HJRES105

On December 11, 2025, President Biden signed H.J.Res.105 into law (Public Law 119-49), disapproving the Bureau of Land Management's January 2025 Record of Decision and Approved Resource Management Plan for the North Dakota Field Office. The disapproved rule had restricted oil and gas development in low-potential areas and limited new coal leasing to within four miles of existing mines. By nullifying this rule, the 1988 North Dakota RMP – which allowed broader leasing and development – is reinstated. This is a Congressional Review Act resolution, so no direct funding is involved. The money trail is regulatory relief: operators no longer face the 2025 restrictions, reducing compliance costs and unlocking federal acreage for drilling and mining. The primary beneficiaries are pure-play Bakken producers Chord Energy (CHRD) and Northern Oil and Gas (NOG), as they have significant acreage in the areas previously restricted. Coal miners Peabody (BTU) and Arch Resources (ARCH) benefit from expanded coal leasing opportunities. Midstream companies like Energy Transfer (ET) see increased throughput from higher production. Market implications: Since the law is already enacted, the immediate impact is the removal of regulatory uncertainty. Bakken-focused E&Ps may see upward revisions to inventory valuations. Coal stocks could gain from expanded reserve life. No fabricated price data is provided, but the structural shift is clear. Timeline: The bill was introduced on July 10, 2025, passed the House on September 3, the Senate on October 8, and was signed on December 11. No further steps remain.