Advertisement

More rigs added in North Dakota

State oil production near all-time high despite depressed market.

By Daniel J. Graeber
More rigs added in North Dakota
North Dakota adds more rigs, making it stand out in a weekly barometer from oil services company Baker Hughes. File Photo by UPI/Shutterstock/ekina

BISMARCK, N.D., Aug. 24 (UPI) -- North Dakota's energy sector continued showing signs of resiliency in the depressed oil market by adding more rigs, state data show.

State data show 76 rigs actively exploring for or producing oil or natural gas in the No. 2 shale state in the country. Rig data serve as a barometer of the health of the upstream side of the energy sector, where low oil prices leaves energy companies with less capital to invest.

Advertisement

The rig count for Monday is up two from last week, but down more than 60 percent from this date in 2014.

Data from North Dakota show crude oil production in June, the last full month for which the state publishes data, was 1.21 million barrels per day, up about three-quarters of a percent from the previous month and just shy of the all-time record of 1.23 million bpd reached in December.

North Dakota's upstream sector was the standout in last week's national rig count from oil services company Baker Hughes. North Dakota gains were offset by losses in Texas, the No. 1 oil producer in the nation.

Advertisement

Baker Hughes reported a net gain of two oil rigs for a total of 674 for the fifth straight week of gains.

Rig data suggests energy companies are doing more with less. The U.S. Energy Information Administration last week report crude oil production at 9.3 million bpd, down about half a percent from the previous week, but still at multi-year highs.

Latest Headlines

Advertisement
Advertisement

Follow Us

Advertisement