Bakken Shale News http://bakkenshale.com Bakken Shale News, MarketPlace, Jobs Fri, 28 Aug 2015 17:59:59 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Bakken Rig Count Stays Flat http://bakkenshale.com/drilling-rig-count/bakken-rig-count-stays-flat-2/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-stays-flat-2/#respond Fri, 28 Aug 2015 17:42:21 +0000 http://bakkenshale.com/?p=7644 akken Rigs

Bakken Rigs

The Bakken-Three Forks rig count remained at 71 rigs running across our coverage area by end of the week on Friday.

In recent Bakken news, Bentek Energy reported a slight increase in oil production for North Dakota in July, saying that the Bakken formation follows closely behind the Eagle Ford Basin in terms of efficiency gains and internal rates of return. Drill times in the Bakken dropped from about 15 days per well in late 2014 to about 13 days per well during the second quarter of this year.

Read more: Bakken Oil Production Up Slightly

The U.S. rig count decreased by eight, ending with 877 rigs running by midday Friday.  A total of 202 rigs were targeting natural gas (nine less than the previous week) and 675 were targeting oil in the U.S. (one more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  72 are in ND alone.

Bakken Oil & Gas Rigs

The Bakken oil rigs were at 71 rigs this week with Bloomberg reporting WTI oil prices trading at $44.99/bbl on Friday afternoon, a $4.54 increase from the previous week. WTI-Brent increased $4.56 landing to $50.02. The Bakken has zero natural active gas rig in the area this week with futures increasing slightly to $2.71/mmbtu by midday.

McKenzie County continues to lead development though falling to 22 rigs this week, while Williams (14) and Dunn (13) followed behind. View the full list below under the Bakken Drilling by County section.

Activity continues to be dominated by horizontal drilling:

  • 68 rigs are drilling horizontal wells
  • 1 rigs are drilling directional wells
  • 2 rigs are drilling vertical wells

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

COUNTY ST Previous Wk Current Wk County State Previous Week Current Week
MCKENZIE ND 26 22 RICHLAND MT 0 0
WILLIAMS ND 15 14 ROOSEVELT MT 0 0
DUNN ND 10 13 SHERIDAN MT 0 0
MOUNTRAIL ND 12 13 VALLEY MT 0 0
DIVIDE ND 3 3 WIBAUX MT 0 0
BOTTINEAU ND 2 2 BILLINGS ND 0 0
DAWSON MT 1 1 GOLDEN VALLEY ND 0 0
BURKE ND 0 1 MERCER ND 0 0
MCLEAN ND 1 1 RENVILLE ND 0 0
STARK ND 1 1 WARD ND 0 0
DANIELS MT 0 0 MCHENRY ND 0 0
FALLON MT 0 0

Bakken Oil & Gas News

Montana Delays Decision on Drilling Buffers

Montana Mineral Owners Receive Low-Ball Offers from Federal Government

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Read more at bakerhughes.com

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Bakken Oil Production Up Slightly http://bakkenshale.com/news/bakken-oil-production-up-slightly/ http://bakkenshale.com/news/bakken-oil-production-up-slightly/#respond Tue, 25 Aug 2015 13:07:19 +0000 http://bakkenshale.com/?p=7640 Bakken Production

Bakken Production

North Dakota saw increased production in July after slipping for two months.

Related: Bakken Production Expected to Decline

In April, the EIA predicted that production had peaked across the U.S. at 9.7 million barrels per day, the highest level since 1971. This proved to be true as production fell in May by 50,000 barrels per day and in June, Bakken shale month-over-month crude oil production dipped 1.3%.

This week, Bentek Energy reported a slight increase in oil production for North Dakota in July, saying that the Bakken formation follows closely behind the Eagle Ford Basin in terms of efficiency gains and internal rates of return. Drill times in the Bakken dropped from about 15 days per well in late 2014 to about 13 days per well during the second quarter of this year.

Bentek analyst, Sami Yahya, explained “Substantial cost savings protocols alongside reduced drill times have kept internal rates of return in the Bakken shale formation among the best in the country. Current rates of return in the Bakken shale formation are around 15%, which is comparable to the 18% found in the Eagle Ford Basin.”

Crude oil dropped below $40 this week, adding strain to a difficult situation. Second quarter earnings for many companies showed signs that they are shifting their priorities from growth to survival.

