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The development of the region's Bakken formation has led to an oil boom economy and produced one of the lowest unemployment rates in the United States and renewed population growth in the state. [1] [2] Oil and gas is now the state's largest contributor to the economy, replacing the agricultural sector. [1] [3]
In January 2017, the company sold midstream assets in North Dakota for $375 million. [10] [11] In August 2017, the company sold its assets near the Fort Berthold Indian Reservation in North Dakota for $500 million. [12] On April 1, 2020, the company filed bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.
The North Dakota oil boom was the period of rapidly expanding oil extraction from the Bakken Formation in the state of North Dakota that lasted from the discovery of the Parshall Oil Field in 2006, and peaked in 2012, [1] [2] but with substantially less growth noted since 2015 due to a global decline in oil prices.
North Dakota's oil production rose nicely in April, and, with crude prices likely to remain strong, monthly output should break its old record by the end of this month.
The federal government announced a $241.5 million settlement with Marathon Oil on Thursday for alleged air quality violations at the company's oil and gas operations on the Fort Berthold Indian ...
Oil and gas are key to the economy of North Dakota, where hydraulic fracturing and horizontal drilling began an oil boom in the late 2000s. State officials pegged a preliminary all-time high of ...
The North Dakota Legacy Fund is a sovereign wealth fund of the U.S. state of North Dakota. Contributions to the fund must include "[t]hirty percent of total revenue derived from taxes on oil and gas production or extraction." [1] The fund was established by ballot initiative in 2010. The fund is modeled after the Norwegian Sovereign Wealth Fund ...
An estimate of oil and gas mineral rights owned by North Dakota pegs their value at $2.8 billion, an 18% increase from last year, according to an appraisal released Thursday to the state Land Board.