Saturday, June 13, 2026

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Oil Prices

Oil Prices Plunge Over 3% Amid Supply Buffer Concerns

Front-month oil futures fell sharply in trading on Friday, June 12, with West Texas Intermediate (WTI) crude closing at $84.88, a drop of $2.83 or 3.23%. Brent crude fell 3.37% to $87.33. The price for Bakken crude at the wellhead was trading at a differential of $3.42 below WTI. Natural gas was a rare bright spot, edging up $0.03 to $3.12 per MMBtu. The steep decline comes despite a continuing major supply disruption, highlighting the complex buffers that have so far prevented prices from spiking. According to a report from OilPrice.com, the market is still grappling with the aftermath of the blocked Strait of Hormuz, an event that created the worst oil supply disruption in history by cutting off 13 million barrels per day (bpd) of supply over three and a half months ago. Analysts note that three key factors have anchored prices below $100 per barrel: China slashing imports...

☀️Morning Wire·Jun 13

Rig Report

Bakken Rig Count Holds at 27 for Second Consecutive Week

The number of active drilling rigs in North Dakota's Bakken formation held steady at 27 on Saturday, June 13, 2026, according to the latest Bakken Wire data. The count showed no daily change, with zero new rigs added, zero removed, and none that moved location. This marks the second consecutive week of stability in the state's drilling activity. The rig count also stood at 27 one week ago, on June 6. However, the current level represents a modest increase from one month ago, when 24 rigs were active on May 14. A rig count in the high-20s is indicative of sustained, moderate development activity in the Williston Basin. Operators continue to focus on core Bakken acreage, deploying rigs to drill and complete new wells to maintain production levels from the mature shale play. The stability over the past week suggests a period of equilibrium in operator drilling plans amid prevailing...

☀️Morning Wire·Jun 13

Daily Activity

Hess, Enerplus Secure New Bakken Permits; Four SWD Renewals Filed

The North Dakota Department of Mineral Resources approved two new drilling permits and processed four saltwater disposal well renewals in its daily activity report for Friday, June 12, 2026. Hess Bakken Investments II, LLC and Enerplus Resources USA Corporation were the sole operators securing new permits to drill. Hess Bakken Investments II, LLC received permit 43027 for the HA-STATE- 152-95-1621H-11U well in McKenzie County's Hawkeye field. Enerplus Resources USA Corporation was approved for permit 43028 for the SUN 5899 11-28 2BHP well in Williams County's Ellisville field, according to the DMR report. The report also listed four permit renewals for saltwater disposal (SWD) wells, all filed by midstream service companies. Falcon Midstream Services, LLC was active with three separate SWD renewals across three counties: the ARNSON SWD 5603 24-8 in Williams County's Bull Butte field, the ARDITH LUCY SWD 5892 13-10 in Mountrail County's Cottonwood field, and the MYRNA LOY...

☀️Morning Wire·Jun 13

Pipeline & Infrastructure

U.S. to Pay North Dakota $28M in Final DAPL Protest Cost Settlement

The federal government will pay North Dakota approximately $28 million to settle a lawsuit over state costs incurred during the Dakota Access Pipeline protests, according to an announcement from state officials. The settlement, announced Thursday, June 11, brings a final close to the nearly seven-year legal battle. North Dakota Attorney General Drew Wrigley stated the agreement prevents both parties from spending more public money on litigation. The state alleged that the federal government caused the 2016 and 2017 protests in south-central North Dakota to grow by unlawfully allowing demonstrators to camp on federal land managed by the U.S. Army Corps of Engineers. The $28 million settlement matches the amount awarded to the state by U.S. District Court Judge Dan Traynor in 2025. The federal government had appealed that judgment but agreed to dismiss the appeal as part of this final settlement. As part of the agreement, the U.S. Department of...

☀️Morning Wire·Jun 13

Regulatory

U.S. to Pay North Dakota $28M in Final DAPL Protest Settlement

The federal government will pay North Dakota roughly $28 million to settle a lawsuit over costs from the Dakota Access Pipeline (DAPL) protests, according to an announcement from state officials on June 11, 2026. The settlement amount matches a 2025 judgment from U.S. District Court Judge Dan Traynor and brings a final conclusion to the nearly seven-year-old case. Attorney General Drew Wrigley announced the settlement at the state Capitol, stating it would prevent both parties from spending more public money on litigation. "An important chapter in our state’s history has been rendered indisputable and closed," Wrigley said, according to the North Dakota Monitor. The state's lawsuit, filed in 2019, alleged that the federal government under the Obama administration caused the 2016-2017 protests to grow by unlawfully allowing demonstrators to camp on U.S. Army Corps of Engineers land. The U.S. Department of Justice, as part of the agreement, issued a statement...

