Occidental Names First Female CEO

Occidental Bakken Acreage
Occidental Bakken Acreage

History was made this week as the first woman is to appointed to lead a major U.S. exploration and production company.

Occidental Petroleum announced on Tuesday that their board approved the promotion of  Vicki A. Hollub to Senior Executive Vice President of Occidental and President – Oxy Oil and Gas, responsible for operations in the United States, Middle East region and Latin America. Hollub will succeed CEO Stephen Chazen when he retires in 2016 and will continue to serve as president of Occidental's oil and gas operations during the transition period.

Ms. Hollub has nearly 35 years of experience in the oil and gas industry with over 33 of those years spent at Occidental. She had been involved in a variety of technical and leadership roles, both domestic and international.

The board and I congratulate Vicki on her well-deserved promotion. After a thoughtful succession review, the board selected Vicki based on her strong track record of successfully growing our domestic oil and gas business profitably and efficiently,” said Mr. Chazen, President and Chief Executive Officer. “I look forward to working with her to prepare her for the CEO role and to stepping aside when she is ready to take it on.

One day after the announcement, Occidental released its Q1 numbers showing production is up 13%.  The total company average daily oil and gas production volumes increased by 72,000 barrels of oil equivalent (BOE) to 645,000 BOE from 573,000 BOE in the first quarter of 2014.

Related: Occidental Petroleum Reduced 2015 Capex by 33%

Occidental’s North Dakota assets encompass approximately 303,000 net acres of oil producing and unconventional properties in the Williston Basin's Bakken, Pronghorn and Three Forks formations.

Read more at oxy.com

Oasis on Track to Achieve Bakken Production Targets for 2014

Oasis Production Chart
Oasis Production Chart

Oasis Petroleum is on track to reach the low end of its estimated 2014 daily production target of 46,000 boe/d in the second quarter of the year. Current production estimates for Oasis' second quarter production are between 43,000 boe/d - 46,000 boe/d.

During the first quarter of 2014, the company's total production was 42,856 boe/d. That figure represents production growth of approximately 5% quarter over quarter for the company.

To help achieve its production targets, Oasis will continue slickwater tests, after seeing a 25% production uplift in three of its core operating areas. Specifically, these areas are Indian Hills, Foreman Butte, and Red Bank. Oasis says it now intends to complete 20% of wells during the second half of 2014 with the slickwater technique.

Oasis CEO Thomas B. Nusz, said, “based on encouraging results to date from slickwater tests and other completion technology, we intend to complete over 60% of our wells in the second half of 2014 with alternative completion techniques. We are focused on designs that may increase production or reduce costs, ultimately driving higher per well and per drilling spacing unit returns.

During the first quarter, Oasis completed the sale of certain non-operated properties in its Sanish project area and other adjacent non-operated properties on March 5, 2014 for cash proceeds of $321.9 million. Properties ear-marked in the sale were 8,354 net acres and 28.2 net producing Bakken and Three Forks wells.  Production from the properties was 2,691 boe/d during Q4 2013.

Read more: Oasis Sells Bakken Acreage - Strong Production Growth in 2014

Also during the first quarter, the company picked up an additional rig, and anticipates a sixteenth rig after the spring. The company says a majority of its rigs will be operating on pads through the spring.

Hess Production To Soar in Bakken By the End of 2014

Hess' Bakken Acreage Map
Hess' Bakken Acreage Map

Hess' first quarter 2014 Bakken production increased slightly from the fourth quarter, but company official say total Bakken production was curtailed due to the shutdown of the Tioga gas plant. Company officials now say Hess' Bakken production levels are greater than 80,000 boe/d after work was completed on the Tioga gas plant expansion.

The expansion project, which is part of a $1.5 billion investment Hess has made in the area for infrastructure improvements, is now fully operational, and the plant is currently processing about 120-million standard cubic feet of gas per day (MMSCFD). The company expects the plant will soon process at least 250 MMSCFD with the potential to increase beyond 300 MMSCFD.

