Thursday, April 16, 2026

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Rig Report

North Dakota Rig Count Holds at 19, Down Five from Last Week

The number of active drilling rigs in North Dakota's oil fields was unchanged at 19 for Thursday, April 16, according to Bakken Wire's live rig data. The count showed no new additions, removals, or location moves from the previous day. This steady state follows a significant drop in activity over the past week. The current rig count is down five from the 24 rigs reported one week ago on April 9, and down four from the 23 rigs active 15 days ago on April 1. The recent pullback in drilling activity comes as the industry receives news of potential long-term infrastructure growth. On Tuesday, April 15, U.S. President Donald Trump approved a presidential permit for the Bakken Pipeline Company LP, a subsidiary of Enbridge, to construct and operate pipeline facilities at the U.S.-Canada border in Burke County, North Dakota, according to reports from Bing News and The Deep Dive. The...

☀️Morning Wire·Apr 16

Daily Activity

Whiting, Enerplus Lead Daily Permitting with Six New Bakken Wells

The North Dakota Department of Mineral Resources approved six new drilling permits on Wednesday, April 15, split evenly between Whiting Oil and Gas Corporation and Enerplus Resources USA Corporation, according to the agency's daily activity report. Whiting received three permits for the Roosevelt Federal 5003 pad in the Foreman Butte field of McKenzie County. The permitted wells, 42843, 42844, and 42845, are all located in Section 24-150N-103W. This activity highlights continued operator interest in the central core of the Bakken formation. Enerplus was also authorized for three new wells in Williams County's Tyrone field. Permits 42846 and 42847 are for the Orcas State 5601 pad, while permit 42848 is for the Berger 5601 pad. All three Enerplus wells are located on Lot 2 of Section 13-150N-103W, indicating a multi-well development project. In addition to the new permits, the DMR report listed confidential status changes for five previously filed wells. These...

☀️Morning Wire·Apr 16

Pipeline & Infrastructure

Construction Begins on Major Northeast Natural Gas Pipeline Expansion

Construction has begun on the Northeast Supply Enhancement project, a major expansion of the Transco natural gas pipeline system backed by former President Trump, according to a report from Rigzone. Pipeline operator Williams broke ground on the project on April 15, 2026. The expansion will add 400,000 dekatherms of daily natural gas capacity to the Transco system, one of the nation's largest interstate gas pipelines. The project is designed to move additional supply to markets in the northeastern United States. For Bakken operators, new pipeline infrastructure to major demand centers represents a critical avenue for growth. While the Bakken formation is primarily an oil play, it produces significant associated natural gas. Increased pipeline takeaway capacity from producing regions to consuming markets can help support gas prices and reduce flaring mandates by providing a reliable route to market. The start of this construction signals progress on long-discussed infrastructure aimed at alleviating...

☀️Morning Wire·Apr 16

Regulatory

Global Energy Infrastructure Damage Could Impact Bakken Costs

A new analysis highlights potential financial ripple effects from global conflict that could indirectly impact North Dakota's oil and gas operators. According to Rigzone, the energy research firm Rystad Energy has warned that the scope of damage to energy infrastructure from war has "expanded materially." While the specific $58 billion cost estimate referenced by Rigzone pertains to global energy infrastructure repair, such widespread damage and associated capital requirements can influence the broader oilfield service and equipment sector. The Bakken formation, while geographically distant from active war zones, is not insulated from global market pressures. Significant capital being diverted to repair critical pipelines, export terminals, and production facilities overseas can strain the international supply chain for materials, equipment, and skilled labor. For Bakken operators, this scenario suggests a potential tightening of the service sector and possible cost inflation for equipment, repairs, and new construction projects. Increased global demand for steel, valves,...

☀️Morning Wire·Apr 16

Global Markets

Global Oil Steadies, LNG Demand Rises in Colombia

Global oil prices stabilized on Wednesday, April 15, as draws in U.S. crude inventories balanced against continued geopolitical uncertainty in the Middle East, according to a report from Rigzone. For Bakken producers, this equilibrium suggests a steady near-term pricing environment, reducing immediate volatility risks for North Dakota's crude exports, which are closely tied to global benchmarks. The reported inventory draw indicates sustained demand for U.S. crude, which supports the value of light sweet oil produced in the Williston Basin. However, the ongoing geopolitical tensions cited by Rigzone continue to inject a baseline of risk premium into the market, preventing any significant price decline. This mix of supportive fundamentals and external uncertainty is a familiar dynamic for Bakken operators planning drilling and completion budgets. In a separate development, demand for liquefied natural gas shipments to Colombia is set to surge, Rigzone reported. Colombian power plants are preparing to increase LNG imports...

