Thursday, January 7, 2016

OPEC Crude Oil Slides Below $30 -- Lowest In Almost 12 Years -- January 7, 2016

Bloomberg/Rigzone is reporting:
The price of crude sold by OPEC members slid below $30 a barrel, the lowest level in almost 12 years, as turmoil in Chinese markets deepened the global commodities rout.
The daily basket price of crudes produced by the 13 members of the Organization of Petroleum Exporting Countries fell to $29.71 a barrel on Wednesday, down from $31.21 the previous day, the group said in an e-mailed statement.
That’s the lowest level since February 2004, according to data compiled by Bloomberg. Oil has slumped further this week as a selloff in Chinese markets added to concerns about the strength of the nation’s economy.
WTI crude, the U.S. benchmark, has had its worst-ever start to the year, deepening the economic pain for OPEC’s weaker members such as Venezuela.
*************************
Bogus? CYA? Political?

Bloomberg/Rigzone is reporting that the EPA may revise "safety" findings regarding fracking.
When the agency took a broader look at the entire water cycle around fracking -- from getting water supplies to disposing of fluid waste -- it documented instances where failed wells and above-ground spills may have affected drinking water resources.
Sounds fair and balanced. 

Earnings -- 4Q15

This is not an investment site. Do not make any investment, financial, or relationship decisions based on what you read here. If this is important to you, go to the source. There will be factual and typographical errors on this page. If something looks wrong, it probably is.

Earnings Calendar

All 4Q15 earnings will be reported at this page; the link will be on the sidebar at the right, under "Earnings Central." When we start to see earnings reports for any quarter, the "Earnings Central" link is moved to the top of the sidebar until the earning season is over.

I don't have time to check/update earnings on all companies listed below. If you see one that I have missed, feel free to send it in (anonymous comment or by e-mail) and I will post it.

Much of this information is done in haste. I assume there are factual and typographical errors. It is for my personal use only. If this information is important to you, go to the source.

Comment:
  • I assume this is the quarter that we will see a lot of write-downs, and a general "reset" for a lot of oil and gas companies, assuming most have weathered the worst, and are now geared for $30 oil for 2016.
General update (dates subject to change)
  • AAPL ($3.25): Apple, at $3.28 beat forecasts by a nickel, but overall, a negative report; iPhone sales slowing, iPads nosedive; huge beat in 3Q15: $1.96 vs $1.88 forecastA year ago, AAPL crushed expectations, earning $3.06/share, 4Q14.
  • AA (Alcoa) (4 cents), Oct 8: In 3Q15, the aluminum maker reported an adjusted quarterly profit of 7 cents a share, missing analysts 13 cents a share estimate. Revenue of $5.6 billion came in roughly in line with estimates. Adjusted profit during the quarter was down 77% from the same period last year. This quarter (4Q15) the company reports next Monday (after market close) and is forecast to report a paltry 4 cents in earnings. Results: meets / beats at 4 cents/share; Alcoa will split into two companies -- raw materials (Alcoa) and aerospace (yet to be named)
  • BRK: in 3Q14, BRK's profit more than doubled over same quarter one year ago; BNSF reported a 12% increase; something tells me it won't be as rosy this time (4Q15)
  • TSLA (10 cents): in 3Q15, the forecast was for a loss of 50 cents; AP story here; but the loss at 58 cents was much bigger than expected; deliveries were better than expected and TSLA surges 7% in after-hours trading; this time around, 4Q15, the company is expected to post earnings of 10 cents, and reports February 9. Whether it misses or beats that forecast, my hunch is that the shares move up or down significantly;
Monday, March 7, 2016
    • Linn Energy, LLC (LINE) is coming out the gate Gang Busters style this Monday morning as stocks are up a staggering 91.00% as of 10:16 AM ET. Shares of LINE soared on this past Friday in response to energy prices rising.
    • After seeing oil prices fall below $27 per barrel earlier this year, there has been a recent comeback, with oil going for $36.33 per barrel as of this past weekend, per an article from Seeking Alpha.

March 3, 2016
    • An uptick in print sales, driven in part by the success of adult coloring books, has bolstered the retailer’s expectations. Excluding sales related to its Nook device and e-book business, same-store sales were up 1.3% in the third quarter. And the company still expects sales on that basis to rise 1% for the full fiscal year, which ends April 30.
    • Barnes & Noble said it expects to have closed eight stores by the end of fiscal 2016, the fewest since fiscal 2000 when it closed five locations. Barnes & Noble had previously forecast that it would close 13 stores this fiscal year.
    • During a call with analysts, Ronald Boire, Barnes & Noble’s chief executive, said reducing Nook losses is the retailer’s priority. He said that while the company is committed to its digital customers, it is exploring all options. The retailer is currently winding down the sale of its Nook devices and e-books in the U.K.
    • After yesterday's market close, the Springfield, MA-based firearms manufacturer posted adjusted earnings of 59 cents per share, topping analysts' estimates of 39 cents per share.
    • Revenue spiked 61.5% to $210.8 million year-over-year and surpassed Wall Street's expectations of $174.93 million.
March 2, 2016
  • COST (Costco): Press release --
    • Net income for the quarter was $546 million, or $1.24 per diluted share, compared to $598 million, or $1.35 per diluted share, last year. Net income for the first half was $1,026 million, or $2.32 per diluted share, compared to $1,094 million, or $2.47 per diluted share, last year. 
    • Net income for the quarter last year was positively impacted by a $57 million ($0.13 per diluted share) tax benefit in connection with a special cash dividend received by the Company 401(k) plan participants, and was negatively impacted by a $14 million ($0.03 per diluted share) tax charge relating to an ongoing income tax matter. 
    • For the four-week reporting month of February, ended February 28, 2016, the Company reported net sales of $8.28 billion, an increase of one percent from $8.18 billion during the similar four-week period last year. For the twenty-six week period ended February 28, 2016, net sales were $58.25 billion, an increase of two percent from $57.19 billion during the similar period last year.

