DENVER, Feb. 26 (UPI) -- U.S. shale player Whiting Petroleum said it expects overall production to rise, though fewer wells are planned in areas like the Bakken play in North Dakota.
Whiting said its fourth quarter total production average of 131,260 barrels of oil equivalent per day was 30 percent higher year-on-year and 13 percent above third quarter 2014 levels. First quarter production levels are expected to average 163,000 boe per day.
Whiting, which has headquarters in Denver, acquired rival Kodiak Oil & Gas last year in an all-stock transaction valued at $6 billion. Whiting Chairman James Volker said the acquisition made his company the largest producer in the Bakken shale region in North Dakota, a basin at the heart of the oil boom in the United States.
"Our initial results on the properties acquired have been rewarding," he said in a Wednesday statement.
Nevertheless, Whiting said it plans to cut its rig activity in the Bakken area from 16 to 10 this year.
A weak crude oil market has forced energy companies to eliminate staff and reduce spending on exploration and production. There have been few signs reduced spending is curbing production.
North Dakota state data show 1.2 million barrels of oil produced in December, the last full month for which data are available. That's an all-time record, with more than 90 percent of the production coming from the Bakken shale region.
"Given our high quality asset base, we are confident in our ability to navigate the current pricing environment," Volker said.
