Bakken Regional Rig Count Holds Flat At 180 August 16, 2013

August 16, 2013 R.T. Dukes

The Bakken rig count held flat at 180 rigs running in the region this past week. The average rig count so far in 2013 has been just over 186 rigs running.

The U.S. rig count was up 13 to 1,791, of which 182 are running in the Williston Basin. A total of 388 rigs are targeting natural gas and 1,397 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).

The past week was highlighted by a report that June was expected to show the largest monthly increase in Bakken production on record. We were a little disappointed when the actual June Bakken production numbers came out. Production grew by more than 10,000 b/d to a new record in North Dakota, but it did not come close to the 50,000+ b/d increase expected by Genscape. The team at Genscape is investigating why their sample that includes 85% of capacity out of the basin led to the error in estimating production. It's likely an issue related to higher storage levels than normal during the wet weather experienced in May and June. Read more about the production record in the article: Bakken Oil Production Sets Record At More Than 750,000 b/d In June 2013

Note: The NDIC reports 182 rigs are active in North Dakota. That is 10 more than Baker Hughes reports. The difference is likely accounted for in the number of rigs actually working. 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. Those rigs are not counted in the Baker Hughes census.

Bakken Oil & Gas Rigs

The number of oil rigs running held flat at 180 in the region. WTI prices were trading above $107/bbl on Friday afternoon and the benchmark has been above $100 for six weeks running. Williston Basin Sweet crude traded at $94.94/bbl on August 15th.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading near $3.37/mmbtu on Friday afternoon. Natural gas delivered to the Northern Border pipeline in Watford City is trading below $3 near $2.79/mmbtu. A little more than 10% of the production stream from the Bakken and Three Forks is attributable to natural gas.

McKenzie County led development with 67 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 19 rigs running. View the full list below.

Bakken Oil & Gas News:

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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.

Bakken Regional Rig Count 180 Aug 9, 2013

August 9, 2013 R.T. Dukes

Continental Resources Three Forks Thickness Map

The Bakken rig count gained one to settle at 180 running in the region this past week. This marks a turn from small declines over the past five weeks.

The U.S. rig count is down 4 to 1,778, of which 182 are running in the Williston Basin. A total of 386 rigs are targeting natural gas and 1,385 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).

The week was full of earnings reports from the second quarter, but was highlighted by promising well results from Continental Resources. The company now believes the Lower Three Forks is prospective across a 3,800 square mile area in the Williston Basin. Outside of areas with significant natural fracturing, more wells will be required to maximize recoveries.

Read more in the article - Continental's Lower Three Forks Results - Bakken Production Up

Note: The NDIC reports 183 rigs are active in North Dakota. That is 12 more than Baker Hughes reports. The difference is likely accounted for in the number of rigs actually working. 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. Those rigs are not counted in the Baker Hughes census.

Bakken Oil & Gas Rigs

The number of oil rigs running increased by one to 180 in the region. WTI prices were trading just below $107/bbl on Friday afternoon and the benchmark has been above $100 for five weeks running. Williston Basin Sweet crude traded at $93.69/bbl on August 9th.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading near $3.20/mmbtu on Friday afternoon. That's more than $1 off the highs experienced in late spring. Approximately 10% of the production stream from the Bakken and Three Forks is natural gas and associated NGLs.

McKenzie County led development with 66 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 19 rigs running. View the full list below.

Bakken Oil & Gas News:

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts

Bakken Drilling by County

What is the Rig Count?

Bakken Rig Count 179 - August 2, 2013

August 2, 2013 R.T. Dukes

The Bakken rig count fell one rig this past week to settle at 179 running in the region. The rig count has fallen the past five weeks in a row even though worldwide oil prices have rallied and held above $100/bbl during that time.

The U.S. rig count is up six to 1,782, of which 181 are running in the Williston Basin. A total of 388 rigs are targeting natural gas and 1,388 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).

While it is surprising to see even minor declines in the rig count with oil prices over $100/bbl, it should not come as a surprise. Earlier in the week, we discussed stats showing the rig count is down 20% from the peak, but the total number of wells being drilled each quarter is up almost 20% from the beginning of 2012.

Note: The NDIC reports 179 rigs are active in North Dakota. That is 9 more than Baker Hughes reports. The difference is likely accounted for in the number of rigs actually working. 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. Those rigs are not counted in the Baker Hughes census.

Bakken Oil & Gas Rigs

The number of oil rigs running fell by one to 179 in the region. WTI prices have held well above $100 per barrel over the past four weeks and the benchmark was trading at almost $107/bbl on Friday. Williston Basin Sweet crude traded at $97.94/bbl on August 1st.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading near $3.35/mmbtu on Friday afternoon.

McKenzie County led development with 67 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 18 rigs running. View the full list below.

Bakken Oil & Gas News:

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts

Bakken Drilling by County

What is the Rig Count?

Bakken Shale Regional Rig Count 180 - July 26, 2013

July 26, 2013 R.T. Dukes

The Bakken rig count fell three rigs this past week to settle at 180 running in the region. The rig count is down for the fourth week in a row even though worldwide oil prices have rallied and held above $100/bbl during that time.

The U.S. rig count is up six to 1,776, of which 181 are running in the Williston Basin. A total of 369 rigs are targeting natural gas and 1,401 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).

We highlighted North Dakota Pipeline Authority statistics that show almost 70% of Bakken crude oil is moving by rail. That's more than 600,000 b/d compared to less than 100,000 b/d in 2010. You can read the full story in the article Railroads Are Moving 70% Of Bakken Oil Production

Note: The NDIC reports 180 rigs are active in North Dakota. That is 9 more than Baker Hughes reports. The difference is likely accounted for in the number of rigs actually working. 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. Those rigs are not counted in the Baker Hughes census.

Bakken Oil & Gas Rigs

The number of oil rigs running fell by three to 180 in the region. WTI prices have held well above $100 per barrel over the past three weeks. The oil benchmark was trading over $104/bbl on Friday. Williston Basin Sweet crude traded at $95.69/bbl on July 24th.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading near $3.56/mmbtu on Friday afternoon.

McKenzie County led development with 67 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 18 rigs running. View the full list below.

Bakken Oil & Gas News:

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts

Bakken Drilling by County

What is the Rig Count?

Bakken Shale Regional Rig Count 183 - July 19, 2013

July 19, 2013 R.T. Dukes

The Bakken rig count fell one rig this past week to settle at 183 running in the region. Expect the small declines over the past few weeks to reverse if oil prices hold above $100/bbl for an extended period.

The U.S. rig count is up 11 to 1,770, of which 184 are running in the Williston Basin. A total of 369 rigs are targeting natural gas and 1,395 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).

While there was an operational slow down due to wet weather in May, it did not affect production levels. North Dakota out performed expectations and set a new production records with over 810,000 b/d of crude oil production and more than 899 mmcfd of natural gas production. You can read more in the article - Bakken Oil Production Record Set In May Despite Wet Weather.

Note: The NDIC reports 189 rigs are active in North Dakota. That is 15 more than Baker Hughes reports. The difference is likely accounted for in the number of rigs actually working. 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. Those rigs are not counted in the Baker Hughes census.

Bakken Oil & Gas Rigs

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading near $3.79/mmbtu on Friday afternoon.

The number of oil rigs running fell by one to 183 in the region. WTI prices have held well above $100 per barrel over the past two weeks. The oil benchmark was trading over $108/bbl on Friday. Williston Basin Sweet crude traded at $98.19/bbl on July 18th.

McKenzie County led development with 68 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 19 rigs running. View the full list below.

Bakken Oil & Gas News:

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts - Daily or Weekly Email Alerts