Saturday, May 9, 2026

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Oil Prices

Oil Prices Edge Higher Amid Gulf Tensions; Bakken Discount Holds

Oil prices advanced in early trading Saturday, with geopolitical risk in the Persian Gulf continuing to dictate market direction. West Texas Intermediate (WTI) crude was trading at $95.42 per barrel, up $0.61 (0.64%), while the global benchmark Brent crude rose to $101.29, a gain of $1.23 (1.23%). Natural gas prices were steady at $2.76. Bakken crude at the Clearbrook, Minnesota, hub was priced at a $3.42 per barrel discount to WTI, according to live price data. The gains follow a volatile week where prices fluctuated in a roughly $10 range, driven by shifting expectations for a resolution to the U.S.-Iran conflict. According to a report from Rigzone, Brent crude rose 1.2% on Friday but still notched a weekly decline of about 6%. The market's focus remains squarely on the Strait of Hormuz, a vital shipping chokepoint that has been effectively closed since the war began in late February, triggering an...

☀️Morning Wire·May 9

Rig Report

Bakken Rig Count Holds at 23, New EOR Push Aims to Unlock Billions of Barrels

The number of active drilling rigs in North Dakota's Bakken formation held steady at 23 on Saturday, May 9, 2026, according to live rig data. No rigs were added, removed, or moved location from the previous day. The count is unchanged from one week ago and down by one rig from the 24 rigs active a month ago on April 9, 2026. The static rig count coincides with a major new push to extend the life and output of existing Bakken wells through enhanced oil recovery (EOR). On May 8, the U.S. Department of Energy (DOE) announced a $36 million award to advance carbon dioxide–based EOR in the Bakken shale through a program led by the University of North Dakota’s Energy & Environmental Research Center, according to a DOE release. The Bakken Enhanced Oil Recovery–Cracking the Code (Bakken EOR-CC) effort will combine laboratory research, reservoir modeling, artificial intelligence, and field...

☀️Morning Wire·May 9

Daily Activity

Hess Files Four New Permits in Mountrail as Daily Activity Shows Steady Bakken Operations

The North Dakota Department of Mineral Resources approved six new drilling permits on Friday, May 8, 2026, according to its daily activity report. Hess Bakken Investments II, LLC was the most active applicant, securing four new permits in Mountrail County. All four Hess permits are for wells in the Ross field: RS-JONES-156-92-3532H 2 through 5. The other two new permits were for EOG Resources, Inc. for the Burke 419 3416H well in Mountrail County's Parshall field, and for Phoenix Operating, LLC for the Spackler 1 SWD injection well in Divide County. The report also listed 19 permit renewals, signaling ongoing project development across the basin. Kraken Operating, LLC renewed two permits for Bear Butte wells in McKenzie County. Formentera Operations, LLC had a single renewal for a well in Divide County's Colgan field, which is listed as 'Confidential'. Five permit cancellations were recorded, all for Oasis Petroleum North America LLC...

☀️Morning Wire·May 9

Operator News

Devon, Coterra Complete $58B Merger, Creating Shale Giant

Devon Energy Corporation and Coterra Energy Inc. have completed their $58 billion merger, creating one of the largest shale operators in the United States. The deal was finalized following stockholder approval at special meetings held on May 4, according to a company statement. The combined entity will operate under the Devon Energy name and trade on the New York Stock Exchange under the ticker 'DVN'. While headquartered in Houston, the company will maintain a significant presence in Oklahoma City. Former Coterra shareholders now own approximately 46% of the combined company, with Devon shareholders owning the remaining 54%. For Bakken operators and mineral owners, the merger solidifies the position of a major player in the region. The combined company's operations include the "Anadarko, Eagle Ford, Marcellus & Rockies" basins, as outlined in the new executive lineup. Michael D. Deshazer is named Executive Vice President of Exploration & Production for that portfolio,...

