Update….

BISMARCK, N.D. (AP) — North Dakota regulators say oil production in December was down about 3% from November. The Department of Mineral Resources says the state produced an average of 1.47 million barrels of oil daily in December. That’s down from 1.51 million barrels from the prior month. North Dakota also produced about 94.8 billion cubic feet of natural gas in December, up from 94 billion cubic feet in November. Statewide, companies flared 16% of all gas produced in December, above the 12% target. There were 56 drill rigs operating Friday, up one from the December average.

(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.