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North Dakota crude production continues to grow, stays at 1M-plus bbl/day

  • North Dakota’s crude oil production passed 1M bbl/day in April and remained above the 1M benchmark in May on the strength of production from the Bakken and Three Forks formations.
  • One reason for May's 3.6% M/M growth to 1.039M bbl/day was the addition of 227 producing wells through the state, with 10,892 producing wells in May compared to 10,665 in April.
  • Average production per well in the state also grew between the months, to 2,959 barrels per well from 2,822 in April.
  • North Dakota's oil fields now account for 12% of all U.S. oil production, and more than 1% of global production.
  • Top Bakken producers include CLR, EOG, KOG, WLL, HES, XOM, OAS, NOG, EOX, MRO.
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Comments (7)
  • ljames2
    , contributor
    Comments (30) | Send Message
     
    Well over 10,000 wells in this one state. Consider for a second the resources we devote to bringing in just 1% of world oil production. In addition, are there costs in fresh water, oceans and atmosphere that we will pay later?

     

    Big picture, is this sustainable? Should we be developing more alternatives to unconventional fossil fuel extraction?
    5 Aug 2014, 11:32 AM Reply Like
  • Fracjob
    , contributor
    Comments (1421) | Send Message
     
    I am going to pray to the tooth fairy tonight so that we don't need to drill oil wells tomorrow. In between now and then, I am going to come up with a replacement energy source that will not be too expensive for the 50% of the U.S. population that is broke and unable to afford current energy costs.
    5 Aug 2014, 01:41 PM Reply Like
  • ljames2
    , contributor
    Comments (30) | Send Message
     
    I get the message in the forum. I'll try to hold it down. :)
    8 Aug 2014, 12:16 PM Reply Like
  • flyerguy1300
    , contributor
    Comments (589) | Send Message
     
    long eox!!
    5 Aug 2014, 01:29 PM Reply Like
  • Michael Bryant
    , contributor
    Comments (5822) | Send Message
     
    I think a better way to invest in fracking is (NYSE:SLCA). I also am long (NYSEMKT:ESTE).
    5 Aug 2014, 09:09 PM Reply Like
  • Fracjob
    , contributor
    Comments (1421) | Send Message
     
    The fundamentals for sand are excellent. Having said that, I would not bet the farm on a commodity that is readily available. Not possible to convince me that barriers to entry are great regardless of environmental pressure. Current completion techniques lend to increased sand usage, but this is not enough. EOG cut out the middleman years ago. Excessive profits breed ruinous competition, or decreased revenue on a commodity such as sand, even if margins are maintained. Can I tell you when the sand trade deteriorates? No. Is it a better way to invest in fracing in the long run? No
    6 Aug 2014, 03:50 PM Reply Like
  • clyjon1
    , contributor
    Comments (5) | Send Message
     
    Also long EOX!!
    8 Aug 2014, 03:16 PM Reply Like
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