☀️Morning Wire·May 9

Pipeline & Infrastructure

Federal Judge Moves to Void $28M DAPL Protest Judgment Amid Settlement

A federal judge has agreed to nullify a nearly $28 million judgment against the federal government to facilitate a settlement with North Dakota over costs incurred during the Dakota Access Pipeline protests, according to a report from the North Dakota Monitor. U.S. District Court Judge Daniel Traynor indicated he would vacate the judgment following a hearing on Friday, May 8, 2026. The move allows the state and the U.S. Department of Justice to settle a lawsuit filed in 2019, avoiding a protracted appeals process. While the exact settlement amount was not disclosed, North Dakota Attorney General Drew Wrigley described the pending payment as "satisfactory," and attorneys for the state called it a "substantial monetary payment." The lawsuit stemmed from the 2016 and 2017 demonstrations in south-central North Dakota against the construction of the Dakota Access Pipeline (DAPL). North Dakota claimed the federal government unlawfully allowed protesters to camp on federal...

☀️Morning Wire·May 9

Regulatory

** Federal judge vacates $28M Dakota Access judgment; North Dakota and feds reach settlement

BODY: A federal judge has agreed to vacate a nearly $28 million judgment against the U.S. government, clearing the way for North Dakota to settle a long-running lawsuit over costs from the Dakota Access Pipeline protests. The state is set to receive a substantial monetary payment from the United States, attorneys confirmed during a Friday hearing. The agreement, if finalized, would end nearly seven years of litigation. "We're hoping we really don't need to fight any further," said Department of Justice attorney Jonathan Guynn. North Dakota Attorney General Drew Wrigley described the pending settlement as satisfactory, though the exact amount remains undisclosed. The lawsuit, filed in 2019, stems from massive demonstrations against the construction of the Dakota Access Pipeline (DAPL) in rural south-central North Dakota during 2016-2017. The state alleged the federal government allowed protests to grow unlawfully by permitting demonstrators to camp on federal land, forcing North Dakota to...

☀️Morning Wire·May 9

Global Markets

Ukrainian Strikes Hit Major Russian Refineries, Tighten Global Product Supply

Ukrainian forces struck two major fuel-producing facilities and an oil pumping station in Russia this week, according to Ukrainian officials. The attacks add pressure to Russia's refinery runs, which already hit multi-year lows in April, and could tighten global supplies of refined products like diesel and gasoline. Ukraine's President Volodymyr Zelenskiy said drones hit an oil refinery in Yaroslavl, about 175 miles northeast of Moscow, overnight on May 7-8, according to Rigzone. Ukraine’s Security Service SBU said there were also fresh strikes on the Permnefteorgsintez refinery in Perm and a nearby oil pumping station. The SBU said a fire broke out at a crude-processing unit at the refinery and a reservoir tank was hit at the station. The targeted facilities are significant. The Yaroslavl plant, co-owned by Rosneft PJSC and Gazprom Neft PJSC, can process around 300,000 barrels per day. The Perm refinery, owned by Lukoil PJSC, has a capacity...

☀️Morning Wire·May 9

Global Markets

ND Court Blocks Greenpeace Dutch Suit; Iran War Spurs Export Ban Bill

The North Dakota Supreme Court ruled on Thursday that Greenpeace International cannot relitigate a defamation case in the Netherlands that a state jury decided against the group last year, according to Courthousenews.com. In a 4-1 decision, the court reversed a lower court and granted an antisuit injunction to Dallas-based Energy Transfer, owner of the Dakota Access Pipeline (DAPL). The court found Greenpeace's Dutch complaint sought declarations that directly undermined the North Dakota jury's verdict. Justice Jerod Tufte wrote that the foreign proceeding "undermines confidence in the domestic judicial process," Courthousenews.com reported. The state jury had found Greenpeace liable for defamation related to protests against DAPL in 2016 and 2017, awarding Energy Transfer hundreds of millions in damages. Separately, escalating U.S.-Iran tensions are prompting new political pressure on oil markets. U.S. Secretary of State Marco Rubio said on Friday, May 8, that Iran "should" respond by the end of the day...

