Thursday, March 30, 2017

"Fake News" -- Sort Of -- Drones, Connecticut, North Dakota -- March 30, 2017

The banner story over at the Drudge Report suggests that Connecticut could become the first US state to use drones outfitted with deadly weapons. I guess it's accurate, but a couple of points. First, Connecticut is only considering this proposal (and it will fail); and, second, North Dakota was the first state to allow law enforcement to "weaponize" drones. But being the sensitive Scandinavians they are, North Dakota only allows "less than lethal" weapons. From September 11, 2015:
Armed drones could be used by police in the US state of North Dakota after local lawmakers legalised their use.
While they will be limited to “less than lethal” weapons, tear gas, tasers, rubber bullets and pepper spray could all be used in theory by the remote controlled flying machines.
In a classic case of unintended consequences, the original sponsor, Republican state representative Rick Becker said he was unhappy with the way legislation turned out.
***************************

Slawson Proposes Another 18 Wells In A Drilling Unit With Seven Long Laterals -- March 30, 2017

Link here.

The hearing dockets are tracked here.

From the April, 2017, NDIC hearing dockets:
  • 25792, Slawson, Elm Tree-Bakken, 18 wells on a 1280-acre unit; McKenzie; 30/31-153-93
The graphic:


Making America Great Again -- Walmart To Build $135 Million Import Distribution Center At Mobile, AL -- March 30, 2017

From Benchmarkmonitor,
Wal-Mart Stores, Inc. has confirmed plans to build an $135 million import distribution center at Mobile, Alabama, that’s expected to help US Gulf ports expand their foothold in containerized shipments from Asia. Gulf ports’ share of full container imports from Asia grew to 2.85 percent in 2016.
From earlier posts:
My favorite, of course, is The New York Times article in which the reporters were not convinced the expansion will succeed. Sort of like the Times article on natural gas revolution (Marcellus and Utica) being a hoax/scam. Wow.

So much for slow-downs and strikes at the Los Angeles - Long Beach ports.

I know I'm making too much of this, but of all the business stories this week, I think this Walmart announcement to build a $135 million import distribution center at Mobile, AL, may be the biggest story of the week. Seriously.

****************************
4Q16 GDP 

Most recent estimate edged up from 1.9% to 2.1%. Break out the champagne. LOL.

************************
Too Little Too Late

From Wendy's via Twitter: "So you'll still use frozen beef in MOST of your burgers in ALL of your restaurants? Asking for a friend?" LOL.

But seriously, is that the reason you will decide to visit / not visit McDonald's? LOL. The hamburgers I get from Omaha Steaks are all frozen and they are incredibly good. Fresh vs frozen is obviously over-rated.

EOR Pilot -- Madison Pool -- Samson Oil -- North Dakota -- March 30, 2017

Link here.

The hearing dockets are tracked here.

From the NDIC, April, 2017, hearing dockets:
  • 25762, Samson Oil and Gas, injection well, #15666, an EOR pilot operation in the Foreman Butte-Madison pool, McKenzie
Right now:
  • 15666, 67/AB, Samson Oil And Gas, Jackson 1-29H, Foreman Butte a Madison well, t3/05; cum 39K 3/14;  
************************************

I'd Really Love To See You Tonight, England Dan and John Ford Coley

NDIC April, 2017, Hearing Dockets Have Been Posted -- March 30, 2017

Link here.

The hearing dockets are tracked here.

Highlights of the April, 2017, hearing dockets are here.


***********************************
Comments And Disclaimer
To the best of my knowledge this was the first ad-free, password-free blog that told mineral owners that if they had one well in the Bakken, they would eventually have four wells, probably 8 wells, and possibly many more than that before this was all over. That was posted back in 2009.

Now why would I bring that up? Take a look at case #25789 below -- Slawson, Clarks Creek-Bakken, 24 wells on an existing 640-acre unit, section 12-151-95, McKenzie County. There are already six (6) horizontal wells in that 640-acre drilling unit. Graphics at the bottom of this post.

Disclaimer: as usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is, go to the source.