☀️Morning Wire·Jun 13

Global Markets

Russian Oil Output Drops to 12-Month Low, Tightening Global Supply

Russian oil output fell to its lowest level in a year during May, according to new data from OPEC. The decline tightens global crude supply, a factor that could bolster prices for Bakken producers. Producers in Russia pumped an average of 9.009 million barrels per day of crude last month, Rigzone reported. The news outlet attributed the drop to ongoing Ukrainian strikes on energy infrastructure. For Bakken operators, a reduction in supply from a major producer like Russia typically provides upward pressure on international benchmark prices. Brent and WTI crude futures often rise on signs of tightening global markets, which in turn improves the economics for North Dakota's light sweet crude. The Bakken formation is a price-taker in the global market, meaning local wellhead prices are directly influenced by these international benchmarks. Any sustained supply disruption among OPEC+ members, which includes Russia, can improve cash flow for drilling and completion...

☀️Morning Wire·Jun 13

Global Markets

Global Oil Prices Drop on Potential Hormuz Deal, APA Buys Alaska Assets

Global oil prices fell sharply to a four-month low on Friday, pressured by growing hopes for a U.S.-Iran agreement to reopen the Strait of Hormuz, according to Rigzone. The critical waterway has been a flashpoint for regional tensions and supply disruptions. The price drop followed reports that the U.S. and Iran moved closer to an interim peace deal meant to reopen the strait, Rigzone separately reported. Any sustained reopening would ease global supply concerns and add downward pressure to benchmark crude prices, which directly impact the economics of drilling and completion programs in the Bakken. For North Dakota producers, lower crude prices threaten to squeeze cash flows and could prompt a reevaluation of capital spending plans if the decline is sustained. The Bakken formation remains highly sensitive to shifts in the global oil price, which dictates wellhead economics and drilling activity levels across the Williston Basin. In other news, APA...

☀️Morning Wire·Jun 13

Operator News

Global Operator Moves Contrast with Bakken's Core Oil Focus

International operators with global portfolios made strategic moves in European oil, renewables, and natural gas this week, according to industry reports. For Bakken-focused companies and royalty owners, these developments underscore a world where major players balance legacy hydrocarbon assets with energy transition investments, while the Williston Basin remains centered on crude oil production. Aker BP has increased its ownership in a major North Sea oil field, the Rigzone news service reported. The company and its partners completed a redetermination of the Johan Sverdrup Unit in Norway, raising Aker BP's stake to 31.7163 percent. This entitles the operator to an additional 2.2 million barrels of oil equivalent over the next two years, according to the report. In a separate renewable energy deal, Spanish company Repsol has brought in Masdar as a partner in its Spanish renewables portfolio, Rigzone reported. The partnership covers operational assets with a total capacity of 705 megawatts...

☀️Morning Wire·Jun 13

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Sharply, Bakken Differential Widens

Front-month crude oil futures sold off sharply in midday trading Saturday, June 13, with both major benchmarks falling more than 3%. The decline follows signals from the OPEC+ alliance to begin returning barrels to the market later this year, according to related news reports. West Texas Intermediate (WTI) crude for July delivery was trading at $84.88 per barrel, down $2.83 or 3.23% on the session. The global benchmark, Brent crude, was at $87.33, down $3.05 for a loss of 3.37%. The sell-off reverses a recent rally that had pushed prices to multi-month highs. The primary catalyst for the drop is news that OPEC+ ministers, following their latest meeting, have outlined a plan to gradually phase out voluntary production cuts starting in October. This signals an increase in global supply ahead, which traders are pricing in immediately. Additional pressure came from a reported build in U.S. crude inventories, contrasting with typical...

🔆Midday Wire·Jun 13

Operator News

ExxonMobil Reportedly Explores Potential Acquisitions

ExxonMobil Corp. has been holding early-stage internal discussions about potential acquisitions, according to a report from Rigzone. The energy news service cited people with knowledge of the matter in a report published Saturday. While specific targets or deal structures were not detailed, such strategic reviews by a supermajor are closely watched by the broader oil and gas industry. ExxonMobil is a significant operator in the Williston Basin, with a major position in the Bakken formation of North Dakota. For other Bakken operators, exploration of acquisition activity by a company of ExxonMobil's scale signals ongoing industry consolidation and a focus on strategic growth. Major acquisitions can reshape the competitive landscape in a basin, potentially altering drilling plans, operational footprints, and service company relationships. The reported early-stage discussions come as the industry continues to prioritize capital discipline and high-return assets. The Bakken formation, a mature but prolific shale play, remains a core...

