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Top 5 Bakken stories of the week

In case you missed them, here are the top five headlines from Bakken.com for the week of November 15th through the 21st. Enjoy!

5. North Dakota oil well backlog eclipses 1,000 for first time

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The number of oil wells in North Dakota that have been drilled but not fracked eclipsed 1,000 for the first time in September, as producers delayed turning them on in hopes crude prices will soon recover.

The milestone, which was widely expected around the second-largest oil producing state, highlights the immense cost pressure companies have come under in the past year as crude prices have dropped more than 50 percent.

Fracking alone can account for nearly two-thirds of a well’s cost.

To read the full article, click here.

4. SD landowners prepare for Dakota Access oil pipeline

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NORTHEASTERN SOUTH DAKOTA — Approximately 136 miles of rolling plains, farmland, creeks, rivers and wildlife habitat stretching from Campbell County to Spink County may be upturned as a result of the big oil boom in North Dakota.

At local diners and gas stations, it’s not hard to find someone who knows a local landowner who’s been asked to sign an easement giving the rights to portions of their land to the company hoping to build an oil pipeline.

Dakota Access, a subsidiary of the Fortune 500 company Energy Transfer, has purchased voluntary easement agreements for nearly 90 percent of the South Dakota land needed to build the pipeline, according to company representative Lisa Dillinger.

To read the full article, click here.

3. Number of North Dakota ‘income millionaires’ jumps by 79

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BISMARCK, N.D. — The number of North Dakotans reporting income of more than $1 million went up 7.5 percent last year, and the number of residents’ tax returns rose by more than 20,000 to a new high, the state Tax Department said.

Figures released to The Associated Press show 1,120 North Dakota taxpayers reported adjusted gross income of more than $1 million in 2014, compared with 1,041 North Dakotans in that category in 2013.

The number of North Dakotans reporting seven-figure incomes has more than doubled since 2010.

To read the full article, click here.

2. Geopolitical worries lift oil after Paris attacks, but glut weighs

Image: Leo Tisseau via Flickr

Image: Leo Tisseau via Flickr

LONDON – Oil prices edged up on Monday on geopolitical concerns after Friday’s deadly attacks in Paris claimed by Islamic militants, but gains were muted due to a global crude glut.

France carried out large-scale air strikes against Islamic State sites in Syria overnight, giving oil market investors reason to step up buying activity after a week in which crude benchmark prices fell as much as 8 percent.

“Some risk premium is factored into the market after the terror attacks in Paris. We had an oversold market, so it is a technical recovery as well,” said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.

To read the full article, click here.

1. Distressed Eagle Ford, Bakken asset sales seen soon – Anadarko CEO

REUTERS/Nick Oxford

REUTERS/Nick Oxford

HOUSTON – Financial distress is soon expected to trigger long-awaited sales of oil and gas properties in North Dakota’s Bakken and Texas’ Eagle Ford basin, the chief executive of Anadarko Petroleum Corp said on Tuesday.

A prolonged downturn in crude oil prices has generated lots of chatter that companies laboring under heavy debt that operate shale fields with high break-even costs will have to sell assets to generate much-needed cash.

As low crude oil prices linger for more than a year, distress is intensifying and may finally bring some of those properties to market.

To read the full article, click here.

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