The usual disclaimer.
Fracking in the Bakken, from CalFrac's 2Q17 earnings conference call:
- added two frack spreads in Colorado
- larger jobs in the Marcellus and the Bakken
- smaller jobs in Colorado
- had to put on hold plans to frack in Texas
- would like to have all frack teams reconstituted by end of year; not likely to happpen, partly due to workforce; 300,000 people left the industry in the downturn
- decreased CAPEX possible because --
- efficiency gains
- rigs drill 6% to 9% more meters / day
- 4% to 2% less time on each well
- 35% less cost per well
- strict prioritization
- added a second completion crew in July
- production onshore is reduced y-o-y; but increased q-o-q, mainly Bakken
- Kayak discovery, relatively small but could impact decision on Castberg later this year
- improving cash margins toward the target of $12.50 per bbl in 2018
- three most prolific basins in the US: Eagle Ford, Bakken, Marcellus (note which basin was not mentioned)
- slightly higher activity level planned for 2H17 in the Utica and the Bakken
- 900 wells with a breakeven of $50 and below; half of those 900 have a breakeven of $40 or below
- new highs: 141 -- including Boeing, Coke
- new lows: 21 -- including QEP, Snap, Sonoco Products
Another record: Dow 30, closing above 21,700 yesterday, closed just shy of 21,800 today. Wow!
Catalyst: A Feline Analyst?