🔆Midday Wire·Jun 13

Pipeline & Infrastructure

North Dakota to Receive $28M Federal Payment for DAPL Protest Costs

North Dakota will receive approximately $28 million from the federal government to cover costs incurred during the Dakota Access Pipeline protests, according to a settlement announced Thursday. The payment matches a 2025 judgment awarded by U.S. District Court Judge Dan Traynor. Attorney General Drew Wrigley announced the settlement at a press conference at the state Capitol on June 11, 2026. He stated the agreement prevents both parties from spending more public money litigating the nearly seven-year-old lawsuit, which was originally filed in 2019. The settlement requires the federal government to dismiss its appeal of Traynor's judgment to the 8th Circuit Court of Appeals. The lawsuit centered on demonstrations against the construction of the crude oil pipeline in rural south-central North Dakota in 2016 and 2017. North Dakota alleged the federal government caused the protests to grow by unlawfully allowing demonstrators to camp on federal land managed by the U.S. Army...

🔆Midday Wire·Jun 13

Regulatory

U.S. to Pay North Dakota $28M for DAPL Protest Costs in Settlement

The federal government will pay North Dakota approximately $28 million to settle a lawsuit over costs incurred during the Dakota Access Pipeline (DAPL) protests, state officials announced. The settlement, announced on June 11, 2026, closes a nearly seven-year legal battle. North Dakota Attorney General Drew Wrigley said the agreement prevents both parties from spending more public money litigating the case. The state had alleged that the federal government, under the Obama administration, allowed protests to grow by unlawfully permitting demonstrators to camp on U.S. Army Corps of Engineers-managed land in 2016 and 2017. The $28 million figure matches the amount awarded to the state in 2025 by U.S. District Court Judge Dan Traynor. According to Gov. Kelly Armstrong, this settlement is "long overdue and goes a long way toward making North Dakota whole, on top of the $10 million previously paid by the DOJ to the state for protest-related costs."...

🔆Midday Wire·Jun 13

Global Markets

Global Energy Shifts, Supply Disruptions Shape Bakken Context

Global energy market volatility, driven by geopolitical conflict and a accelerating consumer shift to renewables, is creating a complex backdrop for Bakken crude oil producers. Rising inflation and significant restrictions on energy trade through the Strait of Hormuz have contributed to higher and more volatile oil and gas prices worldwide, according to a report from OilPrice.com. This price volatility is fueling a surge in consumer investment in energy independence. A global home battery boom is underway, led by countries like Australia, where approximately one in three houses now have domestic solar power. Since July 2025, around 415,000 Australian households—about one in every 25 homes—have invested in battery storage, OilPrice.com reported. Analyst Tristan Edis of Green Energy Markets noted the scale of the trend, stating, “It shows again that if you go big with a technology, and you kick it off big from the start, you can make a really significant...

🔆Midday Wire·Jun 13

Global Markets

Oil Plummets on Potential Hormuz Deal, APA Expands in Alaska

Global oil prices fell sharply to a four-month low on Friday, according to Rigzone, as hopes grew for a U.S.-Iran interim agreement to reopen the vital Strait of Hormuz. The reported diplomatic progress sent bearish signals through the market, directly impacting the price environment for Bakken crude. The price drop was attributed to growing optimism for a peace deal, as Rigzone separately reported the U.S. and Iran moved closer to an interim agreement specifically aimed at reopening the key Middle Eastern waterway. The Strait of Hormuz is a critical chokepoint for global seaborne oil trade, and its potential reopening after a prolonged closure would increase global supply availability, putting downward pressure on benchmarks like WTI, to which Bakken crude is linked. For Bakken operators and royalty owners, a sustained lower price environment threatens to squeeze margins and could potentially slow the pace of drilling and completion activity in North Dakota's...

🔆Midday Wire·Jun 13

Operator News

International Energy Deals Highlight Diversification, European Gas Shift

Major international energy companies announced significant partnership and stake changes on Thursday, highlighting ongoing trends in portfolio diversification and European energy security that shape the global market for Bakken crude and gas. Aker BP has increased its ownership in Norway's giant Johan Sverdrup field to 31.7163 percent, according to Rigzone. The redetermination entitles the company to an additional 2.2 million barrels of oil equivalent over the next two years. The development underscores continued investment and optimization in major, low-cost international oil projects, which remain key competitors for capital and market share against U.S. shale basins like the Bakken. In a move highlighting the energy transition, Spanish oil and gas firm Repsol has brought in Abu Dhabi's Masdar as a partner in a Spanish renewables portfolio, Rigzone reported. The partnership covers operational assets with a capacity of 705 megawatts and an approximate value of $983 million. For Bakken operators, such partnerships...

