Exxon Mobil Corp. (XOM) is producing about 32,000 barrels of oil equivalent from the Bakken Shale, doubling its output from when it entered the area, an executive said Thursday.From the transcript:
"We have moved into a development phase" in the shale located in North Dakota, Montana and Canada, Exxon Vice President of investor relations David Rosenthal said in an earnings call.
In the Bakken, we have moved into a development phase across our roughly 400,000 net acre leasehold. In the first half of 2012, we turned 40 wells to sales, nearly double the pace of 2011.In addition, XOM mentioned the Bakken twice in the short Q&A when unconventional liquids was brought up. This is a big deal for the Bakken. I think it caught everyone by surprise.
In the second quarter of 2012, our gross operated Bakken production increased by 60% over the prior year quarter. Since our entry into the play, we have more than doubled gross operative production to approximately 32,000 oil equivalent barrels per day.
I never thought I would see the day that XOM would single out the Bakken as one of its development areas.