Saturday, May 23, 2026

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Oil Prices

Oil Prices Edge Higher as Bakken Operators Remain Cautious

Global oil benchmarks extended their gains on Saturday, with Brent crude topping $100 per barrel, as geopolitical risk continues to underpin the market. According to live price data, West Texas Intermediate (WTI) crude settled at $96.60 per barrel, a gain of $0.25. The international benchmark, Brent crude, rose $0.71 to $100.21 per barrel. Natural gas prices, however, moved in the opposite direction, falling $0.14 to $3.02. The primary driver for the elevated price environment remains the ongoing conflict involving Iran, as noted by multiple news sources. Despite the sharp rise in prices, operators in North Dakota's Bakken formation are exhibiting significant caution regarding increasing drilling activity. According to reports from Reuters and World Energy News, companies are waiting to see if the higher price levels will be sustained before committing to ramp up capital spending and drilling programs. This operator restraint comes even as the price for Bakken crude shows...

☀️Morning Wire·May 23

Rig Report

ND Rig Count Steady at 25 Amid Conference Optimism, Continental Return

North Dakota's active drilling rig count held steady at 25 on Saturday, May 23, 2026, according to Bakken Wire live data. There were no new rigs added, removed, or moved from the previous day. The current count represents a slight increase from recent levels. It is up by three rigs from one week ago, when the state reported 22 active rigs on May 16, and is up by one rig from one month ago, when the count stood at 24 on April 23. The stability in rig activity comes amid a wave of optimism and strategic announcements from the Williston Basin Petroleum Conference held this week in Bismarck. According to a column from the Jamestown Sun, the conference focused on "cracking the code for Bakken 2.0," with a combined investment exceeding $100 million from the state, the Department of Energy, and private industry fueling research into enhanced oil recovery technologies...

☀️Morning Wire·May 23

Daily Activity

Four New Permits Approved in Divide, Dunn Counties

The North Dakota Department of Mineral Resources approved four new drilling permits in its latest daily activity report. The approvals were split between operators Hunt Oil Company and Burlington Resources Oil & Gas Company LP, targeting Divide and Dunn counties. Hunt Oil Company received two permits in Divide County's Smoky Butte field. Permit 42967 is for the SMOKY BUTTE 160-100-6-18H-3 well located in SE SE Section 34-161N-100W. Permit 42968 is for the SMOKY BUTTE 160-100-5-17H 1 well at the same section location. Burlington Resources secured two permits in Dunn County. Permit 42969 is for the HAWKEYE 3B well at NW NE Section 12-145N-96W. Permit 42970 is for the FIREBIRD 4B well, also at NW NE Section 12-145N-96W. Both Burlington wells are listed in a 'CONFIDENTIAL' field. In other activity, Devon Energy Williston, L.L.C. reported the completion of the WAGENMAN 32-29 XE 1H well. The well is located in SE SE...

☀️Morning Wire·May 23

Operator News

ExxonMobil, QatarEnergy Sign MoU with Egypt for Cyprus Gas Assessment

ExxonMobil and QatarEnergy have signed a memorandum of understanding with Egypt to study using Egyptian infrastructure for potential natural gas developments offshore Cyprus, according to Rigzone. The report, published May 22, states the MoU is for assessing the development of Cypriot gas discoveries through Egypt's existing facilities. This international move by ExxonMobil, a major global operator with significant U.S. onshore holdings, underscores a continued strategic focus on large-scale, long-cycle natural gas projects. For Bakken operators and service companies, such agreements highlight the competitive landscape for capital allocation within integrated majors. Investment in international gas partnerships can sometimes contrast with the pace of investment in domestic shale oil basins. The Bakken formation in North Dakota remains a premier oil-producing region, but it is primarily a liquids-rich play. Major operators active in the basin, including ExxonMobil subsidiary XTO Energy, balance their portfolios between short-cycle shale oil and longer-term international gas ventures. News...

☀️Morning Wire·May 23

Pipeline & Infrastructure

Army Corps Issues Record of Decision for Dakota Access Pipeline

The U.S. Army Corps of Engineers has issued a formal Record of Decision for the Dakota Access Pipeline (DAPL), allowing the critical conduit to continue operating under stricter environmental and safety mandates. According to Reuters, the decision was announced on Thursday, May 21, 2026. The Corps' action resolves long-standing regulatory uncertainty surrounding the pipeline's federal easement. A Bing News report described the Record of Decision as "essentially putting to rest any future uncertainty" for the project. The pipeline had been operating under a temporary environmental review for several years. For Bakken operators and North Dakota's oil industry, the decision provides crucial long-term stability for shipping crude out of the Williston Basin. The 1,172-mile Dakota Access Pipeline is a primary route for moving Bakken crude to market, with a capacity of approximately 750,000 barrels per day. Its reliable operation is essential for maintaining favorable wellhead prices and supporting continued production in...

