Bakken Shale

MPLX Sees Continued Natural Gas Growth in Permian, Bakken Despite Lower Prices

MPLX Sees Continued Natural Gas Growth in Permian, Bakken Despite Lower Prices

MPLX LP management said strong natural gas demand is providing optimism for continued volume growth on its midstream systems in 2023 despite a steady decline in prices since the summer. MPLX has set aside $800 million of growth capital for the year, with a particular focus on debottlenecking and expansion projects in the Permian Basin…

February 13, 2023
Hess Eyeing $3.7B E&P Capital Spend in 2023, Focused on Bakken, Guyana

Hess Eyeing $3.7B E&P Capital Spend in 2023, Focused on Bakken, Guyana

Hess Corp. has set a $3.7 billion exploration and production budget for 2023, with more than 80% of funds allocated to its flagship Bakken Shale and Guyana operations. This would be up from the $2.7 billion budget for full-year 2022 that the firm forecasted in October. New York City-based Hess is targeting average net production…

January 24, 2023
Natural Gas Prices Plunge in North Dakota Amid Midwest Oversupply

Natural Gas Prices Plunge in North Dakota Amid Midwest Oversupply

Natural gas prices have plummeted in North Dakota because of a regional supply glut and lack of pipeline capacity to the more lucrative Gulf and West Coast markets, according to the state’s top oil and gas regulator. The price of natural gas delivered to TC Energy Corp.’s Northern Border pipeline system at Watford City, ND,…

January 19, 2023
Winter Storm, Sub-Zero Temperatures Hammer North Dakota Oil, Natural Gas Production

Winter Storm, Sub-Zero Temperatures Hammer North Dakota Oil, Natural Gas Production

A winter storm last week shut in an estimated 300,000-400,000 b/d of oil production in North Dakota, and producers now must contend with bone-chilling temperatures as they attempt to restart operations, according to the state’s Department of Mineral Resources (DMR). “If you’ve been dreaming of a white Christmas, you’ve come to the right place,” DMR’s…

December 21, 2022
North Dakota Posts Record Natural Gas Production, Capture Rates; TC Eyes Northern Border Expansion

North Dakota Posts Record Natural Gas Production, Capture Rates; TC Eyes Northern Border Expansion

North Dakota reported record high natural gas production of 3.18 Bcf/d in September, up 2.8% from August, according to the latest data from the state’s Department of Mineral Resources (DMR). Producers captured and marketed 3.02 Bcf/d or 95% of the total, another all-time record amid efforts to curb routine gas flaring, said DMR’s Lynn Helms,…

November 18, 2022
Are Higher Natural Gas Prices Durable? No Doubt About It, Says Ovintiv CEO

Are Higher Natural Gas Prices Durable? No Doubt About It, Says Ovintiv CEO

The uplift in natural gas prices didn’t begin with Russia’s invasion into Ukraine and once the war ends, prices should remain “durable,” Ovintiv Inc. CEO Brendan McCracken said recently. Denver-based Ovintiv, one of the largest North American independents, flows natural gas and oil from the Bakken and Montney shales, and the Anadarko and Permian basins.…

November 17, 2022
Crescent Point Boosting Spending for ‘Active’ Oil, Gas Drilling in Kaybob Duvernay

Crescent Point Boosting Spending for ‘Active’ Oil, Gas Drilling in Kaybob Duvernay

Calgary-based Crescent Point Energy Corp. recorded a 10% increase in natural gas production during the third quarter, but the company is focusing on the Kaybob Duvernay formation for liquids growth over the next five years. Management said natural gas output hit 144.3 MMcf/d during the quarter, up from 130.8 MMcf/d a year earlier. Natural gas…

November 8, 2022
Hess Projects 37% Increase in Capital Spend Next Year in Bakken, Guyana Production Push

Hess Projects 37% Increase in Capital Spend Next Year in Bakken, Guyana Production Push

U.S. independent Hess Corp. expects another tight oil market next year and is increasing its capital expenditure for the upcoming year by $1 billion in a focus on exploration and production (E&P). “I have to say even though we’ve seen a slowing of demand in China and in Europe, overall global oil demand continues to…

October 27, 2022
Shale Pioneer Hamm Ups Deal Price in Taking Continental Private

Shale Pioneer Hamm Ups Deal Price in Taking Continental Private

Harold Hamm, the billionaire executive chairman of Continental Resources Inc., is set to take the largest Bakken Shale producer private with a new deal announced Monday. The Oklahoma City-based public explorer entered into an agreement with Omega Acquisition Inc., an Oklahoma subsidiary owned by Hamm, to begin a tender offer for the company’s outstanding common…

October 17, 2022
North Dakota Oil, Natural Gas Production Flat as Bakken Operators in Maintenance Mode

North Dakota Oil, Natural Gas Production Flat as Bakken Operators in Maintenance Mode

North Dakota’s natural gas production averaged 3.09 Bcf/d in August versus 3.1 Bcf/d in July, according to the latest figures from the state’s Department of Mineral Resources (DMR).  The slight dip was mainly because of a processing plant outage, DMR’s Lynn Helms, Oil and Gas Division director, told reporters.  The natural gas capture rate held…

October 17, 2022