******************************
Full Summary

Wednesday, April 26, 2017

25709, White Rock, new field, file #14876, 28-148-104, McKenzie
25710, MRO, Four Bears-Bakken, i) establish a 2560-acre unit; 2 wells; ii) 9 wells on a 1280-acre unit; iii) ten wells on a 1600-acre unit; Mountrail, McKenzie
25711, Whiting, Heart Butte and/or South Fork-Bakken, establish an overlapping 2560-acre unit; 1 well; Dunn County
25712, Whiting, Moccasin Creek-Bakken, establish an overlapping 2560-acre unit; 1 well; Dunn
25713, Hess, Wheelock-Bakken establish a 2560-acre unit; 20 wells; Williams County
25714, Hess, Beaver Lodge-Bakken, establish an overlapping 2560-acre unit; 1 well; Williams
25715, Hess, Capa and/or Beaver Lodge-Bakken; establish an overlapping 2560-acre unit, 1 well, Williams
25716, Hess, Capa and/or West Capa-Bakken, to establish an overlapping 2560-acre unit; 1 well, Williams
25717, Petro Harvester, i) establish two standup 640-acre units; ii) establish four standup 400-acre drilling units; iii; authorize a Madison well on each unit; Burke County
25718, Petro Harvester, Flaxton, Portal, and/or Lignite-Madison pools, establish four 640-acre units; 2 wells on each; Burke County
25719, HRC, Pembroke and/or Haystack Butte-Bakken, to establish an overlapping 2560-acre unit; 1 well; McKenzie County
25720, Petro-Hunt, flaring
25721, NP Resources, North Elkhorn Ranch-Bakken, establish three 1280-acre units; four wells on each; Billings County
25722, NP Resources, Rough Rider-Bakken; establish two 1280-acre units; 4 wells on each; McKenzie County
25723, NDIC, treating plant, Dunn County
25725, Hess, pooling
25726, Hess, pooling
25727, Hess, pooling
25728, Lime Rock, pooling
25729, Lime Rock, pooling
25730, Lime Rock, pooling
25731, Lime Rock, pooling
25732, Lime Rock, pooling
25733, MRO, pooling
25734, MRO, pooling
25735, MRO, Reunion Bay-Bakken, 8 wells on a 1280-acre unit; Mountrail County
25736, MRO, Van Hook-Bakken, 8 wells on a 1280-acre unit; Mountrail County
25737, MRO, commingling
25738, Whiting, pooling
25739, Whiting, pooling
25740, Whiting, pooling
25741, Whiting, pooling
25742, Whiting, pooling
25743, Petro-Harvester, SWD
25724, Whiting, SWD

