Bakken Shale Rig Count Decreases by One to 191

August 25, 2014 Kirk Eggleston

The Bakken-Three Forks rig count decreased by one to 191 rigs running across our coverage area by the end of last week. The NDIC notes 193 rigs are active in North Dakota, but around 19 of those are in the process of moving in and rigging up.

In recent Bakken news, North Dakota hit nearly 1.1-million b/d oil in June 2014, setting a new record, according to the Department of Mineral Resources’ (DMR) AugustDirector’s Cut. During the same month, North Dakota also had record monthly gas production (1,253,154 mcf/d), and the highest recorded number of producing wells (11,079).

The U.S. rig count decreased by 17 to 1,896 rigs running by the end of last week. A total of 330 rigs were targeting natural gas (nine more than the previous week) and 1,564 were targeting oil in the U.S. (25 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 192 rigs are running in the Williston Basin across MT, ND, and SD. 183 are in ND alone.

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 193 rigs are active in North Dakota. That is one more than Baker Hughes reports in the Bakken area, and ten more than the company reports in North Dakota. 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 19 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs decreased by one to 191 rigs running by the end of the week . WTI oil prices stayed relatively flat from the previous week, trading at $93.57/bbl on Friday afternoon. Williston Basin Sweet crude traded at $80.69/bbl on Aug. 21st. The WTI-Brent opened up a bit, settling at ~$9 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.85/mmbtu by the end of last 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 67 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 25 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

175 rigs are drilling horizontal wells
16 rigs are drilling directional wells
0 rigs are drilling vertical wells

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.

Bakken Shale Rig Count Increases by Three to 192

August 18, 2014 Kirk Eggleston

The Bakken-Three Forks rig count increased by three to 192 rigs running across our coverage area by the end of last week. The NDIC notes 194 rigs are active in North Dakota, but around 16 of those are in the process of moving in and rigging up.

In recent Bakken news, the North Dakota Industrial Commission (NDIC) plans to hold a public hearing in the next few weeks to determine ways to reduce the volatility of Bakken crude before it is stored or transported.

The Wall Street Journal (WSJ) reported North Dakota officials are considering requiring oil & gas companies to treat Bakken crude before it is loaded onto trains. Stabilization, which is common in similar shale plays like the Ealge Ford Shale, is also being discussed among officials.

The U.S. rig count increased by five to 1,913 rigs running by the end of last week. A total of 321 rigs were targeting natural gas (five more than the previous week) and 1,589 were targeting oil in the U.S. (one more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 194 rigs are running in the Williston Basin across MT, ND, and SD. 185 are in ND alone.

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 the same figure Baker Hughes reports in the Bakken area, but 9 more than the company reports in North Dakota. 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 16 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs increased by three to 192 rigs running by the end of the week . WTI oil prices stayed relatively flat from the previous week, trading at $97.09/bbl on Friday afternoon. Williston Basin Sweet crude traded at $82.19/bbl on Aug. 14th. The WTI-Brent closed up a bit, settling at ~$6 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.77/mmbtu by the end of last 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 70 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 25 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

176 rigs are drilling horizontal wells
15 rigs are drilling directional wells
1 rig is drilling a vertical well

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 Rig Count Increases by Two to 184

August 4, 2014 Kirk Eggleston

The Bakken-Three Forks rig count increased by two to 184 rigs running across our coverage area by the end of last week. The NDIC notes 193 rigs are active in North Dakota, but around 21 of those are in the process of moving in and rigging up.

In recent Bakken news, SM Energy recently announced it will acquire approximately 61,000 net acres in Divide and Williams Counties for $330-million from Baytex Energy. The acreage is directly adjacent to the company’s Gooseneck focus area. Upon closing, the company will have ~97,000 acres in the area.

The U.S. rig count increased by six to 1,889 rigs running by the end of last week. A total of 313 rigs were targeting natural gas (five less than the previous week) and 1,573 were targeting oil in the U.S. (11 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 186 rigs are running in the Williston Basin across MT, ND, and SD. 177 are in ND alone.