☀️Morning Wire·May 23

Regulatory

UK Moves to Close Oil Tax Loophole, Spotlighting Global Fiscal Pressure

The UK government is moving to close a tax loophole for oil and gas companies, according to a report from Rigzone. Chancellor of the Exchequer Rachel Reeves announced the policy change on Friday, May 22. While the specific details of the loophole and the mechanics of the closure were not detailed in the report, the announcement signals continued fiscal pressure on hydrocarbon producers in mature basins internationally. Such moves by other nations often influence policy discussions in the United States, including those affecting domestic oil-producing regions like the Bakken. For operators in North Dakota's Bakken formation, international tax developments serve as a reminder of the volatile regulatory environment surrounding fossil fuels. The UK's action highlights a global trend where governments are scrutinizing oil and gas sector finances to increase revenue or align with broader energy transition goals. The Bakken industry operates under a different state and federal tax structure, but...

☀️Morning Wire·May 23

Global Markets

Global Volatility, Local Focus at Williston Basin Conference

Global oil markets experienced volatility this week amid geopolitical tensions and diplomatic maneuvers, according to Rigzone. Meanwhile, the North Dakota industry turned its focus inward during a major local conference. Ukrainian forces targeted Russia's Yaroslavl oil refinery with long-range drones on Thursday night, President Volodymyr Zelenskyy said in a Telegram statement, as reported by Rigzone. The attack is the latest in a series targeting Russian oil-processing and export facilities, contributing to global supply risk concerns. Concurrently, energy markets swung on shifting hopes for peace negotiations involving Iran, Rigzone reported. The combination of ongoing conflict and diplomatic uncertainty continues to inject volatility into crude oil pricing, which directly impacts Bakken producer revenues and drilling budgets. Against this backdrop of global instability, thousands of oil and gas professionals gathered in Bismarck this week for the Williston Basin Petroleum Conference. According to Bing News, the conference's second day featured discussions centered on "Bakken...

☀️Morning Wire·May 23

Operator News

Global LNG Outage, Oil's Broad Influence Shape Bakken Outlook

A significant outage at Qatari LNG facilities is projected to shift the global natural gas market into a structural deficit, according to a new analysis. Enverus Intelligence Research outlined the impact of the outage in a report published Friday. While the Bakken is primarily an oil play, associated natural gas production is a key byproduct for operators, and sustained higher global gas prices could provide marginal support for gas-focused economics in the region. Separately, the pervasive influence of oil markets beyond energy was underscored by commodity strategist Ole Hansen of Saxo Bank. In commentary published Friday, Hansen stated that oil continues to exert an influence well beyond the energy market itself. This broad impact touches everything from global geopolitics and inflation to transportation costs and consumer goods, directly affecting the economic landscape in which Bakken producers operate. For North Dakota's oil industry, these external market reports highlight factors outside local...

☀️Morning Wire·May 23

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Edge Higher as Bakken Operators Remain Cautious

Oil prices posted modest gains in midday trading Saturday, with global benchmark Brent crude topping the $100 per barrel mark. West Texas Intermediate (WTI) crude traded at $96.6 per barrel, up 0.26% or 25 cents, according to live price data. Brent crude rose 71 cents to $100.21 per barrel, a gain of 0.71%. The price for Bakken crude at the wellhead was trading at a discount of $3.42 per barrel versus WTI. The price strength continues to be supported by geopolitical tensions, specifically the Iran war, which has driven a sharp rise in oil prices in recent weeks, according to Reuters and World Energy News. However, U.S. natural gas prices moved against the trend, falling 14 cents to $3.02 per MMBtu. Despite the elevated price environment, major operators in North Dakota's Bakken formation are reportedly taking a cautious approach to increasing drilling activity. According to separate reports from Reuters and...

