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Tag Archives: bakken oil prices

North Dakota tax collections continue falling below forecast

BISMARCK, N.D. (AP) — North Dakota continues to see bleaker-than-expected state tax revenue collections from declining oil activity in the state. Office of Management and Budget Director Pam Sharp says revenues for March totaled $98.8 million. That’s $13.8 million less than what had been projected. Tax collections already are down more than $20 million since a new revenue forecast was done ...

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Top 5 Bakken stories of the week

In case you missed them, here are the top five stories from Bakken.com for the week of August 16th through August 21st. Enjoy! 5. U.S. approves landmark crude oil export swaps with Mexico WASHINGTON – The Obama administration will allow limited sales of U.S. crude to Mexico for the first time, a senior administration official told Reuters, marking another milestone ...

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Breaking even: Bakken still profitable, but barely

The oil price crash just can’t keep a good shale driller down. According to a Bloomberg Intelligence analysis, parts of North Dakota’s Bakken shale formation continue to be profitable at less than $30 per barrel, half the amount of some predictions gave last year when prices began to drop. As companies tap larger wells and reap the benefits of decreased ...

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Top 5 Bakken stories of the week

In case you missed them, here are the top five stories from Bakken.com for the week of August 1st through August 8th. Enjoy! 5. With crude at $50, oil firms fear deeper crisis than in 1980s LONDON – After slashing spending by $180 billion to deal with one of the worst industry downturns in decades, oil companies are still bleeding cash ...

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Hess production grows, profit shrinks

Hess Corp.’s overall production in the second quarter increased by 23 percent to 391,000 barrels of oil equivalent per day (boe/d), thanks in part to the company’s substantial assets in the Bakken, reports Natural Gas Intelligence (NGI). During a conference call on Wednesday addressing quarterly results, Hess CEO John Hess said operations were affected by high expenses and low oil ...

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Hess experiments with tighter well spacing

Hess Corp.’s second quarter 2015 production saw about an 11,000 barrels-per-day increase over the first quarter and the company says the rise is due in part to bringing on a high number of new wells. President and Chief Operating Officer Gregory Hill told analysts on July 29 that Hess only wants about 25 to 30 wells at any given moment ...

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No bust for the Bakken, state revenue to take a hit

According to North Dakota lead oil regulator, the current oil drilling slowdown in the Bakken is far from being a bust, reports the Forum News Service. North Dakota Department of Mineral Resources Director Lynn Helms did say, however, that the decline in oil prices will put stress on state revenue for the next couple years and could prevent the state ...

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North Dakota oil well completions slow sharply: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – No new well completion reports have been filed in North Dakota since July 10, the longest gap this year, according to daily activity records published by the state’s Department of Mineral Resources (DMR). Completions, rather than wells drilled, provide the best guide to short-term changes ...

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