While the world seeks a new equilibrium for tumbling oil prices, producers throughout the Rockies are laser focused on cutting costs by operating more efficiently. Everything from optimized completion strategies and streamlined logistics, to new frac spacing methods and fuel substitution is being tested. And with more than 9,000 wells drilled in the Bakken alone, producers have a wealth of data and experience from which to learn and improve.
A lack of takeaway capacity is further exacerbating the effects of declining oil prices. Producers in the Rockies sell at substantially discounted rates to make up for the region's logistical and geographic disadvantages. According to the EIA Bakken production is currently 1.2 MMbbl/d. At the end of 2013, North Dakota only had pipeline capacity to move 583,000 MMbbl/d out of the state. That number is forecast to increase to 1.7 MMbbl/d by the end of 2017, bringing relief to producers working diligently to stay ahead of narrowing profit margins.
The resilience of North America's shale revolution is being tested, but the very innovative spirit that started it all is keeping producers ahead.
DUG Bakken and Niobrara 2015 will unite more than 2,500 oil and gas professionals, 25+ executive-level speakers and 200+ exhibitors in Denver for two days of candid discussions on how producers are cutting costs by operating more efficiently. Click here to learn more about why you can't afford to miss the region's #1 unconventional resources event.
DUG Bakken and Niobrara sponsors will have the opportunity to increase brand awareness, obtain valuable leads and connect with thousands of potential clients — all in one venue! Click here to learn more.
DUG Bakken and Niobrara exhibitors get unique access to a select group of industry executives, new sales leads, the opportunity to solidify customer relationships, and the ability to showcase new products/services to a targeted audience.
Click here to learn more.
President and COO Hess Corp.
Chairman and CEO Whiting Petroleum Corp.
President & COO Oasis Petroleum Inc.
General John Allen
Retired, U.S. Marine Corps.
Senior Vice President, Energy Research Sterne Agee