🔆Midday Wire·May 23

Operator News

Continental Resources to Resume Drilling in North Dakota

Continental Resources Inc. plans to resume drilling for oil in North Dakota this year, according to a report from Bing News. The company, a leading producer in the state, had paused adding new wells because of low oil prices. The decision signals a potential shift in sentiment among major operators in the Bakken formation, North Dakota's primary oil-producing region. Drilling activity is a key indicator of industry health and directly impacts service companies, employment, and state tax revenue. While the Bing News summary did not specify a precise start date or the number of planned rigs, the announcement marks a reversal from a period of capital discipline. Operators across the basin have frequently curtailed drilling programs in response to volatile commodity prices to protect cash flow and shareholder returns. For other Bakken operators, Continental's move may reflect improving confidence in the oil price outlook necessary to justify new investments. A...

🔆Midday Wire·May 23

Pipeline & Infrastructure

Army Corps Finalizes DAPL Decision, Mandates Stricter Oversight

The U.S. Army Corps of Engineers has finalized its regulatory stance on the Dakota Access Pipeline (DAPL), allowing the key conduit to remain in operation under stricter oversight. According to Bing News, the Corps released a Record of Decision on the pipeline, which essentially puts to rest any future regulatory uncertainty regarding its federal permits. Reuters reported that the decision, announced on Thursday, May 21, 2026, permits the pipeline to continue operating but with stricter environmental and safety mandates imposed. This outcome is seen as a setback for Native American tribes who have sought the line's closure. The decision provides critical long-term stability for Bakken shale oil producers. The Dakota Access Pipeline is a major artery for moving crude from North Dakota's Williston Basin to market hubs in Illinois, carrying approximately half of the region's daily oil output. Regulatory uncertainty around its operating permit has been a persistent concern for...

🔆Midday Wire·May 23

Regulatory

UK Tax Move Highlights Global Fiscal Scrutiny for Oil Producers

The United Kingdom government has announced it will close a tax loophole for oil and gas companies, according to a report from Rigzone. Chancellor of the Exchequer Rachel Reeves stated the policy change, Rigzone reported on May 22, 2026. While directly targeting the UK's North Sea operators, such international fiscal developments are closely watched by Bakken producers. Global shifts in oil sector taxation can influence investor sentiment, capital allocation, and the competitive landscape for independent operators worldwide. The Bakken formation in North Dakota operates under a distinct state tax and regulatory framework. However, actions by major producing nations can signal broader political and economic trends affecting the industry. Increased fiscal scrutiny in one region can occasionally lead to comparative advantages or disadvantages for basins elsewhere, influencing where global energy companies choose to invest. For Bakken operators and royalty owners, the primary focus remains on local and federal U.S. policy. Still,...

🔆Midday Wire·May 23

Global Markets

Bakken Output Hits Record Wells Amid Price Surge, Conference Eyes Next Boom

North Dakota's oil activity surged in March with a record number of producing wells, state officials reported Friday, as higher prices driven by global conflict spurred activity. The state's Department of Mineral Resources said there were 19,639 active wells in March, up 224 from February, according to data presented at the monthly "Director's Cut" briefing. The March production of 35.4 million barrels, or 1.142 million barrels per day, marked a near 1% increase from February. Assistant Director Mark Bohrer noted this was the first full month reflecting the impact of the U.S. war with Iran, which began Feb. 28 and closed the key Strait of Hormuz oil shipping corridor. North Dakota's crude price jumped to $84.33 per barrel in March from $57.74 in February, while the West Texas Intermediate benchmark reached $101.02 per barrel on Friday, May 22. Continental Resources founder Harold Hamm announced Thursday his company would resume drilling...

🔆Midday Wire·May 23

Operator News

Bakken Conference, Rig Count Jump Highlight Optimism

Thousands of oil and gas professionals gathered in Bismarck for the second day of the Williston Basin Petroleum Conference this week, according to Bing News. The conference highlighted discussions around "Bakken 2.0," a plan aimed at doubling oil recovery from North Dakota's premier formation. The national backdrop for operators shows increasing activity. The number of oil and gas rigs actively drilling in the U.S. jumped by 7 to 558, rising for a fifth consecutive week, according to a Baker Hughes report cited by Bing News. This marks the highest national rig count since June 2025. The increase in drilling activity suggests broader industry confidence, which can influence capital allocation and development plans in the Bakken. In financial markets, a new product tied to oil futures is being developed. Intercontinental Exchange Inc., owner of the NYSE, is working with OKX to launch perpetual oil futures contracts that never expire, Rigzone reported...

