ConocoPhillips' Bakken Shale Production Up 80% in Q4 2013 to 43,000 boe/d

Bakken Rig

ConocoPhillips Bakken Shale production was 43,000 boe/d in the fourth-quarter of 2013, surpassing fourth quarter 2012 production of the formation by ~ 80%.

In the Lower 48 and Latin America, that accounted for about ~12% of the company's total production.

Read more: Conoco Phillips Increases Bakken Spending in its 2014 Budget

ConocoPhillips Production Growing Rapidly in the Bakken

In the fourth quarter of 2012, Conoco's Bakken production averaged 24,000 boe/d.

At the beginning of 2013, production was only expected to grow by 10%, but with the ~80% increase to 43,000 boe/d, Conoco is well within its 2013 target goal to produce an average of 40,000 boe/d over the next 4 - 5 years.

ConocoPhillips Capital Budget in Unconventional Drilling

In 2014, Conoco will spend ~$9 billion on its North American operations. Approximately $4.3 billion will be focused on the Bakken, Eagle Ford and Niobrara Shale. In 2013, Conoco's production in the Bakken, Eagle Ford and Permian grew 31% from ~167,000 boe/d in the fourth-quarter of 2012 to ~218,000 boe/d in 2013.

Bakken Contribution to Conoco's Reserves

The growth in unconventional drilling has contributed greatly to Conoco's reserves.

“CEO Ryan Lance, said, “2013 was a significant year for the company and we achieved several important, strategic milestones... [the company] achieved conventional and unconventional exploration success... [and] our capital program yielded strong organic reserve replacement.”

In 2013, Conoco added 470 million boe in Lower 48, primarily in liquids-rich shale plays, including the Bakken and Eagle Ford.

ConocoPhillips Production in 2013 and Plans Moving Forward at a Glance

• ConocoPhillips Bakken Shale Q4 production up ~80% from 2012 to 43,000 boe/d
• ~ 12% of ConocoPhillips Lower 48 Production is in Bakken
• $4.3 billion will be focused on the Bakken, Eagle Ford and Niobrara Shale in 2014
• 470 million boe in Lower 48 reserves added in 2013, primarily in liquids-rich shale plays, including the Bakken and Eagle Ford
• 31% production growth in Bakken, Eagle Ford and Permian to ~218,000 boe/d in Q4 2013

Read more at ConocoPhillips.com

Whiting Petroleum Hits Record Production Levels In Q1 2013

Whiting Bakken Map

Whiting Petroleum reported record company-wide production in the first quarter of 2013 of more than 8 million boe (over 89,000 boe/d).

That represents 4% growth over Q4 2012 and 10% growth over Q1 2012.

The growth was driven by the company's assets in the Western Williston, Southern Williston, and Sanish Field areas. Seismic work completed at the Starbuck prospect and positive results from the Niobrara Shale mean Whiting could have future growth not baked into its guidance of 12-16% in 2013.

“In the Williston Basin, drilling at our Sanish, Pronghorn, Hidden Bench and Tarpon fields continues to underpin our production increases. Recent well results at our Missouri Breaks prospect indicate that this area should also contribute significantly to future production growth.”

— Mr. Volker, CEO

Bakken Highlights

• Western Williston Basin production grew 27% from Q4 to 6,520 boe/d
• A well was brought online at almost 1,500 boe/d in the Missouri Breaks prospect
• South Williston production grew 52% from Q1 2012 to 13,800 boe/d
• Sanish production grew 16% from Q1 2012 to more than 33,000 boe/d
• Big Island Prospect yielded two vertical Red River wells that produced more than 200 boe/d
• Completed 3-D seismic on the Starbuck prospect.

Whiting also completed a successful well in the Niobrara in the Denver-Julesberg Basin. The Razor 26-3524H flowed over 861 boe/d intially. One rig is working the area an another will be added at mid-year.

The company operates a total 23 rigs and ~20 of those are active in the Williston Basin.

Read the full press release at whiting.com