☀️Morning Wire·May 9

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher Amid Gulf Tensions, Bakken Discount Holds

Oil prices posted modest gains in midday trading Saturday, supported by renewed geopolitical tensions in the Persian Gulf that threaten a fragile ceasefire. West Texas Intermediate (WTI) crude traded at $95.42 per barrel, up $0.61 (0.64%), while the global benchmark Brent crude rose to $101.29, a gain of $1.23 (1.23%), according to live price data. The price movement follows a volatile week where Brent crude still notched a weekly drop of about 6%, Rigzone reported. The market's focus remains fixed on the Strait of Hormuz, a vital shipping chokepoint that has been effectively closed since the US-Iran war began in late February, triggering an unprecedented supply shock. Fresh clashes are dimming hopes for a swift peace deal. According to Rigzone, Iran criticized the US on Friday for violating a ceasefire agreement, and US forces conducted airstrikes on Iranian oil tankers and launch sites. "Control of the Strait of Hormuz has...

🔆Midday Wire·May 9

Operator News

Devon, Coterra Merger Creates Major Permian-Centric Operator

Devon Energy Corporation and Coterra Energy Inc. have completed their $58 billion merger, creating a new large-cap shale operator, according to a statement from Devon. The deal was finalized after receiving stockholder approval at special meetings on May 4. The combined company will operate under the Devon Energy name and trade on the New York Stock Exchange under the ticker 'DVN'. Based in Houston, it will maintain a significant presence in Oklahoma City. Former Coterra shareholders now own approximately 46% of the combined company, with Devon shareholders owning the remaining 54%. For Bakken observers, the merger underscores the ongoing industry consolidation into larger entities with deep inventory in core basins, primarily the Permian. The new company's leadership and operational focus are heavily weighted toward the Permian's Delaware Basin and other regions like the Anadarko, Eagle Ford, Marcellus, and Rockies. The statement highlighted the creation of a "premier large-cap shale operator...

🔆Midday Wire·May 9

Pipeline & Infrastructure

Judge to Void $28M DAPL Protest Judgment, State Secures Settlement

A federal judge has agreed to throw out a nearly $28 million judgment against the U.S. government, clearing the way for a settlement that will end a long-running lawsuit over costs North Dakota incurred during the Dakota Access Pipeline protests. According to the North Dakota Monitor, U.S. District Court Judge Daniel Traynor indicated he will nullify his own April 2025 ruling to allow the state and federal government to reach a final agreement. The settlement, discussed in a hearing on Friday, May 8, 2026, will provide North Dakota with a "substantial monetary payment," state and federal attorneys said. While the exact amount was not disclosed, North Dakota Attorney General Drew Wrigley described it as satisfactory. The deal aims to avoid further litigation in the appeals court, putting the nearly seven-year-old lawsuit to rest. The lawsuit, originally filed in 2019, centered on the massive demonstrations against the construction of the Dakota...

🔆Midday Wire·May 9

Regulatory

Federal EOR Grant Awarded, DAPL Protest Judgment Tossed in Settlement

The U.S. Department of Energy has officially awarded a $36 million grant to a major enhanced oil recovery (EOR) initiative for the Bakken formation, according to an announcement by Sen. John Hoeven. The funding is part of the $157 million "Crack the Code 2.0" project, which includes state and industry contributions and aims to develop cost-effective technologies to extend the life of Bakken oil fields. The effort will be led by the Energy and Environmental Research Center (EERC) at the University of North Dakota and will involve multiple large-scale pilot projects run by four different oil companies. "The key component of all of this is the EERC," said North Dakota Petroleum Council President Ron Ness. "We’ve got to bring the best of all those ideas together. That’s what the EERC does." The federal funding, available immediately, along with the renewal of a $25 million cooperative agreement, comes after the EERC...

