Second-quarter earnings reports are showing the major operators in the Bakken expect to maintain or slightly increase production rates in the future, all while finding new ways to cut expenses.
“Bottom line: more production and lower costs,” said Continental Resources COO Jack Stark in the company’s second-quarter conference call earlier this month.
Continental reported an increase in production of 127,872 barrels per day in the second quarter of 2015. This is an increase of 40 percent over the same quarter last year, and a 5.4 percent increase over the first quarter of this year.
Marathon Oil averaged 61,000 barrels per day in the Bakken during the second quarter, a 22 percent increase over last year and 7 percent over the previous quarter.
Whiting also reported slight increases over its first quarter of just over 2,000 barrels more per day.
Hess was up 11,000 barrels per day over the first quarter and 36,000 barrels per day during the period last year.
-- Tioga Tribune