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Category: NorthDakota

Many Oil Firms Plan No North Dakota Layoffs Despite Cheap Oil

February 09, 2015 Posted by Chris Wysong

Oil firms in North Dakota are planning to retain their workers, hoping to be prepared for a rebound in prices. Many Oil Firms Plan No North Dakota Layoffs Despite Cheap Oil By: Ernest Scheyder (Reuters) WILLISTON, N.D., Feb 4 (Reuters) - Halliburton, Statoil ASA, Hess Corp and other North Dakota energy companies have decided, for now, not to lay off staff in the No. 2 U.S. oil producing state, hoping to be prepared for any prolonged rebound in crude prices. Many oil producers and their contractors are trying to strike a balance between cutting costs and maintaining workforce reserves after a more-than 50 percent drop in oil prices since last June. The drop has made some oil patch investors anxious that North Dakota could experience a third oil bust after slumps in the 1950s and 1980s. Local business leaders, though, say theyre confident the states economy can abide the slowdown. Indeed, oil prices are nothing if not volatile, up about 19 percent in the past four trading days after

Posted in Oil, OilPrices, Economy, Jobs, NorthDakota

North Dakota: Crude Production is Being Focused in Four Core Counties

February 03, 2015 Posted by Chris Wysong

North Dakota energy bosses determined new drilling would not cease until oil prices fell below $30/barrel. North Dakota: Crude Production is Being Focused in Four Core Counties By: Gene Lockard (Rigzone) The crude oil price drop has yet to chase all producers out of North Dakota, and it likely wont as long as prices remain at or above a critical threshold, according to recently released analysis by the North Dakota Department of Mineral Resources House Appropriations Committee. In doing their analysis, the department looked at several areas affected by wilting crude oil values, including well permits, rig counts, production projections and even breakeven pricing. What the department concluded is that new drilling would not cease until prices fell to $30/barrel or less, far lower than prices in the mid- to upper $40s a barrel seen in recent days. The drop in prices has slowed production in the state dramatically, however, and drillers that have remained are focusing on the most

Posted in NorthDakota, Drilling, Oil
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