🔆Midday Wire·May 9

Global Markets

Ukraine Drone Strikes Hit Major Russian Refineries, Tightening Global Supply

Ukrainian drone strikes hit two major Russian refineries and an oil pumping station this week, further constraining global fuel supplies and refining capacity. According to a report from Rigzone, the attacks targeted the Yaroslavl refinery northeast of Moscow and the Permnefteorgsintez refinery about 1,500 kilometers east of the capital. The Yaroslavl plant, co-owned by Rosneft PJSC and Gazprom Neft PJSC, can process approximately 300,000 barrels per day. The Perm refinery, owned by Lukoil PJSC, has a capacity of about 260,000 barrels per day. Ukraine's Security Service SBU stated a fire broke out at a crude-processing unit at the refinery and a reservoir tank was hit at the nearby Perm pumping station, which is on a trunk pipeline network moving Siberian crude. These refineries are among Russia's ten largest fuel-producing facilities. The ongoing campaign of strikes has already driven Russian refinery runs to their lowest average daily level since December 2009,...

🔆Midday Wire·May 9

Global Markets

Global Tensions, Policy Shifts Shape Bakken Outlook

The head of the International Energy Agency called on Canada to accelerate its energy project timelines, citing a fleeting "golden opportunity" in global markets reshaped by the Iran war. Fatih Birol, the IEA's executive director, warned that "the cost of missing this train will be incredible," according to Rigzone. He spoke in Toronto on Thursday, emphasizing that a global "energy security risk premium" now favors reliable suppliers. This push for faster Canadian development, including for oil sands, comes as Bank of Canada Governor Tiff Macklem noted investors are choosing countries with quicker regulatory approvals. In the Persian Gulf, the conflict threatening global oil flows continues. The U.S. has given Iran a deadline to respond to a new peace proposal by Friday, May 8, Rigzone reported. Secretary of State Marco Rubio said Iran "should" give an answer. The proposal, sent by President Donald Trump, aims to reopen the Strait of Hormuz...

🔆Midday Wire·May 9

Operator News

DOE Awards $36M for Bakken CO2 EOR Research, USGS Outlines Major Gas Resource

The U.S. Department of Energy will invest $36 million to advance carbon dioxide-enhanced oil recovery (CO2-EOR) research in the Bakken shale through a program led by the University of North Dakota. According to a DOE release, the "Bakken Enhanced Oil Recovery–Cracking the Code" (Bakken EOR-CC) effort aims to combine lab research, reservoir modeling, artificial intelligence, and field work to evaluate EOR strategies. The program targets the significant volume of oil left unrecovered in unconventional formations, which typically yield only about 10% of oil in place. DOE Assistant Secretary Kyle Haustveit stated the program is "essential to maximize the full potential of our valuable hydrocarbon resources in the Bakken," according to the release. The integrated pilot projects are intended to establish a path for broad commercial deployment of enhanced energy recovery. The Bakken EOR-CC program will assess injection strategies across six pilot projects. The DOE's $36 million investment, plus $9 million...

🔆Midday Wire·May 9

Pipeline & Infrastructure

North Dakota Launches $157M Initiative for Bakken Enhanced Oil Recovery

North Dakota has launched a major $157 million initiative aimed at using enhanced oil recovery (EOR) techniques to extract more crude from the Bakken formation, according to multiple reports from state leaders. The initiative was unveiled on Friday, May 8. The work to unlock the next stage of production is expected to accelerate later this year, with a prominent North Dakota research center playing a lead role, according to a Bing News summary. The primary goal of the initiative is to raise ultimate recovery rates from Bakken wells. A significant portion of the funding is coming from the federal government. The U.S. Department of Energy is providing $36 million toward the overall $157 million effort, as reported by Bing News. The specific techniques to be deployed center on carbon dioxide (CO₂) injection for enhanced oil recovery. For Bakken operators and royalty owners, this represents a substantial, coordinated push to tackle...

