Rig Count: 193
1. Shale Plays Exclusive: Interview with ND Republican Party Executive Director Jason Flohrs
As November 4th approaches, both Democrats and Republicans are scrambling to reach constituents about the importance of voting in the midterm elections. Historically, midterm elections procure a lower turnout, but this November, getting out to vote is more important than ever before. Voters are faced with big decisions on the ballot that could drastically affect the not only the oil and gas industry in North Dakota, but funding for infrastructure, tax relief and the continuation of North Dakota’s future growth. To read the entire interview click here.
2. Despite oil price panic, experts remain optimistic
Bloomberg reported today that although oil prices are falling, the market will not collapse anytime soon. Financial analysts predict that the current slowdown in growth will not last forever. This is because global consumption itself is slated to increase to 99 million barrels a day in 2019, up from 92.8 million this year. In the future, oil consumption should grow enough so that more expensive reserves will be utilized such as the Gulf of Mexico or Arctic offshore operations. To read more check it out on Bakken.com.
3. Hess 3rd-qtr net tops Street as Bakken production surges
Oct 29- Oil and gas producer Hess Corp posted a better-than-expected quarterly profit on Wednesday as production jumped in North Dakota’s Bakken shale formation.
Net income surged to $1 billion, or $3.31 per share, in the third quarter from $420 million, or $1.23 per share, in the year-ago period.
Excluding recent asset sales and other one-time items, the company posted profit of $1.24 per share. To read more click here!
4. New standards for crude oil transportation in ND
On Nov. 13 North Dakota plans to instate new laws regarding the treatment of crude oil that is transported out of the state, according to an article recently published on Reuters.com. Recent controversy surrounding the topic has caused legislatures to ‘lean away’ from requiring the conditioning of crude at the well site. However, the removal of volatile components will be required prior to transporting it. The Industrial Commission will address these new standards at a hearing in November, with the rules taking effect in January. Read more here.
5. ND has 2.89 jobs available per unemployed worker
It’s not news that North Dakota is thriving economically. The state has seen more growth and prosperity than any other state in the country during what otherwise has been a financial depression. An article in Petro Global News explores workforce statistics and claims that North Dakota has the lowest unemployment rate in the nation by a fairly wide margin. The United States as a whole averages at a 5.9 percent unemployment rate. North Dakota had a 2.8 unemployment rate as of September. Read more here.