Monday, June 15, 2026

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Oil Prices

Crude Prices Plunge as US-Iran Deal Reopens Key Strait

Oil prices tumbled sharply in early Monday trading following a geopolitical breakthrough, with West Texas Intermediate (WTI) crude down over 5% to $80.33 per barrel. Brent crude also fell, trading at $83.08. The sell-off was triggered by the announcement late Sunday of a deal between the United States and Iran to reopen the Strait of Hormuz, according to a report from OilPrice.com. The critical waterway, closed for more than 100 days, could reopen as soon as an agreement is signed this Friday. The prospect of renewed oil flows from the Middle East immediately pressured global benchmarks. For Bakken operators, the price drop directly impacts the realized price for their crude. The Bakken differential—the discount at which Bakken crude trades compared to WTI—was reported at -$3.42. This means Bakken crude was priced at approximately $76.91 per barrel in early Monday trading. While the reopening of the strait is bearish in the...

☀️Morning Wire·Jun 15

Rig Report

Bakken Rig Count Holds at 26, Down 2 from Last Week

North Dakota's active drilling rig count held at 26 on Monday, June 15, 2026, Bakken Wire's daily tally shows. There was no day-over-day change in the number of operational rigs across the Bakken formation and Williston Basin. According to the live data, there were no new rigs added, no rigs removed from operation, and no rigs that moved location since Sunday's report. The stability follows a slight decline in activity over the past week. The current count of 26 rigs represents a decrease of two from the level reported one week ago on June 8, 2026, when 28 rigs were active. However, the longer-term trend shows an increase in drilling activity compared to last month. The rig count is up by four from the 22 rigs reported active on May 16, 2026. The rig count is a closely watched leading indicator for future oil production in North Dakota, the United...

☀️Morning Wire·Jun 15

Daily Activity

DMR Daily Activity Report Shows No New Filings for Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, June 14, 2026, contained no new filings, according to the agency's report. No new permits, well completions, spud reports, or plugging records were recorded. The DMR daily activity report is the state's official log of key drilling and production actions. It typically lists new drilling permits approved, wells that have been completed and started producing (IPs), wells that have started drilling (spud reports), and wells that have been permanently plugged. Days with no reported activity are normal, particularly on weekends and holidays when state offices are closed and operator field reporting slows. The lack of filings for June 14 follows this standard pattern. The next report, expected later today, will cover any activity from Monday, June 15.

☀️Morning Wire·Jun 15

Operator News

Woodside Denies ExxonMobil Takeover Talks, Analyst Sees Hurdles

Australian energy giant Woodside Energy Group Ltd. said it is not in discussions with ExxonMobil Corp. regarding a potential takeover, according to a report by Rigzone. The company's statement was issued on Monday, June 15, 2026. This denial follows a separate Rigzone report from June 13, 2026, which stated ExxonMobil had been holding early-stage internal discussions about potential acquisitions, with Woodside mentioned as a target. That report cited people with knowledge of the matter. An analyst cited in the more recent report suggested any potential deal between the two majors would likely face significant regulatory hurdles if it were to proceed. For Bakken operators, the mere discussion of a mega-merger between international supermajors underscores the continued consolidation trend within the global oil and gas sector. While neither Woodside nor ExxonMobil is a primary operator in the North Dakota Bakken formation, large-scale corporate moves at this level can influence broader market...

☀️Morning Wire·Jun 15

Pipeline & Infrastructure

North Dakota Secures Final $27.8M from Feds for DAPL Protest Costs

North Dakota has secured a final $27.8 million payment from the federal government, closing a years-long legal effort to recoup costs from the Dakota Access Pipeline protests. According to a settlement announced this past week by North Dakota Attorney General Drew Wrigley, the payment brings the state's total recovery to nearly $38 million when combined with a previously secured $10 million. The settlement reimburses North Dakota for law enforcement, emergency response, and cleanup expenses incurred during the nearly 10-month demonstrations against the Dakota Access Pipeline (DAPL) in 2016-17. State officials had argued that North Dakota taxpayers should not bear the financial burden of the protests, which involved responses from 178 agencies over more than 230 days and resulted in 761 arrests. The protests began on April 1, 2016, when members of the Standing Rock Sioux Tribe and allies established the Sacred Stone Camp near the proposed pipeline route. The movement...

