Bakken-Three Forks Rig Count 184 – ConocoPhillips Increases Bakken Spending – Dec 13, 2013

Conoco Plans to Grow Bakken Production to 50,000 boe/d by 2017
ConocoPhillips Bakken Leashold and Mineral Acreage Map

ConocoPhillips Bakken Leashold & Mineral Acreage Map | Click to Enlarge

The Bakken-Three Forks rig count jumped by 8 rigs to 184 running over the past week. The NDIC notes that 191 rigs are currently active in North Dakota, but about 17 of those are in the process of moving in and rigging up.

ConocoPhillips` announced its 2014 budget with increased spending in the lower 48, particularly the Bakken. Conoco has a five-year plan to spend $5 billion in the Bakken and grow production to 50,000 boe/d by 2017.

Read more in the article: ConocoPhillips Increases Bakken Spending in Its 2014 Budget [Read more...]

Bakken-Three Forks Rig Count 176 – Oasis Petroleum Expanding – Dec 6, 2013

Oasis Petroleum Is Nearing Half a Million Acres in the Bakken-Three Forks
Oasis Petroleum Bakken Acreage Map - Acquisition Included

Oasis Petroleum Bakken Acreage Map – Acquisition Included | Click to Enlarge

The Bakken-Three Forks rig count decreased by one rig to 176 running over the past week. The NDIC notes more than 190 rigs are active in North Dakota, but more than 20 of those are in the process of moving in and rigging up.

In the company’s third quarter earnings release, Oasis Petroleum detailed acquisitions that bring its acreage holdings up to almost 500,000 net acres. The deals were just a few of many highlights from the company’s earnings release.

Oasis added two rigs, believes it has a drilling inventory of more than 3,000 wells, and has driven well costs below $7.5 million. Read more in the article: Oasis Petroleum Nearing Half a Million Acres in the Bakken

The U.S. rig count increased 12 rigs from 1,763 to 1,775 running over the past week. A total of 375 rigs are targeting natural gas (8 more than last week) and 1,397 (6 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 179 rigs are running in the Williston Basin across MT, ND, and SD. That’s down one from last week. [Read more...]

Bakken Regional Rig Count 177 – Enbridge’s Sandpiper Pipeline Gains Anchor Shipper – Thanksgiving Week

Marathon Petroleum Reaches Agreement to Partner in the Sandpiper Pipeline
Sandpiper Pipeline Map - Enbridge

Sandpiper Pipeline Map – Enbridge | Click to Enlarge

The Bakken rig count increased by one rig to 177 running during Thanksgiving week.

News was highlighted by an agreement between Enbridge Partners and Marathon Petroleum which will install Marathon as the anchor shipper and partner in Enbridge’s upcoming Sandpiper Pipeline. Read more in the article: Enbridge`s Sandpiper Pipeline Gains Anchor Shipper in Marathon Petroleum

The U.S. rig count increased two rigs from 1,761 to 1,763 running over Thanksgiving week. A total of 367 rigs are targeting natural gas (2 less than last week) and 1,391 (4 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 180 (up 1 from last week) rigs are running in the Williston Basin across MT, ND, and SD. [Read more...]

Bakken Regional Rig Count 174 – Continental Hits Record Production – Nov 15, 2013

Continental Is Nearing 100,000 boe/d Net in the Bakken
Continental Resources Bakken - Antelope Area Map

Continental Resources’ Antelope Area Map

The Bakken rig count increased by one to 174 rigs running over the past week.

Continental Resources reported earnings and announced a record with third quarter production of 141,900 boe/d. Almost 95,000 boe/d is attributable to the Bakken and Three Forks. Their Hawkinson density test yielded almost 15,000 boe/d from a single pad. Read more in the article Continental`s Bakken & Three Forks Density Test Yields Almost 15,000 boe/d

The U.S. rig count increased 8 rigs from 1,754 to 1,762 running over the past week. A total of 370 rigs are targeting natural gas (5 more than last week) and 1,385 (2 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 177 (up 2 from last week) rigs are running in the Williston Basin.

[Read more...]

Bakken Rig Count Flat at 173 – Operators Seeing Improvements – Nov 8, 2013

Completion Methods Are Getting As Operators Truly Define Their Targets
Halcon Bakken Drilling Spacing Unit

Halcon Bakken Drilling Spacing Unit | Click to Enlarge

The Bakken rig count held flat at 173 rigs running over the past week. We’ll reiterate what was written last week: More wells are being drilled at today’s rig count than at any point in the history of Bakken development.

Several operators reported earnings this week and all had an operational improvement to share. EOG plans to use self-sourced sand to save costs, Marathon is drilling faster than ever, and Halcon’s Bakken IP rates improved with a new higher fluid and sand volume completion.

