The Bakken is a sequence of sand and shale layers in the Williston Basin, which stretches across portions of eastern Montana, western North Dakota and Canada. The company’s position in the Bakken development area is comprised of approximately 620,000 net acres, which includes approximately 430,000 net mineral acres and approximately 190,000 net leasehold acres. The company’s activities focus on unconventional tight oil play appraisal, development and production.
During 2015, net production averaged 61 MBOED. There were 89 operated wells drilled and 128 operated wells brought on line during 2015, bringing the total to approximately 600 operated wells on line at year-end. By developing and implementing new and innovative methods and best practices, ConocoPhillips has successfully reduced spud-to-spud times by more than 40 percent since 2010. In addition to improvements in drilling and capital efficiency, the use of multi-well drilling pads has been a significant factor in limiting the company’s overall environmental footprint. The company continues to develop and implement innovative methods and technologies to gain further improvements in the development of its approximately 2,400 identified operated and nonoperated drilling locations.