Chevron-Hess deal may lift Bakken oil output, but no return to boom days
), 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 higher-cost Bakken region is around 1.27 million barrels per day , nearly 18% below the late 2019 peak, according to U.S. government data. Chevron is expected to largely adhere to Hess's plans for the Bakken, which included growing its net production there to about 200,000 boepd in 2025, analysts said.
Chevron hopes that new technology it is pioneering in the other shale regions where it operates would help squeeze more from the Bakken in the future, he added. Given the breadth of their operations, larger integrated companies such as Chevron are under less pressure than shale producers to stick to modest target increases in every region they operate - so long as they keep providing shareholders with returns, Bernstein said.
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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Chevron-Hess deal may lift Bakken oil output, but no return to boom daysChevron'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.
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