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Bakken Monitor – November 2018 US Midterms: Coloradans Smack Back "Set-backs" For Frackers

North Dakota's oil production for August set a fresh high at 1.291 million b/d (+22,000 b/d m-o-m), ahead of our forecast of 1.278 million b/d (+9,000 b/d m-o-m). For September, we see production breaching 1.3 million b/d for the first time, at 1.332 million b/d (+41,000 b/d). Merger and acquisition activity in the LTO sector has continued apace in recent months, with Encana and Newfield the latest deal, valued at $5.5 billion. The market has generally punished acquirers, however. The mid-terms have left Trump’s presidency with some minor roadblocks as Democrats take the House, but impeachment remains unlikely. Proposition 112 in Colorado was defeated in the recent elections, which potentially would have taken c. 75% of remaining land away from drillers....

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