☀️Morning Wire·Apr 16

Global Markets

Global Strait Tensions Threaten LPG Supply, Total Makes Congo Find

Iran-linked tankers are testing the limits of the U.S. blockade outside the Strait of Hormuz, according to ship-tracking data. At least two vessels sanctioned by the U.S. entered the Persian Gulf on Thursday via a route between Iran’s Larak and Qeshm islands, OilPrice.com reported. One of the vessels, the supertanker Hong Lu, is capable of carrying up to 2 million barrels of crude and was headed into the Gulf empty. While U.S. Central Command stated that no vessels had made it past U.S. forces in the first 48 hours of the blockade, maritime intelligence firm Windward assessed that Iranian export activity continues with vessels using deceptive patterns like spoofing. The disruption at the critical chokepoint is having severe downstream effects. India’s cooking gas crisis, driven by severed liquefied petroleum gas (LPG) supply chains, could persist for three to four years, a senior Indian government official told Moneycontrol, as reported by...

☀️Morning Wire·Apr 16

Operator News

Global Events Drive Fuel Demand, Price Sensitivity for Bakken

A fire at a major Australian refinery and ongoing geopolitical tensions contributed to factors affecting global fuel markets and demand sensitivity, according to news summaries from Rigzone. For Bakken operators, these international developments underscore the interconnected nature of crude oil pricing and end-product demand. Operator Viva expects a blaze at its Geelong refinery in Australia to mainly reduce production for gasoline and aviation gasoline, Rigzone reported. The facility has a processing capacity of 120,000 barrels per day. Any significant reduction in global refining capacity can tighten fuel supplies, influencing the crack spread between crude oil like Bakken and refined products. Separately, Pakistan's army chief landed in Tehran to push for renewed talks between the U.S. and Iran, according to Rigzone. The two sides previously failed to clinch a peace agreement in Islamabad. Geopolitical instability in key oil-producing regions often contributes to volatility in global crude benchmarks, which directly set the...

☀️Morning Wire·Apr 16

Production Data

Bakken Well Economics Hold Steady as WTI Approaches $90

The economics of drilling a new well in North Dakota's Bakken formation remain favorable as West Texas Intermediate (WTI) crude prices hold near $90 per barrel, according to Bakken Wire live data. On Thursday, April 16, 2026, WTI was priced at $88.48, a gain of $0.35 from the previous session. A typical new Bakken well costs between $7 million and $8 million to drill and complete. These wells are generally expected to achieve an Estimated Ultimate Recovery (EUR) of approximately 500,000 to 600,000 barrels of oil over their lifetime. At a sustained price of $88 per barrel, this production volume translates to significant gross revenue before operating expenses, taxes, and royalties. The current price environment supports continued drilling activity, particularly in the core areas of the Bakken where well performance is highest. The active rig count in North Dakota stands at 19, according to live data, indicating a steady but...

☀️Morning Wire·Apr 16

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Midday, Bakken Operators See Boost

Oil prices posted strong gains in midday trading Thursday, April 16, 2026, providing a boost to Bakken operators. West Texas Intermediate (WTI) crude surged to $90.46 per barrel, a gain of $2.33 or 2.64%, according to live price data. The international benchmark Brent crude rose even more sharply to $98.51, up $3.58 or 3.77%. Natural gas prices also edged higher, trading at $2.64, up $0.03. The price strength follows a reported drawdown in U.S. commercial crude inventories. According to Rigzone, citing the U.S. Energy Information Administration's latest weekly petroleum status report, crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 463.8 million barrels on April 10, a drop of almost one million barrels from the previous week. Market analysts attributed the firm price action to the market stabilizing after recent volatility. Rigzone reported that oil prices are "holding firm" today "as the market digests a sharp pullback from war-driven...

🔆Midday Wire·Apr 16

Operator News

Chevron Bolsters Venezuela Stake in Asset Swap with PDVSA

Chevron has expanded its stake in a Venezuelan heavy oil joint venture through an asset swap with state-owned PDVSA, according to a report from Rigzone. The deal increases Chevron's ownership in the Petroindependencia joint venture to 49 percent. Under the agreement, PDVSA agreed to sell a 13.21 percent stake in the joint venture to Chevron, Rigzone reported on April 16. The transaction underscores Chevron's continued strategic focus on its international portfolio, which includes major holdings in North America's shale basins. For Bakken operators and observers, Chevron's move highlights the capital allocation decisions facing large, diversified producers. Chevron is the second-largest oil producer in North Dakota's Bakken formation, making its global investment choices a signal of broader corporate strategy. Capital invested overseas is capital not directly deployed in the Williston Basin, though companies typically manage discrete budgets for different regions. The expansion in Venezuela, a country with vast heavy oil reserves,...

