One week after the state governor touted economic diversity, data from North Dakota show stability in the exploration and production side of the energy sector.
Data show 76 rigs actively exploring for or producing oil and natural gas in North Dakota, a state at the heart of the shale boom in the United States. That level is unchanged from last week when Gov. Jack Dalrymple said diversity was keeping the state's economy moving in the right direction.
The U.S. Bureau of Economic Analysis last week reported gross domestic product in North Dakota increased 6.3 percent last year, beating out all other U.S. states. Gov. Jack Dalrymple said no single industry in the state was behind the growth trajectory.
The governor said last week the economic growth trajectory is driven by nearly every segment of the state's economy, noting "no single industry" is driving progress by itself.
State data published last week said oil production in April, the last full month for which data are available, was down nearly 2 percent from the previous month to 1.17 million barrels per day. An all-time high of 1.2 million bpd was reached in December.
The rig count in late April was around 84, which was more than 125 lower than the historic peak reached in 2012.
Ratings firm Standards & Poor's in April said the North Dakota economy will be able to cope with a depressed energy sector. For cities and counties in the oil-rich parts of the state, the slowdown could result in decreased revenues during the second half of 2015 and early 2016.
