Bakken Shale in the United States (US) – Oil and Gas Shale Market Analysis and Outlook to 2022, 2020 Update

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The Bakken Shale play is the second largest oil producing region in the US behind the Permian Basin. In 2019, it averaged over 1.4 million barrels of oil per day (mmbd) which made up almost 17% of the total United States oil production. This region witnessed an increase in production and activity since 2016, but will suffer a substantial drop in production in 2020. The price drop due to the COVID-19 pandemic has shaken up activity in the Bakken region. The main drivers in the decrease in production have been the shutting in of producing wells and the decrease in drilling activity in this region.

The largest oil producer in the Bakken, Continental Resources reportedly shut in majority of their wells given the circumstance that they have 0% of their production hedged going into 2020. However, the recent rebound in oil prices has given some operators the confidence to bring back some of the wells that were shut in previously, therefore leading to a marginal increase in production in June and July. Such occurrence is expected to offset the decline in legacy production and the fall in rig activity, keeping Bakken forecast to remain above 1 mmbd throughout 2020.

Scope

The report analyzes the crude oil and natural gas appraisal and production activities in the Bakken shale play in the US. The scope of the report includes:

Comprehensive analysis of crude oil and natural gas production across major counties in North Dakota and Montana during 2017-2019, as well as production outlook from 2020-2022

Detailed information of impact on monthly production due to COVID-19 pandemic

In-depth information of well permits issued in the Bakken Shale across North Dakota, by county and by company from January 2019 to June 2020

In-depth analysis of net acreage, reserves, production in 2020, cost trends and planned investments of major companies in the Bakken Shale play

Detailed information of financial standings of major companies

In-depth analysis on various completion parameters

Comparison of planned capital expenditure by major companies

Detailed analysis of economic metrics of major players in the Bakken Shale play

In-depth analysis of financial and economic metrics of bankrupt companies in the Bakken Shale play

Up-to-date information on major mergers and acquisitions in the Scoop-Stack shale between 2018 and 2020

Overview of existing and active pipeline infrastructure in and around the Bakken Shale, along with a review of the upcoming projects in the region

Reasons to Buy

Develop business strategies with the help of specific insights into the Bakken Shale