Thursday, April 27, 2017

25744, Zavanna, Stockyard Creek-Bakken, establish an overlapping 2560-acre unit; 1 well; Williams
25745, Resource Energy Can-Am, Blooming Prairie-Bakken, establish an overlapping 5120-acre unit; 1 well; Divide County
25746, Peregrine Petroleum Partners, Covered Bridge and/or Pierre Creek-Bakken, establish an overlapping 960-acre unit; 4 wells; McKenzie
25747, Statoil, Cow Creek and/or Stony Creek-Bakken, establish three overlapping 2560-acre units;1 well each; Williams County
25748, Statoil, Williston-Bakken, establish an overlapping 2560-acre unit; 1 well; Williams County
25749, EOG, Clarks Creek-Bakken, i) establish an overlapping 1920-acre unit; ii) establish an overlapping 2240-acre unit; iii) establish two overlapping 2560-acre units; multiple wells; McKenzie
25750, EOG, Ross-Bakken; establish five overlapping 2560-acre units; multiple wells; Mountrail
25751, EOG, Alger-Bakken, establish two overlapping 2560-acre units; multiple wells; Mountrail
25752, EOG, Parshall-Bakken, establish two overlapping 1920-acre units; multiple wells; Mountrail
25753, EOG, Squires-Bakken, establish an overlapping 1280-acre units; multiple wells, Williams
25754, EOG, Round Prairie-Bakken, establish two overlapping 1920-acre units; multiple wells; Williams County
25755, Liberty Resources, Northwest McGregor, Sauk and/or McGregor-Bakken, establish an overlapping 2560-acre unit; 1 well; Williams
25756, Liberty Resources, East Tioga and/or Enget Lake-Bakken, establish a 1280-acre unit; 1 well; Mountrail
25757, SHD, Heart Butte and/or DeepWater Creek Bay-Bakken, i) establish an overlapping 1920-acre unit; 1 well; ii) establish two overlapping 3840-acre units; 1 well; Dunn, McLean counties
25758, SHD, Van Hook-Bakken, i) establish an overlapping 2560-acre unit; 1 well; Mountrail, McLean counties
25759, Sierra Resources, Antelope-Sanish, create two 640-acre units; 6 wells; McKenzie
25760, WPX, Heart Butte-Bakken, i) establish a 1920-acre unit; 9 wells; ii) establish a 3840-acre unit; 18 wells; Dunn, McLean
25761, WPX, flaring in several fields in Dunn, McKenzie, and Mountrail counties
25762, Samson Oil and Gas, injection well, #15666, an EOR pilot operation in the Foreman Butte-Madison pool, McKenzie
25763, NDIC, treating plant, Dunn County
25764, Samson Oil and Gas, temporary injection of fluids, #15666
25765, Statoil, pooling
25766, Statoil, commingling
25767, Statoil, commingling
25768, Statoil, commingling
25769, Statoil, commingling
25770, Resource Energy Can-Am, pooling
25771, XTO, pooling
25772, Trendwell Energy, pooling
25773, Liberty Resources, pooling
25774, Liberty Resources, pooling
25775, Liberty Resources, pooling
25776, Sedalia Energy, pooling
25777, Sedalia Energy, pooling
25778, Sinclair, risk penalty legalese
25779, Triangle USA, Squires-Bakken, 12 wells on a 1280-acre unit; Williams
25780, Zavanna, Stockyard Creek-Bakken, 10 wells on a 1280-acre unit, Williams
25781, Zavanna, SWD
25782, EOG, Alger-Bakken, 6 wells on a 1280-acre unit, Mountrail
25783, EOG, Painted Woods-Bakken, i) multiple wells on a 1280-acre unit; ii) 2 wells on an overlapping 2560-acre unit; Williams
25784, EOG, commingling of tank vapors
25785, EOG, commingling of tank vapors
25786, EOG, commingling of tank vapors
25787, EOG, commingling of tank vapors
25788, EOG, commingling of tank vapors
25789, Slawson, Clarks Creek-Bakken, 24 wells on an existing 640-acre unit; McKenzie; 12-151-95
25790, Slawon, North Fork-Bakken 11 wells on a 1280-acre unit; McKenzie; 18/19-149-96
25791, Slawson, Sand Creek-Bakken, 16 wells on a 1280-acre unit; McKenzie; 1/12-153-97
25792, Slawson, Elm Tree-Bakken, 18 wells on a 1280-acre unit; McKenzie; 30/31-153-93
25793, Enerplus, Moccasin Creek-Bakken, 11 wells on each of six 1280-acre units; Dunn
25794, Enerplus, Squaw Creek-Bakken, 9 wells on a 1280-acre unit; McKenzie
25795, CLR, Elidah-Bakken, 2 wells on an overlapping 2560-acre unit, McKenzie
25796, Henry Hill, SWD

Nine New Permits; Hess II Transfers Nine (9) Wells To Crescent Point -- March 30, 2017

Active rigs:


3/30/201703/30/201603/30/201503/30/201403/30/2013
Active Rigs493196194188

Nine (9) new permits:
  • Operators: Statoil (6), Whiting (3)
  • Fields: Painted Woods (Williams), Truax (Williams)
  • Comments:
One permit renewed: Sinclair Oil, a Nelson permit in Mountrail County

Operator transfer:
  • from: Hess
  • to: Crescent Point Energy
  • nine (9) wells; from the early Bakken
  • oldest permit: #19041
  • most recent permit: #26350
  • all in Williams County, up in Marmon and Lone Tree oil fields; 
  • area where Crescent Point active

Slawson To Drill As Many As 30 Wells On One 640-Acre Drilling Unit -- March 30, 2017

Disclaimer: this was done very, very quickly. There will be factual and typographical errors. I have not had a chance to proofread this. I may not get back to this until later this evening. Don't quote me on any of this for now. 