🔆Midday Wire·Apr 16

Pipeline & Infrastructure

Trump Approves Enbridge Pipeline Permit for North Dakota Border Crossing

U.S. President Donald Trump has approved a key presidential permit for a new pipeline project at the North Dakota-Canada border, a move set to enhance crude oil transportation capacity for the region. The permit, issued to Bakken Pipeline Company LP, authorizes the construction, connection, operation, and maintenance of pipeline facilities in Burke County, North Dakota, according to Bing News reports from April 15, 2026. Bakken Pipeline Company is a limited partnership and subsidiary of Enbridge Inc., a major North American pipeline operator. The approval provides a concrete step to boost the flow of crude oil and petroleum products between the United States and Canada, directly impacting a key Bakken border region. The permit is part of a broader series of approvals for Enbridge's cross-border network. The company also received permits for the operation and maintenance of existing pipelines in Pembina County, North Dakota, and St. Clair County, Michigan, fortifying its...

🔆Midday Wire·Apr 16

Regulatory

Rystad Energy Warns of Rising Global Energy Infrastructure Repair Costs

Global energy infrastructure repair costs stemming from ongoing conflict could reach $58 billion, according to a new analysis from Rystad Energy. The firm warned that "the scope of damage has expanded materially," Rigzone reported Thursday. While the analysis does not specify damage within the United States, such significant global repair estimates can have indirect implications for Bakken operators and the North Dakota oil industry. Major disruptions to international energy infrastructure often affect global commodity flows, market stability, and capital allocation. For operators in the Williston Basin, a stable global environment supports consistent export demand and access to equipment and services. Large-scale repair projects abroad could compete for specialized labor, construction materials, and engineering expertise, potentially tightening resources available for domestic projects over time. Furthermore, massive capital expenditure directed toward repair work in conflict zones may influence where international energy firms choose to invest their development budgets. A focus on rebuilding...

🔆Midday Wire·Apr 16

Global Markets

U.S. Won't Renew Russian, Iranian Oil Waivers, Bessent Says

Treasury Secretary Scott Bessent reaffirmed that the United States will not renew general licenses allowing for the temporary sale of certain Russian and Iranian crude, according to a report from Rigzone. The announcement, made on April 16, signals a continued strict enforcement of sanctions on two major oil-producing nations. This policy stance removes a source of global supply and could contribute to a tighter international market. For Bakken operators in North Dakota, a reduction in competing global supply is typically a supportive factor for the price of the light sweet crude produced in the region. Higher realized prices directly improve cash flows for drillers and royalty owners across the Williston Basin. Meanwhile, the global oil market appeared to be stabilizing, Rigzone reported separately on April 15. Prices held steady as draws from U.S. inventories offset ongoing geopolitical uncertainty in the Middle East. This balance between tangible supply data and diplomatic...

🔆Midday Wire·Apr 16

Global Markets

Global Energy Shifts Highlight Supply, Policy Risks for Bakken

The head of Britain's leading industry group has urged the government to approve two major North Sea oil projects and slash a windfall tax to revitalize investment, according to OilPrice.com. CBI chief Rain Newton-Smith said the Energy Profits Levy is "reducing investment at the moment in the North Sea" and called for the approval of the Rosebank and Jackdaw fields to protect jobs and tax revenue. The Rosebank field, majority-owned by Equinor, holds an estimated 300-500 million barrels of oil, while Shell's Jackdaw gas field contains up to 250 million barrels of oil equivalent. The UK government has so far resisted pressure to green-light the projects. In North America, Mexico is being forced to confront its near-total reliance on U.S. natural gas imports due to geopolitical pressures, OilPrice.com reported. Mexico imports roughly 6.8 billion cubic feet per day (Bcf/d) from the United States, meeting 70-75% of its consumption. This dependence,...

🔆Midday Wire·Apr 16

Operator News

Global Energy Roundup: Congo Discovery, Refinery Fire, Solar Deal

TotalEnergies has made a new oil discovery offshore Congo Brazzaville, according to Rigzone. The company's Moho G discovery, combined with a previous find at the Moho F structure, is estimated to hold close to 100 million barrels of recoverable resources. While not a direct competitor to onshore U.S. light oil, new international supply sources contribute to the global crude balance, which ultimately affects the price benchmarks used for Bakken crude. In Australia, a fire has forced a reduction in production at the Geelong refinery, Rigzone reported. Operator Viva Energy stated the blaze at the 120,000-barrel-per-day facility is expected to mainly cut output of gasoline and aviation gasoline. Refinery disruptions, especially for gasoline production, can influence global refined product cracks and margins. For Bakken producers, stronger gasoline margins can support higher crude valuations, particularly for grades yielding favorable gasoline yields. In a separate power sector move, Spanish company Iberdrola signed a...

