This article was posted in December, 2014. This was just after Saudi Arabia announced a surge in crude oil production to crush US shale operators. The surge lasted two years when Saudi Arabia realized its "trillion-dollar mistake" and cut production hoping to raise prices.
The writer apparently does not understand the importance of E & P companies managing their resources.
We've talked about this many, many times. IPs are but one metric. There are many, many other (and better) metric points.
From The Bismarck Tribune:
North Dakota oil production jumped 5.4 percent in April to more than 1.2 million barrels per day, coming in just shy of the state’s record.Director of Mineral Resources Lynn Helms called it a big surprise to see production levels within 2,500 barrels of the all-time high of nearly 1.23 million barrels per day.“We were not expecting that kind of a surge until late May, early June,” Helms said Friday while discussing the preliminary figures.
Natural gas production increased 7.4 percent in April, setting another record at more than 2.24 billion cubic feet per day.
No comments:
Post a Comment