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 193 rigs are active in North Dakota. That is seven more than Baker Hughes reports in the Bakken area, and 16 more than the company reports in North Dakota. 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 21 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs increased by two to 184 rigs running by the end of the week . WTI oil prices decreased by ~$4 from the previous week, trading at $97.60/bbl on Friday afternoon. Williston Basin Sweet crude traded at $84.69/bbl on July 24th. The WTI-Brent opened up a bit, settling at ~$7 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.80/mmbtu by the end of last 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 20 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

170 rigs are drilling horizontal wells
13 rigs are drilling directional wells
1 rig is drilling a vertical well

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 Rig Count Stays Flat at 182

July 28, 2014 Kirk Eggleston

The Bakken-Three Forks rig count stayed flat at 182 rigs running across our coverage area by the end of last week. The NDIC notes 192 rigs are active in North Dakota, but around 15 of those are in the process of moving in and rigging up.

In recent Bakken news, the US Department of Transportation (DOT) proposed new rules last week for the testing of Bakken crude and better designed rail cars. Within two years, the DOT proposes phasing out older DOT-111 tank cars for the shipment of packing group I flammable liquids, which includes most Bakken crude.

The U.S. rig count increased by 12 to 1,883 rigs running by the end of last week. A total of 318 rigs were targeting natural gas (three more than the previous week) and 1,562 were targeting oil in the U.S. (eight more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 184 rigs are running in the Williston Basin across MT, ND, and SD. 178 are in ND alone.

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 192 rigs are active in North Dakota. That is eight more than Baker Hughes reports in the Bakken area, and 14 more than the company reports in North Dakota. 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 stayed flat at 182 rigs running by the end of the week . WTI oil prices decreased by ~$1 from the previous week, trading at $101.99/bbl on Friday afternoon. Williston Basin Sweet crude traded at $88.69/bbl on July 24th. The WTI-Brent opened up a bit, settling at ~$6 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.78/mmbtu by the end of last 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 66 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 20 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

171 rigs are drilling horizontal wells
11 rigs are drilling directional wells
0 rigs are drilling vertical wells

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 Rig Count Increases by Five to 182

July 21, 2014 Kirk Eggleston

The Bakken-Three Forks rig count increased by five to 182 rigs running across our coverage area by the end of last week. The NDIC notes 196 rigs are active in North Dakota, but around 14 of those are in the process of moving in and rigging up.

In recent Bakken news, Whiting Petroleum announced on July 13, 2014, that it would acquire Kodiak Oil & Gas, in an all stock transaction, for $3.8 billion. The deal makes the combined company the largest Bakken/Three Forks producer, unseating Harold Hamm’s Continental Resources from the top spot.

The U.S. rig count decreased by four to 1,871 rigs running by the end of last week. A total of 315 rigs were targeting natural gas (four more than the previous week) and 1,554 were targeting oil in the U.S. (nine less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.). 184 rigs are running in the Williston Basin across MT, ND, and SD. 178 are in ND alone.

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 196 rigs are active in North Dakota. That is 12 more than Baker Hughes reports in the Bakken area, and 18 more than the company reports in North Dakota. 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 14 rigs are in the process of moving in and rigging up.

Bakken Oil & Gas Rigs

The number of oil rigs increased by five to 182 rigs running by the end of the week . WTI oil prices increased by ~$2 from the previous week, trading at $102.97/bbl on Friday afternoon. Williston Basin Sweet crude traded at $89.94/bbl on July 18th. The WTI-Brent closed up a bit, settling at ~$4 by the end of last week.

The natural gas rig count in the region held flat at zero. Natural gas futures (Henry Hub) were trading at $3.95/mmbtu by the end of last 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 66 rigs running. Dunn, Mountrail, and Williams counties are the only other counties with more than 20 rigs running each. View the full list below under the Bakken Drilling by County section.

Activity is dominated by horizontal drilling:

171 rigs are drilling horizontal wells
11 rigs are drilling directional wells
0 rigs are drilling vertical wells

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