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Bakken Shale

North Dakota Rig Count at Lowest Since 2006; Regulators to Consider Oil Quotas

North Dakota Rig Count at Lowest Since 2006; Regulators to Consider Oil Quotas

With rig counts headed to single digits and demand moribund, North Dakota is considering intervening in Bakken Shale operations by setting prorationing on oil production.

May 18, 2020
U.S. Oil, Gas Permitting at Record Low in April, but Strengthening Seen in Early May

U.S. Oil, Gas Permitting at Record Low in April, but Strengthening Seen in Early May

The collapse in drilling activity deepened in April, with permitting for oil and natural gas wells at a record low, but there are glimmers of gains so far this month, according to an analysis by Evercore ISI.

May 14, 2020
PHMSA Ruling Puts Onus on Washington State in Standoff Over Bakken Oil Shipments by Rail

PHMSA Ruling Puts Onus on Washington State in Standoff Over Bakken Oil Shipments by Rail

The U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) on Monday withdrew a proposal to limit vapor pressures when crude oil is transported by rail, which could be a positive for Bakken Shale oil to be moved west by rail in an ongoing dispute with Washington state.

May 14, 2020
Hess Cuts Bakken Rig Count to One, Slices More Capex to Cope with Coronavirus Fallout

Hess Cuts Bakken Rig Count to One, Slices More Capex to Cope with Coronavirus Fallout

Hess Corp. said it will further scale back capital spending in response to an oil-price collapse worsened by the coronavirus pandemic.

May 12, 2020
Continental Curtails 70% of Oil Production on Supply Glut, Coronavirus

Continental Curtails 70% of Oil Production on Supply Glut, Coronavirus

Continental Resources Inc., the biggest operator in the Bakken Shale, said it dramatically cut oil production and intends to reduce its rig count after posting a steep first quarter loss amid the cratering in oil prices.

May 11, 2020
Marathon Oil Pauses Lower 48 Completions, Cuts 16% of U.S. Workforce, 70% of Contractors

Marathon Oil Pauses Lower 48 Completions, Cuts 16% of U.S. Workforce, 70% of Contractors

Houston-based Marathon Oil Corp., which works in the Bakken Shale, Oklahoma and the Permian Basin, has paused all completion activities and is shutting in some production as it joins the legions of operators at war with low demand and prices.

May 7, 2020
Reeling from Oil Demand Collapse, North Dakota Forms Bakken Tasks Force to Help Industry

Reeling from Oil Demand Collapse, North Dakota Forms Bakken Tasks Force to Help Industry

North Dakota’s Department of Mineral Resources (DMR) has established the Bakken Restart Task force to help the state’s oil and gas industry and supporting sectors recover from the collapse in oil demand and prices caused by the Covid-19 pandemic.

May 7, 2020
Washington State Moves Ahead to Implement Rail Offloading Restrictions on Oil Supply

Washington State Moves Ahead to Implement Rail Offloading Restrictions on Oil Supply

Washington regulators are moving ahead to restrict oil rail offloading that has led North Dakota officials to call for federal assistance to move Bakken Shale crude to the West Coast.

May 7, 2020
ConocoPhillips Increasing North America Oil Shut-ins; CEO Says E&P ‘Growth Model is Broken’

ConocoPhillips Increasing North America Oil Shut-ins; CEO Says E&P ‘Growth Model is Broken’

Having already announced gross voluntary oil production cuts of 225,000 b/d for May because of weak prices, ConocoPhillips has now updated that amount to 265,000 b/d, management said Thursday.

May 1, 2020
North Dakota Legislators Call on Feds to OK Bakken Crude Shipments to Washington State

North Dakota Legislators Call on Feds to OK Bakken Crude Shipments to Washington State

Armed with a report from the U.S. Department of Energy (DOE), North Dakota officials on Tuesday urged federal officials to overturn Washington state’s ban that prevents Bakken Shale crude from being shipped by rail into the state.

April 30, 2020