A $6 billion takeover to create the biggest oil producer in the Bakken shale may also open up new opportunities for some big traders who ship oil from North Dakota and Montana to market.Over the weekend, Whiting Petroleum Corp said it would acquire Kodiak Oil & Gas Corp, creating a company that pumped some 107,000 barrels per day (bpd) in the first quarter, or about one in every 10 barrels of Bakken crude.Like most producers in the Bakken, neither firm delivers its crude directly to a refiner's front gate, relying instead on logistics or trading companies with access to pipelines, oil terminals or rail cars to purchase the crude near the wellhead and transport it hundreds or thousands of miles.Whiting has preferred to sell its over 75,000 bpd of oil production to middlemen who can then ship the crude to the highest-priced market, with Plains Marketing LP, Shell Trading and privately held Dallas-based Bridger Trading among its biggest buyers, according to its filings with the U.S. Securities and Exchange Commission.
Kodiak Oil & Gas Corp. (Kodiak) is an independent energy company focused on the exploration, exploitation, acquisition and production of crude oil and natural gas in the United States. Shares of KOG traded higher by 4.78% or $0.68/share to $14.91. In the past year, the shares have traded as low as $8.34 and as high as $15.11. On average, 6242420 shares of KOG exchange hands on a given day and today's volume is recorded at 35437532.
Whiting Petroleum Corporation (Whiting) is an independent oil and gas company engaged in acquisition, development, exploitation, production and exploration activities primarily in the Rocky Mountains, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. Shares of WLL traded higher by 7.69% or $6.04/share to $84.58. In the past year, the shares have traded as low as $48.12 and as high as $84.91. On average, 1326400 shares of WLL exchange hands on a given day and today's volume is recorded at 6562062.
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