Bakken ///

Reveal Energy Services to commercialize ConocoPhillips’ hydraulic frac pressure diagnostic tech

Reveal Energy Services has entered into a technology licensing and development agreement to commercialize ConocoPhillips’ patented poroelastic response measurement [PRM] technology, and the companies will perform joint research and development in the PRM technology space.

Shaletech: Bakken-Three Forks Shale

Jim Redden, Contributing Editor

The titular “cash engine” that is the Bakken-Three Forks shale has been running on fumes. But most of the operators left standing after a wave of consolidations are gearing up for what promises to see the Williston basin play regain some of its grit, as the year unfolds.

Devon Energy sets net zero 2050 emissions targets, ESG performance goals

Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain.

Permian oil output nears pre-pandemic levels as crude prices build driller confidence

Crude production in the Permian basin will reach 4.466 million barrels a day in May, the most in a year, and rig counts have touched a one-year high, according to the latest data from the Energy Information Administration.

U.S. keeps Dakota Access Pipeline open during environmental review

The Biden administration’s decision to allow the line to keep operating is a victory for pipeline owner Energy Transfer LP and drillers such as Continental Resources Inc. that use it transport crude from North Dakota’s Bakken oil field.

Hess to reduce Bakken acreage in $312 million Enerplus deal

The sale consists of approximately 78,700 net acres, which are located in the southernmost portion of Hess’ Bakken position and not connected to Hess Midstream infrastructure.

U.S. oil output plunges as Arctic air freezes Permian shale fields

U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts.

Oil prices rally as record winter storms hit Texas shale supplies

The Arctic blast gripping the central U.S. may threaten crude exports from one of the world’s top producers, amid rapidly-normalizing global stockpiles that point to the success OPEC has had in draining a surplus left in the wake of the pandemic.

Equinor exits Bakken shale with $900MM sale to Grayson Mill Energy

Equinor has agreed to divest its interests in the Bakken field in the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around USD $900 million.

Devon Energy joins shale producers pledging restraint as oil rallies

“I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Devon Energy CEO Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.”

Pioneer’s CEO sees shale output flat for the foreseeable future

“I really don’t see much increase in the Permian basin or the U.S. shale over the next several years,” said Scott Sheffield, chief executive officer of Pioneer Natural Resources Co.

Diamondback to buy QEP Resources in $2.2 billion all-stock deal

Diamondback Energy and QEP Resources have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately $2.2 billion, including QEP’s net debt of $1.6 billion as of September 30, 2020.

North Dakota regulator sees Bakken shale growth stalled until 2022

Home to the Bakken shale formation, North Dakota won’t see any sustained growth in production sooner than the second half of 2022, Lynn Helms, director of the state’s Department of Mineral Resources, said.

Lufkin Industries acquires Schlumberger’s North American rod lift business

Lufkin Industries announced that it has completed the acquisition of the North American Land Rod Lift Business of Schlumberger.

Executive orders would give Biden options to limit oil and gas production

There are several ways Biden could halt fracking on federal lands using executive power. He could ban new oil and gas leases, halt new permits, or seek a specific regulatory ban on fracking, all of which Biden has telegraphed at one point or another on the campaign trail.

U.S. shale mergers reshuffle the oil production landscape

“There’s only going to be three or four independents that are investable by shareholders” after the recent market rout, Pioneer CEO Scott Sheffield said on a conference call with analysts. “The best companies have been picked off the past few weeks.”

Halliburton CEO sees a rebound coming for U.S. shale drilling

“The pace of activity declines in the international markets is slowing, while the North America industry structure continues to improve, and activity is stabilizing,” Halliburton CEO Jeff Miller said in a statement.

As U.S. drilling plummets to 122-year low, losses may intensify in second half

Craig Fleming, Kurt Abraham, World Oil

The catastrophic demand decline initiated by coronavirus lockdowns significantly damaged the U.S. oil industry, with oversupply, historically low storage capacity, and low prices. Operators responded by stacking rigs and shutting-in production.

Dallas Fed sees the U.S. oil industry prioritizing output over debt

After all the trauma the U.S. oil industry has been through this year -- from production cuts to mass layoffs and a string of bankruptcies -- many producers say they’re still prioritizing output over reducing debt.

Biden won’t ban fracing – he’ll outlaw most U.S. drilling instead

In a local Philadelphia TV interview, Democratic nominee Joe Biden told reporters “I will not ban fracing.” He failed to mention that his climate plan’s ban on drilling on federal property would go much further than a simple frac ban.