The Rising Influence of Rising Affluence

[Timothy Smith]

$HES $CLR $WLL North Dakota crude oil production fell for the third straight month in February to hit its lowest level in 18 months, while the state's rig count sunk to its lowest since October 2005, according to the latest data from the state's Department of Mineral Resources.

The U.S.’s second largest oil producing state pumped 1.118M bbl/day in February, down very slightly from January's 1.122M but January output fell 2.6% from December, which fell 2.5% from November.

The number of rigs drilling for oil in North Dakota is now at 29, down from 52 in January and 40 in February; the all-time high was 218 in May 2012.

However, natural gas production in the state rose 2.9% in February to 1.69B cf/day, a new all-time high.