Remember: each well stands on its own. Generally speaking, operators will not drill a Bakken well (middle Bakken, four benches of the Three Forks) without expecting a EUR of at least 750,000 bbls. 
Back-of-the-envelope: 24 x 750K = 18,000K = 18 million bbls from one section x $40/bbl = $720 million at the wellhead. There are already 6 wells projected for this section, thus another 4.5 million bbls. 
In fact, in this area, one should expect EURs of 1.5 million bbls/well. Maybe not all the wells at all the target formations, but certainly for the "better" formations (at least two, maybe three, of the five).
Back on  April 5, 2013, this was posted:
If one moves the needle to 6%, 600,000-bbl EURs, and four wells per section, one gets in the neighborhood of 40 million bbls/section/OOIP in the Bakken on the North Dakota side of the border. 
But don't take my word for it. This is from Legacy Oil talking about the Spearfish:
"In terms of resource potential, the regional extent of the Spearfish is still being delineated, however, in areas already shown to be prospective, reservoir parameters can suggest potential OOIP to be in the realm of 9.0 to 15.0 million barrels per section, which could represent 2-3 times what the southeastern Saskatchewan Bakken offers on average."
That's the Spearfish, and the Bakken is known to be a whole lot better.
My hunch is, based on what some operators said some years ago, some operators are getting more than 6% of the OOIP on primary production.
 *************************************

From the April, 2017, NDIC hearing dockets (link here):
  • 25789, Slawson, Clarks Creek-Bakken, 24 wells on an existing 640-acre unit, section 12-151-95, McKenzie County
The graphics:

A) overview of 640-acre units in the area of this drilling unit:


B) The 640-acre drilling unit:



C) Closer view of the multi-well pads in the immediate area:

NDIC April, 2017, Hearing Dockets Have Been Posted -- March 30, 2017

Link here.

The hearing dockets are tracked here.

The dockets will be covered over the next few hours; blogging is interrupted during the afternoon and evening due to family commitments. By tomorrow all of this should be completed. 


***********************************
Comments And Disclaimer
To the best of my knowledge this was the first ad-free, password-free blog that told mineral owners that if they had one well in the Bakken, they would eventually have four wells, probably 8 wells, and possibly many more than that before this was all over. That was posted back in 2009.

Now why would I bring that up? Take a look at case #25789 below -- Slawson, Clarks Creek-Bakken, 24 wells on an existing 640-acre unit, section 12-151-95, McKenzie County. There are already six (6) horizontal wells in that 640-acre drilling unit. Graphics at the bottom of this post.

Disclaimer: as usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is, go to the source.

