Texas is the largest oil-producing state in the U.S.
In 2020, it pumped 1.8 million barrels out of the ground every day.
That makes sense considering its rich deposits and access to the Gulf Coast.
The second-largest oil-producing state surprised me the most.
North Dakota fills around 431,000 barrels daily — the Bakken Formation of the Williston Basin accounts for most of these.
In today’s episode of The Stock Power Podcast, I share a 93-rated Power Stock that drills for oil and gas in the Williston Basin.
North Dakota Oil Producer Rests in the Bakken
Texas produces the most oil because of its vast size and offshore drilling in the Gulf of Mexico.
But North Dakota has access to the Bakken Formation.
That’s 200,000 square miles of land that covers the western part of North Dakota, eastern Montana and southern Saskatchewan.
The U.S. Geological Survey estimates 4.3 billion barrels of oil and 4.9 trillion cubic feet of natural gas in the Bakken Formation.
This week’s Power Stock is a company that drills for those products in the Bakken:
- It earns a “Strong Bullish” 93 out of 100 on our Stock Power Ratings system!
- The company increased quarterly sales by 100.8% in the most recent quarter.
- Its stock comes with a 4.12% dividend yield.
See why this leader in the oil drilling industry will continue to rise in the years to come.
Oil Production Will Grow
We use oil for more than gasoline for our cars.
Its byproducts generate heat during winter and electricity to keep our lights on.
This chart shows the global production of oil.
At the height of COVID in 2022, production dropped to below 90 million barrels of oil per day.
The U.S. Energy Information Administration expects that number to grow to more than 101 million barrels per day by the end of this year!
The demand for oil is growing.
So is the need to for more oil producers.
In this episode of The Stock Power Podcast, I discuss this "Strong Bullish" oil-drilling company.
It earns a 93 overall rating!
Listen below to see why we expect it to beat the broader market by 3X over the next 12 months.
The Stock Power Podcast
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Matt Clark, CMSA®
Research Analyst, Money & Markets
Matt Clark is the research analyst for Money & Markets. He’s the host of our podcast, The Stock Power Podcast, as well as the Marijuana Market Update. He’s also a certified Capital Markets and Securities Analyst through the Corporate Finance Institute. Before joining the team, he spent 25 years as an investigative journalist and editor — covering everything from politics to business.