******************************** 

Monday, February 29, 2016
  • California Resources Corporation (CRC): forecast a lost of 24 cents; actual loss was $8.54/share but adjusted, a loss of 20 cents/share 
Saturday, February 27, 2016
  • BRK: The letter also included Berkshire Hathaway's latest quarterly earnings, which showed that the company earned $3,333 in earnings per share (EPS) for Q4.
    • That beat Wall Street's forecast for $2,529, according to Bloomberg. 
    • In all, profits rose 32% to a record $5.48 billion.
    • Operating EPS came in at $2,843, versus $2,814 expected. 
    • The results showed that Berkshire's gain in net worth last year was $15.4 billion, and the company's per-share book value has grown at a 19.2% compounded rate annually.
    • But it was a tough year for Berkshire's stock, which declined 12%, more than the S&P 500's 0.7% drop, and the weakest performance for the shares since 2009.
Friday, February 26, 2016
  • Q4 EPS of $1.47 beats by $0.15.
  • Revenue of $2.7B (-1.8% Y/Y) misses by $1.11B.
Thursday, February 25, 2016
Wednesday, February 24, 2016
  • CHK: a loss of 16 cents/share; in -line
  • CHK: On Wednesday, Colorado-based FourPoint Energy LLC announced it would take on some 3,500 Chesapeake wells in Oklahoma and Texas for a price tag of $385 million in a deal that sent Chesapeake’s stock up 23 percent. The asset sale will mean a full withdrawal of Chesapeake from the Western Anadarko Basin, but the market loves the idea. It’s a lifeline for Chesapeake, which has reported an annual loss of some $14.7 billion and needed a big savings win to get back in the game and keep bankruptcy fears at bay. In the fourth quarter, the company reported a $2.2 billion net loss. For FourPoint, it means it will now own all of Chesapeake’s Western Anadarko basin assets. Last July, the Colorado company moved to acquire $850 million in assets owned by two Chesapeake subsidiaries in Oklahoma. The new deal is expected to close by 29 April this year. 
  • CLR: a loss of 23 cents vs a projected loss of 21 cents/share; Revenue of $575.5 million topped expectations of $569.3 million but declined from $1.3 billion a year ago. stock is soaring 13.25% to $20.30 Thursday after the company released its fourth quarter 2015 earnings yesterday after the market closed and said it would cut planned capital spending this year by 66%.  
  • Southwest Energy beats by 5 cents; a loss of 2 cents/share;
  • Range Resources beats by 16 cents; earned 25 cents/share;
  • DCP Midstream Partners:
    • Exceeded the 2015 distributable cash flow target range of $545 million to $565 million and reported 2015 adjusted EBITDA within the $655 million to $685 million target range.
    • Distributable cash flow was $145 million in the fourth quarter of 2015, up 29 percent from the fourth quarter of 2014, resulting in a distribution coverage ratio of 1.21 times in the fourth quarter of 2015. Distributable cash flow was $572 million for the full year 2015, up 21 percent from 2014, and above the target range, resulting in a distribution coverage ratio of 1.19 times for the year ended December 31, 2015.
  • QEP: slips to loss; a loss of 1 cent/share, vs forecast of 12 cent/share loss; suspends dividend;
  • RIG: a loss of $1.05/share vs forecast of a loss of 61 cents/share;
Tuesday, February 23, 2016
Monday, February 22, 2016
  • McDermott: after market close, forecast a loss of 11 cents;
  • OKE earnings.
    The Tulsa, Oklahoma-based company said it had profit of 12 cents per share. Earnings, adjusted for asset impairment costs and to account for discontinued operations, were 45 cents per share.
    The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
Friday, February 19, 2016
Thursday, February 18, 2016
Tuesday, February 16, 2016:
Thursday, February 11, 2016:
  • TransCanada (TRP.TO), forecast 61 cents; hefty loss on Keystone charge; a fourth-quarter loss of C$3.47/share vs a profit of 65 Canadian cents a year earlier.
******************************** 

Wednesday, February 10, 2016:
  • Tesla, after hours, forecast, 8 cents; loss tripled to $2.44/share, compared to 86 cents/share a year earlier;
  • Twitter, after hours, forecast, 12 cents; at 16 cents/share, beat estimates but shares fell in Wednesday after-hours trading as the company revealed that its user numbers had declined sequentially.
******************************** 

Tuesday, February 9, 2016:
  • SolarCity reported a loss of $2.37 per share during the fourth quarter, which is a narrower loss than analysts' forecasts for a loss of $2.59 per share. Revenue of $115.48 million topped analysts' forecasts for revenue of $105.62 million. However, SolarCity projected a 2016 first quarter loss between $2.55 per share to $2.65 per share, which is wider than analysts' forecasts for a loss of $2.36 per share. After SolarCity reported 4Q15 earnings: 
*******************************
Monday, February 8, 2016:
*******************************
Monday, February 4, 2016
*******************************
Monday, February 1, 2016:
  • Cardinal Health, $1.26 forecast; beats forecast at $1.30; revenue up 23%
  • Tesoro, $2.08 forecast after market close, from 4Q14 (one year ago): TSO ($0.31):  $1.13 per share. Earnings, adjusted to account for discontinued operations and non-recurring costs, came to $1.46 per share; increased its quarterly dividend by 40% to 42.5 cents a share.
*******************************
    Friday, January 29, 2016:
    • Chevron misses by 82 cents; took a huge loss vs 46-cent-profit forecast. Not a good day for someone.
    • Mastercard reports that its profit rose 11% and shares drop as much as Chevron shares fell; beat by 10 cents, earning 79 cents vs 69 cents forecast.
    • Phillips 66 reports all kinds of things: "suffers from sharp drop in refining margins" (did Warren Buffett blow it again?); "profit plunges 43%; reports $1.20 per share vs $1.25 forecast. Wow, not a good day for Warren. We talked about refining margins just two days ago. See this link. When Warren was buying PSX, refining margins were $1.00/US gallon of gasoline; recently, as low as 25 cents. That huge glut of gasoline is the reason no doubt; if the supply of gasoline rises much more, the Japanese will start giving it away for free.
    *****************************
    Thursday, January 28, 2016:
    *****************************
    Wednesday, January 27, 2016:
    • Anthem, $1.14 vs $1.21 forecast, profit drops 64%; ObamaCare taking its toll;
    • Boeing, $1.51 vs $1.37 forecast, but guidance lowered; shares fall sharply; makes one wonder about the reported vs forecast; doesn't look like a good day for the market; also here;
    • Hess Corp, a loss of  $1.40 vs $1.47, LOL; the only bright spot among those reporting early
    • NSC, $1.20 vs $1.23 forecast, perhaps not going to be a good day; 
    • Facebook, shares shot up 12% after the giant social network said it earned 79 cents a share on revenue of $5.84 billion in the fourth quarter, easily topping Wall Street estimates.Facebook topped $5 billion in quarterly revenue for the first time, up 52% from a year ago. It was also the first quarter in which Facebook posted more than $1 billion in quarterly net income.
      Facebook was expected to report earnings of 68 cents a share, excluding certain expenses, up from 54 cents a year ago, according to S&P Capital IQ. Analysts expected revenue of $5.37 billion. Facebook reported earnings after the close of the market.
    Tuesday, January 26, 2016:
    *****************************

