This happened days ago and almost nobody is talking about it.
Continental Resources (the 2nd largest operator in the Bakken) has halted ALL drilling operations in North Dakota.
For the first time in over 30 years, Harold Hamm doesn’t have a single rig running here.
They’re not leaving.
They still have thousands of existing wells that need servicing.
But they are done drilling new wells until the economics change.
Why? The math stopped working.
WTI crude: ~$59/barrel
Continental breakeven: ~$58/barrel
That’s roughly a 2% margin.
You can’t run a multi-billion-dollar operation on that.
Hamm said it plainly:
“There’s no need to drill when margins are basically gone.”
The Numbers That Matter
Bakken rig count a year ago: 37
Bakken rig count today: 27
About a 30% drop
Frac crews a year ago: 13
Frac crews today: 7
Nearly a 50% drop
Continental rigs: multiple → ZERO
What About Other Operators?
- Chord Energy: Still drilling, but cautious
- ConocoPhillips: 2 rigs, holding flat
- Chevron: Cut rigs, suspended projects
- Devon Energy: 3 rigs, declines expected in 2026
Nobody else has fully halted like Continental...but nobody is drilling aggressively either.
What This Means For Workers
Fewer rigs = less drilling work
Fewer frac crews = less completions work
No new Continental wells = less work across the board
No mass layoffs announced yet.
But you don’t cut rigs and frac crews this hard without it showing up eventually.
Existing wells still need workovers, maintenance, and service.
That work continues.
New drilling work? That’s what’s disappearing.
This Is Why Saving Money Matters
When oil was $80, everyone was hiring.
Paychecks were steady. Overtime was everywhere.
Now oil is under $60.
Margins are gone. Work is slowing.
The guys who saved during the good times will ride this out.
The guys who spent every dime are about to feel it.
Is This A Full Shutdown?
No...but it’s serious.
If prices recover, Continental says they’ll ramp back up quickly.
This is price-driven, not permanent.
But right now?
We’re heading into a rough stretch.
What To Do
- Budget like your hours are getting cut
- Save everything you can
- Avoid big purchases
- Expect slower rotations or longer time between hitches
The boom never lasts forever.
It never has.