The Bakken-Three Forks rig count decreased by eleven to 152 rigs running across our coverage area by the end of last week. In their weekly rig update, Baker Hughes reported that the Bakken's decline is part of the overall plunge in U.S. oil and gas rig counts that are down by 49 to 1633.
Declines were seen in all rig types:
DIRECTIONAL 6 (-6) HORIZONTAL 144 (-8) VERTICAL 1 (-2)
Most alarming to our readers is that Williston saw the biggest drop in the entire country and is showing the lowest numbers in four years.
“James Williams Williams, president of energy consulting company WTRG Economics commented to Bloomberg that, “The Bakken was late to join the others leaving the party. It’s a high-cost producer with some of the lowest oil prices in the country.”
This news is a result of the continued free-fall in crude prices, which dipped again today to $45.14. As expected, major Bakken operators are responding by continuing to slash their budgets for 2015.
Read more: Halcón Resources Reduces 2015 Budget
Read more: More Budget Cuts for Continental Resources
What is the Rig Count?
The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.
Read more at BakerHughes.com