  • Shell: Profits fell sharply, resulting in cuts to company’s capital investment and an elimination 6,500 jobs
  • Chevron: Its upstream businesses were particularly hard hit and they will lay off roughly 2% of its global workforce
  • ExxonMobil: Profits fell 52% and company announced it is taking steps to mitigate the harsh climate for oil and gas majors and capital expenditures were cut 16% last quarter
  • BP: Revenue and profits were all lower than expected and company announced it is positioning itself for a period of weaker prices
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Bakken Rig Count at 71 http://bakkenshale.com/drilling-rig-count/bakken-rig-count-at-71/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-at-71/#respond Sat, 22 Aug 2015 01:15:38 +0000 http://bakkenshale.com/?p=7636 The Bakken-Three Forks rig count increased to 71 rigs running across our coverage area by end of the week on Friday.

In recent Bakken news, crude oil has fallen to a six year low in recent weeks, but even at the current price of around $43, analysts speculate the Bakken will remain strong.  

Read more: Can Bakken Break Even at $30?

The U.S. rig count increased by one, ending with 885 rigs running by midday Friday.  A total of 211 rigs were targeting natural gas (the same as the previous week) and 674 were targeting oil in the U.S. (two more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  72 are in ND alone.

Bakken Oil & Gas Rigs

The Bakken oil rigs were at 71 rigs this week with Bloomberg reporting WTI oil prices trading at $40.45/bbl on Friday afternoon, a $1.68 decrease from the previous week. WTI-Brent decreased $3.57 landing to $45.46. The Bakken has zero natural active gas rig in the area this week with futures decreasing to $2.68/mmbtu by midday.

McKenzie County continues to lead development and is running 26 running this week, while Williams (15) and Mountrail (12) followed behind. View the full list below under the Bakken Drilling by County section.

Activity continues to be dominated by horizontal drilling:

  • 61 rigs are drilling horizontal wells
  • 1 rigs are drilling directional wells
  • 2 rigs are drilling vertical wells

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

COUNTY ST Previous Wk Current Wk County State Previous Week Current Week
MCKENZIE ND 26 26 ROOSEVELT MT 0 0
WILLIAMS ND 15 15 SHERIDAN MT 0 0
MOUNTRAIL ND 11 12 VALLEY MT 0 0
DUNN ND 9 10 WIBAUX MT 0 0
DIVIDE ND 3 3 BILLINGS ND 0 0
BOTTINEAU ND 1 2 BURKE ND 0 0
DAWSON MT 1 1 GOLDEN VALLEY ND 0 0
MCLEAN ND 1 1 MERCER ND 0 0
STARK ND 1 1 RENVILLE ND 0 0
DANIELS MT 0 0 WARD ND 0 0
FALLON MT 0 0 MCHENRY ND 0 0
RICHLAND MT 0 0

Bakken Oil & Gas News

New Ruling to Slash Methane Emissions

Montana Mineral Owners Receive Low-Ball Offers from Federal Government

 

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Read more at bakerhughes.com

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Can Bakken Break Even at $30? http://bakkenshale.com/news/can-bakken-break-even-at-30/ http://bakkenshale.com/news/can-bakken-break-even-at-30/#respond Wed, 19 Aug 2015 23:54:05 +0000 http://bakkenshale.com/?p=7631 Crude Plunges to Six Year Low

Crude Plunges to Six Year Low

Crude oil has fallen to a six year low in recent weeks, but even at the current price of around $43, analysts speculate the Bakken will remain strong.  

Related: Oil Plunges to Six Year Low

West Texas Intermediate crude is now down more than 30% in just the last few months after a 50% rebound earlier this spring. Bloomberg reported this week that a lower profitability point from producers has allowed U.S. oil production to remain near a 40-year high.

Bloomberg Analyst, William Foile said, “A single break-even price doesn’t actually exist. Rather, what the model indicates is that at a realized oil price of $29.42, half of wells will generate returns exceeding 10%. This price is considerably lower than the $70 breakeven estimated by industry watchers at the start of the oil price slump.”

In McKenzie County, North Dakota, one estimate is that the median breakeven price is a little more than $29 a barrel. Producers are verifying this low price point including EOG Resources Inc., who says it can make a 30 percent after-tax return on $50 oil and Whiting Petroleum Corp., the largest Bakken producer, said it’s preparing to be able to grow production at $40 to $50 prices.