******************************
Highlights

Wednesday, April 26, 2017
  • 25710, MRO, Four Bears-Bakken, i) establish a 2560-acre unit; 2 wells; ii) 9 wells on a 1280-acre unit; iii) ten wells on a 1600-acre unit; Mountrail, McKenzie
  • 25713, Hess, Wheelock-Bakken establish a 2560-acre unit; 20 wells; Williams County
  • 25721, NP Resources, North Elkhorn Ranch-Bakken, establish three 1280-acre units; four wells on each; Billings County 
  • 25722, NP Resources, Rough Rider-Bakken; establish two 1280-acre units; 4 wells on each; McKenzie County
  • 25721, NP Resources, LLC, 4 wells on each of three 1280-acre units
  • 25722, NP Resources, LLC, 4 wells on each of two 1280-acre units
  • 25735, MRO, Reunion Bay-Bakken, 8 wells on a 1280-acre unit; Mountrail County
  • 25736, MRO, Van Hook-Bakken, 8 wells on a 1280-acre unit; Mountrail County
Thursday, April 27, 2017
  • 25746, Peregrine Petroleum Partners, Covered Bridge and/or Pierre Creek-Bakken, establish an overlapping 960-acre unit; 4 wells; McKenzie
  • 25749, EOG, Clarks Creek-Bakken, i) establish an overlapping 1920-acre unit; ii) establish an overlapping 2240-acre unit; iii) establish two overlapping 2560-acre units; multiple wells; McKenzie 
  • 25750, EOG, Ross-Bakken; establish five overlapping 2560-acre units; multiple wells; Mountrail 
  • 25751, EOG, Alger-Bakken, establish two overlapping 2560-acre units; multiple wells; Mountrail  
  • 25752, EOG, Parshall-Bakken, establish two overlapping 1920-acre units; multiple wells; Mountrail 
  • 25753, EOG, Squires-Bakken, establish an overlapping 1280-acre units; multiple wells, Williams 
  • 25754, EOG, Round Prairie-Bakken, establish two overlapping 1920-acre units; multiple wells; Williams County
  • 25749, EOG, multiple wells
  • 25750, EOG, multiple wells
  • 25751, EOG, multiple wells
  • 25752, EOG, multiple wells
  • 25753, EOG, multiple wells
  • 25754, EOG, multiple wells 
  • 25759, Sierra Resources, Antelope-Sanish, create two 640-acre units; 6 wells; McKenzie 
  • 25760, WPX, Heart Butte-Bakken, i) establish a 1920-acre unit; 9 wells; ii) establish a 3840-acre unit; 18 wells; Dunn, McLean
  • 25759, Sierra Resources, 6 wells on a 640-acre unit
  • 25760, WPX, 18 wells on a 3840-acre unit  
  • 25762, Samson Oil and Gas, injection well, #15666, an EOR pilot operation in the Foreman Butte-Madison pool, McKenzie
  • 25779, Triangle USA, Squires-Bakken, 12 wells on a 1280-acre unit; Williams 
  • 25780, Zavanna, Stockyard Creek-Bakken, 10 wells on a 1280-acre unit, Williams
  • 25782, EOG, Alger-Bakken, 6 wells on a 1280-acre unit, Mountrail 
  • 25783, EOG, Painted Woods-Bakken, i) multiple wells on a 1280-acre unit; ii) 2 wells on an overlapping 2560-acre unit; Williams
  • 25789, Slawson, Clarks Creek-Bakken, 24 wells on an existing 640-acre unit; McKenzie 
  • 25790, Slawon, North Fork-Bakken 11 wells on a 1280-acre unit; McKenzie 
  • 25791, Slawson, Sand Creek-Bakken, 16 wells on a 1280-acre unit; McKenzie 
  • 25792, Slawson, Elm Tree-Bakken, 18 wells on a 1280-acre unit; McKenzie 
  • 25793, Enerplus, Moccasin Creek-Bakken, 11 wells on each of six 1280-acre units; Dunn 
  • 25794, Enerplus, Squaw Creek-Bakken, 9 wells on a 1280-acre unit; McKenzie

Random Update Of An Area Of Interest In Charbonneau Oil Field -- March 30, 2017


It was noted on January 27, 2017, that Emerald Oil, Inc., had transferred 130 wells to Petro-Hunt, LLC.

Gasoline Demand; Another Under-Reported Story -- March 30, 2017


Commentary. On January 7, 2016, I posted the following:
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.
Now, back to the present. I can't remember if I posted this or not. I sent this as an e-mail to a reader. Our son-in-law works for a major truck manufacturer in the northwest. Late last summer/early autumn, before the November, 2016, election, our son-in-law told me that the manufacturer was struggling; truck orders were way, way down. The facility had cut from two shifts to one shift and laid off a lot of folks. The remaining employees were told specifically that the prospect of new orders would depend directly on who was elected president.

As of last week, the company has more truck orders -- a backlog -- more truck orders than it can fulfill. The truck orders came in immediately after the election. The company is now instituting mandatory overtime, the first step before re-hiring folks and starting a second shift.

The trucks are "specialty" trucks: military (small percent), heavy industry (large percent), oil sector. I often see these particular trucks carrying wind turbine towers, blades.

Production Jumps 13-Fold In Old BR Well In North Fork -- March 30, 2017

Details here.

The California LPG Story -- The Energy And Market Page, T+68 -- March 30, 2017

Disclaimer this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on anything you read here or think you may have read here.

*****************************
Enbridge

Enbridge. Enbridge buys Spectra, strengthens hold in North America. From Zacks.
The $126 billion merger brings together Enbridge’s liquid-weighted midstream assets from Western Canada and the U.S Midwest and Spectra's network of primarily gas-related midstream assets.
The assets include Spectra’s holdings in the U.S. North, Midwest and Gulf Coast and the British Columbia’s Canadian province. We note that a total of 1,000 jobs were cut by the merged company.
The merged company has $74 billion in secure projects and inventory. By 2019, the company is expected to start up $26 billion worth projects. Enbridge believes that the company will yield a 3–5% compound annual growth rate with the inclusion of Spectra’s projects.
The company is also expanding its platform for renewable power generation.
Comment: this has become a personal favorite of mine. Enbridge was one of the first companies that caught my interest when I started following the Bakken. I noticed early on (July 23, 2010) that this company was involved in intermittent energy in Canada; it was one of the first links at the sidebar at the right. That told me the company was able to ace an open-book test. And there it is again, the last sentence in the segment above -- "expanding its platform for renewable power generation."

