The Bakken-Three Forks rig count decreased by nine t0 126 rigs running across our coverage area by the end of last week.
In recent Bakken news, Occidental announced it will scale back its 2015 capital spending by 33 percent to $5.8 billion from $8.7 billion spent in 2014. In addition to the cuts, the company will also be reducing its activity in the Bakken.
Read more: Occidental Petroleum Reduced 2015 Capex by 33%
The U.S. rig count fell another 98 to 1358 rigs running by the end of last week. A total of 300 rigs were targeting natural gas (down 14 from the previous week) and 1056 were targeting oil in the U.S. (84 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).129 rigs are running in the Williston Basin across MT, ND, and SD. 123 are in ND alone.
Bakken Oil & Gas Rigs
The number of oil rigs decreased by nine t0 126 rigs running by the end of the week . WTI oil prices increased by $.95 from the previous week, trading at $52.64/bbl on Friday afternoon.. The WTI-Brent saw a decrease of $.75 by week’s end, landing at $57.05. Natural gas rigs decreased by one with futures trading at $2.80/mmbtu by the end of last week.
McKenzie County continues to lead development with 47 rigs running. Williams (28), 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:
- 125 rigs are drilling horizontal wells
- 0 rigs are drilling directional wells
- 1 rigs are drilling vertical wells
Bakken Drilling by County
Bakken Oil & Gas News
North Dakota Tax Trigger Getting Closer
Occidental Petroleum Reduced 2015 Capex by 33%
Keystone Bill Hits Another Snag
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 the full repot at bakerhughes.com