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Tag Archives: whiting petroleum

Whiting suspends fracking, cuts budget 80 percent – investors cheer

Whiting Petroleum announced it will only spend $500 million in 2016 and will suspend all new fracking and well completion operations. (Image courtesy of Whiting Petroleum)

Whiting Petroleum, North Dakota’s largest oil producer, announced it will freeze all new fracking and well completions as of April 1 and will cut its budget by 80 percent this year. Whiting’s announcement marks the single largest cutback made by a major U.S. shale producer to date. In North Dakota, a state already facing a billion dollar budget shortfall and ...

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This week in ND jobs

Although many companies have cut positions or laid off employees over the last eighteen months, oilfield jobs haven’t dried up completely. Listed below are ten jobs in ND still open and waiting for your application. KLJ Solutions has a number of engineer positions open and recently posted with start dates immediately to early May. One position is located in Bismarck and requires two ...

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Occidental’s North Dakota deal mixed omen for pending oilfield deals

WILLISTON, N.D. — Occidental Petroleum’s move to sell its North Dakota acreage likely removes a logjam that had impeded U.S. oilfield deals for much of the year, though the deal’s price sets an unusually low bar for future deals and gives buyers the advantage over sellers. Oxy is selling all of its roughly 300,000 acres in North Dakota’s Bakken shale ...

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Permian Basin dominates rig counts

Despite being halved in the past year, the Permian Basin’s rig count heads the upswing with more rigs than any other US region. It’s been a rough year for rig counts in every shale play across the country, and the Permian Basin has been no exception. In the past 12 months, capped August 7 2015, the Basin suffered a loss ...

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Breaking even: Bakken still profitable, but barely

The oil price crash just can’t keep a good shale driller down. According to a Bloomberg Intelligence analysis, parts of North Dakota’s Bakken shale formation continue to be profitable at less than $30 per barrel, half the amount of some predictions gave last year when prices began to drop. As companies tap larger wells and reap the benefits of decreased ...

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Helms: Bakken core still profitable

North Dakota Department of Mineral Resources Director Lynn Helms, the state’s top oil regulator, says drilling is still very profitable in the Bakken’s core of Dunn, MnKenzie, Mountrail and Williams counties. As reported by the Williston Herald, Lynn Helms said these core counties were home to more than half of last Thursday’s 73 active drilling rigs. Despite the current average ...

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Whiting reports increased production, Bakken success

For the second quarter of 2015 Whiting Petroleum reported a two percent production increase over the previous quarter, according to The Bakken Magazine. The increase was despite the company’s first quarter sale of non-core acreage, which equaled 8,300 barrels of oil equivalent per day (boed). Currently, the company is producing an average of 170,245 boed. Compared to last year, the ...

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Dunn County well reveals strength of Whiting’s enhanced completions

Experimenting with enhanced well completions has Whiting Petroleum delivering 40 to 50 percent higher production from older offset wells in the Williston Basin. One of its Skunk Creek wells in South Fork field of northeast Dunn County reached an initial 24-hour production rate of 4,300 barrels of oil equivalent (BOE) per day from an enhanced completion middle Bakken well, making ...

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Greenlight’s Einhorn slams oil frackers at Sohn conference

NEW YORK – Billionaire hedge fund manager David Einhorn, who often moves a stock simply by speaking its name, on Monday kicked off the year’s most prominent investment conference by laying out a case against oil frackers, arguing these companies drill “lots and lots of holes” and burn through plenty of cash. Einhorn, who often unveils short-bets against companies at ...

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