Here are the top five stories from Bakken.com for the week of April 25 through May 1. Enjoy!
5. Halcon decreases Bakken well costs, increases production
For Halcon Resources Corp, costs in the Bakken have decreased while production increased during the first quarter of 2015 when compared to the previous quarter, The Bakken Magazine reports.
After releasing its preliminary results for the first quarter, the company noted that it has been able to haggle lower prices with its service providers. Additionally, the company is continuing to improve its drilling and completion methods to reduce costs and improve recoveries. According to The Bakken Magazine, Halcon’s continued downspacing continues to yield positive results. To read the full article, click here.
4. Minot men arrested in undercover sex trafficking sting
MINOT, N.D. — Four Minot men face charges after an undercover police operation aimed at consumers of commercial sex trafficking.
Authorities say the arrests were made Friday. The suspects range in age from 21 to 45. To read the full article, click here.
3. Mixed views on report about oil hitting US$100 by September
PETALING JAYA (The Star/ANN) – An upbeat article on oil price hitting US$100 per barrel by the end of the summer driving season (April through September) has drawn mixed views.
Citing five reasons why oil could be heading to US$100 per barrel, a Telegraph report said:
–After growth in consumption slowed last year, the early signs are that demand is beginning to pick up, led by developed markets that are responding to a period of lower prices. The Organisation of Petroleum Exporting Countries (Opec) expects demand for oil to grow by 1.17 million barrels per day (bpd) in 2015 but this is a conservative estimate. Another 500,000 bpd of crude would erase the current 1.5 million bpd surplus in the market. To read the full article, click here.
2. Whiting would add rigs if oil prices hit $70 per barrel
WILLISTON, N.D. – Whiting Petroleum Corp , the top oil producer in North Dakota, plans to keep 11 drilling rigs operating through 2016, though it would add “a couple of rigs” if crude prices rise to $70 a barrel, its chief executive said on Thursday.
The comments from CEO Jim Volker were among the most definitive yet from a leader of a big crude producer on what threshold is needed to start fresh drilling and curb recent pullbacks that have rocked the oil sector since prices started to drop last summer.
Thus far this quarter, executives at industry peers have sent mixed messages on adding new rigs. Hess Corp, for example, does not plan to add any rigs this year, while Pioneer Natural Resources Co told Reuters last week that it was considering adding rigs in the near future. To read the full article, click here.
1. Oil hits 2015 high on Yemen worry; U.S. gasoline at Nov peaks
NEW YORK – Crude oil prices jumped 3 percent on Thursday, hitting 2015 highs while U.S. gasoline rose to its highest in nearly five months after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies.
Oil buyers also stoked the rally with bets that U.S. crude output will shrink further after two straight weeks of declines.
The weak dollar also supported oil and other dollar-denominated commodities. The euro gained more than 1 percent against greenback, boosting oil demand from holders of the European currency. To read the full article, click here.