Whiting To Go With Six Drilling Rigs In The Bakken -- July 29, 2015

Back on July 25, 2015, I counted nine (9) active rigs drilling Whiting-operated wells. Apparently Whiting plans to cut  the number of active rigs in the Bakken to six and in the Niobrara to two.

A couple of weeks ago, Whiting has raised its CAPEX for FY 2015 to 2.3 billion, but has revised it a bit, back to $2.15 billion.

I bet the change in the number of rigs will have no effect on production. Whiting's production in the Bakken will depend on any number of factors -- I bet I could come up with 12 factors if I had to -- and the number of rigs will be the least of their concerns. And think of all the money they save by having 6 rigs in the Bakken instead of 9. Smart operators.

6/8 * 2.15 billion = $1.6 billion CAPEX to be spent in North Dakota. By one company. I can live with that.