Northern Oil and Gas will ramp up activity in the Bakken Shale in 2017.
In a recent press release, Northern executives announced a 2017 capital budget of $102.2 million. The company will drill 12 new wells in the Bakken Shale during 2017 and expects total annual production to equal or exceed 2016.
Fourth Quarter and Full Year Highlights
- Q4 Net loss was $12.3 million ($172.3 million in Q4 2015)
- 2016 net loss of $293.5 million ($975.4 million in 2015)
- Average 90-day initial production rate increased 47% in 2016
- Completed $8.9 million property acquisition in the Q4
- 2016 capital expenditures totaled $75.6 million (41.3% decrease over 2015)
- Q4 production totaled 1,259,274 barrels of oil equivalent ("Boe")
- End of year: $212.5 million of liquidity
Bakken Producers Announce 2017 Plans
- ExxonMobil Corporation said it would shift its focus to U.S. shale drilling for the remainder of 2017
- Continental 70% of Continental’s 2017 budget will be used to complete wells in the Bakken at a cost of $550 million
- Hess Corp will add additional rigs in the Bakken and predicts the region's net production will average between 95,000 and 105,000 boepd.