https://econdev.mckenziecounty.net/wp-content/uploads/2line-white-300x77.png 0 0 Daniel Stenberg https://econdev.mckenziecounty.net/wp-content/uploads/2line-white-300x77.png Daniel Stenberg2021-03-16 19:50:372021-03-16 19:50:37Area petroleum employers talk Bakken plans and performance
According to this Reuters article, Continental Resources plans to increase its 2021 capital expenditures from between $1.2-1.3 billion to $1.4 billion.
According to this Natural Gas Intelligence article Hess Corp has a goal to increase the number of rigs in the Bakken to four by the end of this year. That would allow Hess’s Bakken production to be held even at 200,000 barrels/day for the next decade.
Oasis, according to this Shale Experts article, plans to complete 29-33 Bakken wells this year and increase its capital expenditures by 13%.
According to this Williston Herald article, ConocoPhillips is looking to keep its capital expenditures for 2021 at $5.5 billion as well as resume its share repurchase program thanks to an uptick in oil prices.
According to this Natural Gas Intelligence article Crestwood’s CEO Bob Phillips says “The Bakken play remains extremely economic and as we look into 2021, in a $55-60/bbl crude price environment, we anticipate a lot more activity in 2021.”
Whiting, according to this Shale Experts article, has plans for capital expenditures of $228-$252 million which represents a 7% decrease from 2020 expenditures.
Enerplus believes it has approximately a decade of drilling left in the Bakken and sees its breakeven at WTI $38/barrel, according to this Seeking Alpha article.
According to this Results-Earnings call transcript of 2020Q4, Marathon Oil Corp expects 90% of its capital to be focused on the Bakken and Eagle Ford regions which is considered to be the most “capital-efficient” basins. They expect at least 10 more years of drilling for the Bakken region given the capital-efficient, high-return nature.