Bakken Shale

EOG Resources Inc., a multi-basin exploration and production firm, said its strong fourth quarter and full-year 2022 results were powered by robust natural gas and oil demand, price spikes and steady production activity. For the year, EOG said, the natural gas prices it fetched jumped 49% from a year earlier, while crude prices increased 42%.…

Marathon Oil Corp. is aiming to hold its Lower 48 natural gas and oil production flat in 2023, and ditch Henry Hub for global price indexing at its Equatorial Guinea LNG (EGLNG) business in 2024, according to management. CEO Lee Tillman hosted a conference call to discuss the Houston-based company’s fourth quarter and full-year 2022…

Bakken Shale benchmark natural gas prices have hit their lowest point in more than two years, the result of an oversupplied Midwestern market, according to the state’s Department of Mineral Resources (DMR). The price of natural gas delivered to TC Energy Corp.’s Northern Border pipeline at Watford City, ND, fell to $1.91/Mcf as of Thursday…

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…

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…

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,…

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…

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,…

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.…