Bakken Oil Companies / Stocks

The following list is one that I quickly compiled and is by no means a complete list of the companies participating in the Bakken Oil Field. However, this is an excellent place to start when doing your research. There are exploration companies that have significant exposure to the Bakken such as: Continental Resources, Brigham Exploration (recently bought out by Statoil of Norway), Kodiak Oil & Gas, EOG, Whiting and Marathon Oil some having a higher concentration of their portfolio in Bakken than others.

I recently bought Magnum Hunter Resources (MHR) to replace the speculative position I had in Brigham since they were bought out by Statoil. Magnum is more speculative but the CEO has a very good background in Oil and Gas so I was excited to find it.


Companies such as Tesoro have a large refining presence in North Dakota and oil infrastructure and engineering companies such as Halliburton are setting up new offices in ND.

There are many oil service companies that are involved in providing equipment for drilling the Bakken wells such as National Oilwell Varco and Carbo Ceramics. These companies have experienced explosive growth this past year as the drilling pace ramped up. Companies like Nabors and Baker Hughes have been shipping rigs into the Bakken as they are expecting to drill over 1200 new wells this year.

There are also companies like Enbridge and Williams who run pipelines that are being expanded in order to handle the ramp up of oil volume coming from the Bakken.

BHI BAKER HUGHES INC – Horizontal Drilling Rigs
NOV NATIONAL OILWELL VARCO INC – Drilling Equipment
LUFK LUFKIN INDUSTRIES INC – Oil Services
BEXP BRIGHAM EXPLORATION (Bought Out By Statoil of Norway)
MHR Magnum Hunter Resources
BAS BASIC ENERGY SERVICES
CRR CARBO CERAMICS * – Equipment For Fracking
HAL HALLIBURTON CO
OAS OASIS PETROLEUM INC
CPX COMPLETE PRODUCTION SERVICES
HES HESS CORP
CLR CONTINENTAL RESOURCES INC * – Oil Exploration & Production
NOG NORTHERN OIL & GAS * – Oil Lease Holder
KOG KODIAK OIL & GAS * – Oil Exploration & Production
WLL WHITING PETROLEUM CORP * – Oil Exploration & Production
GEOI GEORESOURCES
TSO TESORO CORP
HOC HOLLY CORP
DRC DRESSER RAND GROUP INC
CAM CAMERON INTERNATIONAL CORP
PTEN PATTERSON UTI ENERGY INC
EOG EOG RESOURCES INC
FTI FMC TECHNOLOGIES INC
MRO MARATHON OIL CORP – Oil Exploration & Production
FTK FLOTEK INDUSTRIES INCORPORATE
KEG KEY ENERGY GROUP INC
PSV PURE ENERGY SERVICE LTD
ENB ENBRIDGE INC * – ND Oil Pipelines
SLB SCHLUMBERGER LTD
FRC CANYON SERVICES GROUP INC
HP HELMERICH & PAYNE INC
COP CONOCOPHILLIPS
NBR NABORS INDUSTRIES LTD * Oil Drilling Rigs
OKE ONEOK INC
WMB WILLIAMS COMPANIES INC
XDC XTREME COIL DRILLING CORP
OXY OCCIDENTAL PETROLEUM CORP
TWIN TWIN DISC
WFT WEATHERFORD INTERNATIONAL LTD
WPX WPX Energy (a recent spinoff of Williams Co)

The following video is from an interview with the CEO of Continental Resources on the huge potential that exists for drilling in the Bakken Oil Field.

Toward the end of the following video they interview the manager of a mutual fund that contains nearly all of the Bakken Oil related stocks mentioned above. It also contains information about the housing boom that’s going on in the area as well as an interview with the mayor of Williston.


Bakken Oil Field Map

The Bakken Oil Field is receiving national attention as it has become one of the most prolific oil fields in the country thanks to advances in horizontal drilling and fracking technology.


As you can see from the map below the Bakken is spread across Western North Dakota, Eastern Montana and Southern Saskatchewan in Canada.

Map of the Bakken Oil Field

The Bakken Oil Field is part of the larger Williston Basin which is an intracratonic sedimentary basin that runs from South Dakota, up into western North Dakota, eastern Montana and southern Saskatchewan. This entire structure is known for its rich deposits of petroleum as well as potash.

Bakken Oil Reserve = 24 Billion Barrels?

The Bakken Oil Field has been a topic of discussion for many years.  When I was a kid I remember my dad’s cousin talking about all the oil they were sitting on in Western ND.  We all thought he was dreaming but now 30 years later he has two oil wells on his land.


A combination of technological advancements, deep sea drilling issues and high oil prices have made the Bakken Oil Field one of the hottest prospects in  the western hemisphere.  Along with the advancements in technology, there has been a steady stream of upgrades to the amount of recoverable oil industry experts expect.  The latest analysis came from Continental Resources which is one of the largest oil drillers working in the Bakken Formation.  Continental CEO Harold Hamm recently expressed on CNBC that their analysis leads them to believe that once fully developed, up to 24 Billion barrels of oil could be recovered from the Bakken.

Fully developed means wells on 320 acres spacing or 2 oil wells for each section of land.  For this to come to fruition Hamm says we need to maintain oil prices above $60 per barrel and have a favorable regulatory environment.  The infrastructure in Western ND and Eastern Montana is currently a bottleneck with a lack of housing for oil workers. There has also been a transportation bottleneck getting the oil to market as well but that has eased with pipeline expasions in the past couple years. Drilling horizontal wells is also a very capital intensive project as each of these wells costs around $6.5 million to drill according to Hamm.  With oil prices where they are right now however, there is no lack of capital chasing after the Bakken Oil. At last count there was a record 171 drilling rigs operating in ND with 95% focused on the Bakken and Three Forks formations in western ND.

With warmer weather approaching tent cities will begin to pop up wherever there are oil rigs. Most of the towns where the drilling is taking place are very small having populations of 1000 or less prior to the recent boom. Since Western ND went through a painful boom and bust in the late 70s and early 80s people have been slow to build housing. The mini-bust in 2008 and accompanying credit crunch has also slowed spending on infrastructure and housing. It’s now becoming very apparent however that this boom is real and should last for 20-30 years so there should be a rapid deployment of capital for housing and other services.

How much oil is 24 billion barrels? Lets put it this way, if that number turns out to be correct, it would effectively double the U.S. oil reserves. With an insatiable appetite for gas and diesel in this country that is definitely some badly needed good news.