Recorded on February 28, 2022

In episode 41 of the PetroNerds podcast, Trisha Curtis takes the first 15 or so minutes to recap what is happening with the crisis in Ukraine and the invasion by Russia which began on the 23rd of February.  Trisha is joined by her guest, Justin Kringstad of the North Dakota Pipeline Authority, to talk about the state of the Bakken, the Williston Basin, and North Dakota at $95 oil. 

The Williston Basin rig count has remained extremely low despite elevated oil prices and Trisha and Justin discuss the nature of the operators and the reasons why activity has not returned to the basin.  Trisha and Justin get into prices and what this means for inventory.  They talk about “remaining inventory” and “core” and “tiers” and why inventory may not be an issue, the fact that it is locked up by public operators is.  Continental Resources is running eight rigs in the Williston Basin but talked more about the Powder River and the Delaware in their earnings call. 

Trisha and Justin also discuss the huge volumes of natural gas being produced in the Williston Basin, despite less drilling, and the fact that more infrastructure and midstream development for natural gas will need to be built in the coming years.  This a timely podcast front loaded with a major market update and followed by a critical discussion of the nuances of the Williston Basin.

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