Outrun Change

We need to learn quickly to keep up with the massive change around us so we don't get run over. We need to outrun change.

Oil production in May 2018 for North Dakota hits new record level

Multiple pumpjacks on a well pad is a normal thing in North Dakota. Photo by James Ulvog.

In May the crude oil production in the state hit an average of 1,244,629 barrels of oil per day (bopd). As always, that is the preliminary tally, which will change a bit over the next two months as a few late reports arrive.

That is 15,057 bopd higher than the previous record of 1,229,572 bopd in December 2014.

Here is my graph of production state-wide and Bakken only (including Sanish, Three Forks, and Bakken/Three Forks levels):

For a longer term perspective, here is the total monthly production since 1990:

In addition, the price realized in North Dakota for sweet crude has been rising since early 2016. Here is graph of prices for sweet crude in the state:

 

What is the value of that oil? Multiply the monthly production amounts by the above average sweet crude prices in the state, shows the statewide revenue for producers as:

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