Best U.S. Oil Stocks To Buy #2 — Kodiak Oil & Gas (KOG)
Sometimes the best oil stocks can be the small fires. Case in point: Kodiak Oil & Gas (KOG).
KOG is up-and-coming player in North Dakota’s Bakken shale. However, while its market cap may be small, its prowess for producing crude oil is not. By focusing its operations on the Williston Basin in North Dakota, KOG has seen its oil production surge. Overall, KOG managed to increase its oil production by 100% last year versus 2012’s numbers — averaging around of 29,200 barrels of oil equivalent (BoE) per day.
That strong performance helped KOG deliver strong earnings and cash flows for the fourth quarter and full year of 2013. However, Kodiak isn’t resting on its laurels.
With higher capex spending planned for this year, the energy firm is looking to drill more than 100 wells in 2014 in the Bakken. These additional wells should help KOG boost its production by an additional 45% this year.
With plenty of reserves in the ground and rising production, KOG shares could be one of the best U.S. oil stocks to buy now.