    Monday, January 25, 2016:
    *****************************
    Thursday, January 21, 2016:
    • Starbucks; at 46 cents, beat forecast of 45 cents; but outlook poor;
    • Bank of New York Mellon, forecast 64 cents; before market open;
    • UNP: missed by 11 cents; the biggest miss in at least 10 years; shares slump;  The weakness in rail cargo probably will last this year as coal demand continues to drop and U.S. production lags. CSX Corp. Chief Executive Officer Mike Ward said last week that the industry was in a “freight recession” and his railroad’s earnings are expected to decline. CSX is the largest railroad in the eastern U.S. while Union Pacific operates in the West.
    • Verizon comes in stronger than expected.
    • Schlumberger reports earnings of $0.65 a share vs. estimates of $0.63 ; revenues of $7.74 billion vs. estimates of $7.78 billion.Schlumberger's fourth-quarter results were hurt by a 39 percent drop in revenue and huge accounting charges. It posted a loss of $1.02 billion, or 81 cents per share. Earnings, adjusted for non-recurring items and asset impairment costs, came to 65 cents per share.
      The results still topped Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for adjusted earnings of 63 cents per share.
      Schlumberger posted revenue of $7.74 billion in the period, which fell short of Street forecasts. Twelve analysts surveyed by Zacks expected $7.79 billion. A year earlier its revenue totaled $12.64 billion.
      Schlumberger's shares are down 25 percent in the past year, and the company said its board authorized the repurchase of up to $10 billion in stock. In after-hours trading, the stock added 37 cents to $61.80
    • Bank of New York Mellon: profit jumps;
    Overall, Bank of New York reported a profit of $693 million, up from $233 million a year earlier. Per-share earnings rose to 57 cents from 18 cents. The year-earlier period included 53 cents in litigation and restructuring charges, partially offset by a tax benefit.
    Excluding a previously disclosed charge stemming from a recent court decision, among other items, earnings per share increased to 68 cents from 58 cents. Revenue inched up 1.5% to $3.72 billion. Analysts predicted 64 cents in adjusted earnings per share on $3.75 billion in revenue.
      *****************************
      Wednesday, January 20, 2016:
      • Xilinx, 49 cents forecast: at 49 cents, in-line; on tough day for the market, shares jumped 3%
      • Kinder Morgan, 18 cents forecast: a loss of 29 cents/share; cuts dividend
      ***************************
      Tuesday, January 19, 2016:
      • Netflix, 2 cents forecast, better than expected
      • Bank of America, 26 cents forecast, 7:00 a.m. ET; solid, but tough quarter; beats forecasts, 28 cents;
      Last quarter (3Q15) for Netflix: NFX ($0.17): forecast of 16 cents; AP story here; huge beat at 21 cents per share; I did not capture NFX for 4Q14.
      ****************************
      Friday, January 15, 2016, more banks report:
      • Citigroup, forecast, $1.05; beats market at $1.06; shares down 2%; what do investors want?
      • US Bancorp, forecast 79 cents, before market open;
      • Wells Fargo, forecast, $1.02; diluted EPS of $1.03; EPS up 1%; revenue up 2 percent; ROE of almost 13%; shares down; what do investors want?
      ****************************
      January 14, 2016:
      • Intel, after market close, forecast 63 cents/share profit; huge beat, 74 cents but something bothers investors; immediately after reporting earnings, shares sold off 3% on a day the market was up over 200 points;
      • JPMorgan, 7:00 a.m. ET, $1.27/share profit; handily beats estimates; IBD reports: double-digit bottom-line growth in the fourth quarter, thanks to lower litigation expenses and a strong performance from its consumer bank division.The nation's largest bank earned $1.32 a share, up 10.9% from a year earlier and 7 cents ahead of estimates from analysts polled by Thomson Reuters. Net income was $5.4 billion. Revenue rose 0.8% to $23.7 billion, topping views for $22.9 billion. Dimon concerned about energy sector.
      *********************************

      CSX: Exactly one year ago: CSX reported fourth quarter earnings per share of $0.49, up 17% from $0.42 in the same period last year. This represents a new fourth quarter record for the Company. Revenue grew 5% in the quarter, to $3.2 billion, also a fourth quarter record, with broad based growth across nearly all of our markets, reflecting continued economic momentum.

      So, how did CSX do this quarter? The headline: CSX  profit declines a piddly 5% but beats forecasts. But this is scary:
      The results raise questions about the health of the overall economy because the Jacksonville, Florida-based railroad hauled less of most categories of freight in the quarter.
      CSX said it earned $466 million, or 48 cents per share, in the last three months of 2015. That's down from $491 million, or 49 cents per share, a year ago.
      That was better than the profit per share of 46 cents that the analysts surveyed by Zacks Investment Research expected.
      I can't get too excited; considering how "bad" the US economy has been doing, I would say CSX did pretty well, considering.

      Two (2) New Permits; Several Great Producing Wells Completed/Reported -- January 7, 2016

      Best non-Bakken story of the day: missing Hellfire missile found in Cuba. US has been trying since 2014 to have the Cubans return the Hellfire missile to the US. One would think this is a story printed in some tabloid, e.g., The Enquirer, but it's being reported by The Wall Street Journal. Why does this surprise anyone? BusinessInsider is reporting: Former US defense secretary reportedly found top Obama national-security aides 'dangerously naive'. Something tells me these dots will eventually connect. But as Hillary would say, "What does it matter?" But how in the world does a US Hellfire missile end up in Cuba of all places?

