North Dakota Oil Production Tops 500,000 Barrels/Day (EOG, CLR)
The state of North Dakota said that crude oil production from the state’s oil fields totaled 510,000 barrels/day during November. That is the highest daily production yet recorded in the state and equals that of Ecuador, one of the 12…
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The state of North Dakota said that crude oil production from the state’s oil fields totaled 510,000 barrels/day during November. That is the highest daily production yet recorded in the state and equals that of Ecuador, one of the 12 OPEC member nations. Major producers in North Dakota include EOG Resources Inc. (NYSE: EOG) and Continental Resources Inc. (NYSE: CLR).
More than 87% of production comes from the Bakken shale field. A state official told Bloomberg News that production has grown by 8,000-40,000 barrels/day every month since June.
The North Dakota oil fields are the primary reason that the state’s unemployment rate is just 3.4%, the lowest in the US.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
