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Top 5 Bakken stories of the week

Just in case you missed them, here are the top headlines from Bakken.com for the week of October 25th through the 31st. Happy Halloween!

5. North Dakota energy: Big brother, dirty air, and oil exports

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It’s North Dakota’s energy industry versus the federal government and low oil prices, but state and federal officials are confident that despite mounting regulations and the current market, energy development in North Dakota will remain a fixture.

At the Great Plains Empower North Dakota Energy Conference in Bismarck last week, Gov. Jack Dalrymple, Sen. John Hoeven, Sen. Heidi Heitkamp and Rep. Kevin Cramer were present to discuss energy in North Dakota and the state’s “all of the above” approach to development.

To read the full article, click here.

4. Expert: U.S. oil squeezing OPEC, Saudis

Image: Robert Galloway via Flickr

American shale production has weakened OPEC’s grip on the global oil and gas market, and the balance of control could tip even further toward the West in the years ahead, a former defense official said.

The oil cartel led by Saudi Arabia has long influenced prices by increasing or scaling back production, but private U.S. producers are now “edging them to the sidelines,” former deputy assistant secretary of defense James Clad said.

“The Saudis have to be looking at their pocketbook every day,” Clad said. “They thought they had enough reserves — nearly $1 trillion in reserves — and they would be able to keep (their national social programs) going. But, can they afford it? Can they afford it at this level of price?”

To read the full article, click here.

3. U.S. oil output slide looms as shale firms hit productivity wall

An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone

An oil pump jack can be seen in Cisco, Texas, August 23, 2015. REUTERS/Mike Stone

HOUSTON – Stagnating rig productivity shows U.S. shale oil producers are running out of tricks to pump more with less in the face of crashing prices and points to a slide in output that should help rebalance global markets.

Over the 16 months of the crude price rout, production from new wells drilled by each rig has risen about 30 percent as companies refined their techniques, idled slower rigs and shifted crews and high-speed rigs to “sweet spots” with the most oil.

Such “high-grading” helped shale oil firms push U.S. output to the loftiest levels in decades even as oil tumbled by half to less than $50 a barrel and firms slashed rig fleets by 60 percent.

To read the full article, click here.

2. Halliburton lays off employees in Duncan

The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson

The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson

DUNCAN — Several former employees of Halliburton showed up to the Duncan branch of Oklahoma Employment Security Commission Thursday claiming the company had laid them off.

OESC Center Manager Chris Moore said as of 10:45 a.m. Thursday about 30 people who said they were laid off from Halliburton had filed paperwork at his office.

“There were already several people waiting in the parking lot when I got here, which was about 15 minutes until 8 (a.m .)” he said.

To read the full article, click here.

1. More companies operating in Bakken oil patch file bankruptcy

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BISMARCK, N.D. — Two more energy companies operating in North Dakota’s Bakken oil patch have filed for Chapter 11 bankruptcy in the midst of slumping crude prices.

The Bismarck Tribune reports Tulsa, Oklahoma-based Samson Resources and Denver-based American Eagle Energy plan to sell off Bakken assets to pay debts.

To read the full article, click here.

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