Production hits all-time high in North Dakota:
- April, 2011, oil: 351,183 bopd
- May, 2011, oil: 361,407 bopd (all-time high)
- April producing wells: 5,536
- May producing wells: 5,570 (all-time high)
- April, 2011: 125 (all time high: 245, 2 Nov 10)
- May, 2011: 154
- April, 2011: sweet crude, $103.91
- May, 2011: sweet crude, $94.69
- Back of envelope calculations: April, 351,183 x 103.91 = $36.491 million; May 361,407 x 94.69 =$34.221344 million.
Director's comments:
The summer surge has begun. There continues to be surplus crude take away capacity with pipeline, rail and truck all included. Leasing remains focused on renewals and top leases in the Bakken - Three Forks, but there is significant activity south of Dickinson to the South Dakota border. Flaring hit a new record, 29%. Significant new natural gas plant and gathering pipeline expansions have been announced but have to wait for drier weather.Rigs
- 20,000-foot capable rigs: over 90% utilization rates
- 7,000 or less-capable rigs: less than 50% utilization rates
11.5% for the state. That is app. $3,900,000.00 per day. X one year = $1,425,985,529.00 per year. I think that is more then what our state budget was a few years ago. With over 180 rigs working now this number will double in just a short time. I made 34,000 last year on my well and paid an extra 3,900 to the state more then someone making the same amount money. I am eating mac and cheese and window shoping at the meat dept.,while the state is swiming in money.Why does ND charge so much extra tax on oil? Do other States charge that much?
ReplyDeleteI believe the debt ceiling / deficit reduction talks in Washington include increased taxes on oil and gas companies, and corporate jets.
ReplyDeleteThe taxes on oil and gas exploration companies apparently are quite punitive. The federal govt is simply going after "deep pockets."
So, likely to get worse.
The state of ND gets 11.5% of every barrel of oil. thats on top of the regular tax.
ReplyDeleteI knew they got about 11.5% for production and extraction; I did not realize that was on top of regular taxes -- I assume you mean, by regular tax, income taxes on profits made by the business.
ReplyDelete