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Bakken Shale

Bakken Production Holding, But Winter Declines Expected Before Uptick

Bakken Production Holding, But Winter Declines Expected Before Uptick

End of 2020 statistics showed North Dakota’s Bakken Shale production holding relatively steady and other indicators, including oil prices, turning upward. But the state’s chief oil and natural gas official said production likely will drop for January and February. “The drilling rig count [15 as of last Friday] is substantially short of what we need…

February 16, 2021
Natural Gas Futures Take Back Seat to Cash as ‘Punishing’ Cold Drives Largest Increases ‘In Years’

Natural Gas Futures Take Back Seat to Cash as ‘Punishing’ Cold Drives Largest Increases ‘In Years’

Intraday natural gas price volatility was on full display midweek as traders assessed the impacts of a substantial, though likely temporary, decline in export demand and the potential for a more moderate end-of-February following some of the coldest weather in years. After tumbling to a $2.741/MMBtu intraday low, the March Nymex gas futures contract bounced…

February 10, 2021
Equinor Takes $900M for Bakken Assets as Lower 48 Portfolio Continues to Shrink

Equinor Takes $900M for Bakken Assets as Lower 48 Portfolio Continues to Shrink

Equinor ASA, an enthusiastic buyer in the early days of the Lower 48 unconventional oil and gas revolution, has put the portfolio in reverse, with the Bakken Shale the latest to change hands. The Norwegian major said Wednesday it agreed to sell its North Dakota and Montana assets to EnCap Investments-backed Grayson Mill Energy for…

February 10, 2021
MDU Resources Sees More Utility Growth, RNG Interest

MDU Resources Sees More Utility Growth, RNG Interest

Bismarck, ND-based MDU Resources Group Inc. on Thursday reported record 2020 earnings across all of its businesses, including natural gas and power utilities in eight states. CEO David Goodin and senior executives said they expect continued growth in 2021 despite the Covid-19 pandemic as construction materials and services businesses accounted for nearly two-thirds of the…

February 6, 2021
Ovintiv to ‘Carefully Review’ Investor’s Board Nominees

Ovintiv to ‘Carefully Review’ Investor’s Board Nominees

Private investor Kimmeridge Energy Management Co., which owns a 2.5% stake in Ovintiv Inc., has nominated three people to stand for board election as Kimmeridge looks to upend oversight of the Denver-based independent. Earlier this month Kimmeridge warned Ovintiv that the exploration and production (E&P) company needed to improve performance or face a reckoning.  “Given…

January 28, 2021
Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations

Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations

Hess Corp. executives see the Bakken Shale continuing to drive significant cash flow for almost another decade, despite a moratorium on federal oil and natural gas leasing by the Biden administration. CEO John Hess told investors on Wednesday only 2% of the company’s Bakken acreage is on federal lands. The exploration and production (E&P) company…

January 28, 2021
Enerplus Builds Bakken Stronghold with Takeover of Pure-Play Bruin E&P

Enerplus Builds Bakken Stronghold with Takeover of Pure-Play Bruin E&P

Canadian producer Enerplus Corp. has gained more exposure in North Dakota’s Bakken Shale with a $465 million takeover of Houston-based Bruin E&P HoldCo LLC. The deal announced Monday for the North Dakota assets of the Bakken pure-play is forecast to propel a 20% production jump for Calgary-based Enerplus to a combined 103,500-108,500 boe/d.  The acquired…

January 26, 2021
Hess Raising Capex Slightly, with Focus Trained in Bakken, Offshore Guyana

Hess Raising Capex Slightly, with Focus Trained in Bakken, Offshore Guyana

Hess Corp. remains laser-focused on developing assets in the Bakken Shale of North Dakota and offshore Guyana, directing the lion’s share of its $1.9 billion exploration and production (E&P) capital and exploratory budget to the “high return, low cost” assets for 2021. The New York City-based producer in the first quarter is set to increase…

January 25, 2021
North American Oil, Gas Midstream Outlook Focus of Latest NGI’s Hub & Flow

North American Oil, Gas Midstream Outlook Focus of Latest NGI’s Hub & Flow

Click here to listen to the latest episode of NGI’s Hub & Flow podcast. Kinder Morgan Inc. kicked off earnings season for North American oil and gas midstream companies, reporting lower transportation volumes across its systems but continuing to improve its balance sheet. The Houston-based midstreamer plans to toe the line this year when it…

January 25, 2021
U.S. Oil, Natural Gas Industry Warns of Economic, Environmental Fallout from Biden Freeze of Federal Leasing

U.S. Oil, Natural Gas Industry Warns of Economic, Environmental Fallout from Biden Freeze of Federal Leasing

The Biden administration has frozen awarding new oil and gas drilling permits, as well as leases on federal onshore and offshore property, for 60 days, likely heralding more permanent limits to be enacted down the road. The order mandating the freeze was signed by acting Department of the Interior (DOI) Secretary Scott de la Vega…

January 22, 2021