The federal Energy Information Administration (EIA) announced that it had lowered its 2016 forecast price for U.S. benchmark oil (Brent) by $8 to $54 per barrel in 2016 and its 2015 forecast by $6 to $49 per barrel. The agency said it expects Brent to average about $59 per barrel in 2016 and about $54 per barrel in 2015.

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Bakken Rigs Fall Back to 68 http://bakkenshale.com/drilling-rig-count/bakken-rigs-fall-back-to-68/ http://bakkenshale.com/drilling-rig-count/bakken-rigs-fall-back-to-68/#respond Sat, 15 Aug 2015 12:21:01 +0000 http://bakkenshale.com/?p=7627 akken Rigs

Bakken Rigs

The Bakken-Three Forks rig count fell to 68 rigs running across our coverage area by end of the week on Friday.

In recent Bakken news, on Tuesday China made the move to devalue its currency, sending shockwaves around the globe and contributing to U.S. crude oil falling to its lowest levels in six years.

Read more: Crude Hits Six Year Low

The U.S. rig count remained flat, ending with 884 rigs running by midday Friday.  A total of 211 rigs were targeting natural gas (two less than the previous week) and 672 were targeting oil in the U.S. (two more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  69 are in ND alone.

Bakken Oil & Gas Rigs

The Bakken oil rigs fell back to 68 rigs this week with Bloomberg reporting WTI oil prices trading at $42.13/bbl on Friday afternoon, a $4.78 decrease from the previous week. WTI-Brent decreased $2.95 landing to $49.03. The Bakken has zero natural active gas rig in the area this week with futures increasing to $2.81/mmbtu by midday.

McKenzie County continues to lead development and is running 26 running this week, while Williams (15) and Mountrail (11) followed behind. View the full list below under the Bakken Drilling by County section.

Activity continues to be dominated by horizontal drilling:

  • 65 rigs are drilling horizontal wells
  • 0 rigs are drilling directional wells
  • 3 rigs are drilling vertical wells

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

Bakken Oil & Gas News

Continental Resources: Excellent Q2

Investors Lose Millions in Oil Well Scheme

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Read more at bakerhughes.com

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Continental Resources: Excellent Q2 http://bakkenshale.com/news/continental-resources-reports-excellent-q2/ http://bakkenshale.com/news/continental-resources-reports-excellent-q2/#respond Tue, 11 Aug 2015 13:00:25 +0000 http://bakkenshale.com/?p=7616 Continental Resources: 2015 Q2

Continental Resources: 2015 Q2

The second quarter of 2015 delivered “excellent results” for Continental Resources, especially in light of the prevailing low crude prices.

Related: Continental Resources Aggressively Cuts Costs

Continental reported a Q2 net income of $0.4 million and a net production of 20.6 million Boe, or 226,547 Boe per day, a sequential increase of 10% from first quarter 2015 and 35% higher than second quarter 2014. This included 149,897 barrels of oil per day (66% of production) and 459.9 million cubic feet (MMcf) of natural gas per day (34% of production).

Jack H. Stark, COntinental’s President & Chief Operating Officer said, “Looking to the second half of 2015, we expect production will decline slightly in the third quarter and level off in the fourth quarter, reflecting a lower level spend that we have planned. Our year-end 2015 exit rate is projected to be 210,000 barrels to 215,000 barrels of oil per day and there may be some upside to this number as efficiencies continued to build.”

Bakken Q2 Highlights
Continental’s Bakken drilling program is focused on core leasehold in Williams, McKenzie, Mountrail and Dunn counties, targeting an average estimated ultimate recovery (EUR) of approximately 800,000 Boe per well. Other highlights include:

  • Production averaged 140,988 Boe per day an increase of 4% compared with first quarter 2015 and an increase of 30% compared with second quarter 2014.
  • Completed 56 net (159 gross) Middle Bakken and Three Forks wells
  • Operated an average of 10 rigs and three completion crews in the Bakken
  • The company estimates it has at least 10 years of drilling inventory, with wells averaging 775,000 Boe per well in EUR, in the core of the Bakken.
  • 95 gross operated Bakken wells drilled and waiting on first production, compared to 115 at the end of first quarter 2015

continental

 

 

 

 

Read more at contres.com

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Bakken Rig Count Back to 70 http://bakkenshale.com/drilling-rig-count/bakken-rig-count-back-to-70/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-back-to-70/#respond Sat, 08 Aug 2015 11:54:36 +0000 http://bakkenshale.com/?p=7612 akken Rig Count Stays Flat

Bakken Rigs

The Bakken-Three Forks rig count rose to 70 rigs running across our coverage area by end of the week on Friday.