      Breaking news: Apple's new iPhone 7 is rumored to be thinner

      Active rigs:


      1/7/201601/07/201501/07/201401/07/201301/07/2012
      Active Rigs55166189180200

      Wells coming off the confidential list Friday:
      • 20468, SI/NC, BR, Lovaas 7-1-1UTFH, Blue Buttes, no production data,
      • 27650, SI/NC, Petro-Hunt, Klatt 145-97-19C-18-3H, Little Knife, no production data,
      • 31371, SI/NC, XTO, Sara 41X-13G, Grinnell, no production data,
      Two (2) new permits --
      • Operator: QEP --  more information at the bottom of this post; scroll down
      • Field: Grail (McKenzie)
      • Comments:
      Producing wells completed:
        • 29853, 1,397, WPX, Beaks 36-35HZ, Mandaree, t12/15; cum --
        • 29851, 1,121, WPX, Beaks 36-35HD, Mandaree, t12/15; cum --
        • 29852, 1,205, WPX, Beaks 36-35HC, Mandaree, t12/15; cum -
        • 30697, 2,044,  Mikkelsen 11-14H, Reunion Bay, t12/15; cum --
        Whiting abandoned three producing wells:
        • 11270, 140, Whiting, Jacobson 41, Rawson,  Madison, t3/85; cum 236K 8/14;
        • 21307, SI/NC, Whiting/Koala 15-31-30-3H3, Poe, -- I'm not sure why this is called a "producing well"; it was never fracked;
        • 20068, 929, Whiting, Flatland 9-9H, Banks, t9/11; cum 100K 4/15; 
        ************************************
        The Two New QEP Permits in The Grail (see "New Permits" above)

        This is what that section looks like now, with the annotation that it appears the two new permits will be for wells that will be on a 7-well pad. I did not look at the two other pads in that section, the one to the east and the one to the west:


        The names of the wells on the proposed 7-well pad, taken from the file report of the well in bold below:
        • 32436, loc, Moberg 4-18T2HD,
        • 26235, 2,270, QEP, Moberg 3-18BH, t1113; cum 224K 11/15;
        • 26234, 2,524, QEP, Moberg 2-18TH, t11/13; cum 178K 11/15;
        • 32435, loc, Moberg 8-18BHDR (the "R" means this permit is "revised" -- it's a new permit, replacing a permit in almost the same spot that was PNC'd
        • 32054, loc, Moberg 2-18T3HD,
        • 32056, loc, Moberg 3-18T2HD,
        • 32057, loc, Moberg 7-18BHD,

        Thursday -- January 7, 2016

        Circumstantial evidence that raising the minimum wage in Washington, DC, has resulted in a loss of restaurant jobs.

        **************************
        CO2 Now

        Link here (dynamic): 401.85.

        No evidence of warming for 20 years.

        November, 2015: 400.16 ppm.

        401.85 - 400.16 = 1.69 / 1,000,000 units.

        1.69 / 1,000,000 in percentage = a 0.000169% change. Those are pretty sensitive measuring instruments. And, of course, not independently verified, but just quibbling. 

        *********************************
        GDP Now

        GDP Now, as of January 6, 2016:
        The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2015 is 1.0 percent on January 6, up from 0.7 percent on January 4.
        The forecast for the contribution of net exports to fourth-quarter real GDP growth increased 0.2 percentage points to -0.2 percentage points after this morning's international trade report from the U.S. Census Bureau.
        ***********************************
        Natural Gas Could Be Eating Solar's Lunch, As They Say On Wall Street

        Earlier today, or was it yesterday, Elon Musk announced his solar company was "quitting" Nevada, the sunniest state in the lower 48(?).

        Now, SunEdison is in the news. Reported from many venues, this is from BusinessInsider:
        SunEdison, a solar-manufacturing company, fell 35% on Thursday after the company announced that it intends to raise money and restructure its debt in order to pay back $738 million.
        Now, you may be thinking, "Debt reduction ... that's a good thing."
        Well, like many things in life, the devil is in the details.
        In order to raise this money, SunEdison will be restructuring old loans at a much higher rate and issuing a bunch of stock. Investors' worst fear about the stock is real. SunEdison is cash poor.
        If it wasn't, the company wouldn't have to raise money on terms that sounds like this (emphasis ours):
        The Second Lien Facilities will be comprised of $500 million of A1 loans, and $225 million of A2 loans, each of which will bear interest at a rate of LIBOR + 10.0% per annum and will mature on July 2, 2018. 
        I supposed when shares fall 35% it's considered a "correction."

        ****************************
        Venezuela -- Tick, Tick, Tick

        I'm not going to post the links. Let's just say things are getting a bit hot in Venezuela. Stories will be reported everywhere by tomorrow. OPEC oil slid below $30 for the first time in 12 years today.

        Why I Love To Blog: Reason #6 -- Readers Send Me Such Great Links -- January 7, 2016

        The top ten reasons why I love to blog could be re-arranged any number of ways. Readers sending me great links is listed as "reason #6" why I love to blog, but when I get links like this, it could easily be "Reason #1."

        Reason #1, by the way, is that the blog gives me something to do while waiting to spend time with the granddaughters. LOL.

        Anyway, back to the subject at hand. A reader just sent me this link -- Whiting will present an inside look at how its completion techniques have significantly improved its results in the Williston Basin.

        Hopefully the video is easy to access, and hopefully it will be made available at Whiting's website. From the very beginning I was impressed with how much Whiting shared with the general public. I discussed that years ago when I first started blogging but haven't made mention of it lately.

        And only because I haven't said it in quite awhile, blogging about the Bakken has nothing to do with any interest in investing. This is not an investment or financial site. I often include such information only because to understand the oil and gas industry, sometimes one must "follow the money."

        **************************
        A Note To The Granddaughters

        Their grandmother loves to paint. Not houses, but pictures and landscapes. Somehow I happened to land on the wiki aniline site. With regard to dyes:
        In 1856, whilst ["whilst" -??] trying to synthesise quinine, von Hofmann's student William Henry Perkin discovered mauveine and went into industry producing the first synthetic dye.
        Other aniline dyes followed, such as fuchsine, safranine, and induline. At the time of mauveine's discovery, aniline was expensive. Soon thereafter, applying a method reported in 1854 by Antoine Béchamp, it was prepared "by the ton."  The Béchamp reduction enabled the evolution of a massive dye industry in Germany.
        Today, the name of BASF, originally Badische Anilin- und Soda-Fabrik (English: Baden Aniline and Soda Factory), now among the largest chemical suppliers, echoes the legacy of the synthetic dye industry, built via aniline dyes and extended via the related azo dyes. The first azo dye was aniline yellow.
        Aniline: from "gas-tar" or coal tar
        • Mauveine: analine purple and Perkin's mauve
        • Fuchsine: magenta when dissolved in water; as a solid, dark green crystals; causes bladder cancer in those producing fuchsine
        • Safranine: a "counterstain" used in Gram stains in biology; all nuclei stain red with safranin (common spelling)
        • Induline: blue, bluish-red, or black shades
        D.H. Lawrence had a doggerel on the language used by Shakespearian characters, in which the last couplet read:
        • How boring, how small Shakespeare's people are!
        • Yet the language so lovely! like the dyes from gas-tar.
        D. H. Lawrence died too soon. He never heard urban rap.

