Executive Summary: Williston Basin Operator Activity (2023–2025)
The Williston Basin remains a critical component of U.S. oil production, delivering approximately 1.2–1.3 million barrels of oil per day as of Q1 2025. While overshadowed by the Permian in recent headlines, the Bakken and Three Forks formations continue to attract strategic investment from both public and private operators focused on efficient, mature asset development.
This report profiles 36 active operators—each of which has spud at least one new well since 2023—providing a detailed look at production volumes, drilling activity, core acreage, and strategic focus. These operators collectively reflect the basin’s evolution toward capital discipline, lateral length optimization, and refrac innovation.
Williston Basin White Paper – $25
🔑 Key Insights:
- Sustained Output Amid Maturity
Long-lateral drilling, multi-well pad development, and refracs are enabling production to hold near plateau levels (~1.2–1.3 MMbbl/d) despite declining inventory in tier-one acreage. - Active Drilling Concentrated Among Top Operators
Leading players like Chord Energy, Continental Resources, Chevron, and ConocoPhillips account for the bulk of 2025 activity, with some operators drilling over 100 wells since 2023. - Private Operators Remain Competitive
Firms such as Kraken Resources, Phoenix Energy, and Zavanna LLC are actively drilling and optimizing infill programs, underscoring private equity’s role in sustaining basin activity. - Refracs & EOR Gaining Traction
Operators are increasingly revisiting older wells with modern completions. Companies like Devon and ConocoPhillips are testing refracs, while CO₂ and gas injection pilots show future potential for Enhanced Oil Recovery. - Infrastructure Limits Natural Gas Growth
With natural gas production nearing 3.2 Bcf/d in North Dakota, pipeline capacity constraints persist, risking elevated flaring unless takeaway capacity expands.
📊 Scope of the Report:
- Focused on operators with at least 1 well spud since 2023
- Profiles include: production (boe/d), well count, counties, rig usage, and strategic positioning
- Covers public E&Ps, private companies, and PE-backed non-op participants
The Williston is no longer a growth basin—but it is a high-efficiency, cash-generating region with long-tail value. This report provides actionable intelligence for service companies, investors, and partners seeking to align with the most active and disciplined operators in the Bakken.
