One Of The Majors Says Their Global Production Will Ramp Up Soon -- Due Partly To The Bakken

Rigzone is reporting:

ConocoPhillips is in the midst of a transformation facilitated by drilling technologies that have unlocked oil and natural gas within the U.S. that had been unreachable or too expensive to drill. Mr. Lance's presentation to shareholders emphasized ConocoPhillips' ability to fund its operations and deliver on its promises of 3-5% production and margin growth even as it continues to pay a high dividend.

Mr. Lance said there's a "clear line of sight" to production of 1.9 million barrels of oil equivalent a day by 2017, up from an estimated 1.5 million barrels of oil equivalent per day this year. Much of that will be fueled by ConocoPhillips' acreage in unconventional U.S. shale formations--the Eagle Ford and Permian formations in Texas, and North Dakota's Bakken.

Income brought in from production in those areas will be used to fund the company's major projects around the world and exploration that is expected to fuel long-term growth. Mr. Lance highlighted the company's work in the Gulf of Mexico, where company is working to renew its presence. It will participate in five to eight wells this year, including its first operated well there in nearly a decade.

Note, to repeat: the cash flow from the Permian, the Eagle Ford, AND THE BAKKEN will be used to fund COP's major projects in the Gulf of Mexico.

I.N.C.R.E.D.I.B.L.E.

I think often of the idiot (who I refer to simply as "V") over at another incredibly good blog who has for years says there are two kinds of operators in the Bakken: a) those who went broke drilling expensive wells in the Bakken; and, b) those who will go broke drilling expensive wells in the Bakken. LOL.