Bakken Rig Count Holds at 27 as Oil Prices Strengthen

North Dakota's active drilling rig count held steady at 27 as of Friday, July 31, 2026, according to live Bakken Wire data. The stability in the rig count coincides with a significant uptick in benchmark crude oil prices, which analysts view as a supportive factor for maintaining current production levels in the state's Bakken formation.

West Texas Intermediate (WTI) crude traded at $84.55 per barrel, a daily gain of $1.09 or 1.22%. The international Brent benchmark rose to $90.12. The price for Bakken crude at the wellhead is typically discounted against WTI; the live differential was -$3.42, putting Bakken at approximately $81.13 per barrel. Natural gas prices were reported at $2.77 per MMBtu.

The current rig count of 27, while unchanged from recent reports, remains far below the peak levels seen in the Bakken's boom years, which exceeded 200 rigs. Historically, the rig count is a leading indicator of future oil production, as it reflects the level of new well drilling and completion activity. A sustained rig count suggests operators are maintaining, but not aggressively expanding, their development programs.

For Bakken operators, the current price environment above $80 per barrel WTI provides healthy cash flow from existing wells and can support disciplined capital programs. However, the modest rig count indicates that companies are prioritizing shareholder returns and debt reduction over rapid production growth. This focus on capital discipline has been a hallmark of the shale industry in recent years.

The outlook for North Dakota's oil production in the near term is likely one of stability or modest decline without a significant increase in drilling activity. Production from the large inventory of existing wells naturally declines each month, requiring new wells to be brought online just to maintain output. With the rig count in the high 20s, the state is adding enough new wells to largely offset this base decline.

For royalty owners, steady rig activity and strong commodity prices translate to consistent monthly royalty payments. The current differential of -$3.42 is relatively narrow by historical standards, meaning a larger portion of the strong WTI price is realized at the wellhead.

The combination of high prices and a stable, low rig count paints a picture of a mature Bakken play where operators are focused on efficient, profitable production rather than volume growth. Any material shift in this trend would likely require a sustained move in oil prices significantly higher or lower than current levels.