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Other

DUCs. Huge 300,000 bopd fracklog could derail oil policy recovery. From Oilprice.com. Old story. I don't buy it. Many reasons. Previously discussed.

Mexico. From Reuters, data points:
  • Italy's Eni
  • major gas finds in Mozambique and Egypt; holds one of the best discovery track records in the industry
  • Eni's gas discovery off Egypt was the biggest gas field every found in the Mediterranean
  • organic reserve replacement ration:
    • industry average: 35%
    • ENI: 193%
  • first international company to drill off coast of Mexico after 2013 reform opening up Mexico to foreign investors
  • recent oil discovery in Mexican GOF: original estimate -- more than 800 million bbls of light oil
  • now says the field will hold more than original estimate -- number not given
  • Shell, Chevron, Exxon Mobil all interested in returning to Mexico's deep waters
Permian. Swaps. From Bloomberg, data points:
  • drillers drilling longer horizontals -- 2-mile horizontals
  • slivers of land owned by another operator create issues; solution: swaps
  • acreage can run as high as $60,000 / acre in the Permian; swaps -- almost no cost
  • the slivers of land would probably not be wide enough for second company to drill
  • swaps: win-win for both companies
  • reminder: Double Eagle selling 71,000 Permian acres to Parsley for $2.8 billion (previously reported; $40,000 / acre)
  • SM Energy: "doubling the lateral length, combined with other techniques, can make a well about four and a half times more valuable 
  • SM Energy: last year bought 35,700 acres in the Permian from QStar LLC
California. California's production of propane and butane continues to decrease; the decrease in production is offset by an increase in rail shipments. This is an interesting story for the archives with regard to many, many story lines. EIA data points:
  • many, many story lines including CBR; the state's fossil fuel regulatory environment
  • total US production of propane and butanes (liquified petroleum gases - LPG) increases to over 2 million bopd
  • increased in all regions of the country except for the West Coast
  • unlike other regions, West Coast LPG production has been decreasing since 2010, driven by declining refinery production
  • production in the region totaled 80,000 bopd in 2016, 10,000 less than in 2010
  • as a result, rail shipments have become a growing means of transporting LPG to the region
  • the amount of LPG production in the US has surged (except along the West Coast)
  • West Coast import/export data: the increased ability to transport LPG by rail has allowed Western Canadian producers, who can no longer ship LPG by pipeline to the Midwest following the repurposing and reversal of a key pipeline, to ship more LPG to the West Coast, where it can then be exported to overseas markets
  • the West Coast has only one major LPG export terminal; it accounts for nearly all overseas LPG exports
  • as LPG exports continue to increase, two other terminals on the West Coast have been proposed, but the permitting phase of development is not finished yet

The Political Page, T+68 -- March 30, 2017

Judge Napolitano is back on Fox Business News, I see. No links, but it's being reported "everywhere."

March 30, 2017

Active rigs:


3/30/201703/30/201603/30/201503/30/201403/30/2013
Active Rigs493196194188

RBN Energy: Anadarko "piranha-izes" its portfolio to fund intense oil-weighted output growth.
Predictions of industry doom from the oil price collapse that started in mid-2014 turned out to be largely wrong. Most of the upstream industry has weathered the crisis remarkably well, primarily through the “high-grading” of portfolios, impressive capital discipline, and an intense focus on operational efficiencies.
And, in vivid contrast to mega-deals, this cycle has been characterized instead by hundreds—if not thousands—of small transactions. E&Ps are concentrating their assets, and building out significant contiguous acreage positions in their core operating areas while generating funds for operations and acquisitions through equity offerings, debt refinancings, and sales of non-core assets. The strongest and most aggressive of the U.S. E&Ps have been behaving like schools of piranha, eating away at small pieces of other companies and simultaneously fragmenting and reconstituting the E&P sector, with most successful companies focusing their resources, operations and investments on a few attractive plays where an advantageous combination of geology, geography and economics provide attractive investment returns.
Scottt Adams: the systems president.