☀️Morning Wire·Jun 15

Regulatory

Australian LNG Strike Proceeds, Tightening Global Gas Supply

An Australian labor regulator has denied a request to halt an escalating strike at a major LNG export facility, a decision that adds further strain to tight global natural gas markets. According to a report from OilPrice.com, the Australian Fair Work Commission rejected operator Inpex's application to suspend industrial action at the 9.2-million-ton Ichthys LNG facility. The regulator sided with trade unions, with Deputy President Michael Easton stating, “I do not regard this to be a significant disruption. At least some of the previous production will not be lost as soon as the loading ban is lifted.” Workers have escalated stoppages to up to 8 hours per day across all three site facilities as of June 11, up from an initial 4 hours. This supply disruption coincides with a catastrophic outage in the Persian Gulf. QatarEnergy estimates damage to its massive Ras Laffan LNG complex will cost $20 billion annually...

☀️Morning Wire·Jun 15

Global Markets

ND Secures $27.8M Final DAPL Settlement; Global Oil Flow Recovery Seen as Slow

North Dakota will recover nearly $38 million from the federal government for expenses related to the 2016-17 Dakota Access Pipeline protests, following a final settlement announced last week, according to a report from Native News Online. State Attorney General Drew Wrigley secured a $27.8 million reimbursement, combined with a previously secured $10 million payment. Meanwhile, a deal to reopen the Strait of Hormuz does not mean a swift return to previous global oil and gas trade levels, OilPrice.com reported Monday. Middle Eastern producers have been forced to shut in more than 10 million barrels per day (bpd) of oil production since the Strait closed three and a half months ago, and a full ramp-up could take months to a year. Energy consultancy Wood Mackenzie said that, assuming a controlled ramp-up, affected fields could reach 70% of prior production within three months and 90% within six months, according to the OilPrice.com...

☀️Morning Wire·Jun 15

Operator News

Global Shipping Caution, Energy Investment Shifts Follow Hormuz Deal

The U.S. and Iran have reached an interim agreement to reopen the Strait of Hormuz, halting a war and setting the stage for 60 days of negotiations on Tehran's nuclear program, according to Rigzone. The formal agreement is set to be signed on Friday, June 19, 2026. Despite this announcement, key shipping players are holding back. Japanese shipping companies with vessels stuck near the strategic chokepoint are in no rush to test the deal's veracity, OilPrice.com reported, citing a Reuters report. They plan to wait until the agreement is formalized. "Japanese shippers would rather wait a little longer for more concrete information," the report stated. The Strait of Hormuz was shut down by Iran in early March 2026 in response to missile strikes by the U.S. and Israel. The closure trapped several hundred tankers, LNG carriers, and cargo ships, disrupting global energy supply. While a U.S. naval blockade on Iranian...

☀️Morning Wire·Jun 15

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Plunge Over 5%, WTI Drops Below $81

Oil prices collapsed in midday trading Monday, with West Texas Intermediate crude falling more than 5% to trade near $80 per barrel, according to live price data. The sharp decline pressures margins for Bakken Shale producers, with the region's crude priced at a discount of $3.42 to the WTI benchmark. As of midday June 15, 2026, WTI Crude was trading at $80.22 per barrel, down $4.66 or 5.49% on the day. The international benchmark Brent Crude fell to $82.69, a drop of $4.64 or 5.31%. Natural gas prices saw a more modest decline, trading at $3.11, down one cent. The dramatic sell-off is attributed to a combination of macroeconomic concerns and signs of rising global supply. Market sentiment has been weighed down by fears of slowing demand growth amid persistent inflation and higher interest rates. Concurrently, reports indicate increased production from non-OPEC producers and ongoing output from OPEC+ nations above...

🔆Midday Wire·Jun 15

Operator News

Woodside Denies ExxonMobil Takeover Talks, Quelling Bakken M&A Speculation

Woodside Energy said it is not in takeover discussions with ExxonMobil, according to a report from Rigzone. The Australian company's statement directly addresses market speculation that followed earlier reports of ExxonMobil's internal exploration of potential acquisitions, which included Woodside. Earlier in the week, Rigzone reported that ExxonMobil had been holding early-stage discussions internally about potential acquisitions, including Woodside, according to people with knowledge of the matter. The Woodside statement appears to refute the existence of any formal talks between the two companies. For Bakken operators and royalty owners, major mergers and acquisitions among international supermajors can signal broader industry consolidation trends and capital allocation strategies. ExxonMobil is a significant operator in the Williston Basin, and its pursuit of large-scale deals is closely watched for potential impacts on its North American portfolio focus and spending. An analyst cited by Rigzone suggested that any potential deal for Woodside by ExxonMobil would likely...