In recent Bakken news, Whiting petroleum announced second quarter earnings this week that highlighted record production and plans to complete 40 to 50 wells in the Bakken. As second quarter earning results are trickling, many companies are showing signs that they are shifting their priorities from growth to survival.

Read more: Oil and Gas Companies Enter Survival Mode 

The U.S. rig count increased by 10, ending with 884 rigs running by midday Friday.  A total of 213 rigs were targeting natural gas (four more than the previous week) and 670 were targeting oil in the U.S. (six more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  71 are in ND alone.

Bakken Oil & Gas Rigs

The Bakken oil rigs increased at 70 rigs this week with Bloomberg reporting WTI oil prices trading at $44.02/bbl on Friday afternoon, a $2.89 decrease from the previous week. WTI-Brent decreased $3.33 landing to $48.65. The Bakken has zero natural active gas rig in the area this week with futures increasing to $2.80/mmbtu by midday.

McKenzie County continues to lead development and is running 26 running this week, while Williams (16) and Mountrail (11) followed behind. View the full list below under the Bakken Drilling by County section.

Activity continues to be dominated by horizontal drilling:

  • 68 rigs are drilling horizontal wells
  • 0 rigs are drilling directional wells
  • 2 rigs are drilling vertical wells

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

COUNTY ST Previous Wk Current Wk County State Previous Week Current Week
MCKENZIE ND 25 26 ROOSEVELT MT 0 0
WILLIAMS ND 17 16 SHERIDAN MT 0 0
MOUNTRAIL ND 11 11 VALLEY MT 0 0
DUNN ND 10 10 WIBAUX MT 1 0
DIVIDE ND 3 3 BILLINGS ND 0 0
DAWSON MT 0 1 BURKE ND 0 0
BOTTINEAU ND 0 1 GOLDEN VALLEY ND 0 0
MCLEAN ND 1 1 MERCER ND 0 0
STARK ND 1 1 RENVILLE ND 0 0
DANIELS MT 0 0 WARD ND 0 0
FALLON MT 0 0 MCHENRY ND 0 0
RICHLAND MT 0 0

Bakken Oil & Gas News

Oil & Gas Companies Enter Survival Mode

Senate Committee Votes to Lift Oil Export Ban

Whiting Plans to Drop Bakken Rigs

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Read more at bakerhughes.com

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Whiting Plans to Drop Bakken Rigs http://bakkenshale.com/news/whiting-whiting-drops-bakken-rigs/ http://bakkenshale.com/news/whiting-whiting-drops-bakken-rigs/#respond Tue, 04 Aug 2015 15:39:16 +0000 http://bakkenshale.com/?p=7605 Whiting Petroleum: 2015 Q2

Whiting Petroleum: 2015 Q2

Whiting petroleum announced second quarter earnings this week that highlighted record production and plans to complete 40 to 50 wells in the Bakken.

Related: Whiting Announces Strong First Quarter

Whiting posted a record quarter with total production at 170,000 BOEs per day. Company operations in the Bakken/Three Forks region represented 80% of total production at 136,000 BOEs a day.

CEO James J. Volker said, “With the recent decline in commodity prices, we have elected to drop an additional three rigs in the second half of the year and run an eight-rig program. In 2016, at a $50 NYMEX oil price, our capital budget and cash flow should be equal, with a relatively flat production profile when compared to Q4 2015. Our budget is flexible. If oil prices are higher than anticipated later this year, we can ramp up and deliver even greater growth.”

Other Q2 Highlights

  • Adjusted Net Income of $9.2 Million or $0.04 per Diluted Share
  • Q2 2015 Discretionary Cash Flow Totals $380.7 Million, a 53% Increase Over Q1 2015
  • Enhanced Completions Deliver 40% to 50% Production Increases Across Multiple Williston Basin Areas
  • Redtail Niobrara Field Production of 17,065 BOE/d in Q2 2015, Up 31% Over Q1 2015
  • $185 Million Additional Q2 2015 Non-Core Property Sales; $300 Million of Total Asset Sales in 1H 2015
  • 2015 Capital Budget Revised to $2.15 Billion for 6.5% Production Gro

Whiting Petroleum Corp.’s Stock Crashed 35% in July with analysts speculating that the company’s profitability is very correlated to the price of crude.