🔆Midday Wire·May 23

Pipeline & Infrastructure

Global Supply Risks, Geopolitics Drive Oil Market Volatility

Global oil markets remained volatile Friday as geopolitical developments from Eastern Europe to the Middle East influenced prices. The uncertainty creates a complex pricing environment for Bakken crude producers, who compete in an international market sensitive to supply disruptions. Ukrainian forces conducted long-range drone strikes against Russian oil-processing and export facilities, according to a statement from President Volodymyr Zelenskyy on Telegram. The attacks, which occurred Thursday night, specifically targeted the Yaroslavl refinery, Rigzone reported. This continues a pattern of strikes on Russia's downstream energy infrastructure, which can tighten global refined product supplies and indirectly support crude prices. Simultaneously, energy markets experienced price swings driven by developments in Iran peace negotiations, as noted by Rigzone. Hopes for a diplomatic resolution can introduce downward pressure on prices by reducing the perceived risk of supply disruptions from the region. Conversely, any breakdown in talks can have the opposite effect. For Bakken operators, these...

🔆Midday Wire·May 23

Production Data

Bakken Rig Count Holds at 25 as Oil Prices Trade Above $96

North Dakota's active drilling rig count held steady at 25 this week, according to live Bakken Wire data, as crude oil prices continued to trade at elevated levels. West Texas Intermediate (WTI) crude was priced at $96.60 per barrel on Saturday, a gain of 25 cents, while the international Brent benchmark rose 71 cents to $100.21. The current rig count, a leading indicator of future production activity, has remained in the mid-20s for several months. Historically, the number of active rigs in the Williston Basin correlates closely with production levels 6 to 12 months later. The current count is significantly lower than the boom-era highs but represents a stabilization following a steep decline from earlier peaks. The Bakken's crude price differential, the discount at which Bakken crude trades compared to WTI at the Cushing, Oklahoma hub, was reported at -$3.42 per barrel. This narrower discount improves netbacks for producers in...

🔆Midday Wire·May 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Near $100 as Bakken Operators Remain Cautious

Oil prices held firm near the $100 mark on Friday, with West Texas Intermediate (WTI) crude settling at $96.60 per barrel, a gain of 25 cents. The global benchmark, Brent crude, closed at $100.21, according to live market data. The Bakken crude differential was $3.42 below WTI. The elevated prices continue to be supported by geopolitical tensions related to the Iran War, which has driven the benchmark U.S. oil contract up 44.1% in value since the conflict began in late February. However, operators in North Dakota's Bakken formation are taking a measured approach to capitalizing on the price environment. According to a Reuters report, U.S. oil operators in North Dakota are cautious about increasing drilling despite the sharp rise in prices, waiting to see if the higher prices will last long enough to justify new investment. Mark Bohrer, assistant director for the Oil and Gas Division of the North Dakota...

🌅Afternoon Wire·May 23

Operator News

Continental Resources Plans Bakken Drilling Resumption in 2026

Continental Resources, a leading North Dakota oil producer, plans to resume drilling operations in the state this year, according to a report from Bing News. The company had previously paused adding new wells due to low oil prices. The decision to restart drilling activity is a closely watched signal for the Bakken formation, indicating operator confidence may be improving. Resuming development programs typically leads to increased service sector activity, more completions, and eventual production growth in the state. While Continental looks to ramp up in North Dakota, other supermajors with Bakken presence are advancing large-scale international projects. ExxonMobil and QatarEnergy signed a memorandum of understanding with Egypt to assess using its existing infrastructure to develop natural gas discoveries in Cyprus, Rigzone reported. This contrast in investment focus underscores the capital allocation decisions facing large operators. ExxonMobil's pursuit of international gas projects via Egypt may reflect a strategic priority different from...

🌅Afternoon Wire·May 23

Pipeline & Infrastructure

U.S. Army Corps Issues Final Decision Allowing DAPL to Continue Operating

The U.S. Army Corps of Engineers has issued a final Record of Decision for the Dakota Access Pipeline (DAPL), allowing the critical crude artery to continue operating. According to Reuters, the decision, announced Thursday, comes with stricter environmental and safety mandates for the pipeline. This action, reported by both Reuters and Bing News, effectively resolves the long-standing regulatory uncertainty that has clouded the pipeline's future. The Corps' move is seen as a definitive step that puts the legal and permitting challenges to rest. For Bakken shale operators in North Dakota, the decision provides crucial stability for the region's primary oil export route. DAPL is a key piece of infrastructure, transporting approximately half of the basin's daily oil production to market hubs in Illinois. The assurance of continued operation secures a major, cost-effective takeaway capacity for the foreseeable future. While the operational future is now clear, the new stricter environmental mandates...