🔆Midday Wire·Apr 16

Pipeline & Infrastructure

Global Pipeline Diplomacy Highlights Geopolitical Risks to Energy Markets

Pakistan's army chief arrived in Tehran on Thursday in an effort to revive talks between the U.S. and Iran, according to a report from Rigzone. The diplomatic push follows a failed peace agreement in Islamabad. While not directly involving North Dakota infrastructure, such geopolitical movements in key oil-producing regions carry implications for Bakken operators. The Bakken formation is a major U.S. shale oil producer, and its crude is priced against global benchmarks. Instability or renewed tensions in the Middle East, a critical supply region, typically injects volatility into global oil prices. Price fluctuations directly affect the revenue and drilling plans of operators in the Williston Basin. For Bakken producers, sustained higher global prices can improve margins and support activity, while a sudden drop can pressure economics, particularly for wells with higher breakeven costs. The outcome of international negotiations can influence these macro conditions. The focus on Iran is particularly relevant...

🔆Midday Wire·Apr 16

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Rally on Inventory Draw, Supply Concerns; Bakken Differential at -$3.42

Oil prices surged in Thursday trading, with Brent crude breaking above $98 per barrel, as the market reacted to a drawdown in U.S. inventories and considered long-term supply constraints. West Texas Intermediate (WTI) crude settled at $89.89, a gain of $1.76 or 2%, according to live price data. Brent crude jumped $3.17 to $98.10, a 3.34% increase. Natural gas prices also rose, adding $0.06 to reach $2.67. The discount for Bakken crude versus the WTI benchmark was $3.42. The rally was supported by fresh U.S. government data showing a decline in commercial crude stocks. According to Rigzone, the Energy Information Administration's weekly report showed crude oil inventories, excluding the Strategic Petroleum Reserve, fell by almost one million barrels to 463.8 million barrels as of April 10. This drawdown signals robust demand or tightening supply, providing fundamental support for prices. Market analysts noted prices are consolidating at a high level. "Oil...

🌅Afternoon Wire·Apr 16

Rig Report

North Dakota Rig Count Rises to 22 with Three New Additions

North Dakota's active drilling rig count increased by three to 22 on Thursday, according to live data from Bakken Wire. The new activity marks a rebound from 24 rigs one week ago and 23 rigs fifteen days prior. Three operators brought new rigs online, all within the core Bakken counties. Burlington Resources Oil & Gas Company LP deployed the NABORS X8 rig in McKenzie County. In Williams County, Hess Bakken Investments II, LLC spudded a well using the NABORS X27, and XTO Energy Inc. started drilling with the NOBLE 2 rig. No rigs were removed or moved locations in the last 24 hours. The uptick in drilling activity coincides with a major federal infrastructure approval for the region. On Wednesday, President Donald Trump granted a presidential permit to Bakken Pipeline Company LP, a subsidiary of Enbridge, to construct and operate new pipeline facilities at the U.S.-Canada border in Burke County,...

🌅Afternoon Wire·Apr 16

Operator News

Chevron Bolsters Venezuela Stake in Asset Swap

Chevron has expanded its position in Venezuela's heavy oil sector through an asset swap with state-owned PDVSA, Rigzone reported on April 16. The deal involves PDVSA agreeing to sell a 13.21 percent stake in the Petroindependencia joint venture to Chevron. As a result of this transaction, Chevron's ownership in the venture will increase to 49 percent. The report did not specify the asset or consideration Chevron provided to PDVSA in return for the increased stake. For Bakken operators, Chevron's deepening commitment to international heavy oil projects underscores the global competition for capital and operational focus. While Chevron maintains significant assets in the Williston Basin, major investments elsewhere can influence long-term strategic priorities and resource allocation across a company's portfolio. The move also highlights the ongoing activity in Venezuela's oil sector, which remains a key player in global heavy crude supply. Developments in other major oil-producing regions can impact global market...