🔆Midday Wire·Jun 15

Pipeline & Infrastructure

North Dakota Secures $27.8M Final Federal Payment for DAPL Protest Costs

North Dakota has secured a final settlement of $27.8 million from the federal government for costs incurred during the Dakota Access Pipeline (DAPL) protests, according to state officials. Combined with a previous $10 million payment, the state’s total recovery now amounts to nearly $38 million. The settlement resolves a long-running lawsuit where North Dakota sought reimbursement for law enforcement, emergency response, and cleanup costs from the 2016-17 demonstrations. State Attorney General Drew Wrigley announced the agreement this past week, according to a report by Bing News. State officials argued that North Dakota taxpayers should not have borne the financial burden of the protests. The emergency response lasted more than 230 days and involved 178 response agencies from multiple counties, resulting in 761 arrests, according to the source. The Dakota Access Pipeline transports crude oil from the Bakken formation in North Dakota to Illinois. The project drew international opposition a decade...

🔆Midday Wire·Jun 15

Global Markets

Russian Fuel Crisis, U.S. LNG Deal Signal Shifting Global Energy Flows

The Russian government has authorized some refineries to produce gasoline and diesel with higher sulfur content to alleviate ongoing fuel shortages, according to a report from Russian daily Kommersant cited by OilPrice.com. The eased environmental rules, first introduced in autumn 2025, have been extended. Russia is also banning exports of refined products to secure domestic supply. Gasoline exports are banned for all market participants, while diesel exports are banned for traders until July 31. Earlier this month, Russia also banned jet fuel exports through November 30, 2026. These measures are a response to intensifying Ukrainian drone attacks on Russian refining infrastructure and key fuel supply routes. Ukraine has stepped up attacks this month on territories occupied by Russia, including Crimea and Mariupol. Several Russian regions have been experiencing fuel shortages as a result. Officials are attempting to downplay the crisis. Alexander Drozdenko, governor of the Leningrad region, said last week...

🔆Midday Wire·Jun 15

Global Markets

Global EOR Push Offers $42T Opportunity; ND Secures $27.8M DAPL Settlement

A global industry shift toward enhanced oil recovery (EOR) represents a multi-trillion-dollar opportunity, with North Dakota already launching a major project in the Bakken, according to an OilPrice.com report. Wood Mackenzie estimates advanced recovery technologies could unlock as much as 470 billion additional barrels worldwide, valued at over $42 trillion at current prices. This trend is being framed as the industry's "new exploration," with governments and producers spending billions to extract oil discovered decades ago but never fully recovered. In North Dakota, state officials recently launched a $157-million project targeting the Bakken formation, where they estimate roughly 85% of the resource remains trapped in the rock. Major companies are making significant moves to capitalize on this shift. Occidental Petroleum plans to deploy three new commercial enhanced recovery projects in 2026 and has another 30 in development. ExxonMobil's $4.9 billion acquisition of Denbury gave it control of the largest CO₂ pipeline...

🔆Midday Wire·Jun 15

Operator News

Global Operators Pursue Deals, Extensions in Monday Roundup

International oil companies made strategic moves Monday, with Petroleos Mexicanos (Pemex) exploring a joint Gulf of Mexico campaign and Petronas farming down Malaysian assets, according to Rigzone reports. Separately, partners in a major Norwegian field are looking to extend its productive life. Pemex CEO Juan Carlos Carpio is expected to visit Brazil this month as the company explores a deal with Petroleo Brasileiro (Petrobras) to explore for oil in the Gulf of Mexico, Petrobras' boss said, according to Rigzone. The potential partnership highlights how national oil companies are seeking collaboration to access resources and share technical expertise in complex offshore basins. Meanwhile, Malaysia's Petronas said it continues to expand participation by state governments in the development of the country's oil and gas resources, Rigzone reported. The company is farming down several Malaysian assets, a move that spreads capital requirements and risk while securing local stakeholder support for ongoing development. In...

🔆Midday Wire·Jun 15

Pipeline & Infrastructure

Global Energy Shifts Impact Bakken Outlook as Hormuz Reopens, Shell Exits Wind

Oil prices fell Monday after the U.S. and Iran agreed to pause hostilities and begin reopening the Strait of Hormuz, according to Rigzone. The move eases fears of a prolonged disruption to global energy supplies from the critical Middle Eastern waterway. For Bakken producers, a reopened Hormuz typically reduces the geopolitical risk premium baked into global crude benchmarks, which can pressure the price of Williston Basin crude. In a separate strategic shift, Shell is preparing to launch a sale of its offshore wind farms in a move away from renewable energy to focus on its higher-returning fossil fuel business, Rigzone reported Sunday. While not a direct Bakken player, Shell's planned $1 billion asset sale signals a continued industry emphasis on hydrocarbon returns. This corporate refocusing among international majors can influence capital allocation trends across the sector, including in onshore U.S. basins like the Bakken. Meanwhile, Japan agreed to facilitate a...

