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BAKKEN WIRE
Bakken Rig Count Holds at 33 as Oil Prices Support Steady Activity - Bakken Wire
Production Data

Bakken Rig Count Holds at 33 as Oil Prices Support Steady Activity

North Dakota operators maintain drilling pace with WTI above $84, suggesting stable near-term production outlook for the Bakken.

Bakken Wire Staff·🔆Midday Wire·

North Dakota's active rig count held steady at 33 on Tuesday, as supportive oil prices provided a foundation for sustained operator activity in the Bakken formation. The current pace of drilling suggests near-term production levels are likely to remain stable.

West Texas Intermediate (WTI) crude traded at $84.53 per barrel midday Tuesday, a gain of 79 cents. The international benchmark Brent crude was at $91.51. The Bakken crude differential, the discount at which local crude trades versus WTI, stood at -$3.42, according to live market data.

The rig count is a closely watched leading indicator for future oil production. Historically, a sustained increase in the number of active drilling rigs correlates with rising output several months later, as new wells are completed and brought online. Conversely, a declining rig count typically foreshadows a production downturn.

The current count of 33 rigs represents a level of activity that, if maintained, should support a plateau in Bakken production. Operators require a certain price threshold to justify new drilling campaigns, and prices above $80 WTI have generally been seen as supportive for activity in the play.

Natural gas prices, often a secondary revenue stream for Bakken operators, were quoted at $2.74 per MMBtu. While not a primary driver in the oil-focused Bakken, gas prices can influence the economics of well completions and overall cash flow.

The stability in the rig count amid firm oil prices indicates a measured approach by Bakken producers. After a period of rapid growth followed by consolidation, many operators now prioritize capital discipline and free cash flow generation over aggressive volume growth.

For royalty owners and service companies in North Dakota, a steady rig count translates to predictable activity levels and sustained production royalties. The outlook suggests no sharp swings in near-term oil field employment or service demand, barring a significant move in commodity prices.

Source

Bakken Wire Live Market Data as of midday Tuesday, August 18,1582

bakkennorth dakotarig countoil productionwtibrentoil pricesdrilling activity

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