🌅Afternoon Wire·Apr 16

Regulatory

Rystad Warns Global Energy Repair Costs from War Could Hit $58 Billion

A new analysis warns that the cost to repair energy infrastructure damaged by war could reach $58 billion, a figure that may impact global supply chains and service sector pricing relevant to the Bakken formation. Rystad Energy issued the warning on Thursday, stating that "the scope of damage has expanded materially," according to a report from Rigzone. The firm did not specify the geographic regions involved in its assessment. For Bakken operators, such massive global repair projects could compete for critical equipment, skilled labor, and oilfield services. A surge in demand for pipelines, drilling rig components, and construction services in conflict zones can lead to increased costs and longer lead times for similar projects in North Dakota's Williston Basin. The potential $58 billion price tag underscores how geopolitical events far from North Dakota can directly influence local operating expenses. The Bakken industry, which relies on a globally interconnected market for...

🌅Afternoon Wire·Apr 16

Global Markets

U.S. Confirms End of Iranian, Russian Oil Waivers

U.S. Treasury Secretary Scott Bessent reaffirmed that the United States will not renew general licenses allowing for the temporary sale of certain Russian and Iranian crude, according to Rigzone. This policy decision, reported on April 16, 2026, solidifies a supply constraint in the global market by continuing to restrict the flow of sanctioned oil. Oil prices had already stabilized in the prior session, Rigzone reported on April 15, as draws from U.S. inventories offset ongoing geopolitical uncertainty in the Middle East. This balance between tangible inventory data and broader diplomatic tensions is a typical market dynamic. For Bakken operators, the U.S. stance on Iranian and Russian waivers removes a potential source of global supply competition. When sanctioned barrels are kept off the market, the relative value of legally produced crude from stable regions like North Dakota increases. This policy environment supports a firmer price floor, which is critical for maintaining...

🌅Afternoon Wire·Apr 16

Global Markets

Global Energy Shifts: Tech's Nuclear Play, Hormuz Crisis Impacts Fuels, Iberdrola Expands Solar

Big Tech companies are increasingly entering the nuclear energy sector, driven by the power demands of artificial intelligence, but a growing number of these startups are opting out of a key voluntary safety oversight body, according to a report from OilPrice.com. The article, citing a study by Politico's E&E News, states that these companies are declining to join The Institute of Nuclear Power Operations (INPO), which was created after the 1979 Three Mile Island accident to ensure safety compliance. Former Nuclear Regulatory Commission official Scott Morris noted these entities are businesses focused on their bottom line. The report also links this trend to the Trump Administration's push for a domestic nuclear revival, citing a May 2025 executive order directing the NRC to reconsider certain radiation exposure standards. Simultaneously, the escalating crisis in the Strait of Hormuz is forcing a major reassessment of investment in alternative marine fuels, according to a...

🌅Afternoon Wire·Apr 16

Operator News

Global Energy Roundup: Congo Find, Aussie Refinery Fire, Iran Talks

TotalEnergies has made a significant new oil discovery offshore the Republic of Congo, according to Rigzone. The Moho G discovery, combined with a previous find at the nearby Moho F structure, is estimated to hold close to 100 million barrels of recoverable resources. Major international discoveries can influence long-term global supply expectations, which indirectly affects the competitive landscape for U.S. shale producers, including those in the Bakken. Separately, a fire at the Geelong refinery in Australia is expected to reduce fuel production, Rigzone reported. Operator Viva expects the blaze at the 120,000 barrel-per-day facility to mainly curtail output of gasoline and aviation gasoline. While geographically distant, disruptions at major refineries can tighten global fuel supplies, potentially supporting refined product crack spreads. This can influence the value of Bakken crude, which is a light, sweet grade often processed into these fuels. In geopolitical news, Pakistan's army chief is in Tehran attempting...

🌅Afternoon Wire·Apr 16

Production Data

Bakken Rig Count Holds at 22 as Oil Prices Rally

North Dakota's active drilling rig count held steady at 22 this week, according to live data from Bakken Wire, as a sharp rally in oil prices provided a supportive backdrop for operator activity. The stability in the rig count suggests a measured approach by Bakken producers despite favorable market conditions. West Texas Intermediate (WTI) crude was trading at $89.89 per barrel on Thursday, April 16, a gain of $1.76 or 2% on the day. The international benchmark Brent crude saw an even stronger increase, rising $3.17 to $98.10 per barrel, a jump of 3.34%. The Bakken crude differential, the discount at which Bakken barrels trade relative to WTI at the Clearbrook, Minnesota hub, was -$3.42. Natural gas prices were reported at $2.67 per MMBtu. The current rig count of 22, while stable, remains a fraction of the historic highs seen during previous boom cycles. At the peak of Bakken activity...

🌅Afternoon Wire·Apr 16