        I never knew the BASF backstory. 

        Active Rigs Drop Below 55; Hit 54 -- January 7, 2016

        Active rigs:


        1/7/201601/07/201501/07/201401/07/201301/07/2012
        Active Rigs54166189180200
         
        I track rig count milestones here.

        Gasoline Demand -- January 7, 2016

        If I was (were?) allowed only one data point to track the health of the US economy, I would select "gasoline demand." (I've said that at least once before on the blog.)

        In the most general of terms, in the US (and probably around the world), there is "mandatory gasoline demand" and "discretionary gasoline demand." I assume economists have different and more precise terms.

        Mandatory gasoline demand is the "minimum" amount of gasoline required by homo sapiens to do their daily business: commute to work, work, commute to school, errands (grocery shopping, for example).

        Discretionary gasoline demand includes vacation travel, unnecessary errands, cruising, holiday lights viewing, Christmas shopping, teenage date nights.

        Through August of last year (2015) the increase in gasoline demand year-over-over (2015-over-2014) was quite remarkable. But then, on September 17, 2015, I noted that gasoline demand plummeted.  That was a warning sign.

        Gasoline demand "recovered" in October/November 2015 (compared to the previous year) but then the gap narrowed again in mid-November, 2015. Again, another red flag, perhaps.

        By late November, 2015, there was a real surprise: gasoline demand in November, 2015, fell below that of November, 2014.

        The most recent data, released yesterday:

        Some data points to consider when discussing this:
        • the price of gasoline is at an all-time low; John Kemp says "real price of gasoline" is the lowest since 2009; when adjusted for inflation, January 2015 prices for gasoline were actually lower than they were during the depression (January, 2015, was a year ago; price for gasoline is even lower now)
        • gasoline mileage per US vehicle has not changed in the past year (2015/2014); if anything there is a trend toward more SUVs and pickups
        • we are being told that the job growth in the US is very, very robust (reported today, again); more job growth, more gasoline demand, especially on the west coast; maybe not so much in NYC where everyone takes a subway and there are no cars
        With gasoline this inexpensive, the sudden (and striking) decrease in gasoline demand seems to speak volumes about the health of the US economy.

        John Kemp noted that today:

         
        It is interesting that John Kemp in his Reuters article suggested that the huge rise in US gasoline stocks reported most recently is simply an anomaly of year-end shenanigans.
        The 10.6 million barrel jump in U.S. gasoline stocks last week, reported by the Energy Information Administration on Wednesday, sent gasoline futures tumbling 4 percent and intensified the selloff in oil prices.
        Estimated gasoline consumption was also down 1.2 million barrels per day (bpd), over 13 percent, compared with the prior week, adding to market alarm about the health of fuel demand.
        But most of the increase in stockpiles and apparent drop in fuel consumption was likely due to year-end seasonal quirks rather a sign of slackening consumption.
        The latest data on gasoline consumption, production and stocks are for the week ending on Friday Jan. 1 and straddle year-end.
        In the previous five years, from 2010/11 to 2014/15, gasoline stocks increased by an average of more than 6 million barrels over the year end period, with increases ranging from 3.6 million to 8.1 million barrels.
        But let's look at the figures again, or as they say in the Hillary camp, let's parse that article:
        • the jump this past week was 10.6 million bbls; let's round that to 11 million bbls
        • the jump for similar weeks straddling the old year/near year averaged 6 million bbls
        • 6 million bbls is not half of 11 million bbls, but it's awful darn close
        • the range over the past five years has been 3.6 to 8.1 million bbls (rounding: 4 to 8 million bbls)
        • the 11 million bbls exceeds anything we've seen in the past five years, and not by a trivial amount (double-digit jump this year; single-digit jump all previous years)
        • in fact, a jump of 11 million bbls is almost three times the smallest jump
        I think John Kemp could have come to different conclusions had he wanted, but he was writing for Reuters.

        If he is correct, then we should see the graphs reverse over the next few months, and everything will again be rosy. 

        I'm not holding my breath. Based on George Soros' most recent comments, I don't think ol' George is holding his breath either.

        One last comment on the John Kemp article in Reuters. Regardless of the jump in gasoline stocks and blowing it off simply as an anomaly, there is that pesky other little item, noted in the second paragraph of his article, which he does not address again:
        Estimated gasoline consumption was also down 1.2 million barrels per day (bpd), over 13 percent, compared with the prior week, adding to market alarm about the health of fuel demand.  
        If the 13% doesn't get your attention, the "impossible to miss" arrow on the graph above might help.

        I don't know about you, but a 13% decline in gasoline demand during non-peak driving season is alarming. In the non-peak driving season, gasoline demand is driven mostly by "mandatory gasoline demand," not "discretionary gasoline demand."

        Oh, as long as I've gone this long, let me continue to pile on: this winter has been incredibly warm, incredibly seasonable (yes, I know there are regional exceptions, but they were regional, and they were short-lived) making driving a pleasure. One cannot argue -- at least I cannot argue -- that bad weather drove down gasoline demand. If anything, this wonderful weather -- no doubt a by-product of global warming -- has made for wonderful driving.

        Flashback: Update Of Wells Permitted In July, 2010

        These wells were permitted in July, 2010. They were last updated on January 7, 2016.

