Friday, June 10, 2011

Oil and Gas by the Numbers 06/10/11

Well it looks like we finished up this week with the oil prices at $98.82/barrel.  Even with the slight drop this week with the price of oil, there was still an increase of one more rig in the US.

Rig Count
updated 06/10/2011
US: 1855
TX: 833
LA: 172
OK: 166
ND:  159
PA:  114
NM: 85
CO: 69
WY:  45
CA:  43
UT: 27
AK: 06
WV: 18
MT: 10

Applications to Drill 
06/03/2011 through 06/09/2011

TX: 258
ND: 26
MT: 3


Gasoline Prices
06/10/2011
US average: $3.720/gal
Low:  SC $3.415/gal
High: AK $4.202/gal



Tuesday, June 7, 2011

Marathon Oil buys Texas oil fields for $3.5B

Marathon Oil buys Texas oil fields for $3.5B - KNDO/KNDU Tri-Cities, Yakima, WA |


For Marathon's Press Release please see the following link:
Marathon Oil $3.5 Billion Acquisition

Northern Oil and Gas - Activity Updates

The following link will take you to the recent updates of drilling activity for Northern Oil and Gas.
Northern Oil and Gas - Drilling Update

Bakken conditions improve - barely


The Bakken just can't seem to catch a break from mother nature this year.  With a year that opened up with large amounts of snow all the way till May 1st, now the water is taking over.  Flooded locations, sinking equipment, and muddy roads have remained all spring.  The evidence the wet sloppy region can be seen everywhere. In Williams County ND county officials even called a halt to large truck traffic in the region. Williston Herald - Online Edition
The roads just are not able to take any more strain in most areas.  However what may strain them has also helped provide the necessary resources to repair them.  In many counties funds are near exhausted from snow removal, but producers are coming to the rescue by helping haul or provide materials for the repairs.  This not only keeps them in the field producing, but has allowed stranded farmers and ranchers to get out.
There are even areas around the Bakken where road conditions are so bad the whole road is shut down.  This is the case with ND HWY 22, a main through way for the supplies, crews, and oil transportation in western ND. Here it is completely at mother natures mercy that the hwy has been buckled up to an impassable condition.
ND HWY 22 Closed - Dickinson Press