The following are latest numbers, stats and comments from the North Dakota Department of Mineral Resources. Data was compiled during August 2017.
Oil Production
August 33,768,855 barrels = 1,089,318 barrels/day
September 33,213,127 barrels = 1,107,104 barrels/day(preliminary)
(all-time high was Dec 2014 at 1,227,483 barrels/day)
1,054,991 barrels per day or 95% from Bakken and Three Forks
52,113 barrels per day or 5% from legacy conventional pools
Gas Production
August 60,445,828 MCF = 1,949,865 MCF/day
September 58,282,197 MCF = 1,942,740 MCF/day (all-time high was 1,949,865 MCF/day August 2017)
Producing Wells
August 14,089
September 14,190 (preliminary)(NEW all-time high)
12,100 wells or 85% are now unconventional Bakken – Three forks wells
2,090 wells or 15% produce from legacy conventional pools
Permitting
August 101 drilling and 2 seismic
September 104 drilling and 0 seismic
October 147 drilling and 2 seismic (all time high was 370 in 10/2012)
ND Sweet Crude Price
August $37.93/barrel
September $39.56/barrel
October $43.54/barrel
Today $48.75/barrel (all-time high was $136.29 7/3/2008)
Rig Count
August 56
September 56
October 56
Today’s rig count is 55 (all-time high was 218 on 5/29/2012)
The statewide rig count is down 75% from the high and in the five most active counties rig count is down as follows:
Divide – 100% (high was 3/2013)
Dunn – 74% (high was 6/2012)
McKenzie – 68% (high was 1/2014)
Mountrail – 80% (high was 6/2011)
Williams – 77% (high was 10/2014)
Comments from Lynn Helms, director, North Dakota Department of Mineral Resources:
The drilling rig count was unchanged from August to September and from September to October, and is currently down one from October to today. Operators have shifted from running the minimum number of rigs to incremental increases and decreases as WTI oil price moves between $40 and $50/barrel. If WTI drops below $45/barrel for more than 30 days rig count is expected to drop. If WTI remains above $55/barrel for more than 90 days rig count is expected to rise.
The number of well completions has become highly variable from 84(final) in August to 71 (preliminary) in September. Oil price weakness is still anticipated to last through calendar year 2017.
To read Helms’ entire comments, data and the entire November 2017 Director’s Cut, click here
