Wednesday, April 16, 2014

Sixteen (16) New Permits -- The Williston Basin, North Dakota, USA; For Investors Only; EOG To Declare A Non-Cash Loss In 1Q14 Due To Derivatives; Whiting With Three Huge Wells

To what degree this affects over all earnings, I do not know. From a press release:
  • EOG Resources expects a ~$155M non-cash losss during Q1 on the mark-to-market of its crude oil and natural gas derivatives contracts, according to an SEC filing.
  • EOG says the net cash paid for settlements of the derivative contracts in Q1 was $34M, while actual realizations for crude oil and natural gas differ from average Nymex prices due to delivery location and quality adjustments.
  • EOG typically reports its adjusted profit figures that exclude impacts from mark-to-market commodity derivative contracts.
I thought that was interesting simply because I had just mentioned that even with high oil prices it was possible for companies to report a loss due to derivatives.

For me, this is a trivial item that hardly merits posting except to make a point.

Disclaimer: this is not an investment site. Do not make any investment decisions based on anything you read here or think you may have read here.

On a day when the overall market surged 160 points, EOG finished flat.

Will The Rally Continue?

Dow futures are down 50 points; oil is flat.

Daily Activity Report

Active rigs:

Active Rigs184186204175108

Sixteen (16) new permits --
  • Operators: QEP (4), Triangle (4), OXY USA (3), Emerald Oil (3), Hess, American Eagle
  • Fields: Grail (McKenzie), Elk (McKenzie), Fayette (Dunn), Boxcar Butte (McKenzie), Colgan (Divide), Blue Buttes (McKenzie)
Wells coming off the confidential list today were posted earlier; see sidebar at the right.

Wells coming off the confidential list Thursday:
  • 20259, drl, KOG, Skunk Creek 3-24-25-14H3, Mandaree, no production data,
  • 24661, 928, Whiting, Zalesky 21-17PH, North Creek, t10/13; cum 27K 2/14;
  • 25381, drl, XTO, Loomer 41X-3D, Tobacco Garden, no production data,
  • 25789, 2,495, Whiting, Lucky Lady 44-35H, Timber Creek, t10/13; cum 44K 2/14;
  • 25790, 2,013, Whiting, Evelyn Moen 4-34H, Arnegard, t10/13; cum 43K 2/14;
  • 25791, 2,172, Whiting, Roy Moen 44-34-2H, Arnegard, t10/13; cum 50K 2/14;
  • 25913, drl, Zavanna, Bills 32-29 2H, Stockyard Creek, no production data,
  • 26573, 116, Corinthian Exploration, Corinthian Kornkven 1-32 1H, North Souris, a Spearfish well, t12/13; cum 6K 2/14;
  • 26638, drl, CLR, Cecelia 1-27H1, Stoneview, no production data,
  • 26719, drl, Hess, EN-State C-156-93-1615H5, Alger, no production data,