Ernest's Feed
Mar 7, 2015

Whiting reported to be seeking buyer, but source says not aware

, March 6 (Reuters) – Whiting Petroleum Corp
, North Dakota’s largest oil producer, is seeking a
possible buyer, according to the Wall Street Journal, but a
person familiar with the board’s thinking told Reuters he was
not aware of any such plan.

The Denver-based company began seeking a buyer after
tumbling crude oil prices eroded its market value, the
Journal reported earlier on Friday, citing people familiar with
the matter.

Mar 5, 2015

FBI to open field office in North Dakota’s oil capital

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – The FBI said on Thursday it will open a field office in Williston, North Dakota, capital of the state’s oil patch and an area grappling with a rise in drug use and sex trafficking.

At least two agents from the FBI, the national law enforcement agency, will have jurisdiction over western North Dakota’s oil counties, where the population has spiked due to the development of the Bakken shale formation, one of the world’s largest reserves of crude.

Mar 3, 2015

Clock ticks toward North Dakota reaping up to $5.3 billion oil tax break

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – The clock is still ticking on a potential $5.3 billion, two-year tax break for North Dakota’s oil industry after a state-calculated average of February’s crude price fell below $52.59 per barrel last month.

The state waives its 6.5 percent oil extraction tax if the monthly price of benchmark West Texas Intermediate (WTI) crude at the Cushing, Oklahoma, transport hub falls below an inflation-adjusted limit, set at $52.59 per barrel for 2015, for five consecutive months.

Mar 2, 2015

Reality hits North Dakota’s pricey apartment market; rents drop

, March 2 (Reuters) – It is getting cheaper
to rent an apartment in North Dakota’s oil patch.

Prices, which only last year rivaled levels in New York City
and Geneva, have slipped about 15 to 20 percent in the past two
months as dozens of new apartment buildings opened in Williston,
Watford City and other oil hub cities.

Feb 26, 2015

Whiting shares tumble on plans to keep fracking despite cheap oil

, Feb 26 (Reuters) – North Dakota’s largest
oil producer, Whiting Petroleum Corp, struck a confident
tone for 2015 on Thursday, saying it will hydraulically fracture
all wells it drills even as peers scale back, but its bold
tactic prompted a sharp drop in its share price.

Executives said they were sure that the company can still
make a profit with oil prices around $50 per barrel

Feb 25, 2015

North Dakota senator to push again for clean coal legislation

, Feb 25 (Reuters) – Senator Heidi Heitkamp
of North Dakota will re-introduce legislation on Thursday
designed to encourage the development of clean coal technologies
that could keep the fuel a key source of American power

The bill, which is likely to be popular in the
Republican-controlled U.S. Senate but face opposition from the
White House, would offer financial incentives for utilities to
develop carbon storage programs and build out the market to sell
carbon dioxide for enhanced oil recovery.

Feb 24, 2015

Continental Resources profit beats Street on one-time gain

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – Oil and natural gas producer Continental Resources Inc (CLR.N: Quote, Profile, Research, Stock Buzz) posted a quarterly profit far above Wall Street’s expectations on Tuesday, as a one-time gain from the sale of hedges lifted results and offset tumbling commodity prices.

The company, the second-largest oil producer in North Dakota’s Bakken shale formation, stunned markets last November by selling all of its oil and gas hedges, part of a tacit wager that prices would rebound, a bet that so far has not proven correct.

Feb 20, 2015

Chevron’s 2014 oil, gas reserves slip after Chad asset sale

, Feb 20 (Reuters) – Chevron Corp,
the second-largest U.S.-based oil producer, said on Friday its
oil and natural gas reserves fell 1 percent last year largely
due to the sale of its stake in a Chad oil field.

The company had proved reserves of 11.1 billion barrels of
oil equivalent on Dec. 31, about 1 percent lower than a year

Feb 19, 2015

Pending North Dakota oil rules may have limited W. Virginia disaster

, Feb 19 (Reuters) – This week’s oil train
derailment and resulting explosion in West Virginia are likely
to heighten scrutiny of new regulations pending in North Dakota,
where the oil was produced, aimed at reducing the chance of such

It is unclear whether the roughly 70,000 barrels of Bakken
oil on the train had been filtered to reduce the amount of
volatile and explosive gases. Such filtering will be required
under the new rules, which take effect in six weeks.

Feb 19, 2015

US shale leader EOG Resources confidence no match for cheap oil

, Feb 19 (Reuters) – One of the strongest
leaders of the U.S. shale revolution has been humbled by
plunging oil prices.

EOG Resources Inc slashed its 2015 budget on
Wednesday amid cheap crude prices and said its output will not
grow this year, mere months after confidently saying it was
strong enough to weather the downturn without cutbacks. Its
shares tumbled more than 7 percent late Wednesday.