For the second quarter of 2015 Whiting Petroleum reported a two percent production increase over the previous quarter, according to The Bakken Magazine.
The increase was despite the company’s first quarter sale of non-core acreage, which equaled 8,300 barrels of oil equivalent per day (boed). Currently, the company is producing an average of 170,245 boed.
Compared to last year, the company projects that production will increase 6.5 percent by the year’s end. Whiting President and Chairman James Volker said, “We plan to run eight rigs in the second half of 2015 versus our original plan for 11 rigs and have established a new 2015 capital budget of $2.15 billion versus our previous estimate of $2.3 billion.”
Also by year’s end, the company anticipates it will sell off other non-core assets. So far this year, the company has divested a total of $300 million in assets that weren’t as productive as the assets in the Williston Basin. But even though the company is shedding land, its outlook remains positive as work on improving its completion methods continues.
Recently, the company has taken to increasing the sand volumes used in well completions, and as a result, has increased production by sometimes as much as 50 percent. One of its Skunk Creek wells, located in northeast Dunn County, just reached an initial 24-hour production rate of 4,300 boed from an enhanced completion Middle Bakken well.
In a quarterly conference call, Senior Vice President Mark Williams said, “We’re pumping a lot more sand and getting a lot higher rates. We got a little bit later start on Dunn, but the early results are very encouraging … I don’t see an area within our acreage that isn’t going to benefit very significantly from these enhanced completions.”