North Dakota Crude Oil Production Falls to More Than Two-Year Low
http://www.wsj.com/articles/north-dakota-crude-oil-production-falls-to-more-than-two-year-low-1471021332Aug. 12, 2016
North Dakota oil production dropped 2% in June, falling to its lowest level in more than two years, according to the latest data from the state’s Department of Mineral Resources.
Crude output in the state resumed its downward trend in June, when output hit its lowest level since April 2014, after a one-month hiatus in May, when production ticked up slightly.
Shale oil producers around the U.S. have been hit hard by languishing crude oil prices that have been stuck below $50 a barrel. North Dakota operators have been especially hard hit because of the high cost to extract oil in some parts of the Bakken formation.
Most oil in North Dakota is extracted via hydraulic fracking, where a mixture of water, sand and chemicals is pumped into rock formations push oil out. Such wells are first drilled and then put into production after being fracked, or completed.
“We’re still looking at a $50 price point for increased hydraulic fracturing activity in North Dakota,” said Lynn Helms, director of the state’s Department of Mineral Resources. “We really do expect to drop below one million barrels a day pretty soon.
Total production in North Dakota came to 30.8 million barrels of oil in June, down from 32.5 million barrels in May, according to state data....
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