The Bakken-Three Forks rig count decreased by five t0 121 rigs running across our coverage area by the end of last week.
In recent Bakken news, Kinder Morgan announced last week that it finalized the acquisition of Hiland Partners, a midstream firm founded by Harold Hamm, CEO of Continental Resources. The deal, reported at $3 billion, includes assuming almost $1 billion in debt.
Read more: Kinder Morgan Acquires Hiland
The U.S. rig count fell another 48 to 1310 rigs running by the end of last week. A total of 289 rigs were targeting natural gas (down 11 from the previous week) and 1019 were targeting oil in the U.S. (37 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)123 rigs are running in the Williston Basin across MT, ND, and SD. 119 are in ND alone.
Bakken Oil & Gas Rigs
The number of oil rigs decreased by five t0 121 rigs running by the end of the week . WTI oil prices decreased by $2.14 from the previous week, trading at $50.50/bbl on Friday afternoon. The WTI-Brent saw an increase decrease of $3.34 by week’s end, landing at $60.39. Natural gas rigs remained flat with futures trading at $2.94/mmbtu by the end of last week.
McKenzie County continues to lead development with 45 rigs running. Williams (26), Mountrail (21) and Dunn (20) counties are the only other counties with more than 2o rigs running each. View the full list below under the Bakken Drilling by County section.
Activity is dominated by horizontal drilling:
- 119 rigs are drilling horizontal wells
- 1 rigs are drilling directional wells
- 1 rigs are drilling vertical wells
Bakken Drilling by County
Bakken Oil & Gas Rigs
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