Plan your strategies based on expected developments of the Bakken Shale

Understand the competitive landscape of the companies in the Bakken Shale play

Keep yourself informed of the latest M&A activity in this prolific shale play

Identify opportunities and challenges in the Bakken Shale in the US

Table of Contents

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 7

3.1. Bakken Shale, Overview 7

4. Bakken Shale, Production and Activity Overview 8

4.1. Bakken Shale, Production Analysis, 2017-2019 8

4.1.1. Bakken Shale, Gross Crude and Condensate Production by County, 2017-2019 8

4.1.2. Bakken Shale, Gross Natural Gas Production by County, 2017-2019 9

4.2. Bakken Shale, COVID-19 Impact on Production 11

4.3. Bakken Shale, Production Outlook, 2020-2022 11

4.3.1. Bakken Shale, Production Outlook, 2020-2022 11

4.4. Bakken Shale, Drilling Activity 13

4.4.1. Bakken Shale, Well Permits by County, North Dakota 13

4.4.2. Bakken Shale, Well Permits by Company, North Dakota 14

4.4.3. Well profile 15

5. Bakken Shale, Competitive Benchmarking 17

5.1. Bakken Shale, Major Companies with Prominent Presence, 2020 17

5.1.1. Net Acreages of Major Companies, 2020 17

5.1.2. Reserves and Production by Major Companies, 2020 18

5.2. Bakken Shale, Major Companies’ Financial Standings 19

5.3. Bakken Shale, Operational Performance of Leading Operators 20

5.4. Bakken Shale, Completion Parameters, 2020 21

5.4.1. Peak Crude Production vs. Lateral Length 21

5.4.2. EUR Crude Oil vs Lateral Length 23

5.5. Bakken Shale, Future Plans by Major Companies 24

5.5.1. Bakken Shale, Planned Investments, 2020 24

5.6. Bakken Shale, Cost Trends, 2020 25

5.6.1. Bakken Shale, Well Costs 25

6. Bakken Shale, Analysis of Major Companies 26

6.1. Bakken Shale, Economic Metrics of Major Players 26

6.2. Continental Resources, Inc. 27

6.2.1. Key Operational Parameters 27

6.3. Hess Corp. 29

6.3.1. Key Operational Parameters 29

6.4. Exxon Mobil Corp. 31

6.4.1. Key Operational Parameters 31

6.5. Marathon Oil Corporation 33

6.5.1. Key Operational Parameters 33

6.6. Oasis Petroleum 35

6.6.1. Key Operational Parameters 35

6.7. WPX Energy 37

6.7.1. Key Operational Parameters 37

7. Bakken Shale, Analysis of Bankrupt Companies 39

7.1. Whiting Petroleum Corp. 39

7.1.1. Key Financial Parameters 39

7.1.2. Key Operational Parameters 39

8. Bakken Shale, Associated Infrastructure 42

8.1. Pipelines 42

9. Mergers and Acquisition Activity in the Bakken Shale, 2018-2020 46

9.1. Overview of M&A Activity 46

9.2. Major Acquisitions 46

9.2.1. Whiting Petroleum divested its Bakken assets to improve liquidity 46

9.2.2. Hess Midstream completes acquisition of Hess Infrastructure for US$6.2 billion 47

9.2.3. Pembina Pipeline acquires the US portion of Cochin pipeline for US$1.5 billion 47

10. Appendix 49

10.1. Abbreviations 49

10.2. Methodology 49

10.2.1. Coverage 49

10.2.2. Secondary Research 49

10.3. Contact Us 50

10.4. Disclaimer 50

Table

Table 1: Bakken Shale, Net Acreage by Company, 2020 17

Table 2: Bakken Shale, Reserves and Production by Major Companies, 2020 18

Table 3: Bakken Shale, Financial Standings of Major Companies, 2019 19

Table 4: Bakken Shale, Operational Performance of Leading Operators, 2020 20

Table 5: Bakken Shale, Planned Capital Expenditure by Major Companies, 2020 (US$ million) 24

Table 6: Bakken Shale, Major Companies by Type Well Data, 2020 26

Table 7: Continental Resources, Inc., Bakken Shale, Key Operational Parameters, 2020 27

Table 8: Continental Resources, Inc., Bakken Shale, Key Economics, 2020 28

Table 9: Hess Corp., Bakken Shale, Key Operational Parameters, 2020 29

Table 10: Hess Corp., Bakken Shale, Key Economics, 2020 30

Table 11: Exxon Mobil Corp., Bakken Shale, Key Operational Parameters, 2020 31

Table 12: Exxon Mobil Corp., Bakken Shale, Key Economics, 2020 32

Table 13: Marathon Oil, Bakken Shale, Key Operational Parameters, 2020 33

Table 14: Marathon Oil, Bakken Shale, Key Economics, 2020 34

Table 15: Oasis Petroleum, Bakken Shale, Key Operational Parameters, 2020 35

Table 16: Oasis Petroleum, Bakken Shale, Key Economics, 2020 36

Table 17: WPX Energy, Bakken Shale, Key Operational Parameters, 2020 37

Table 18: WPX Energy, Bakken Shale, Key Economics, 2020 38

Table 19: Whiting Petroleum Corp., Bakken Shale, Key Financial Parameters, 2020 39

Table 20: Whiting Petroleum Corp., Bakken Shale, Key Operational Parameters, 2020 40

Table 21: Whiting Petroleum Corp., Bakken Shale, Key Economics, 2020 41

Table 22: Bakken Shale, Active, Planned and Announced Pipelines 44

Table 23: Bakken Shale, Major Deals by Oil and Gas Companies, 2018-2020 48

Figures

Figure 1: Bakken Shale, Production in 2020 (thousand barrels per day) vs. Rig count 5

Figure 2: Bakken Shale, Crude Oil and Condensate Production by County, mbd, 2017-2019 9

Figure 3: Bakken Shale, Natural Gas Production by County, mmcfd, 2017-2019 10

Figure 4: Bakken Shale, COVID-19 Impact on Production, 2020 11

Figure 5: Bakken Shale, Production Outlook, 2020-2022 12

Figure 6: Bakken Shale, Number of Well Permits by County, North Dakota, January 2019 to June 2020 14

Figure 7: Bakken Shale, Number of Well Permits by Operator, North Dakota, January 2019 to June 2020 15

Figure 8: Bakken Shale, Well profile of major counties 16

Figure 9: Bakken Shale, Quartile distribution of EUR 16

Figure 10: Bakken Shale, Average Peak Crude Production vs Lateral Length (ft) Quartile 21

Figure 11: Bakken Shale, Peak Crude Production vs Lateral Length, 2020 22

Figure 12: Bakken Shale, EUR Crude Oil vs Lateral Length, 2020 23

Figure 13: Bakken Shale, Major Companies by Well Costs, 2020 25

Figure 14: Bakken Shale, Active Oil and Gas pipelines by capacity 43

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