Chevron's (CVX.N) deal announced last week to buy Hess (HES.N), one of the largest operators in the Bakken shale play in North Dakota, could raise oil output there marginally but analysts do not expect a return to its peak pre-pandemic boom days.
Production in the Bakken still 18% below late 2019 peak, one of the largest operators in the Bakken shale play in North Dakota, could raise oil output there marginally but analysts do not expect a return to its peak pre-pandemic boom days.turned North Dakota into the nation's second-largest crude oil-producing state from 2012 to 2020. That No. 2 spot was taken over by New Mexico after the COVID-19 pandemic crushed oil demand and drilling activity.
Hess produced 190,000 barrels of oil equivalent per day there during the third quarter this year, the company said on Wednesday in its earnings statement. "This is a very attractive asset that can deliver kind of plateau production, strong cash flow for many, many years to come," Wirth said. "There's a sentimentality to this sale," said Kathy Neset, who runs a prominent North Dakota oil industry consulting firm and counts Hess as one of her largest clients.Chevron could take Bakken production higher than the output targeted by Hess in the future, said Matthew Bernstein, a senior analyst at Rystad Energy.
Jones expects Bakken output to hit 1.3 million bpd this year, still a long way from the 1.54 million bpd pre-pandemic peak.
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