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Bakken Shale

Hess Considering Adding Third Bakken Rig on Strong Oil Prices

Hess Considering Adding Third Bakken Rig on Strong Oil Prices

Hess Corp. is considering adding a third rig in the second half of 2021 in the Bakken Shale of North Dakota if oil prices remain strong, executives said during an earnings call. Adding a fourth rig in the future “would get output to 200,000 b/d and make the Bakken a $1 billion/year free cash flow…

April 29, 2021
Crestwood Reports Strong 1Q Results, Growing Activity in Bakken, Permian, Powder River

Crestwood Reports Strong 1Q Results, Growing Activity in Bakken, Permian, Powder River

Crestwood Equity Partners LP is on track to achieve its 2021 planned guidance and reduce debt after a strong operating quarter, particularly in the Bakken Shale, where higher commodity prices led to double-digit volume growth year/year. The Houston-based midstreamer also closed on one of several strategic transactions aimed at simplifying the corporate structure. The deals…

April 29, 2021
Bakken Shale Faces 400,000 b/d Shut-Ins from DAPL Closure

Bakken Shale Faces 400,000 b/d Shut-Ins from DAPL Closure

North Dakota’s Bakken Shale could experience up to 400,000 b/d of shut-ins for an interim period if a federal court hearing set for Monday results in the forced closure of the Dakota Access Pipeline (DAPL), the state’s chief oil and gas regulator said Thursday. Lynn Helms, director of the state’s Department of Mineral Resources, made…

April 16, 2021
Diamondback Raises 2021 Output Guidance Following Permian Deals

Diamondback Raises 2021 Output Guidance Following Permian Deals

Lower 48 player Diamondback Energy Inc. has raised its production guidance for 2021, reflecting the acquisition of two Permian Basin operators earlier this year. The company said Monday it was targeting 2021 oil production of 218,000-222,000 b/d, or 360,000-270,000 boe/d, following the completion of its purchases of Guidon Operating LLC in February and QEP Resources…

April 15, 2021
Continental May Exceed 2021 Oil, Natural Gas Production Guidance in Midcontinent as Net Debt Falls

Continental May Exceed 2021 Oil, Natural Gas Production Guidance in Midcontinent as Net Debt Falls

Continental Resources Inc. said Tuesday it is on track to meet or exceed its 2021 full-year oil and natural gas production guidance. The Oklahoma City-based exploration and production (E&P) company also indicated that it has lowered its total debt by 10% since the end of 2020. In an update ahead of its 1Q2021 earnings call…

April 14, 2021
Ecoark Looking to Power Cryptocurrency Mining with Constrained Natural Gas

Ecoark Looking to Power Cryptocurrency Mining with Constrained Natural Gas

San Antonio-based Ecoark Holdings Inc. plans to begin beta testing a cryptocurrency mining approach in May that would be powered by natural gas that is constrained by a lack of infrastructure. The diversified holdings company established a strategic initiatives team in February to analyze ways to deploy capital for the test project. Led by CFO…

April 13, 2021
Permian Leads Oil, Gas Well Completions to Pre-Pandemic Levels

Permian Leads Oil, Gas Well Completions to Pre-Pandemic Levels

Well completions in North America have nearly recovered to pre-pandemic levels, with hydraulic fracturing jobs reaching a 12-month high in March, according to Rystad Energy. Nowhere are completions climbing faster than in the Permian Basin, analysts said. The data is borne out by the rising rig count in West Texas and southeastern New Mexico. The…

April 12, 2021
Enerplus Continuing to Build Bakken Stronghold with Hess Purchase

Enerplus Continuing to Build Bakken Stronghold with Hess Purchase

Hess Corp. is selling off some of its Bakken Shale acreage in North Dakota to Calgary-based Enerplus Corp. for $312 million. The deal, set to be completed in May, includes the Little Knife and Murphy Creek acreage. The Hess assets are spread across 78,700 acres in the southernmost portion of its Bakken position. Total net…

April 8, 2021
U.S. Adds Six Rigs on Strength of Oil Activity; Natural Gas Count Steady

U.S. Adds Six Rigs on Strength of Oil Activity; Natural Gas Count Steady

Another round of healthy gains in the oil patch pushed the U.S. rig count six units higher to 417 for the week ended Friday (March 26), according to data from oilfield services provider Baker Hughes Co. (BKR). After adding nine rigs in the previous week, the domestic oil patch picked up an additional six rigs…

March 26, 2021
Oasis Divesting Midstream Stakes Under Simplification Agreement, Buying Back $100M Shares

Oasis Divesting Midstream Stakes Under Simplification Agreement, Buying Back $100M Shares

Oasis Petroleum Inc. and Oasis Midstream Partners LP (OMP) on Monday announced a simplification agreement through which OMP is acquiring the producer’s remaining interests in two development companies or “DevCos” that own midstream infrastructure assets in the Bakken Shale and Permian Basin. The agreement follows Oasis’ restructuring and emergence from bankruptcy last November. OMP is…

March 23, 2021
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