Area 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.
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March economy at a glance

The March Economy at a Glance is now available. Some data of note include:
  • Oil production for McKenzie County dropped from 14.9 million barrels in December 2020 to 14.1 million barrels in January 2021.
  • Year to date visits to the North Unit of Theodore Roosevelt National Park have increased from 1,684 to 3,768.
  • Brookledge apartments increased their occupancy from 60% in February 2021 to 62% in March 2021.
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Sanford Health announces expansion

Sanford Health has announced a plan with the City of Williston that will allow for a new clinic and hospital to be built for the region. The plan is for it to be located in the Williston Square which is 800 acres that was recently vacated with the moving of the Williston airport to a location outside city limits.

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Film auditions to be held

The story of the last lynching in North Dakota is being turned into a movie, and is planned on being filmed entirely in McKenzie County this summer! The End of the Rope is based on the story true story of the infamous Charles Bannon case of 1931 in McKenzie County.
Auditions will be held for supporting roles on Saturday, March 26 from 2-6pm at Teddy’s Residential Suites in Watford City. Check the link above for roles needing to be filled. There will also be auditions in Bismarck the next day, virtually, and potentially other locations.
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Updated school enrollment projections

Board members for McKenzie County School District #1 received updated enrollment projections for the next 10 years at their recent meeting. Projections are for continued growth, but at a rate slower than the past 10 years of extremely rapid growth.

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Highlighting Career and Technical Education

February is Career and Technical Education month and Watford City High School recently released a video highlighting current career and technical education opportunities. Currently there is coursework offered in Agriculture, Healthcare, Family and Consumer Science, Information Technology, and Business. Work is underway in how to continue to improve the offerings and experience to help students be more informed with their career choices.

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February Economy at a Glance

The February Economy at a Glance is now available. Some data of note include:
  • McKenzie County’s December 2020 unemployment rate decreased to 8.0% from 8.5% in November 2020.
  • Brookledge apartment occupancy rate for February 2021 remained the same at 60% when compared to the January 2021 rate.
  • McKenzie County’s monthly oil production for December 2020 came in at approximately 14.8 million barrels, in November 2020 it was approximately 15.1 million barrels.
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HERG Round 2

Restaurants, bars, breweries, cafes and entertainment venues negatively affected by COVID-19 may be eligible for round 2 of the Hospitality Economic Resiliency Grant. Applications are due by February 25. Grant funds are capped at $25,000 per location including any funds awarded during Round 1.
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Operation Intern accepting applications

Employers who are looking to hire interns should consider applying for the Operation Intern program administered by the ND Department of Commerce. Operation Intern is a grant program designed to expand the number of internships, work experience and apprenticeship positions with North Dakota employers. The program focuses on creating new internships and apprenticeships within the state’s targeted industries of energy, advanced manufacturing, value-added agriculture, tourism and technology-based businesses, to include cybersecurity.

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Hess 2021 plans include $450M for Bakken

The global oil producer Hess has announced a $1.9 billion capital and exploratory budget for 2021. $450 million of that has been allocated towards a two rig program for the Bakken where their 2021 plans include drilling 55 wells and bringing online 45 wells. They note that the Bakken wells provide attractive financial returns at today’s oil prices.

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Get in Touch

Daniel Stenberg
McKenzie County Economic Development
201 5th St NW #600
Watford City, ND 58854
701-444-7419
dstenberg@co.mckenzie.nd.us

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