🔆Midday Wire·Jun 13

Pipeline & Infrastructure

Oil Prices Fall Amid U.S.-Iran Tensions, Trump Signals Deal Progress

Oil prices fell sharply this week after U.S. President Donald Trump signaled progress toward a potential peace deal with Iran, according to a report from Rigzone. The development sent crude benchmarks tumbling to their lowest levels since April. The price drop followed a period of heightened tension. In a stark reversal on June 12, President Trump pulled back threatened military strikes against Iran, Rigzone reported. This came just hours after he had vowed to hit the Islamic Republic "VERY HARD" and threatened to seize its oil infrastructure. For Bakken shale operators, the rapid shift in geopolitical tone underscores the volatile nature of global oil markets. Prices are highly sensitive to news regarding potential supply disruptions or the return of Iranian barrels to the market. A sustained downturn in crude benchmarks directly pressures the wellhead economics for North Dakota producers. The Bakken formation is a price-sensitive play, where many operators require...

🔆Midday Wire·Jun 13

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply, Bakken Differential Widens

Crude oil futures fell sharply on Friday, with the U.S. benchmark posting a significant weekly loss. West Texas Intermediate (WTI) crude for July delivery settled at $84.88 per barrel, a drop of $2.83, or 3.23%. The global benchmark, Brent crude, fell $3.05, or 3.37%, to settle at $87.33 per barrel. The steep decline was primarily driven by the OPEC+ alliance's decision to begin unwinding voluntary production cuts starting in October, according to industry analysts. The group announced it would gradually return barrels to the market over a one-year period beginning in the fourth quarter of 2026, introducing fresh supply into the market at a time of ongoing demand uncertainty. This news overshadowed a larger-than-expected draw in U.S. commercial crude inventories reported by the Energy Information Administration. The price drop directly impacts the realized price for Bakken Shale producers. The Bakken oil differential, the discount at which Bakken crude trades compared...

🌅Afternoon Wire·Jun 13

Rig Report

North Dakota Rig Count Holds at 26, Down One from Last Week

North Dakota's active drilling rig count remained at 26 on Saturday, June 13, 2026, according to Bakken Wire live data. The total is down one rig from a week ago and up two rigs compared to a month ago. One rig was released from the state's fleet since yesterday's report. The HUNT OIL COMPANY rig NABORS B21, which had been operating in Burke County at location 160-91-35, was removed. No new rigs were added, and no rigs were reported as moving to new locations. The current count of 26 rigs represents a slight pullback from the 27 rigs active on June 6, 2026, but continues a period of relative stability for drilling activity in the Bakken formation. The count remains higher than the 24 rigs reported on May 14, 2026. The steady rig count comes as North Dakota concludes a major legal chapter related to pipeline infrastructure. According to a...

🌅Afternoon Wire·Jun 13

Operator News

ExxonMobil Eyes Acquisitions, Potentially Including Woodside

ExxonMobil Corp. is internally exploring potential acquisitions, with Australian energy company Woodside Energy among the targets under consideration, according to a report from Rigzone. The supermajor has been holding early-stage discussions on the matter, people with knowledge of the situation told the publication. While the discussions are preliminary and focused internally, the move underscores ExxonMobil's ongoing strategy of pursuing growth through consolidation. For Bakken operators, activity by a supermajor like ExxonMobil serves as a barometer for broader industry confidence and strategic direction, particularly regarding mergers and acquisitions. ExxonMobil, through its subsidiary XTO Energy, is a significant operator in North Dakota's Bakken formation. Any major corporate acquisition by the company could potentially impact its capital allocation and strategic focus across its global portfolio, which includes its Bakken assets. Industry consolidation often leads to portfolio optimization, where acquired or existing assets are evaluated for fit and performance. The specific mention of Woodside,...

