Bakken Shale

Bakken Shale ImageThe Bakken shale is primarily an oil play. It straddles the US border with Canada and runs through two states – North Dakota and Montana – and two Canadian provinces – Saskatchewan and Manitoba. The US Geological Survey estimates there are 3.65 billion barrels of recoverable crude oil in the Bakken, which would make it the largest oil field in the US outside Alaska. The Bakken is located in the Williston Basin, but not all of the basin includes the Bakken.

The Sanish-Three Forks area is located below the Bakken shale zone and is potentially another new oil reservoir. Brigham Exploration Co. has been active in this area. Natural gas is also found in some parts of the Bakken. The USGS estimates there is about 2.0 trillion cubic feet of gas and another 150 million barrels of natural gas liquids. Major players in the Bakken include EOG Resources, Continental Resources, and Enerplus Resources.

Bakken Shale Map

Bakken Shale News

Low crude prices may thin, but not kill, US production, speakers say

May 18, 2015

Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said.

BHI: US rig count decline shrinks to 6 this week, settles at 888

May 15, 2015

The trend of shrinking declines in the US drilling rig count continued during the week ended May 15. Just 6 units were laid down to settle at a total of 888 rigs working, representing the smallest drop in the 23 consecutive weeks in which the count has dived, easily surpassing last week’s 11 that went offline, according to data from Baker Hughes Inc. Since Dec. 5, 1,032 units have now gone offline.

EIA: Oil output from major US shale to fall 86,000 b/d in June

May 12, 2015

Crude oil production in June from seven major US shale plays is expected to decrease 86,000 b/d compared with May to 5.6 million b/d, about even with where the total stood in March, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR).

Low crude prices may thin, but not kill, US production, speakers say

May 12, 2015

Overseas competitors who were caught off-guard initially by rising US unconventional crude oil production have increased their own outputs now and can be expected to try and keep prices low to protect their global market shares, speakers at a May 12 Atlantic Council discussion said.

PwC: Low oil prices reduce 1Q M&A activity in US

May 11, 2015

Mergers and acquisitions (M&A) activity in the oil and gas industry took a hit in value and volume during the first quarter compared with fourth-quarter 2014, as the drop in oil prices continued to impact companies’ growth strategies, according to a report from PwC US.

EIA: East Coast refineries got 52% of crude by rail in February

May 11, 2015

US East Coast refineries received more than half of their crude oil feedstocks by rail during February, the US Energy Information Administration reported.

BHI: US rig count posts smallest decline in 22 weeks

May 8, 2015

During a week in which much of the oil and gas industry was either preoccupied with the Offshore Technology Conference in Houston or company earnings reports, the US drilling rig count snuck down just 11 more units to settle at 894 rigs working, according to data from Baker Hughes Inc.

EIA: East Coast refineries got 52% of crude by rail in February

May 5, 2015

US East Coast refineries received more than half of their crude oil feedstocks by rail during February, the US Energy Information Administration reported.

EOG Resources posts $170-million 1Q net loss

May 4, 2015

EOG Resources Inc., Houston, reported a first-quarter net loss of $169.7 million, down from net income of $660.9 million during first-quarter 2014.

Dakota Prairie commissions first US refinery in nearly 40 years

May 4, 2015

Dakota Prairie Refining LLC, a joint venture of MDU Resources Group Inc., Bismarck, ND, and its 50-50 partner Calumet Specialty Produces Partners LP, Indianapolis, has started commercial production of diesel fuel and other products at its 20,000-b/d diesel refinery in North Dakota.

BHI: US rig count loses 27 units, down 1,015 units since Dec. 5

May 1, 2015

The US drilling rig count fell 27 units—all on land—to 905 rigs working during the week ended May 1, according to data from Baker Hughes Inc. The count has now plunged 1,015 units over 21 weeks since the week ended Dec. 5.

Statoil reports $4.67 billion 1Q loss following US shale write-downs

May 1, 2015

Statoil ASA reported a negative first-quarter international financial reporting standards net income of $4.67 billion due to asset impairments of $6.08 billion primarily comprising US onshore unconventional assets including the Bakken, Eagle Ford, and Marcellus shale plays.

ExxonMobil 1Q earning down 46% year-over-year

Apr 30, 2015

ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.

Hess reports 1Q net loss of $389 million, trims budget

Apr 29, 2015

Hess Corp. reported a net loss of $389 million during the first quarter compared with net income of $386 million in first-quarter 2014. An adjusted net loss of $279 million was down from an adjusted net income of $446 million in first-quarter 2014.

CERAWeek: Regulatory hurdles still threaten US shale, CEOs say

Apr 27, 2015

Leaders of prominent US shale producers came together on Apr. 21 to drive home what's emerged as a primary theme during this year's IHS CERAWeek in Houston: The urgent need to lift the export ban on US crude oil.

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