Bakken Shale in the US, 2019 – Oil and Gas Shale Market Analysis and Outlook to 2023

1. Table of Contents 1

1.1. List of Tables 3

1.2. List of Figures 4

2. Overview 5

2.1. Bakken Shale, Recent Developments and Trends 5

3. Bakken Shale, Introduction 8

3.1. Bakken Shale, Overview 8

4. Bakken Shale, Production and Activity Overview 9

4.1. Bakken Shale, Production Analysis by County, 2013–2018 9

4.1.1. Bakken Shale, Gross Crude and Condensate Production by County, 2013–2018 9

4.1.2. Bakken Shale, Gross Natural Gas Production by County, 2013–2018 11

4.2. Bakken Shale, Production Outlook, 2019–2023 13

4.2.1. Bakken Shale, Production Outlook, 2019–2023 13

4.3. Bakken Shale, Drilling Activity, 2018 15

4.3.1. Bakken Shale, Permits Issued and Completed, North Dakota 15

4.3.2. Bakken Shale, Well Permits by County, North Dakota 17

4.3.3. Bakken Shale, Well Permits by Company, North Dakota 19

5. Bakken Shale, Competitive Landscape 21

5.1. Bakken Shale, Major Companies by Acreage, 2019 21

5.2. Bakken Shale, Major Companies by Net Production, 2018 23

5.2.1. Bakken Shale, Initial Production Rates 25

5.2.2. Well Profile 26

5.3. Bakken Shale, Future Plans by Major Companies 27

5.3.1. Bakken Shale, Planned Investments, 2019 27

5.4. Bakken Shale, Cost Trends, 2018 29

5.4.1. Bakken Shale, Well Costs 29

6. Bakken Shale, Analysis of Top Five Companies 30

6.1. Bakken Shale, Economic Metrics of Major Players 30

6.2. Continental Resources, Inc. 31

6.2.1. Key Operational Parameters 31

6.3. Hess Corp. 33

6.3.1. Key Operational Parameters 33

6.4. Whiting Petroleum Corp. 35

6.4.1. Key Operational Parameters 35

6.5. Exxon Mobil Corp. 37

6.5.1. Key Operational Parameters 37

6.6. ConocoPhillips 39

6.6.1. Key Operational Parameters 39

7. Bakken Shale, Associated Infrastructure 41

7.1. Pipelines 41

8. Mergers and Acquisition Activity in the Bakken Shale, 2013–2019 43

8.1. Overview of M&A Activity 43

8.2. Major Acquisitions 43

8.2.1. Enbridge spends US$7.11 billion on corporate restructuring 43

8.2.2. Whiting Petroleum acquires Kodiak Oil & Gas for US$4.32 billion 44

8.2.3. Kinder Morgan completes the acquisition of Hiland Partners for US$3 billion 44

8.2.4. Global Infrastructure Partners acquires 50% interest in Bakken midstream assets from Hess for US$2.68 billion 44

8.2.5. Phillips 66 Partners acquires working interests in Dakota Access, Energy Transfer Crude Oil and Merey Sweeny from Phillips 66 for US$2.4 billion 45

9. Recent Developments and Contracts in the Bakken Shale, 2013–2018 47

9.1. Recent Developments 47

9.1.1. June 12, 2019: State of North Dakota Invests in Bakken Midstream 47

9.1.2. May 14, 2019: ONEOK accelerating its Bakken growth projects 47

9.1.3. April 29, 2019: Oneok to invest $100m for Bakken NGL Pipeline extension 48

9.1.4. April 23, 2019: Northern Oil and Gas to buy Williston Basin assets from VEN Bakken 48

9.1.5. February 21, 2019: Energy Transfer expands Bakken oil pipeline capacity to 570,000 bpd 48

9.1.6. January 25, 2019: MDU Resources subsidiary plans to construct Bakken natural gas transportation project 49

9.2. Recent Contracts 50

10. Appendix 51

10.1. Abbreviations 51

10.2. Methodology 51

10.2.1. Coverage 51

10.2.2. Secondary Research 51

10.3. Contact Us 52

10.4. Disclaimer 52

Table 1: Key Metrics for 2018 and 2019 Completed Wells 5

Table 2: Bakken Shale, Crude Oil and Condensate Production by County, mbd, 2013–2018 10

Table 3: Bakken Shale, Natural Gas Production by County, mmcfd, 2013–2018 12

Table 4: Bakken Shale, Production Outlook, 2019–2023 14

Table 5: Bakken Shale, Number of Drilling Permits Issued and Completed, Jan 2018 to May 2019 16

Table 6: Bakken Shale, Number of Well Permits by County, North Dakota, Jan 2018 to May 2019 18

Table 7: Bakken Shale, Number of Well Permits by Operator, North Dakota, Jan 2018 to May 2019 20

Table 8: Bakken Shale, Net Acreage by Operator, 2019 22

Table 9: Bakken Shale, Major Companies by Net Production, 2018 (mboed) 24

Table 10: Bakken Shale, Major Companies by Initial Production Rates, 2019 25

Table 11: Bakken Shale, Planned Capital Expenditure by Major Companies, 2019 (US$ Million) 27

Table 12: Bakken Shale, Major Companies by Well Costs, 2018 29

Table 13: Bakken Shale, Major Companies by Type Well Data, 2018 30

Table 14: Continental Resources, Inc., Bakken Shale, Key Operational Parameters, 2018 31

Table 15: Continental Resources, Inc., Bakken Shale, Key Economics, 2018 32

Table 16: Hess Corp., Bakken Shale, Key Operational Parameters, 2018 33

Table 17: Hess Corp., Bakken Shale, Key Economics, 2018 34

Table 18: Whiting Petroleum Corp., Bakken Shale, Key Operational Parameters, 2018 35

Table 19: Whiting Petroleum Corp., Bakken Shale, Key Economics, 2018 36

Table 20: Exxon Mobil Corp., Bakken Shale, Key Operational Parameters, 2018 37

Table 21: Exxon Mobil Corp., Bakken Shale, Key Economics, 2018 38

Table 22: ConocoPhillips, Bakken Shale, Key Operational Parameters, 2018 39

Table 23: ConocoPhillips, Bakken Shale, Key Economics, 2018 40

Table 24: Bakken Shale, Active, Planned and Announced Pipelines 41

Table 25: Bakken Shale, Major Deals by Oil and Gas Companies, 2013–2019 45

Table 26: Recent Contracts in Bakken Shale 50

Figure 1: Relation between Lateral Length and Breakeven Pricing for Major Operators in the Bakken Shale, 2018 6

Figure 2: Natural Gas Flaring Statistics in the Bakken Shale, Jan to May 2019 7

Figure 3: Bakken Shale, Crude Oil and Condensate Production by County, mbd, 2013–2018 10

Figure 4: Bakken Shale, Natural Gas Production by County, mmcfd, 2013–2018 11

Figure 5: Bakken Shale, Production Outlook, 2019–2023 13

Figure 6: Bakken Shale, Permits Issued and Completed, Jan 2018 to May 2019 15

Figure 7: Bakken Shale, Number of Well Permits by County, North Dakota, Jan 2018 to May 2019 17

Figure 8: Bakken Shale, Number of Well Permits by Operator, North Dakota, Jan 2018 to May 2019 19

Figure 9: Bakken Shale, Major Companies by Acreage, 2019 21

Figure 10: Bakken Shale, Major Companies by Net Production, 2018 (mboed) 23

Figure 11: Bakken Shale, Well Profile 26