🔆Midday Wire·May 9

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Edge Higher Amid Volatility Over Gulf Tensions

Crude oil prices closed higher on Friday, May 8, but remained volatile as traders weighed renewed military clashes in the Persian Gulf against diplomatic efforts to secure a ceasefire. The global benchmark, Brent crude, rose 1.2% to settle around $101 a barrel, according to a report from Rigzone citing Bloomberg. As of Saturday, May 9, prices have held those gains. West Texas Intermediate (WTI) crude is trading at $95.42 per barrel, up $0.61 or 0.64% from the prior close. Brent crude stands at $101.29, a gain of $1.23. The price for Bakken crude at the wellhead is typically traded at a differential to WTI; the current differential is -$3.42 per barrel. Natural gas prices showed little movement, trading at $2.76, down one cent. The market's focus remains fixed on the Strait of Hormuz, a vital shipping chokepoint that has been effectively closed since the US-Iran war began in late February....

🌅Afternoon Wire·May 9

Rig Report

North Dakota Rig Count Holds at 23, Focus Shifts to Major EOR Initiative

The number of rigs actively drilling for oil and gas in North Dakota remained unchanged Saturday at 23, according to live data from Bakken Wire. The count showed no new rigs added, removed, or moved location since Friday. This stability extends the pattern from one week ago, when the state also reported 23 active rigs. However, activity is down slightly from one month prior, when 24 rigs were operating on April 9. The steady rig count comes as a major technological and financial push for the Bakken's future was unveiled. The U.S. Department of Energy (DOE) is investing $36 million to advance carbon dioxide-based enhanced oil recovery (EOR) in the shale play through a program led by the University of North Dakota’s Energy & Environmental Research Center, according to a DOE release on May 8. The broader initiative, as reported by multiple news sources, represents a total investment of approximately...

🌅Afternoon Wire·May 9

Operator News

Devon-Coterra Merger Finalizes; Exxon Faces Shareholder Vote on Texas Move

Devon Energy Corporation and Coterra Energy Inc. have completed their $58 billion merger, creating a new large-cap shale operator, according to a statement from Devon. The deal, approved by stockholders on May 4, was finalized on Thursday, May 7, 2026, Rigzone reported. The combined company will operate as Devon Energy (NYSE: DVN) and be headquartered in Houston while maintaining a significant presence in Oklahoma City. Under the merger agreement, each Coterra share was converted into the right to receive 0.70 shares of Devon common stock. Former Devon shareholders will own approximately 54% of the combined company, with former Coterra shareholders owning approximately 46%. Clay M. Gaspar will serve as President and CEO of the combined entity. The new board of directors will consist of 11 members: six from Devon and five from Coterra. In a statement, Gaspar called the merger "a defining moment for Devon Energy," creating a company with...

🌅Afternoon Wire·May 9

Pipeline & Infrastructure

Federal Judge to Vacate $28M DAPL Protest Ruling as North Dakota Settles with U.S.

A federal judge has agreed to nullify a nearly $28 million judgment against the U.S. government, clearing the way for a settlement over costs North Dakota incurred during the Dakota Access Pipeline protests. According to a report from the North Dakota Monitor, U.S. District Judge Daniel Traynor indicated he would vacate his own 2025 ruling so the state and federal government can resolve the lawsuit. The settlement, discussed in a hearing on Friday, May 8, 2026, would avoid further litigation in appeals court. Attorneys for both parties confirmed North Dakota will receive a "substantial monetary payment," though the amount was not disclosed. State Attorney General Drew Wrigley described the pending payment as satisfactory. The lawsuit, originally filed in 2019, centered on demonstrations against the construction of the Dakota Access Pipeline (DAPL) in rural south-central North Dakota in 2016 and 2017. The state argued the federal government unlawfully allowed protesters to...