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Bakken Rig Count Remains Steady http://bakkenshale.com/drilling-rig-count/bakken-rig-count-remains-steady/ http://bakkenshale.com/drilling-rig-count/bakken-rig-count-remains-steady/#respond Fri, 31 Jul 2015 19:27:07 +0000 http://bakkenshale.com/?p=7599 akken Rig Count Stays Flat

Bakken Rig Count Remains Flat

The Bakken-Three Forks rig count remained at 69 rigs running across our coverage area.

In recent Bakken news, 22 train cars from a Burlington Northern Santa Fe Railway (BNSF)  train derailed last week causing an evacuation of residents in nearby homes and in a Bakken man camp

Read more: Bakken Train Derailment

The U.S. rig count decreased by two, ending with 874 rigs running by midday Friday.  A total of 209 rigs were targeting natural gas (seven less than the previous week) and 664 were targeting oil in the U.S. (five more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.)  70 are in ND alone.

Bakken Oil & Gas Rigs

The Bakken oil rigs stayed at 69 rigs this week with Bloomberg reporting WTI oil prices trading at $46.91/bbl on Friday afternoon, a $1.22 decrease from the previous week. WTI-Brent decreased $2.72 landing to $51.98. The Bakken has zero natural active gas rig in the area this week with futures increasing to $2.71/mmbtu by midday.

McKenzie County continues to lead development and is running 25 running this week, while Williams (17) and Mountrail (11) followed behind. View the full list below under the Bakken Drilling by County section.

Activity continues to be dominated by horizontal drilling:

  • 68 rigs are drilling horizontal wells
  • 0 rigs are drilling directional wells
  • 1 rigs are drilling vertical wells

Be sure to visit our Bakken Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Bakken Drilling by County

COUNTY ST Previous Wk Current Wk County State Previous Week Current Week
MCKENZIE ND 26 25 ROOSEVELT MT 0 0
WILLIAMS ND 17 17 SHERIDAN MT 0 0
MOUNTRAIL ND 11 11 VALLEY MT 0 0
DUNN ND 9 10 BILLINGS ND 0 0
DIVIDE ND 3 3 BOTTINEAU ND 0 0
WIBAUX MT 1 1 BURKE ND 0 0
MCLEAN ND 1 1 GOLDEN VALLEY ND 0 0
STARK ND 1 1 MERCER ND 0 0
DANIELS MT 0 0 RENVILLE ND 0 0
DAWSON MT 0 0 WARD ND 0 0
FALLON MT 0 0 MCHENRY ND 0 0
RICHLAND MT 0 0

Bakken Oil & Gas News

New Regulations For Bakken Housing

Montana Mineral Owners Receive Low-Ball Offers from Federal Government

Oil Glut Causing Prices to Dive

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Read more at bakerhughes.com

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New Regulations For Bakken Housing http://bakkenshale.com/news/new-regulations-for-bakken-housing/ http://bakkenshale.com/news/new-regulations-for-bakken-housing/#respond Tue, 28 Jul 2015 22:25:15 +0000 http://bakkenshale.com/?p=7592 Temporary Housing in Bakken

Temporary Housing in Bakken

Williams County commissioners adopted new regulations that will significantly limit the availability of temporary housing that serves in North Dakota’s oil fields.

Related: Will Bakken Man Camps Disappear?

Temporary housing has peppered the landscape since 2008, providing a crucial way to house the droves of workers who have migrated to the Bakken oil fields. When the influx of workers outstripped available housing, new crew camps, RV/trailer parks and modular homes quickly sprang up to meet the need.

Last week the commission voted to adopt the new guidelines that put restrictions on new or renewed applications for temporary housing. Commissioners stopped short of a full ban fearing that might increase apartment and permanent housing costs.

Mike Sizemore, director of Development Services said “This was an effort to try and put something together to work. It’s hard to come up with a policy that was cut and dry because none of these are the same.”

Recently, the SEC has frozen the assets of North Dakota Developments, LLC (“NDD”) and its principles, claiming they defrauded over 980 investors from 66 different countries to build Bakken housing projects that were never finished.

Bakken Man Camps Center of Ponzi-Type Scheme

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