Read more: Hess to Begin Selling Bakken Natural Gas from Tioga Plant

Hess' First Quarter 2014 Operations Update

Hess brought 30-operated wells online during the first quarter, with drilling and well completions averaging $7.5 million. The company's net Bakken production during the quarter averaged 63,000 boe/d, and net oil production was 58,000 b/d. Total capital expenditures in the Bakken for the quarter were $451-million. That's a 21% decrease from $571-million in the fourth-quarter.

Since 2010, Hess company officials say they have invested more than $10 billion in North Dakota. Currently, the oil giant has a 17 rig drilling program in the Bakken with 2014 net production expected to average 80,000 to 90,000 boe/d.

Magnum Hunter Resources Bakken First Quarter Update

Magnum Hunter Bakken Shale Map
Magnum Hunter Bakken Shale Map

During the first quarter of 2014, Magnum Hunter Resources participated in the drilling of 4 gross (0.7 net) non-operated wells in the Bakken/Three Forks Sanish formations in North Dakota. At the end of the quarter, 4 gross (1.0 net) wells were drilling or waiting on fracture stimulation. Capital expenditures since the first of the year in the Bakken amounted to $11.6 million.

Across the company's portfolio, oil and gas production increased 102% for the quarter to 14,796 boe/d, compared to the same time period last year.

Magnum Hunter First Quarter Bakken Operations Update

Magnum Hunter Resources reported one operated one-mile lateral well was completed in the Middle Bakken formation, with an average initial production (IP) 24-hour rate of 223 boe/d at a 35% water cut. Four non-operated two-mile lateral wells were completed in the Middle Bakken formation, with an average IP 24-hour rate of 534 boe/d. One non-operated, three-mile lateral well, was completed in the Middle Bakken formation, with an average IP 24-hour rate of 949 Boe/d, and seven non-operated two-mile lateral wells were completed in the Three Forks Sanish formation with an average IP 24-hour rate of 544 boe/d.

Magnum Hunter Bakken Midstream Update

In May of 2014, Magnum Hunter revealed it will begin transporting oil from some of its non-operated wells in Divide County, North Dakota, through a third-party, to the Colt Hub in Epping, North Dakota. The company expects ~51 existing wells, combined with 18 wells scheduled under the 2014 drilling program, to be connected to the gathering system, which is slated to be fully operational by September 2014. A truck terminal will also be constructed and connected to the gathering system to minimize oil hauling costs from wells not connected to the gathering system.

Furthermore, ~125 gross wells have now been connected into the Oneok gas gathering system in North Dakota. The company estimates current net throughput volumes on this system at approximately 1,000 Mcf/d and 170 barrels of NGLs, or 340 boe/d.


Whiting Petroleum Has Record Bakken Production in First Quarter

Whiting Petroleum Bakken Acreage Map
Whiting Petroleum Bakken Acreage Map

Whiting Petroleum had record breaking Bakken production in the first quarter of 2014 of 73,325 boe/d. That's up 27% over the first quarter of 2013. On April 1, 2014, the company claimed to have achieved its' best well result to date in its' Cassandra field in Williams County.

Whiting’s CEO James Volker said, ““Our North Dakota, Colorado and Texas teams overcame one of the most severe winters on record so that we met all of our guidance numbers in the first quarter. We [] achieved our best well result to date at our Cassandra field with the completion of the Kaldahl 11-3H flowing 1,930 BOE/d on April 1, 2014 using a cemented liner.

Whiting's Bakken First Quarter Operations Highlights

In the Missouri Breaks Field (Richland and McKenzie counties, North Dakota), Whiting completed four wells at the end of March and the beginning of April in this area, with an average of 1,206 boe/d. The company used its new coilded tubing fracture stimulation method on one of the wells, and achieved a flow rate of 1,607 boe/d, which was 73% higher than the initial well in the unit.

In the Cassandra Field (Williams County, North Dakota), The Kaldahl 11-3H was completed in the Middle Bakken on April 1, 2014 flowing 1,930 boe/d. That's 104% higher than the 10 prior wells completed in the Middle Bakken formation.

Whiting Petroleum has operations in the Williston Basin covering Mountrail, Stark and Billings counties in North Dakota, and Wibaux County, Montana.

Read more at whiting.com