DENVER, March 18, 2015 /PRNewswire/ -- Oil production from key shale formations in North Dakota and Texas increased by 19,000 barrels per day (b/d), or 1%, in February, according to Bentek Energy, an analytics and forecasting unit of Platts, a leading global provider of energy, petrochemicals, metals and agriculture information.

In South Texas, Eagle Ford basin crude oil production averaged 1.6 billion cubic feet per day in February, up 375,000 incremental b/d, or 31%, from February 2014, according to Catherine Bernardo, Bentek Energy manager of energy analysis. Additionally, crude oil production in the North Dakota section of the Bakken* shale formation of the Williston Basin averaged 1.2 million b/d in February, Bentek data showed. This was 276,000 b/d higher than levels seen in February 2014.

"While rig count numbers in both basins have been deteriorating steadily since November 2014, production has not followed suit and remains relatively flat," Bernardo said. "Producers in the Eagle Ford and Bakken are still incentivized to maintain their production levels thanks to sufficient economic returns in those plays, which currently average around 20%. Producers are countering the decline in rig count with a drive for efficiency gains in drilling and completion techniques and an increased focus on their more productive acreage."

Bentek analysis shows that from February 2014 to February 2015, total U.S. crude oil production increased 1.5 million b/d.

"Prices of Bakken shale oil have been on a downward trajectory since mid-February, while prices of Eagle Ford shale oil have fluctuated," said Jacqueline Puig, Platts associate editor of Americas crude oil.

The Platts Eagle Ford Marker, a daily price assessment launched in October 2012 and reflecting the value of oil out of the Eagle Ford Shale formation in South Texas, has ranged between $46.22 per barrel (/b) and $57.76/b since the beginning of 2015, with an average price of $57.76/b. The Marker has fluctuated between $50.35/b and $57.76/b since the middle of February.

The price of oil out of the Bakken formation at Williston, North Dakota, is down 11% since January 1, with an average price of $46.86/b, according to the Platts Bakken price assessment. It started at a high of $57.45/b in mid-February before decreasing and trading closer to the $38.43/b low for the year to date.

The Platts Bakken, introduced earlier this year, is a daily assessment of price for oil closest to the wellhead prior to determination of transportation by rail or pipe. The assessment reflects a sulfur content of 0.2% or less and an American Petroleum Institute (API)** gravity of 42 or less, similar to the nature of North Dakota Light Sweet crude. The Platts Eagle Ford Marker reflects the value of a median 47-API Eagle Ford crude barrel, based on the crude's product yields and Platts product price assessments, adjusted for U.S. Gulf Coast logistics.

Platts introduced the world's first independent daily price reference valuing crude oil produced from a shale formation in May 2010 when it began assessing Bakken Blend shale oil injected into pipelines at Clearbrook, Minnesota, and Guernsey, Wyoming. Platts began publishing its Platts Bakken assessment on April 22.

For more information on Platts price assessments methodology visit these links: Details of Platts Bakken and Platts Eagle Ford Marker. Bentek Energy's shale oil production figures are derived from proprietary data models using publicly available data. For more information on data models, reports or Bentek's methodology, please contact info@bentekenergy.com.

Platts will publish monthly updates via press release on Bakken and Eagle Ford shale oil production and price data.

Visit this link to see the Platts May 2014 special report: Bakken: The King in the North.

* The Bakken formation spans North and South Dakota, Montana, Saskatchewan, Manitoba and Alberta.
** API gravity is a measure of how heavy or light a grade of crude oil is compared to water.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is based in London with more than 1000 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.

About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL and J.D. Power. The Company has approximately 17,000 employees in 30 countries. Additional information is available at www.mhfi.com.

SOURCE Platts

SOURCE: Platts