        Date
        Permit
        IP
        Operator
        Name
        County
        Field
        Pool
        Test Date
        CUM
        Date
        Comments
        7/1
        19195
        2654
        Whiting
        Strobeck 12-1H
        MNT
        Sanish
        Bakken
        12/10
        362
        11/15

        7/1
        19207
        613
        Slawson
        Vagabond 1-27H
        MNT
        Van Hook
        Bakken
        4/11
        266
        11/15

        7/1
        19208
        800
        Slawson
        Water Moccasin 1-34H
        MNT
        Van Hook
        Bakken
        4/11
        242
        11/15

        7/1
        19209
        539
        Crescent Point/Anschutz
        State 1-36H-156-98
        WMS
        Wheelock/Wildcat
        Bakken
        11/10
        57
        11/15
        only 4 days in 11/15
        7/1
        19210
        637
        EOG
        Liberty 3-14H
        MNT
        Van Hook
        Bakken
        12/10
        110
        12/13
        AB
        7/2
        19202
        1010
        CLR/Newfield
        1-H Manolo 21-16
        WMS
        East Fork/Wildcat
        Bakken
        3/11
        138
        11/15

        7/2
        19211
        294
        Wesco
        Federal 12-20
        MCK
        Bicentennial
        Red River
        11/10
        95
        11/15

        7/2
        19212
        457
        CLR
        Wiseman 1-31H
        WMS
        Hebron
        Bakken
        10/10
        167
        11/15
        F
        7/2
        19213
        341
        CLR
        Nadeau 1-35H
        WMS
        Hebron
        Bakken
        1/11
        86
        11/15
        F
        7/2
        19214

        American 
        Langager 15-10H
        WMS
        Wildcat
        Bakken


        7/10
        PNC
        7/2
        19215
        1872
        Statoil/BEXP
        State 36-1 2H
        WMS
        Stony Creek
        Bakken
        9/10
        209
        11/15
        Erratic
        7/2
        19216
        3442
        Statoil/BEXP
        State 36-1 3H
        WMS
        Stony Creek
        Bakken
        6/12
        235
        11/15

        7/6
        19217

        Wesco
        Federal 42-1
        MCK
        Bicentennial
        Bakken


        5/15
        PNC
        7/6
        19218

        American
        Hodenfield 15-32H
        WMS
        Wildcat
        Bakken


        9/11
        PNC
        7/6
        19219
        811
        Hess/Tracker
        Brostuen 6-1H
        MCK
        Elk
        Bakken
        12/10
        151
        11/15

        7/6
        19220
        1057
        Whiting/BTA
        20711 Saccaro 310 1H
        WMS
        Stockyard Creek
        Bakken
        11/10
        348
        11/15

        7/6
        19221
        1466
        Whiting
        Ness 21-3H
        MNT
        Sanish
        Bakken
        1/11
        211
        11/15

        7/6
        19222
        1100
        Whiting
        Bartleson 31-3H
        MNT
        Sanish
        Bakken
        2/11
        152
        11/15

        7/7
        19223
        152
        Petro-Hunt
        Jorgenson 158-94-11D-2-1H
        MNT
        East Tioga
        Bakken
        5/11
        146
        11/15

        7/7
        19224
        289
        Petro-Hunt
        Frederickson 160-94-33C-28-1H
        BUR
        North Tioga
        Bakken
        11/10
        167
        11/15

        7/7
        19225
        667
        Hess
        EN-Wefald-156-94-1324H-1
        MNT
        Big Butte
        Bakken
        3/11
        182
        11/15

        7/7
        19226
        275
        Hess
        EN-Wefald-156-94-1324H-2
        MNT
        Big Butte
        Bakken
        9/11
        117
        11/15

        7/7
        19227
        723
        Hess
        EN-Wefald-156-94-1324H-3
        MNT
        Big Butte
        Bakken
        6/11
        263
        11/15

        7/7
        19228
        211
        Wesco
        Federal 43-12
        GVL
        Bicentennial
        Bakken
        11/10
        45
        11/15

        7/7
        19229
        1
        Petro Harvester/Sagebrush
        Cameron 1-14
        BOT
        Kuroki
        Madison
        11/10
        27
        12/10

        7/8
        19230
        649
        MRO
        GoodallUSA11-29H
        MCK
        Reunion Bay
        Bakken
        1/11
        244
        11/15

        7/8
        19231
        398
        EOG
        Liberty LR 13-14H
        MNT
        Van Hook
        Bakken
        12/11
        263
        11/15

        7/8
        19232
        1423
        CLR
        Quale 1-1H
        MCK
        Antelope
        Sanish
        2/12
        350
        11/15

        7/8
        19233
        1747
        Murex
        Mandy Kay 14-23H
        WMS
        Beaver Lodge
        Bakken
        1/11
        222
        11/15

        7/8
        19234

        OXY USA/Anschutz
        Steve Kudrna 1-32-29H-143-95
        DUN
        Manning
        Bakken


        7/10
        PNC
        7/8
        19235
        1023
        Oasis
        Dixon 5602 44-34H
        WMS
        Bonetrail/Wildcat
        Bakken
        7/11
        130
        11/15

        7/9
        19236
        680
        Sagebrush
        Asheim 2
        BOT
        Renville
        Madison
        8/10
        125
        11/15

        7/9
        19237
        862
        Abraxas
        Stenehjem 27-34-1H
        MCK
        North Fork
        Bakken
        7/11
        129
        11/15
        Erratic
        7/9
        19238
        532
        Hunt
        Palermo 1-24-25H1
        MNT
        Ross
        Bakken
        11/10
        162
        11/15

        7/9
        19239
        402
        EOG
        Lebron 1-01H
        WMS
        Hebron/Wildcat
        Bakken
        10/10
        108
        11/15

        7/9
        19240

        EOG
        Scandia 23-33H
        BOT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/9
        19241
        820
        Slawson
        Jaguar 1-32H
        MNT
        Big Bend
        Bakken
        12/10
        237
        11/15

        7/9
        19242
        1667
        Whiting
        Bartleson 12-18H
        MNT
        Sanish
        Bakken
        10/10
        225
        11/15

        7/9
        19243

        EOG
        Scandia 25-33H
        BOT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/9
        19244

        EOG
        Scandia 27-33H
        BOT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/9
        19245
        660
        Cornerstone
        Linda Hinds 8-7H/Hinds Trust 8-7H
        BUR
        Northeast Foothills/Wildcat
        Bakken
        5/11
        80
        11/15

        7/9
        19246
        1425
        WPX/Zenergy
        Wells 32-29H/Dakota-3 Wells 32-29H
        DUN
        Reunion Bay
        Bakken
        3/11
        492
        11/15

        7/12
        19247
        1692
        EOG
        Riverview 01-32H
        MCK
        Antelope
        Sanish
        11/10
        209
        11/15

        7/12
        19248
        234
        Whiting
        Schneider 11-6TFH
        BIL
        Demores
        Bakken
        6/11
        76
        11/15

        7/12
        19249

        Abraxas
        Fedje 3-14
        WMS
        Bonetrail
        Bakken


        7/12
        PNC
        7/12
        19250
        2686
        Whiting
        Ness 43-21H
        MNT
        Sanish
        Bakken
        10/10
        377
        11/15

        7/12
        19251
        406
        MRO
        Quale USA 31-20H
        MCK
        Four Bears
        Bakken
        2/11
        165
        11/15

