North Dakota Oil Production Sets All-Time Record!
The North Dakota oil industry set a new production record of 1,244,629 barrels of oil per day (bopd) during the month of May. In addition, the state set top records for gas production (2,318,754 MCF/day) and well count (14,755).
The industry continues record-breaking trends. In the prior month of April, the industry had set records for gas production (2,242,093 MCF/day) and well counts (14,583), and fell short of the the previous oil production record (1.227 million bopd) by only 2,500 bopd.
Notably, the state grew well counts by 172 wells in May, or more than 5 wells per day.
(Editors note: At an estimated $7.5 million per well, new well investment alone totaled $1.29 billion in the month of May, or $41.6mm per day, $291.2mm per week.)