State’s oil and gas industry exceeds revenue forecast in August
By Patrice Bumstead
Farmer Editor
North Dakota’s oil production in August was almost dead flat with less than a 700 barrels per day increase, according to Lynn Helms, North Dakota Department of Mineral Resources director.
“The good news is both volume and price are exceeding the revenue forecast.” The revenue forecast was based on 1 million barrels per day and North Dakota produced 1.073 million barrels a day, putting the state at 7.3 percent above the volume forecast. The market price for oil was at $90.34 in August, which was 81 percent above the $50 per barrel revenue projection.
Though August, the state produced 33,274,710 barrels of oil and 95,697,445 mcf of natural gas from 17,616 actively producing wells.
McKenzie County continues to lead the state with 5,333 active wells that produced 11,725,624 barrels of oil (35.23 percent of the state’s total) and 48,150,213 mcf of natural gas (50.31 percent of the state’s total).