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Since September 4, Bakken spot crude oil prices have traded above the price of West Texas Intermediate spot crude oil prices. For most of 2012, Bakken spot crude oil prices traded at a discount to WTI prices and traded at a whopping $27.50 discount on February 9, 2012. The new premium pricing is likely to last for a while, as detailed in the article Bakken Spot Crude Premium to West Texas Intermediate Could Last Into 2013. This improved pricing environment for Bakken spot crude prices have still not been factored into the third and fourth quarter 2012 earnings estimates by many analysts. This could position some companies with a heavy concentration of revenue from Bakken crude oil prices to outperform their current revenue and earnings estimates for the third quarter.

Kodiak Oil & Gas (KOG) is an analyst favorite for executing an aggressive production growth plan. The average revenue estimate of 16 analysts for Kodiak for the third quarter is $126 million. Only three analysts have increased their third quarter revenue or earnings targets for Kodiak in the last 30 days despite the significantly improved pricing environment. Second quarter revenue for Kodiak was $86 million.

Northern Oil & Gas (NOG) like most Bakken stocks trades at a discount to Kodiak. The average revenue estimate of eight analysts for Northern for the third quarter is $80 million. In the last 30 days, three analysts have increased their third quarter estimates and one analyst has decreased their estimate for Northern. Second quarter revenue for Northern was $71 million.

Triangle Petroleum (TPLM) is attempting to mimic Kodiak's aggressive growth strategy. The average revenue estimate of seven analysts for Triangle for the third quarter is $19 million. In the last 30 days, all of these analysts have increased their third quarter revenue and earnings estimates for Triangle. Second quarter revenue for Triangle was $10 million. It should be noted Triangle brought a lot of new production online in the second half of the second quarter. So unlike the other four Bakken stocks mentioned, second quarter revenue for Triangle is not a good starting point for third quarter revenue.

U.S. Energy (USEG) has a similar growth strategy to Northern Oil & Gas. The average revenue estimate of three analysts for U.S. Energy for the third quarter is $9 million. None of the analysts following U.S. Energy have increased their third quarter revenue and earnings estimates in the last 30 days. Second quarter revenue for U.S. Energy was $8.5 million.

The average third quarter revenue estimate of 16 analysts for Oasis Petroleum (OAS) is $169 million. Only three analysts have increased their third quarter revenue and earnings estimates for Oasis in the last 30 days. Second quarter revenue for Oasis was $149 million.

Oil prices have been very volatile in the last few years and the premium pricing of Bakken spot crude oil to WTI could revert back to a discount. Third quarter revenue for the five stocks mentioned above depends on production as well as pricing. But based on the current premium oil pricing to WTI these companies are benefiting from there could be some upside surprises when third quarter earnings are released over the next few weeks.

Source: 5 Bakken Stocks Benefiting From The Rise In Bakken Spot Crude Prices