Articles tagged Bakken

ConocoPhillips said Thursday that it would earmark more spending this year to cover rising costs across its U.S. onshore portfolio, more partner-operated activity and higher expenses in Alaska as it advances the Willow oil project there.

Rising gas-to-oil ratios (GOR) and a mandate to stamp out flaring in the Bakken Shale mean opportunity for the Williston Basin’s leading natural gas processor, Oneok Inc., management said Tuesday.

Oil producers in North Dakota’s Bakken Shale are facing the lowest natural gas prices in nearly three decades, according to the state’s top regulator. 

Natural gas futures sank below $3.000/MMBtu on Tuesday as markets looked past the immediate brutal cold to an expected warm-up in temperatures next week as indicated by increased confidence in weather models.

Permits to develop natural gas and oil in the Lower 48 slumped in August, with the biggest operating area, the Permian Basin, off by double-digits from July and 12% year-to-date. 

North Dakota achieved record natural gas production of 3.29 Bcf/d in July, up 1.3% from June, according to the state’s Department of Mineral Resources (DMR).

Crescent Point Energy Corp. is dropping out of the Bakken Shale with a $500 million private sale, casting off its North Dakota assets to concentrate on unconventional natural gas in Western Canada.

Production continues to edge upward in North Dakota’s oil and natural gas patch, with total output growing by 3% in June versus May, according to the state’s Department of Mineral Resources (DMR).

Some relief could be on the horizon for Bakken Shale oil producers facing punishingly low prices for their associated natural gas, as efforts to add takeaway capacity out of the basin are advancing.

North Dakota reported flat growth in natural gas production in March versus February, with producers signaling no plans to curb output despite low prices in the Bakken Shale, according to the state’s Department of Mineral Resources (DMR).