Sept oil: 10,262,814 bbls --> 342,094 bbls/day
Oct oil: 10, 609,662 bbls --> 342,247 bbls/day (all-time high) (see director's notes)
Sept producing wells: 5,197
Oct producing wells: 5,300 (all-time high)
Sept permitting: 167
Oct permitting: 232
Sept sweet crude price: $67.95
Oct sweet crude price: 74.41
Rig count: 166 --> high during this reporting period -- an all-time high
Comments:
- Weather significantly impacted oil production; 75% of oil is trucked from sites; snowstorms stop the trucks; there was a major wind and snowstorm the week of October 25th
- Takeaway capacity remains above production
- Takeaway by rail is growing; crude trucked to Canada is decreasing
- New pipelines and rail projects: three in the review or engineering stage; two under construction; one just concluded an open season
- The spread between ND sweet crude and NYMEX-WTI remains about 10 percent
- Threat for federal regulation of hydraulic fracturing remains high -- investors need to note
- Natural gas producing is rising and flaring is still well above normal
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