North Dakota oil output pushes revenue ahead of forecast

(MGN)

BISMARCK, N.D. (AP) Record oil production is pushing state revenue ahead of expectations for the first several months of the state’s two-year budget cycle.

North Dakota budget director Joe Morrissette says revenue is up 7.6%, or about $121.6 million, over projections. Oil production in North Dakota is at about 1.5 million barrels daily.

The Bismarck Tribune reports state has so far collected more than $1.25 billion in oil tax revenue for the current budget cycle, or about 4% more than projected.

Data show oil production is running about 5% ahead of projections, while prices are running about 4% higher than forecast.