Wednesday, October 31, 2012

Pipelines, The Marcellus Effect; PSX Reports Nice Earnings

Earnings due out today: CHK, EPD, XOM, MPC, WPX. See sidebar at right for link. WPX: big loss due to derivatives; huge production gain in the Bakken; will hold leases by production;

RBN Energy: continuation of the pipeline series, the Marcellus effect -- WMB projects

Link here to Bloomberg.
Phillips 66 (PSX), which became the largest U.S. independent refiner after its spinoff from ConocoPhillips (COP) earlier this year, said third-quarter profit rose 52 percent as the margin between oil costs and fuel prices widened.
Net income rose to $1.6 billion, or $2.51 a share, from $1.05 billion, or $1.65, a year earlier, Houston-based Phillips 66 said today in a statement. Profit excluding asset writedowns, early debt payoffs and other one-time items was $2.97 a share, 61 cents more than the average of 15 analysts’ estimates compiled by Bloomberg. Adjusted profit in the company’s chemicals business rose 42 percent to $275 million.
Shatters estimates:

Earlier, COP also blew away estimates.

I do believe COP/PSX is one of Warren's larger holdings.

Fourteen (14) New Permits To Finish The Month of October

Bakken Operations

Active rigs: 186 (steady)

Fourteen (14) new permits -- on track for 2,589 new permits this calendar year (2012)
  • Operators: CLR (7), MRO (3), Hunt (2), Petro-Hunt (2)
  • Fields: McGregory Buttes (Dunn), Wildrose (Divide), Sather Lake (McKenzie), Little Tank (McKenzie), Dolphin (Divide(, Clear Creek (McKenzie), Brooklyn (Williams), Beaver Lodge (Williams)
  • Comments: Another day with no Newfield or OXY USA permit; Brooklyn oil field with two more permits;
One permit was canceled:
  • 22268, PNC, WPX Energy, Howling Wolf 28-33HC, Dunn County

Random Look At Fourteen (14) Wells In One Section: Moccasin Creek

In section 36-148-93, there are fourteen (14) wells. The two "original" wells were on single wells pads. The next twelve wells were on four 3-well pads. 23309 - 23314 are to the north; 23303 - 23308 parallel the ones to the north; they run west to east (or east to west). The horizontals will pretty much be straight north/south.
  • 21218, running north, 463, WPX, Good Bird 36-25HC, Moccasin Creek, t7/12; cum 3K 8/12; 7 stages; 800K lbs sand frac;
  • 21219, running south, 401, WPX, Black Hawk 1-12H, Moccasin Creek, t6/12; cum 81K 8/12; 30 stages; 3.6 million lbs sand frac;
  • 23314, conf, WPX, Good Bird 36-25HA, Moccasin Creek,
  • 23313, conf, WPX, Good Bird 36-25HW, Moccasin Creek,
  • 23312, conf, WPX, Good Bird 36-25HB, Moccasin Creek,
  • 23311, conf, WPX, Good Bird 36-25HX, Moccasin Creek,
  • 23310, conf, WPX, Good Bird 36-25HZ, Moccasin Creek,
  • 23309, conf, WPX, Good Bird 36-25HD, Moccasin Creek,
  • 23303, conf, WPX, Blackhawk 1-12HA, Moccasin Creek,
  • 23304, conf, WPX, Blackhawk 1-12HW, Moccasin Creek,
  • 23305, conf, WPX, Blackhawk 1-12HB, Moccasin Creek,
  • 23306, conf, WPX, Blackhawk 1-12HY, Moccasin Creek,
  • 23307, conf, WPX, Blackhawk 1-12HZ, Moccasin Creek,
  • 23308, conf, WPX, Blackhawk 1-12HD, Moccasin Creek,
Just to the east of these wells, one mile to the east, in section 31-148-92:
  • 22649, conf, WPX, Charles Blackhawk 31-30HA, Heart Butte,
  • 22650, conf, WPX, Charles Blackhawk 31-30HX, Heart Butte,
  • 22651, conf, WPX, Charles Blackhawk 31-30HB, Heart Butte,
  • 22652, conf, WPX, Charles Blackhawk 31-30HY, Heart Butte,
  • 22653, conf, WPX, Charles Blackhawk 31-30HC, Heart Butte,
  • 22654, conf, WPX, Charles Blackhawk 31-30HZ, Heart Butte,
  • 22655, conf, WPX, Charles Blackhawk 31-30HD, Heart Butte,
And in the same section 31-148-92, an additional four wells:
  • 21904, 1,542, QEP, MHA 4-06-07-H-147-92, t8/12; cum 21K 9/12;
  • 21905, 2,223, QEP, MHA 2-06-07-H-147-92, t8/12; cum 21K 9/12;
  • 21906, 2,142, QEP, MHA 4-32-33-H-148-92, t8/12; cum 20K 9/12;
  • 21908, 2,180, QEP, MHA 2-32-33-H-148-92, t8/12; cum 20K 9/12; 
And now another 4-well pad in this section, 31-148-92:
  • 24845, conf, QEP, MHA 3-06-07H-147-92, Heart Butte,
  • 24846, conf, QEP, MHA 1-06-07H-147-92, Heart Butte,
  • 24847, conf, QEP, MHA 7-06-07H-147-92, Heart Butte,
  • 24848, conf, QEP, MHA 5-06-07H-147-92, Heart Butte,
And a 2-well pad in this section, 31-148-92:
  • 24849, conf, QEP, MHA 8-06-07H-147-92, Heart Butte,
  • 24850, conf, QEP, MHA 6-06-07H-147-92, Heart Butte,

CNG - LNG Filling Station Locators


November 1, 2012: a reader (thank you) has provided an even better map/data base -- worldwide CNG locations and PRICES. Prices are 75 cents in Alberta, Canada, vs $2.00 in Austin, Texas.

Original Post
This is an interesting map: CNG - LNG filling station locators.

The legend at the left at the link allows one to click on/off current stations and stations that are planned.

It is interesting to see the Flying J corridor across I-80 from California to Chicago. Similarly, I-10 from southern California to Dallas, Texas, and then all the way to Jacksonville, Florida.

The Denver area is also particularly interesting.

Back To Normal? Wednesday Links

First, this interesting mea culpa from RBN Energy: natural gas rigs and productivity. As noted by MDW back on October 20, 2012, the new metric is permitting; the old metric is number of rigs. [Note: see first comment -- yes, the new metric is permitting. Original post was in error. Thank you to an alert reader for picking up on this! Smile.]

Mike Filloon on the Bakken, an update, Part I: this is a very, very long article. Not much particularly new for regular readers. Perhaps this is of interest:
EOG Resources has begun waterfloods with very good results in Parshall Field. Depending on the results, it could change the scope of total recoveries.
Feel good story about tremendous Dickinson-area growth in the Dickinson Press

GM's profits fall 12% due to challenges in Europe.

World series of poker: Merson wins.  King high. Beat a queen.

Earnings on tap for today, most after market close: EPD, EEP, SM, WMB.