        7/12
        19252
        561
        HRC/G3 
        Anderson 1-24-13H
        WMS
        Strandahl/Wildcat
        Bakken
        4/11
        123
        11/15

        7/12
        19253

        EOG
        Scandia 40-35H
        MNT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/13
        19254

        EOG
        Scandia 42-35H
        BOT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/13
        19255
        718
        Slawson
        Muskrat Federal 1-28-33H
        MNT
        Van Hook
        Bakken
        1/11
        418
        11/15
        F
        7/13
        19256
        404
        CLR
        Thon 1-34H
        DIV
        Upland
        Bakken
        12/10
        104
        11/15

        7/13
        19257
        1027
        XTO
        Michael State 31X-16
        WMS
        Grinnell
        Bakken
        4/11
        212
        11/15

        7/13
        19258

        Oil For America
        Zastoupil 22-1
        STK
        Wildcat
        Lodgepole


        3/11
        PNA
        7/13
        19259
        2746
        Whiting
        Jones 12-8H
        MNT
        Sanish
        Bakken
        10/10
        389
        11/15

        7/14
        19260
        225
        MRO
        Watson USA 14-32H
        MCK
        Lone Butte/Wildcat
        Bakken
        1/11
        68
        11/15
        erratic
        7/14
        19261

        EOG
        Scandia 46-35H
        BOT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/14
        19262

        EOG
        Scandia 48-35H
        BOT
        Souris
        Spearfish/Madison


        7/11
        PNC
        7/14
        19263
        2429
        Whiting/KOG
        Two Shields Butte 5-7-8-1H
        DUN
        Heart Butte
        Bakken
        10/12
        312
        11/15

        7/14
        19264
        595
        Fidelity
        Kostelecky 31-6H
        STK
        Heart River/Wildcat
        Bakken
        2/11
        112
        11/15

        7/14
        19265
        137
        CLR/Samson Res
        Navigator 13-24-162-97H/Landy 1-13
        DIV
        Bluffton
        Bakken
        6/12
        41
        11/15

        7/14
        19266
        38
        SM/Baytex
        Haugland 4-162-99H
        DIV
        Ambrose
        Bakken
        12/10
        87
        11/15

        7/15
        19267
        812
        WPX/Zenergy
        Wicker 34-27H /Dakota-3 Wicker 34-27H
        DUN
        Mandaree
        Bakken
        5/11
        217
        11/15

        7/15
        19268
        125
        CLR
        Bicentennial Federal 1-28H
        MCK
        Bicentennial
        Bakken
        11/10
        39
        11/15
        erratic
        7/15
        19269
        410
        Sinclair
        Porcupine 1-19H
        DUN
        Little Knife
        Bakken
        9/11
        154
        11/15
        off-line 9/15
        7/15
        19270
        1006
        Hess/Tracker
        Gudmunsen 27-1H
        MCK
        Ellsworth/Wildcat
        Bakken
        12/10
        174
        11/15

        7/16
        19271
        1820
        Whiting
        Bernard Roggenbuck 24-25H
        MNT
        Sanish
        Bakken
        1/11
        192
        11/15

        7/16
        19272
        0
        Oil For America
        Wolf 29-1
        STK
        Wildcat
        Lodgepole


        1/14

        7/16
        19273
        1001
        XTO
        Johnsrud Federal 34X-14
        MCK
        Bear Den
        Bakken
        7/11
        157
        4/15
        IA
        7/16
        19274
        73
        Luff
        AS-RRU E-31H
        BOW
        Amor
        Red River
        10/10
        41
        2/14
        PA
        7/16
        19275
        193
        Fidelity
        Wock 14-11H
        STK
        Dutch Henry Butte/Wildcat
        Bakken
        5/11
        119
        11/15

        7/16
        19276
        179
        Cornerstone
        Tafelmeyer 7-34H
        BUR
        Customs
        Bakken
        10/10
        88
        11/15

        7/16
        19277
        118
        Fidelity
        Oukrop 34-34H
        STK
        Heart River/Wildcat
        Bakken
        2/11
        40
        11/15

        7/19
        19278
        593
        ERF/Peak ND
        Audrey Rabbithead Hall 33-11H
        MCK
        Spotted Horn
        Bakken
        11/10
        117
        11/15

        7/19
        19279
        668
        CLR
        Hendrickson 2-36H
        MCK
        Elm Tree
        Bakken
        12/10
        315
        11/15
        F
        7/19
        19280
        1454
        XTO
        Rolfsrud State 14X-36
        MCK
        Sand Creek/Wildcat
        Bakken
        1/12
        299
        11/15

        7/19
        19281
        1474
        EOG
        Hardscrabble 13-3526H
        WMS
        Sixmile/Wildcat
        Bakken
        6/11
        108
        11/15

        7/19
        19282
        1346
        Oasis
        Bean 5702 42-34H
        WMS
        Bull Butte
        Bakken
        2/11
        125
        11/15

        7/19
        19283
        1524
        BR
        Sunline 11-1MB-3Sh
        MCK
        Clear Creek
        Bakken
        5/11
        168
        11/15

        7/19
        19284
        1130
        MRO
        Edward Darwin 14-35H
        DUN
        Murphy Creek
        Bakken
        7/11
        134
        11/15

        7/19
        19285
        2325
        BR
        Rising Sun 11-1MB-3NH
        MCK
        Clear Creek
        Bakken
        7/11
        222
        11/15

        7/19
        19286
        1464
        BR
        Sunline 11-1TF-2SH
        MCK
        Clear Creek
        Bakken
        5/11
        186
        11/15

        7/19
        19287
        1872
        BR
        Rising Sun 11-1TF-2NH
        MCK
        Clear Creek
        Bakken
        7/11
        143
        11/15
        erratic
        7/20
        19288
        984
        BR
        Veeder 14-24H
        MCK
        Blue Buttes
        Bakken
        4/11
        134
        11/15
        erratic
        7/20
        19289
        386
        WPX/Zenergy
        Beaks 36-35H /Dakota-3 Beaks 36-35H
        DUN
        Mandaree
        Bakken
        5/11
        310
        11/15
        off-line 11/15
        7/21
        19290
        439
        CLR
        Hamlet 2-11H
        WMS
        Temple
        Bakken
        12/10
        132
        11/15

        7/21
        19291
        1851
        Whiting
        Meiers 12-17H
        MNT
        Sanish
        Bakken
        11/10
        250
        11/15