🌅Afternoon Wire·May 9

Regulatory

Federal Grant, DAPL Settlement Mark Key Week for North Dakota Energy

The U.S. Department of Energy has officially awarded $36 million to a major initiative aimed at unlocking the next stage of oil production from the Bakken formation, according to an announcement by Sen. John Hoeven. The funding is part of the $157 million "Crack the Code 2.0" project, which includes contributions from the state and several oil companies, and aims to develop cost-effective enhanced oil recovery (EOR) technologies. The effort will be led by the Energy and Environmental Research Center (EERC) at the University of North Dakota and will involve multiple large-scale pilot projects run by four different oil companies. "The key component of all of this is the EERC," said North Dakota Petroleum Council President Ron Ness. "We’ve got to bring the best of all those ideas together. That’s what the EERC does." The federal funding comes as the EERC recently faced staffing cuts due to funding delays. UND...

🌅Afternoon Wire·May 9

Global Markets

Ukraine Strikes Target Major Russian Refineries, Tightening Global Fuel Supply

Ukraine has struck two major Russian refineries and a key oil pumping station, adding pressure to Russia's refining sector which hit multi-year lows in April. According to a report from Rigzone, drones hit the Yaroslavl refinery, co-owned by Rosneft PJSC and Gazprom Neft PJSC, and the Permnefteorgsintez refinery, owned by Lukoil PJSC, along with a nearby pipeline station. The targeted facilities are among Russia's ten largest fuel producers. The Yaroslavl plant has a capacity of roughly 300,000 barrels per day, while the Perm refinery can process about 260,000 barrels daily. The Perm pumping station is on a trunk line moving crude from western Siberia into central Russia and to Lukoil's refinery. Ukraine's Security Service SBU stated a fire broke out at a crude-processing unit and a reservoir tank was hit. These strikes are part of an intensified Ukrainian campaign this spring to reduce Russian oil revenue. According to analytics firm...

🌅Afternoon Wire·May 9

Global Markets

Global Tensions, Policy Shifts Pose Risks and Opportunities for Bakken

The head of the International Energy Agency called on Canada to speed up its energy project approvals, citing a fleeting "golden opportunity" created by global supply disruptions, according to Rigzone. IEA Executive Director Fatih Birol warned that the world is losing 14 million barrels per day of oil because of the war in Iran and that Canada's reputation for slow regulatory processes risks missing the moment. "Canada doesn’t have the luxury to be slow," Birol said at a Toronto conference on Thursday, as reported by Rigzone. He stressed that accelerating projects should not come at the cost of environmental or human rights standards. His comments align with concerns from Bank of Canada Governor Tiff Macklem, who said long regulatory approvals are deterring international investment. The call for faster Canadian development comes as U.S. lawmakers propose measures that could directly impact Bakken crude flows. In Washington, a legislative proposal introduced Thursday...

🌅Afternoon Wire·May 9

Operator News

USGS Assesses Major Gas Resource, Global LNG Shifts, Bakken Research Advances

The U.S. Geological Survey has assessed a massive new technically recoverable natural gas resource in the Gulf Coast's Bossier Formation, according to a report from Rigzone. The USGS calculates the formation holds 343.5 trillion cubic feet of gas and three million barrels of oil. The agency stated these gas resources are enough to supply the United States for more than 10 years at the current rate of consumption. The assessment, released May 8, highlights what the industry calls the "Western Haynesville" or "Waynesville" play. The USGS noted that recent industry drilling into deeper, higher-pressured shale reservoirs revealed more resources than previously thought. Since production began, the Bossier Formation has produced 3.8 trillion cubic feet of gas, which the USGS said is equal to nearly six weeks of U.S. consumption at the record-high 2025 level. USGS Director Ned Mamula stated the assessment points to significant undiscovered resources that the U.S. economy...

🌅Afternoon Wire·May 9