Serving The Bakken And Beyond
Latest Prices

Latest Prices

Upper Rocky Mountain
Spot Crude Oil Prices

WTI and N. Texas: $64.33
CO North Central: $62.12
Colorado Western: $55.42
ND Light Sweet: $59.25
WB Mixed Sweet: $60.39
N Wyo. / S Mont.: $60.08
Wyoming Sweet: $61.72

Spot prices updated May 25

Daily Cash Market
Spot Natural Gas Prices

Henry Hub, Erath, LA: $2.89
Chicago Citygate: $2.68
Opal, SW Wyoming: $1.93

Spot prices updated May 25

U.S. Rig Count

1059 as of 5/25/2018
+13 from 5/18/2017
+151 from 5/26/2017
(Courtesy Baker Hughes)
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Hamm Sees Crude Oil Prices Going Past $80

A positive forecast that crude oil prices could soar over $80 a barrel came from Harold Hamm, chairman of Continental Resources, a leading Bakken producer.

Harold Hamm, Continental Resources

“We’re not looking at $100 oil in the future, or probably $90 oil, but it certainly could be in the mid $70s and low $80s,” Hamm said during an interview at the Williston Basin Petroleum Conference in Bismarck, ND on May 23.

As prices remain strong, Hamm told CNBC that his company, which is a leading producer in ND as well in Oklahoma, could generate $1 billion in free cash flow.

The additional revenue would be used to pay down a $6.17 billion debt load, reducing it to $5 billion.

The completion of the Dakota Access Pipeline, which moves crude oil out of North Dakota to shipping destinations in Illinois, has helped to reduce transportation costs.

“Our cost structure is much lower, and we saw a differential change of $3.50 [per barrel] when Dakota Access came on,” Hamm said. “That was huge, and made it easier getting that to market.”

Efforts by Interior Secretary Ryan Zinke to rescind a last-minute regulation by the Obama administration, which imposed pages of venting and flaring regulations on oil and gas producers, was lauded by Ron Ness, president of the ND Petroleum Council...
XTO Energy, Inc. agreed to pay a $320,000 fine and install vapor control system improvements on its oil and gas storage tanks on the Fort Berthold Reservation, as part of a settlement with the U.S. Environmental Protection Agency and Dept. of Justice over violations of the Clean Air Act...
House For Sale
Energy Transfer Launches Dakota Access Open Season
Energy Transfer Partners LP launched a binding open season to solicit shipper support for its Dakota Access Pipeline system and storage terminals.
The 1,915-mile, mostly 30-inch pipeline system moves crude oil from the Bakken/Three Forks production areas in North Dakota to a storage and terminal hub outside Patoka, Illinois, and/or south to additional terminals in Nederland, Texas.
Bona fide potential shippers that desire to receive copies of the open season documents are required to execute a confidentiality agreement, and may direct their requests for a confidentiality agreement to the following e-mail address:
ONEOK Bear Creek Gas Processing Plant
ONEOK Rockies Midstream asked the ND Public Service Commission for aprroval to expand its Bear Creek gas processing plant in Dunn County.
Contending that Irish Oil & Gas, Inc. of Bismarck, ND refused to pay its share of the drilling costs in more than a dozen North Dakota wells, Crescent Point Energy wants the ND Industrial Commission to arbitrate the dispute...
News You Will Read Here First
Many copy our stories, but you will read them first in Oil Patch Hotline. We cover news to keep you informed on what is going on in the Williston Basin and the upper Rocky Mountain region. We supply rig locations and the latest drilling permits issued by state commissions in North Dakota, South Dakota, Montana, Wyoming, and Colorado.
Subscribe to Oil Patch Hotline by clicking here, or reach us by phone/text message at 407-463-2237.
New wells in the Keene area of the Williston Basin are providing an oil bonanza for Hess Corporation as its first quarter production in the Bakken soared 12% to 111,000 BOEPD from 99,000 BOEPD for the same quarter in 2017...
ONEOK Inc. anticipates connecting 650 new wells in the Williston Basin and mid-continent this year, a 20% increase over 2018 as it disclosed that its natural gas processing fee was increased ten cents to 86 cents per MMBtu...
In mid-February, the ND Public Service Commission was asked to approve the expansion of two natural gas processing plants at a cost of $386 million. Both projects had previously been announced, as the state gears up for the construction of another two plants...
Strong shipper support with 20-year commitments to move 500,000 barrels of crude oil per day has been received by TransCanada Corp. for its proposed $8 billion Keystone XL Pipeline...
Citing profits and accelerated production from Williston Basin wells, Continental Resources reported bigger cash payouts, with new wells having an estimated ultimate recovery averaging 1.1 million BOE. Bakken production increased 14% over the second quarter to 136,851 BOEPD...
Bradley J. Holly, 46, an Anadarko Petroleum executive, was named president and CEO of Whiting Petroleum Corp. at the beginning of November, succeeding James Volker, who is retiring. Whiting is the largest producer in the Williston Basin, with a production of 112,000 BOEPD...
Kraken Oil and Gas of Houston, a new independent in the Williston Basin, is making a steady commitment to continuous horizontal well drilling in eastern Montana, joining three other operators in a surge of new activity...
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