End-Of-Year Rig Count, December 31, 2014 -- 170 Active Rigs In North Dakota; Update On CLR 2015 Spend Plans; Elsewhere, More Wind Farms

Active rigs:

	12/31/2014	12/31/2013	12/31/2012	12/31/2011	12/31/2010
Active Rigs	170	187	183	197	156

Note: this data is from the NDIC. See their disclaimer regarding this rig count. Bottom line: it is what it is. Deal with it. If this information is important to you, visit North Dakota, drive around, and count the rigs that appear to be active. If you see no roughnecks on the rig for 48 hours, it may mean the rig is no longer active, or it may simple mean it's too freaking cold to be out there pushing steel two miles into the earth. I have no idea how accurate it really is. For all I know there may be some active rigs drilling salt water disposal wells.  

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CLR Announces Further Cuts

Bakken.com is reporting: 

CLR has recently announced its plans to further cut its capital expenditures for the upcoming year but also projects the activity will increase production growth by up to 20 percent when compared to last year.

Last month the company announced it would be cutting its budget from $5.2 billion to $4.6 billion. However, those figures have been updated and expenditures will now be cut from $4.6 billion to $2.7 billion. Since the summer, oil prices have dropped by nearly 50 percent with this month seeing prices hovering around $60 per barrel. Continental Chairman and Chief Executive Officer Harold Hamm said, “This revised budget prudently aligns our capital expenditures to lower commodity prices, targeting cash flow neutrality by mid-year 2015.”

Additionally, the company plans to decrease its current operating rig count from 50 to about 34 by the end of the first quarter of 2015. Continental plans to keep 31 rigs in operation for the full year. Of these rigs, only 11 will be operating in North Dakota’s Bakken formation. Four of the remaining rigs will be operating in the Northwest Cana area of the Anadarko Woodford formation, and 16 will be operating in the South-Central Oklahoma Oil Province (SCOOP).

Announcements are unfolding very, very quickly. I do not know if this announcement is new or old, but it is what it is. Do not make any investment, financial, or relationship decisions based on what you read here. Check with Investor Relations if you have questions.  

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CLR Cutting Back; Wind Still Blowing

The Dickinson Press is reporting:

Basin Electric Power Cooperative announced Wednesday it has signed power purchase agreements with new wind farms in Richardton and Tioga.  

The NextEra Energy Resources plant will be called the Dickinson Wind Energy Center and produce 150 megawatts at the farm near Richardton. Tradewind Energy is developing the Lindahl Wind Project, another 150 megawatt farm near Tioga.

NextEra’s farm is slated to be complete by the end of 2015, and Tradewind’s by the end of 2016.

300 more MW of slicers and dicers. Whatever.