The U.S. rig count increased 12 rigs from 1,742 to 1,754 running over the past week. A total of 365 rigs are targeting natural gas (5 more than last week) and 1,383 (7 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.).175 rigs are running in the Williston Basin.

[Read more...]

173 Rigs Running in the Bakken Region – Hess Sees Better Production and Costs

Rig Count at the Lowest Point in Two Years
Hess' Bakken Acreage Map

Hess’ Bakken Acreage Map

The Bakken rig count fell seven to 173 rigs running over the past week. This marks the lowest rig count in the region in more than two years, but there’s no need for alarm. Rigs are drilling as much as 30% faster than they were at this time a couple of years ago and the rig count is less than 25% off it’s all time high of 220+ rigs in 2012. In reality, more wells are being drilled at today’s rig count than at any point in the history of Bakken development.

Hess reported positive results in the Bakken. The company’s third quarter production is up 14% and well costs are down 18%. That’s a win-win for any operator. Hess is now producing more than 70,000 boe/d from the Williston Basin. Read more in the article Hess’ Bakken Production Grows and Costs Fall

The U.S. rig count increased 4 rigs from 1,738 to 1,742 running over the past week. A total of 360 rigs are targeting natural gas (16 less than last week) and 1,376 (19 more than last week) are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 175 rigs are running in the Williston Basin.

[Read more...]

Bakken Region Rig Count 180 – Average Rig Adds 500 bbls Per Month – Oct 25, 2013

EIA Estimates November Production Will Rise 26,000 b/d
Bakken Production Added by Rig

Bakken Production Added by Rig | Click to Enlarge

The Bakken rig count held flat at 180 rigs running over the past week.

During the week, the EIA released its first “Drilling Productivity Report”. The report outlines well productivity and play production for future months. The EIA estimates the average rig running in the Bakken region adds 500 b/d per month of production. For reference, that’s 100 barrels more than a rig in the Eagle Ford. Read the full article: Rigs in the Bakken Add Almost 500 Barrels of Oil Production Per Month

The U.S. rig count decreased 1 rig from 1,739 to 1,738 running over the past week. A total of 376 rigs are targeting natural gas (4 more than last week) and 1,357 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 182 rigs are running in the Williston Basin.

[Read more...]

Bakken Regional Rig Count 180 – Record Williston Basin Well Spuds – Oct 18, 2013

Almost 750 Well Spuds in Q3
Williston Basin Well Spuds Q3 2013

Well Spuds Q3 2013 | Click to Enlarge

The Bakken rig count increased by one to settle at 180 rigs running over the past week.

Even though the rig count is off its highs, the Williston Basin set a record for quarterly well starts in the third quarter. Baker Hughes released its most recent data and almost 750 wells were spud during the quarter. That’s up from fewer than 700 in the second quarter. Read the full story: Bakken & Three Forks Well Spuds Set Record in the Williston

The U.S. rig count decreased four rigs from 1,743 to 1,739 running over the past week. A total of 372 rigs are targeting natural gas (3 more than last week) and 1,361 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 182 rigs are running in the Williston Basin.

[Read more...]

Bakken & Three Forks Well Spuds Set Record in the Williston Basin

Well Starts Up Almost 50% From 18 Months Prior
Williston Basin Well Spuds Q3 2013

Well Spuds Q3 2013 | Click to Enlarge

Bakken and Three Forks well spuds hit a new high in the third quarter. Baker Hughes reported 747 well starts in the Williston Basin over the past three months.

The Williston Basin accounted for 747 or more than 8% of the 9,175 wells that were spud in the U.S. in the third quarter. The number of wells spud beats the previous record of 693 set in the second quarter and is almost 50% higher than the number of wells started in the first quarter of 2012. [Read more...]

Bakken Regional Rig Count 179 – Major Midstream Deal – Oct 11, 2013

Crestwood Midstream Expands Bakken Presence With $750 Million Acquisition

The Bakken rig count decreased by two to settle at 179 running over the past week.

The biggest announcement of the week was the $750 million acquisition of Arrow Midstream by Crestwood Midstream. The combination of the two companies creates one of the largest midstream companies in the region. Read more about the deal in the article: Crestwood Midstream Acquires Arrow Midstream for $750 Million

Not all rigs counted in our census are drilling for the Bakken, but it’s close. The NDIC estimates 95% of activity in this region targets the Bakken and Three Forks formations.

The U.S. rig count decrease 13 rigs from 1,756 to 1,743 running over the past week. A total of 369 rigs are targeting natural gas (9 less than last week) and 1,367 are targeting oil in the U.S. The remainder are drilling service wells (e.g. disposal wells, injection wells, etc.). 181 rigs are running in the Williston Basin.

[Read more...]

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