to Bakken Wire live data, the Brent crude benchmark was also lower at $72.60, down $2.90. The Bakken crude differential, a key metric for local operator revenue, was at a discount of $3.42 per barrel versus WTI. Natural gas was priced at $3.28 per MMBtu.

Historically, the rig count serves as a leading indicator for future oil production, with a typical lag of several months between drilling activity and new wells coming online. A sustained rig count in the mid-20s suggests that North Dakota's oil output is likely to remain on a plateau or see a gradual decline in the coming months, barring a significant acceleration in drilling efficiency or well productivity.

The current price environment presents a headwind for increased activity. With WTI below $70 and Bakken crude realizing even less due to the differential, the economic incentive for operators to significantly ramp up drilling campaigns is muted. The rig count has fluctuated within a narrow band for much of the past year, reflecting a disciplined capital approach by producers focused on shareholder returns over volume growth.

For Bakken operators, the focus remains on optimizing production from existing wells and high-grading the most economic drilling locations. The stable, low rig count indicates that large-scale expansion is not currently underway. For royalty owners, the combination of steady but low activity and softer prices points to sustained, but not growing, cash flows from production.

The outlook for North Dakota production remains tightly coupled to crude oil prices. A sustained rebound above $75-$80 WTI could potentially spur a modest increase in rigs and completions. However, at current levels, the data suggests the Bakken will continue to produce at a steady, high level from its large inventory of existing wells, with new additions merely offsetting natural decline rates.