Bakken Rig Count Holds at 26 as Oil Prices Retreat

North Dakota's oil drilling activity remained unchanged in late June, with the active rig count holding at 26, according to live Bakken Wire data. The figure continues to reflect a historically subdued level of investment in new well drilling across the Williston Basin.

The current rig count is a critical indicator for future production. Historically, the number of active drilling rigs in North Dakota has been a leading indicator, with changes in the count typically affecting oil output volumes several months later. A stable, low rig count like the current one suggests that operators are maintaining, but not aggressively expanding, production capacity.

The backdrop for this operational steadiness is a softer crude market. As of midday Tuesday, West Texas Intermediate (WTI) crude was trading at $69.88 per barrel, down $0.87 on the day. The international benchmark Brent crude was at $73.45. 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, a secondary revenue stream for many Bakken wells, were reported at $3.31 per MMBtu. Combined with the current oil price environment, these fundamentals provide a modest but not robust incentive for a significant ramp-up in drilling.

The sustained low rig count points to a focus on capital discipline and efficiency among operators. Companies are likely concentrating on completing drilled but uncompleted wells (DUCs) and optimizing production from existing high-performing assets, rather than launching large-scale new drilling campaigns. This strategy leads to more predictable, flatter production trends in the near term.

For royalty owners and service companies, the current landscape suggests continued stability without a sharp uptick in activity. Production levels are expected to remain near current states, absent a significant and sustained rally in oil prices that would justify adding more rigs. The outlook for Bakken output in the second half of 2026, based on the current drilling pace, is for steady to slightly declining volumes, consistent with trends observed when the rig count remains in this range for an extended period.