Oilfield Price Drops Lead To Layoffs, Production Figures Unchanged For October
North Dakota produced an average of 1.2 million barrels of oil per day in October. That figure is roughly equivalent to a similar production number for September, according to The Williston Herald.
Preliminary figures released Monday showed 37,909,008 barrels of oil produced in October, or 1,222,871 barrels per day. In September, the state produced 36,693,215 barrels or 1,223,107 barrels per day.
Gas capture percentage was unchanged from September at 93 percent. The state produced 89,083,281 MCF of natural gas in October, or 2,873,654 MCF per day. MCF is an abbreviation derived from the Roman numeral M for one thousand, put together with cubic feet (CF) to measure a quantity of natural gas. The capture rate was 93 percent, or 82,540,339 MCF of natural gas captured.
The average number of drilling rigs in October and November was 14. The drilling rig count is down 75 percent from January to October of 2020.
Massive price drops have meant more than 12,000 layoffs as of Friday, Dec. 11, according to the North Dakota Department of Mineral Resources.