🌅Afternoon Wire·May 23

Regulatory

UK Moves to Close Oil Tax Loophole

The UK government is moving to close a tax loophole for oil and gas companies, according to a report from Rigzone. Chancellor of the Exchequer Rachel Reeves announced the policy shift on Friday, May 22. While the specific details of the loophole and the UK's North Sea fiscal regime are a direct concern for operators in that basin, the move is part of a broader global trend. Governments worldwide are scrutinizing the tax structures applied to hydrocarbon production, often seeking to increase state revenues from the sector. For Bakken operators and royalty owners, such international developments serve as a reminder of the potential for domestic policy changes. The U.S. federal and state tax landscape for oil and gas is periodically reviewed, and shifts in sentiment abroad can influence debate at home. North Dakota's oil extraction tax and gross production tax are key revenue sources for the state. The UK's action...

🌅Afternoon Wire·May 23

Global Markets

Bakken Gas Pipeline Plan Advances Amid Surging US Rig Count

North Dakota energy officials are pushing a major new pipeline project as a critical solution to Bakken natural gas flaring, a move framed as essential to keeping oil investment in the state. The push comes as the national oil and gas rig count rises to its highest level in nearly a year, according to industry data. At the 2026 Williston Basin Petroleum Conference, Justin Kringstad, executive director of the North Dakota Pipeline Authority, warned that without infrastructure solutions, producers will move capital to other opportunities. "Today’s producers will not allow flaring to ramp up to the levels it was years ago. They need to have a solution," Kringstad said, according to KFYR. The proposed solution is the Bakken East project, a high-pressure pipeline that would run from Watford City to Fargo. It would be the first large-scale system built exclusively for North Dakota natural gas, according to the KFYR report....

🌅Afternoon Wire·May 23

Operator News

Global Events Drive Oil Market Volatility

Global energy markets experienced significant volatility this week, with prices swinging on geopolitical developments including new Ukrainian drone strikes on Russian refineries and ongoing diplomatic efforts involving Iran, according to reports from Rigzone. Ukrainian forces used long-range drones to target Russia's oil-processing and export facilities, specifically the Yaroslavl refinery, on Thursday night, May 21, Rigzone reported, citing a statement from President Volodymyr Zelenskyy. This marks another strike on the same facility, continuing a pattern of attacks that have disrupted Russian refining capacity over the past year. Separately, oil prices remained unstable due to shifting hopes for peace negotiations involving Iran, Rigzone noted. The market is sensitive to any developments that could alter the flow of Iranian crude oil to global markets. For Bakken shale producers in North Dakota, these international events directly influence the price environment for their crude. The Bakken formation is a major tight oil play, and its...

🌅Afternoon Wire·May 23

Production Data

Bakken Rig Count Steady at 25 as Oil Prices Hold Above $96

North Dakota's active drilling rig count remained unchanged at 25 on Saturday, May 23, according to Bakken Wire live data. This figure, paired with West Texas Intermediate crude trading at $96.60 per barrel, suggests a continued period of stable, but constrained, operator activity in the Bakken formation. The current rig count represents a fraction of the historic peaks seen during the basin's boom years. Historically, the number of active rigs is a leading indicator for future production levels, as new wells drilled today will not contribute to output for several months. A sustained count in the mid-20s typically correlates with a production plateau or modest decline in the state's total oil output, absent significant improvements in well productivity or efficiency gains from existing infrastructure. The price environment remains supportive for operators. WTI showed a slight gain of 0.26% to $96.60, while the international benchmark Brent crude rose 0.71% to $100.21....

🌅Afternoon Wire·May 23

Workforce & Community

Bakken Rig Count Holds at 25 Amid Stable Oil Prices

The number of active drilling rigs in the Bakken formation held at 25 on Saturday, May 23, 2026, signaling a continued, moderate pace of oilfield employment demand in western North Dakota. The current rig count, a key indicator of direct industry employment, supports a workforce level significantly below the historic peaks of the last boom but stable compared to recent months. This activity level is underpinned by firm crude oil prices. West Texas Intermediate (WTI) crude traded at $96.60 per barrel, up 25 cents on the day, while the global benchmark Brent crude was at $100.21, according to live Bakken Wire data. These prices provide operators with sufficient economic incentive to maintain drilling programs but not necessarily to aggressively expand them. For oil towns like Williston, Watford City, and Dickinson, a rig count in the mid-20s translates to a sustained need for field personnel, including drillers, roustabouts, and completions crews,...

🌅Afternoon Wire·May 23