Chevron’s first full quarter managing the Bakken following the Hess acquisition offered an unusually clear look at how the supermajor views North Dakota shale in a mature U.S. portfolio. Management’s comments on the Q3 2025 earnings call were consistent, deliberate, and—importantly—validated by actual drilling data from North Dakota.
The takeaway is straightforward: Chevron is not chasing Bakken growth—it is optimizing a high-quality, plateau asset for cash flow and efficiency.
What Chevron Said About the Bakken
On the earnings call, Chevron CEO Mike Wirth described the Bakken as a ~200,000 boe/d plateau asset, already operating at the production level Hess had long targeted. Rather than accelerating drilling, Chevron’s near-term focus is on:
- Improving drilling cycle times
- Deploying longer laterals
- Applying Permian and DJ Basin best practices
- Enhancing capital and operating efficiency
Crucially, Chevron emphasized it is not rushing a long-term portfolio decision. The Bakken must compete for capital internally against the Permian, DJ Basin, and other global assets. Management explicitly referenced how Chevron once underestimated the DJ Basin—and does not intend to repeat that mistake with the Bakken.
Chevron also highlighted that midstream economics matter in North Dakota, signaling that takeaway, processing, and integration will influence long-term capital allocation—not just well results.
What the North Dakota Drilling Data Shows
Chevron’s operational discipline shows up clearly in the wells drilled data since 2024.
Total Wells Drilled Since 2024
- 241 total wells
This level of activity supports Chevron’s stated objective: maintain production efficiently, not grow aggressively.
Wells Drilled by Year
- 2024: 137 wells
- 2025: 104 wells
Despite industry-wide capital discipline, Chevron’s 2025 activity remains close to 2024 levels, reinforcing that the Bakken is being managed as a steady manufacturing asset, not a declining hold-only position.
Wells Drilled by County
Chevron’s drilling remains tightly concentrated in core Bakken acreage:
- Mountrail County: 111 wells
- Williams County: 87 wells
- McKenzie County: 37 wells
These three counties account for approximately 97% of Chevron’s Bakken wells since 2024, underscoring a focused development strategy centered on the most competitive rock.
Top Contractors and Rigs
Chevron’s rig selection further reinforces a standardized, efficiency-driven program:
- Nabors X10: 65 wells
- Nabors X28: 61 wells
- Nabors X27: 58 wells
- Nabors X24: 57 wells
Chevron is relying almost exclusively on high-spec Nabors rigs, a hallmark of factory-style shale development where consistency and repeatability drive cost control.
What This Means for the Bakken
Chevron’s approach signals several important realities about the Bakken’s role in large-cap portfolios:
- The Bakken is a cash-flow asset, not a growth engine
Chevron is content holding production flat while extracting more value per dollar invested. - Efficiency is the growth lever
Gains will come from drilling performance, lateral length, and operational optimization—not higher rig counts. - Capital competition is real
The Bakken must continuously earn its place against the Permian, DJ Basin, and international projects. - North Dakota remains core—but selective
Activity is concentrated in proven counties and executed with a small, consistent rig fleet.
Bottom Line
Chevron’s Bakken strategy reflects the broader evolution of U.S. shale: manufacturing over momentum, cash flow over volume, and portfolio discipline over basin loyalty.
The drilling data in North Dakota confirms management’s message. Chevron is not exiting the Bakken—but it is operating it with the expectations of a mature, capital-competitive asset designed to deliver durable returns, not headlines.
