North Dakota oil data shows uptick in production, jump in number of drilling rigs

North Dakota’s oil production improved in June despite the state’s ongoing dependence on oil and gas taxes. Speaking Aug. 20 at the North Dakota Department of Mineral Resources director’s briefing, Nathan Anderson said the state produced an average of 1.153 million barrels per day in June, up from 1.125 million in May—about a 2.5% month-over-month increase. Anderson noted it was slightly above the revenue forecast by 0.24%. The briefing cited West Texas Intermediate futures at $86.60 per barrel before the update and said North Dakota’s break-even prices range from $50 to $60 in WTI terms. The market price for June was $80.56 versus a $59 assumption for revenue. The state also increased drilling activity: rigs in operation rose to 33 from 26 in mid-July, adding seven rigs and five new operators to the basin.