Bakken Rig Count Holds at 28 as Oil Prices Show Mixed Signals

North Dakota's oil and gas activity showed signs of stabilization Wednesday, with the state's active rig count holding at 28 units. The figure, a key indicator of future production, has remained at this level for several consecutive reporting periods, according to live Bakken Wire data.

The current rig count is sharply lower than the boom-era peaks of over 200 but represents a consolidation after a period of gradual decline earlier in the decade. Historically, the number of active drilling rigs is a leading indicator for oil production, with changes in the count typically impacting output levels several months later. The sustained count of 28 rigs suggests operators are maintaining a careful, capital-disciplined level of development activity.

Supporting this steady operational pace are mixed but relatively stable crude oil prices. As of midday Wednesday, West Texas Intermediate (WTI) crude was trading at $75.75 per barrel, down just two cents. The international Brent benchmark was at $79.74, up 38 cents. The price for Bakken crude at the wellhead is effectively several dollars lower, with the Bakken differential priced at a discount of $3.42 per barrel versus WTI.

Natural gas prices, a secondary but important revenue stream for producers, were quoted at $2.67 per MMBtu. The persistently low natural gas price environment continues to pressure operators' economics, particularly for wells with higher gas-to-oil ratios.

The current rig count, paired with the prevailing price deck, points toward a plateau for North Dakota's oil production in the coming quarters. Without a significant increase in drilling activity, production is likely to remain near current levels or see modest declines as new well completions offset natural declines from existing wells. Major Bakken operators have consistently emphasized capital discipline and shareholder returns over aggressive growth, a strategy reflected in the static rig count.

For royalty owners and service companies, the data indicates a period of predictable, but not expanding, activity. The outlook remains tethered to global oil prices; a sustained move above $80 WTI could incentivize incremental activity, while a sharp drop could prompt further retrenchment.