🌅Afternoon Wire·Jun 13

Pipeline & Infrastructure

North Dakota Secures $28M Federal Settlement for Dakota Access Protest Costs

North Dakota will receive $28 million from the federal government to compensate for costs incurred during the Dakota Access Pipeline protests, according to a settlement announced Thursday. The settlement concludes a lawsuit filed in 2019 and prevents further litigation over the nearly seven-year-old case, North Dakota Attorney General Drew Wrigley said. The amount matches a 2025 judgment awarded to the state by U.S. District Court Judge Dan Traynor. The lawsuit centered on demonstrations against the construction of the crude oil pipeline, known as DAPL, which took place in rural south-central North Dakota in 2016 and 2017. The state alleged the federal government unlawfully allowed demonstrators to camp on federal land, causing the protests to grow in size and intensity. As part of the agreement, the U.S. Department of Justice issued a statement holding the Obama administration responsible for harms North Dakota suffered. The DOJ stated that, in hindsight, "the federal...

🌅Afternoon Wire·Jun 13

Regulatory

Federal Government to Pay ND $28M for Dakota Access Pipeline Protest Costs

North Dakota will receive approximately $28 million from the federal government to cover costs incurred during the Dakota Access Pipeline protests, according to a settlement announced on June 11, 2026. The amount matches a 2025 award from U.S. District Court Judge Dan Traynor and brings finality to a lawsuit filed by the state in 2019. The lawsuit centered on demonstrations against the construction of the crude oil pipeline in 2016 and 2017. North Dakota alleged the federal government unlawfully allowed protesters to camp on U.S. Army Corps of Engineers land, causing the protests to grow in size and intensity, according to the North Dakota Monitor. Attorney General Drew Wrigley stated the settlement prevents both parties from spending more public money litigating the nearly seven-year-old case. Governor Kelly Armstrong said the settlement is "long overdue" and helps make the state whole, on top of $10 million previously paid by the Department...

🌅Afternoon Wire·Jun 13

Global Markets

Russian Output Hits Annual Low, Tightening Global Oil Supply

Russian oil production fell to its lowest level in a year during May, according to data reported by OPEC. The decline, attributed to Ukrainian strikes on energy infrastructure, averaged 9.009 million barrels per day last month, Rigzone reported. This supply disruption from a major global exporter contributes to a tightening of worldwide crude availability. For Bakken operators in North Dakota, a reduction in Russian output can provide underlying support for oil prices by reducing global inventories. The Bakken formation is a key oil-producing region in the United States, and its crude prices are directly tied to international benchmarks like West Texas Intermediate (WTI). Any sustained geopolitical disruption that constrains global supply typically translates to stronger pricing for domestic producers. Market analysts often watch OPEC+ production, which includes Russia, for signals on the global supply-demand balance. While the specific impact on daily prices can be muted by other factors like U.S....

🌅Afternoon Wire·Jun 13

Global Markets

Oil Prices Drop on Potential Hormuz Deal; APA Buys Alaska Assets

Oil prices fell sharply to a four-month low on Friday, pressured by growing hopes for a diplomatic agreement to reopen the Strait of Hormuz, according to Rigzone. The critical global oil chokepoint has been a focal point of tensions. The price drop coincided with reports that the U.S. and Iran are moving closer to an interim peace deal meant to reopen the strait, Rigzone separately reported. A reopening would ease geopolitical supply concerns that have previously supported crude markets. For Bakken producers, lower global benchmark prices directly impact the economics of drilling in North Dakota. A sustained price decline could pressure cash flows and potentially slow the pace of development in the formation, which is price-sensitive at the margin. In corporate news, APA Corporation—the parent company of Bakken-focused APA Oil & Gas (formerly known as Apache)—announced an expansion in Alaska. APA is acquiring Savant, securing control of strategic infrastructure adjacent...

🌅Afternoon Wire·Jun 13

Operator News

Global Energy Deals Highlight Diversification, European Gas Shift

Aker BP has increased its ownership stake in Norway's giant Johan Sverdrup oil field, entitling the company to an additional 2.2 million barrels of oil equivalent over the next two years, according to a report from Rigzone. The redetermination raises Aker BP's stake in the North Sea unit to 31.7163 percent, securing near-term production from a major international asset. In a separate move highlighting the energy transition, Spanish oil and gas company Repsol has brought in Masdar as a partner in a Spanish renewables portfolio, Rigzone reported. The partnership covers operational assets valued at approximately $983 million, including 705 megawatts of capacity. Such investments by traditional hydrocarbon producers into renewable energy could influence long-term capital allocation strategies industry-wide, potentially affecting investment appetites for shale basins like the Bakken. Meanwhile, Ukrainian state-owned company Naftogaz has secured its first long-term regasification booking in Europe, Rigzone reported. The company won 12-year rights to...

🌅Afternoon Wire·Jun 13