The Bakken Shale Is Quietly Staging a Comeback [The Motley Fool]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: The Motley Fool
The forgotten oil play's best days appear to lie ahead. The oil price crash hit North Dakota's Bakken Shale very hard. Oil production in the region had been growing at a brisk pace, rising from around 200,000 barrels per day (BPD) in 2009 to a peak of more than 1.2 million BPD by 2014, according to data from the U.S. Energy Information Administration (EIA). That growth train derailed along with the price of oil, causing output to tumble below 1 million BPD by 2016. However, the industry worked hard to cut costs and improve well productivity. Because of that, the Bakken growth engine is back on track and running at full steam, which has driven oil production up over 1.3 million BPD this year. That's just the beginning, as this oil-rich region appears as if it has enough fuel to get its output up over 2 million BPD in the future. Image source: Getty Images. Drilling down into the Bakken Shale The Bakken Shale holds an estimated 30 billion to 40 billion barrels of r
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