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Bakken Shale

Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals

Ovintiv Pursuing Natural Gas Price ‘Diversification,’ Citing Strong Market Fundamentals

Ovintiv Inc. is exploring options to increase the exposure of its multi-basin upstream portfolio to a dynamic global natural gas market, CEO Brendan McCracken said.  The Denver-based independent works in numerous onshore plays throughout North America, including in the Montney Shale, Anadarko Basin, Permian Basin, Bakken Shale and Uinta Basin. On a call to discuss…

May 16, 2022
Both Oil, Gas Drilling Numbers Rise as Steady Ascent for U.S. Drilling Tally Continues

Both Oil, Gas Drilling Numbers Rise as Steady Ascent for U.S. Drilling Tally Continues

With gains spread across both natural gas- and oil-directed drilling, the U.S. rig count continued its upward climb during the week ended Friday (May 13), adding nine units to reach 714, according to the latest tally from Baker Hughes Co. (BKR). Six oil-directed rigs and three natural gas-directed rigs were added in the United States…

May 13, 2022
Oil Patch Drives Rising U.S. Drilling Totals in Latest Baker Tally

Oil Patch Drives Rising U.S. Drilling Totals in Latest Baker Tally

Increasing activity in the oil patch lifted the U.S. rig count three units higher to 698 for the week ended Friday (April 29), according to the latest figures from oilfield services provider Baker Hughes Co. (BKR). Activity gains in the United States for the week resulted entirely from oil-directed drilling and also included net increases…

April 29, 2022
Hess Giving ‘Serious Consideration’ to Adding Bakken Rig to Boost Oil Supply

Hess Giving ‘Serious Consideration’ to Adding Bakken Rig to Boost Oil Supply

U.S. independent Hess Corp. expects to add a fourth rig to its Bakken Shale activity by the end of this year, but the company continues to prioritize capital discipline. “As our portfolio becomes increasingly free cash flow positive in the coming years we commit to return up to 75% of our annual free cash flow…

April 28, 2022
Empire Expands Reach in North Dakota with Williston Acquisitions

Empire Expands Reach in North Dakota with Williston Acquisitions

Empire Petroleum Corp. has boosted its holdings in North Dakota by expanding its existing interests in the Williston Basin and entering a play in the Birdbear formation. The Tulsa-based exploration and production company completed acquisitions earlier this month from an undisclosed firm for an undisclosed price. The deal could increase Empire’s net production in North…

April 21, 2022
North Dakota’s Estimate of Economic Bakken, Three Forks Drilling Area Grows 19%

North Dakota’s Estimate of Economic Bakken, Three Forks Drilling Area Grows 19%

The Bakken and Three Forks Petroleum System in western North Dakota holds about 3,000 more square miles of economic drilling inventory than previously thought, according to a new analysis from the North Dakota Petroleum Authority (NDPA). “Over the last two years, industry has used development strategies, perfected in the highest performing areas of the state,…

March 31, 2022
North Dakota’s Oil, Gas Supply Chain Said ‘Badly Broken,’ Limiting Output Upside

North Dakota’s Oil, Gas Supply Chain Said ‘Badly Broken,’ Limiting Output Upside

North Dakota oil and natural gas producers are facing multiple roadblocks to increasing production amid a historically tight global oil market, the state’s top regulator said this week. Department of Mineral Resources (DMR) director Lynn Helms discussed the challenges, along with the state’s production, drilling, permitting and natural gas flaring statistics for January, in his…

March 17, 2022
Whiting, Oasis to Join Forces in Bakken Through ‘Merger of Equals’

Whiting, Oasis to Join Forces in Bakken Through ‘Merger of Equals’

Bakken Shale independents Whiting Petroleum Corp. and Oasis Petroleum Inc. have agreed to join forces in a “merger of equals” transaction, the companies said Monday. “The combined company will have a premier Williston Basin position with top tier assets across approximately 972,000 net acres, combined production of 167,800 boe/d, significant scale and enhanced free cash…

March 7, 2022
Enerplus Touts ‘Transformational’ Pivot from Canada to Bakken, Marcellus

Enerplus Touts ‘Transformational’ Pivot from Canada to Bakken, Marcellus

Asset purchases in the United States, followed by oil and gas price increases, have paid off for Calgary-based Enerplus Corp., which switched to American production last year. In deals described as a transformation, Enerplus bought into North Dakota and its Bakken Shale formation in the Williston Basin with a $465 million takeover of Bruin E&P…

March 2, 2022
Bakken Oil Producers Seen Scaling Back Growth On Natural Gas Capture Concerns

Bakken Oil Producers Seen Scaling Back Growth On Natural Gas Capture Concerns

Bakken Shale oil producers will likely limit annual production growth to 1-2% over the next 10 years, driven largely by concerns about natural gas capture, according to North Dakota’s top oil and gas regulator. Department of Mineral Resources director Lynn Helms discussed the outlook, along with the state’s latest production and drilling statistics, with reporters…

February 17, 2022
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