- North Dakota's oil production fell to 1.118 million b/d in February from 1.122 million b/d in January (-4,000 b/d), ahead of our forecast of 1.098 million b/d
- A late surge in reported completions helped keep production broadly flat
- We have increased our March production forecast to 1.110 million b/d (-8,000 b/d m-o-m, +51,000 b/d on last forecast)
- Our total average US LTO forecast for 2016 is now 3.953 million b/d (+210,000 b/d on previous forecast, -586,000 b/d y-o-y) as we now forecast production declines to be more evenly balanced across 2016 and 2017
- The top three Bakken operators have reported falling revenues in 1Q2016 by an average of 36% y-o-y
- Whiting has announced a joint venture with an undisclosed partner to complete more wells, but we still expect a large production decline this year
- Continuing the theme from last month's issue, we examine factors driving well costs in US LTO
by Graham Walker // 11 May, 2016
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