🔆Midday Wire·Jun 15

Regulatory

Oil Prices Fall Sharply on Potential Iran Deal News

Oil prices fell sharply last week, dropping to a four-month low, according to a report from Rigzone. The decline was attributed to growing hopes for an agreement between the U.S. and Iran to reopen the Strait of Hormuz. For Bakken operators, a sustained drop in crude prices directly pressures cash flow and can influence decisions on drilling and completion activity. The Bakken formation is a key economic driver for North Dakota, and its operators are particularly sensitive to changes in the West Texas Intermediate (WTI) price benchmark, to which Bakken crude is closely linked. Lower prices can lead to a slowdown in new well permits and a reduction in active drilling rigs as companies seek to preserve capital. This, in turn, impacts service companies and local economies across the Williston Basin. For royalty owners, a decline in the wellhead price of oil translates to lower monthly royalty payments. The reported...

🔆Midday Wire·Jun 15

🌅Afternoon Wire4:00 PM CST

Oil Prices

Crude Plunges 4.4% on U.S.-Iran Peace Deal, Bakken Differential Holds

Oil prices collapsed sharply in Monday trading following a surprise weekend announcement of a peace deal between the United States and Iran. The agreement is aimed at reopening the critical Strait of Hormuz, easing months of global supply disruption fears. West Texas Intermediate (WTI) crude settled at $81.17 per barrel, down $3.71 or 4.37% for the session, according to live price data. The international benchmark Brent crude fell a similar 4.37% to $83.51. The price drop for Bakken crude was equally severe, with the Bakken differential holding at a discount of $3.42 versus WTI. The sell-off was triggered by President Trump's declaration late Sunday of a secured U.S.-Iran peace deal, according to OilPrice.com. The tentative agreement to halt their nearly four-month war paves the way to reopen trade through the Strait of Hormuz, a vital chokepoint for global oil shipments. Analysts said the move could signal durable relief from the...

🌅Afternoon Wire·Jun 15

Rig Report

North Dakota Rig Count Holds at 28, Adds Two New Rigs

North Dakota's active drilling rig count held steady at 28 on Monday, June 15, according to live rig data, despite the addition of two new rigs to the field. The state saw two new rigs begin operations, while none were removed or moved locations. The new activity was concentrated in the core of the Bakken formation. Burlington Resources Oil & Gas Company LP spudded a new well using the NABORS 6 rig at location 151-96-7 in McKenzie County. Devon Energy Williston, L.L.C. also deployed a new rig, the NABORS B 13, at 150-99-11, also in McKenzie County. The day's additions resulted in no net change to the overall count, maintaining the total of 28 active rigs. This level represents stability in the short term, matching the rig count from exactly one week prior on June 8. The current activity level, however, reflects a notable increase from levels seen earlier in...

🌅Afternoon Wire·Jun 15

Operator News

Woodside Denies ExxonMobil Takeover Talks; Deal Would Face Hurdles

Woodside Energy Group Ltd. said on Monday it is not in discussions with ExxonMobil Corp. regarding a potential takeover, according to a report from Rigzone. The statement addresses market speculation following a separate report that ExxonMobil has been exploring major acquisitions, including Woodside. Rigzone reported on June 13, citing people with knowledge of the matter, that ExxonMobil has been holding early-stage discussions internally about potential deals. The Australian company's denial on June 15 clarifies that no formal offer or talks are currently taking place between the two corporations. An analyst cited in the June 15 report noted that any potential deal for Woodside would likely face significant regulatory hurdles if it were to proceed. Such a merger would involve two of the world's largest energy companies and would likely undergo intense scrutiny from competition authorities in multiple countries. For Bakken operators, the prospect of a major acquisition by a supermajor...

