The Bakken-Three Forks rig count decreased by 1 to 183 rigs running over the past week. The NDIC notes around 194 rigs are active in North Dakota, but around 15 of those are in the process of moving in and rigging up.
In recent news, Magnum Hunter sold off its non-core Eagle Ford assets in 2013. In 2014, the company is focusing on its core Appalachia and Williston Basin areas. $52 million of the company’s $400 million capital budget will be spent in the Williston Basin in 2013. 65% of the budget will be spent on the company’s Appalachia assets.
The U.S. rig count increased by six to 1809 rigs running over the past week. A total of 318 rigs are targeting natural gas (8 less than last week) and 1,487 are targeting oil in the U.S. (14 more than last week). The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 185 rigs are running in the Williston Basin across MT, ND, and SD, decreasing by 1 rig from last week.
Not all rigs counted in our census are drilling for the Bakken, but it's close. The NDIC estimates 95% or more of activity in this region targets the Bakken and Three Forks formations.
Note: The NDIC reports 194 rigs are active in North Dakota. That is 9 more than Baker Hughes reports in the Bakken area. The difference is likely accounted for in the number of rigs actually working, rigs that might not be serviced by Baker Hughes AND rigs in areas outside of the Bakken fairway. On any given week, a certain number of rigs are in route to the next well location or idle waiting to drill the next well. The NDIC notes that around 15 rigs are in the process of moving in and rigging up.
Bakken Oil & Gas Rigs
The number of oil rigs decreased by 1 rig running over the past week. WTI oil prices stayed flat at $101.55/bbl by the end of the week. Williston Basin Sweet crude traded at $88.44/bbl on March 29th. The WTI-Brent stayed the same from last week, settling at ~$7 by the end of the week.
The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading$4.49/mmbtu by the end of the week. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas and roughly half of that is NGLs.
McKenzie County continues to lead development with 62 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 24 rigs running each. View the full list below under the Bakken Drilling by County section.
Activity is dominated by horizontal drilling:
- 168 rigs are drilling horizontal wells
- 15 rigs are drilling directional wells
- 0 rigs are drilling vertical wells.
Bakken Oil & Gas News
- Magnum Hunter Bakken 2014 Capital Budget - $52 Million
- Marathon Accelerates Activity in The Bakken and Other US Domestic Plays
- MDU Resources' Natural Gas "Dakota Pipeline" Update - March 2014
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Bakken Drilling by County
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 and/or Smith Service Co's (Schlumberger) Smith Rig Count.