For years, the Bakken has been labeled “mature.” But Chord Energy’s latest commentary — backed by hard drilling data — tells a very different story. Far from winding down, the Bakken is evolving into a capital-efficient, free-cash-flow machine, driven by longer laterals, operational scale, and disciplined consolidation.
Chord’s Q3 2025 earnings call made one thing clear: the Bakken remains the core of the company’s strategy, and the next phase of development looks structurally stronger than earlier cycles.
Bakken at the Center of Chord’s Strategy
Chord emphasized that the Williston Basin is not just a legacy asset — it is the foundation of its growth and capital return model. The company has now completed five Bakken acquisitions in five years, steadily consolidating acreage that supports longer laterals, operational overlap, and lower unit costs.
Management repeatedly framed Bakken consolidation as an advantage: the basin is consolidated, but still fragmented. That fragmentation creates opportunities for operators with scale, data, and execution discipline to unlock value where others cannot.
Long Laterals Are Rewriting Bakken Economics
The biggest strategic shift underway is Chord’s rapid move toward longer lateral development:
- 4-mile laterals are outperforming expectations
- Early wells are coming in below cost estimates
- Production data confirms contribution across the full lateral
- Chord expects 4-mile wells to represent up to 40% of its operated program in 2026
- Combined with 3-mile wells, ~80% of next year’s development will be long laterals
Management noted that the most meaningful benefits — lower decline rates and improved capital efficiency — will show up in late 2026 and into 2027, extending the Bakken’s free-cash-flow life well beyond traditional assumptions.
This is a key point: the Bakken isn’t being “worked harder.” It’s being worked smarter.
XTO Acquisition: High-Quality Bakken Inventory Still Exists
Chord also highlighted the recently closed XTO Bakken acquisition, calling it one of the best areas of the Williston Basin. The assets:
- Are oily and low-decline
- Overlap Chord’s existing footprint
- Are ideally suited for long, straight laterals
- Offer flexibility to re-permit and optimize development
Development is expected to ramp toward late 2026, reinforcing Chord’s view that high-quality Bakken inventory is still available for operators with the right technical and financial playbook.
What the Wells Drilled Data Says
Chord’s strategy is not theoretical — it’s visible in the drilling data.
Wells Drilled Since 2024 (Chord Energy)
- Total wells: 300
- 2024: 156 wells
- 2025: 144 wells
Activity has remained steady year over year, signaling confidence in Bakken economics even through commodity volatility.
County-Level Concentration
Drilling activity is highly concentrated in the Bakken core:
- McKenzie County: 106 wells
- Dunn County: 93 wells
- Williams County: 64 wells
- Mountrail County: 27 wells
These counties represent the operational heart of Chord’s Bakken position — exactly where long laterals and infrastructure overlap deliver the biggest returns.
Top Drilling Contractors & Rigs
Chord’s drilling program is anchored by a consistent group of high-activity rigs:
- True Drilling – Rig 40: 63 wells
- Patterson – Rig 808: 53 wells
- Patterson – Rig 806: 52 wells
- Nabors – Rig B26: 47 wells
- True Drilling – Rig 39: 41 wells
This concentration highlights a repeatable, factory-style drilling model, not a one-off experiment.
Efficiency Beyond the Drill Bit
Chord also emphasized that Bakken optimization doesn’t stop at drilling:
- Artificial-lift automation across thousands of wells
- Lower downtime and improved base production uptime
- 24-hour workover rigs improving efficiency
- Marketing and midstream contract renegotiations reducing costs
These improvements compound over time, lowering maintenance capital and strengthening free cash flow through cycles.
The Bigger Takeaway: A “Bakken 2.0” Model
Chord’s message was unmistakable:
The Bakken isn’t declining — it’s transitioning.
Long laterals, automation, and consolidation are turning the basin into a lower-decline, cash-generative asset base that looks very different from the early shale boom years.
For service companies, midstream providers, and investors, the implication is clear:
The Bakken is no longer about chasing growth — it’s about owning scale, efficiency, and repeatable execution.
And operators like Chord Energy are proving that this next chapter is just getting started.