        7/21
        19292
        1358
        XTO
        FBIR Baker 34X-35
        DUN
        Heart Butte
        Bakken
        7/11
        170
        11/15

        7/21
        19293
        1537
        XTO
        FBIR Walker 34X-25
        DUN
        Heart Butte
        Bakken
        7/11
        261
        11/15

        7/21
        19294

        Whiting
        BSMU 3605
        BIL
        Big Stick
        Madison


        7/15
        PNC
        7/21
        19295
        1004
        Emerald/Ursa Res
        Jeanie 25-36 2H
        MCK
        Pierre Creek
        Bakken
        2/11
        96
        11/15

        7/22
        19296
        2388
        SHD
        Golden 22-31H
        MCL
        Deep Water Creek Bay
        Bakken
        3/15
        233
        10/15
        off-line 11/15
        7/22
        19297

        EOG
        Bear Den 08-21H
        MCK
        Spotted Horn
        Bakken


        11/11
        loc
        7/22
        19298
        463
        MRO
        Luther USA 11-16H
        MNT
        Reunion Bay
        Bakken
        2/11
        329
        11/15

        7/22
        19299
        608
        MRO
        Luther USA 31-16H
        MNT
        Reunion Bay
        Bakken
        3/11
        339
        11/15

        7/22
        19300
        634
        EOG
        Hardscrabble 5-0607H
        WMS
        Painted Woods
        Bakken
        10/11
        188
        11/15

        7/22
        19301
        2526
        Whiting/KOG
        Koala 9-5-6-5H
        MCK
        Poe/Wildcat
        Bakken
        4/11
        260
        11/15

        7/22
        19302
        765
        CLR
        Kleist 1-35H
        DV
        Kleist
        Bakken
        1/11
        163
        11/15

        7/22
        19303
        683
        CLR
        Seattle 1-35H
        MCK
        Camp
        Bakken
        3/11
        280
        11/15

        7/23
        19304
        174
        Sinclair
        Crosby Creek 1-5H
        DUN
        Little Knife
        Bakken
        11/11
        94
        11/15

        7/23
        19305
        2640
        XTO/Newfield
        Hoffmann 149-98-1-12-1H
        MCK
        Siverston
        Bakken
        4/11
        248
        11/15

        7/23
        19306
        840
        HRC/G3
        Siirtola 1-28-33H
        WMS
        Strandahl/Wildcat
        Bakken
        3/11
        126
        11/15

        7/23
        19307
        1033
        Oasis
        Devon 5601 12-17H
        WMS
        Tyrone/Wildcat
        Bakken
        7/11
        141
        11/15
        off-line 8/15 - 9/15
        7/23
        19308
        1235
        Oasis
        Glover 5601 12-17H
        WMS
        Tyrone/Wildcat
        Bakken
        6/11
        153
        11/15

        7/23
        19309
        100
        Hunt
        McAlmond 1-35-26H 1
        MNT
        Parshall
        Bakken
        1/11
        42
        11/15

        7/23
        19310
        308
        Whiting/North Plains
        Aarestad 4-27H
        DIV
        Wildrose/Wildcat
        Bakken
        3/11
        51
        11/15

        7/26
        19311
        249
        Whiting/North Plains
        Aarestad 4-34H
        DIV
        Wildrose/Wildcat
        Bakken
        12/10
        47
        11/15

        7/26
        19312
        849
        Hess
        HA-Sanford-152-96-1819H-1
        MCK
        Westberg
        Bakken
        5/11
        242
        11/15
        off-line 9/15 - 10-15
        7/26
        19313
        1135
        Hess/American Oil
        Olson 15-36H
        WMS
        Oliver/Wildcat
        Bakken
        11/10
        157
        11/15

        7/26
        19314
        555
        Petro Harvester/Sagebrush
        Rice 10
        BOT
        Renville
        Madison
        8/10
        66
        2/15
        IA
        7/26
        19315
        1038
        Petro Harvester/Sagebrush
        Rice 11
        BOT
        Renville
        Madison
        8/10
        130
        7/15
        IA
        7/26
        19316
        335
        Hess/American Oil
        Bergstrom 2-27H
        WMS
        Wheelock/Wildcat
        Bakken
        9/11
        147
        11/15

        7/27
        19317
        213
        EOG
        Wayzetta 143-31H
        MNT
        Parshall
        Bakken
        11/10
        54
        11/15
        off-line 9/15 - 11/15
        7/27
        19318
        2042
        Hess/American Oil
        Hodenfield 15-23H
        WMS
        Oliver/Wildcat
        Bakken
        2/11
        166
        11/15

        7/27
        19319
        762
        EOG
        Lostwood 13-25H
        MNT
        Kittleson Slough
        Bakken
        12/10
        120
        11/15

        7/27
        19320
        881
        Whiting
        Brehm 21-4H
        MNT
        Sanish
        Bakken
        4/11
        193
        11/15

        7/27
        19321
        1274
        MRO
        Danks USA 11-3H
        MCK
        Antelope
        Sanish
        8/11
        470
        11/15

        7/27
        19322

        Enduro/Ward-Williston
        Antler Midale Unit 24-43
        BOT
        Antler
        Madison


        12/14
        PNC
        7/27
        19323
        2521
        QEP/Helis
        Thompson 1-29/32H
        MCK
        Grail
        Bakken
        8/11
        525
        11/15

        7/27
        19324
        674
        SM Energy
        Rossum 15-35H
        MCK
        Indian Hill
        Bakken
        11/10
        142
        11/15

        7/28
        19325
        896
        Statoil/BEXP
        Stanley Larson 8-5 1H
        WMS
        Squires
        Bakken
        7/11
        90
        11/15

        7/28
        19326
        1287
        XTO/Encore
        Koeser 41-15 SWH
        MCK
        Siverston
        Bakken
        6/11
        218
        11/15

        7/28
        19327
        176
        Citation
        Haram 34-21H
        BOT
        Haram
        Madison
        9/10
        66
        11/15

        7/28
        19328
        853
        Zavanna
        Earl 1-13H
        WMS
        Stockyard Creek
        Bakken
        6/11
        295
        11/15

        7/28
        19329
        1261
        Whiting/BTA
        20711 Bibler 67 1H
        WMS
        Stockyard Creek
        Bakken
        6/11
        265
        11/15
        off-line 9/15 - 10/15
        7/28
        19330

        Whiting
        Gorrell 11-34TFH
        MCK
        Bicentennial
        Bakken


        6/13
        PNC