Whiting's CEO Jim Volker on CNBC's Mad Money - Video

Whiting's CEO was interviewed by Jim Cramer on CNBC a few weeks back. Learn more about how the company remains a leading oil play developer straight from the CEO:

Takeaways From the Interview

  • Lead in the Bakken by controlling drilling and completion costs
  • Drilling time from well spud to total depth in the Bakken has fallen from 30 days to 11-15 days now
  • Have used top drive, higher horsepower rigs, and better drill bits to drive down time spent drilling
  • WLL has potential for 3,000 drilling locations in the Niobrara
  • The Niobrara has 60 million barrels of oil in place in each spacing unit or approximately twice what is found in the Bakken
  • With the amount of oil in place, Whiting is already planning 16 well spacing units in the Niobrara

Philadelphia Refinery Opens Rail Yard to Support Bakken Crude Delivery - Video

Philadephia Energy Solutions has built a state-of-the-art crude by rail unloading facility that can handle up to three unit trains. The company's two refineries south of Philadelphia, Point Breeze and Girard Point, are the largest consumers of Bakken crude. Rail receipts of 160,000 barrels arrive on a daily basis.

"Times change and if the better crudes start moving down into the Utica, we can take it by rail. If it`s in the Permian Basin, we can take it by rail," Rinaldi said. "So we`re connected everywhere and we don`t get locked in."

In total, the two refineries can process 330,000 b/d of crude oil.

North Dakota Pushing The US To The Forefront Of Worldwide Oil Production - Video

The Bakken is producing almost 1 million barrels per day and it along with other plays are pushing the U.S. to the forefront of worldwide oil producing countries.

The play has grown to produce almost 15% of all oil in the U.S. and the number of producing wells in the play has grown from 25 in 2005 to almost 4,000 today.

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