🌅Afternoon Wire·Jun 15

Pipeline & Infrastructure

North Dakota Secures $27.8M Final Payment for DAPL Protest Costs

North Dakota has secured a final $27.8 million payment from the federal government to cover costs related to the historic Dakota Access Pipeline (DAPL) protests, according to a settlement announced by Attorney General Drew Wrigley. Combined with a previous $10 million payment, the state's total recovery amounts to nearly $38 million. The settlement resolves a long-running lawsuit where North Dakota sought reimbursement for law enforcement, emergency response, and cleanup expenses stemming from the months-long demonstrations near the Standing Rock Sioux Reservation. State officials had argued that taxpayers should not bear the financial burden. According to the source, the state's emergency response lasted more than 230 days and involved 178 response agencies from multiple counties. Authorities reported making 761 arrests during the protests, with 709 involving individuals from outside North Dakota. The protests began on April 1, 2016, when members of the Standing Rock Sioux Tribe and allies established the Sacred...

🌅Afternoon Wire·Jun 15

Global Markets

Venezuela Export Surge, New LNG Deal Shape Global Oil & Gas Landscape

Venezuela's oil exports surged to a seven-year high in May, reaching an estimated 1.25 million barrels per day, according to a report from OilPrice.com. This represents a 61% increase compared to May 2025 and comes as the United States has eased sanctions and taken control of the country's oil sales following the capture of former leader Nicolas Maduro. The resurgence of Venezuelan supply, alongside increased production from Brazil and Guyana, is diversifying global crude sources for buyers in Asia and Europe. This growing South American output provides alternative supplies as geopolitical risks persist in the Middle East. For the U.S., the easing of sanctions means American refineries are taking increased volumes of Venezuelan crude. The return of international firms lays the foundation for a further rebound. Oilfield services giant SLB signed a long-term framework agreement with Venezuela's state firm PDVSA to support revitalizing the country's oil and gas sector. SLB...

🌅Afternoon Wire·Jun 15

Global Markets

ND Secures Final $27.8M in DAPL Protest Costs, Global Operators Pursue Deals

North Dakota has finalized a $27.8 million settlement with the federal government for costs incurred during the Dakota Access Pipeline (DAPL) protests, according to a weekend report from Native News Online. Attorney General Drew Wrigley announced the agreement, which brings the state's total recovery to nearly $38 million when combined with a previously secured $10 million payment. The settlement resolves a long-running dispute over expenses from the 2016-17 demonstrations near the Standing Rock Sioux Reservation and federal lands managed by the U.S. Army Corps of Engineers. For Bakken operators and the state's oil industry, the closure of this financial chapter removes a lingering uncertainty related to critical pipeline infrastructure. Internationally, state-owned oil companies are actively pursuing partnerships. Petroleos Mexicanos (Pemex) CEO Juan Carlos Carpio is set to visit Brazil this month to explore a joint oil exploration campaign in the Gulf of Mexico with Petroleo Brasileiro (Petrobras), Rigzone reported. Such...

🌅Afternoon Wire·Jun 15

Operator News

Global Energy News: Norway Field Growth, UK Wind, Hormuz Reopening

Global energy developments reported Monday include potential expansion of a major oilfield, a large offshore wind investment, and easing geopolitical tensions in a key shipping lane, all factors that influence the market for Bakken crude. Partners in Norway's Johan Sverdrup oilfield are considering a fourth phase of development, according to Rigzone. The report states recent appraisal wells hold preliminary estimates of 20-30 million barrels of oil equivalent, which could extend the productive life of Norway's largest field. Increased supply from major international projects can affect global oil benchmarks, which are linked to Bakken crude pricing. Separately, Japan has agreed to facilitate a $12 billion investment in UK offshore wind, Rigzone reported. The investment will support the development of 5.9 gigawatts of floating facilities. Major capital commitments to renewable energy projects highlight the diversification of global energy investment, which can compete for capital traditionally allocated to oil and gas development. In...

🌅Afternoon Wire·Jun 15

Production Data

Bakken New Well Economics Pressured as WTI Drops Below $82

The economics of drilling new wells in North Dakota's Bakken formation face renewed scrutiny as West Texas Intermediate (WTI) crude prices fell sharply to $81.17 per barrel on Monday, according to live Bakken Wire data. The $3.71 daily drop and a Brent price of $83.51 create a tighter margin environment for operators considering new capital commitments. A standard new Bakken well typically requires a capital investment of $7 million to $8 million to drill and complete. For such a well to generate attractive returns at current prices, it must achieve a strong estimated ultimate recovery (EUR). Industry benchmarks for top-tier Bakken wells often cite EURs in the range of 1.0 to 1.5 million barrels of oil equivalent over their lifespan. At a WTI price of approximately $81, the netback price a Bakken operator receives after accounting for regional differentials, transportation, and operating expenses is significantly lower. This compressed cash flow...

🌅Afternoon Wire·Jun 15