Saturday, September 16, 2017

If I'm Not Misreading Something, These Are Some Incredible Stats For CLR In The Elm Tree Oil Field -- July, 2017, Data

Updates

September 18, 2017: see first comment --
FYI, Kukla 7-16H has produced 88,925 BBL of oil in 83 days. Frac with 25 million lbs proppant, 374,582 BBL fluid 56 stages. Kukla wells I believe were mentioned in CLR most recent conference call as something like a southern step out to a successful enhanced recovery effort. When you look at the most recent presentation from CLR those wells are shown on slide 8 I believe.
I track the Kukla wells here; I updated them last month; will update them again.

Original Post 

Disclaimer: I often make simple arithmetic mistakes. It's possible I've made math errors here, or typographical errors. Do not quote me on this. If this is important to you, go to the source. The numbers seem so "unbelievable" it's hard to believe I haven't made a mistake, but I've triple-checked the July, 2017, Elm Tree oil field production, but all the same, I may have made a mistake.

The Elm Tree oil field is tracked here

Worth repeating from an earlier post:
Earlier this week some inconsequential Wall Street dweeb singled out Continental Resources as a company worthy of shorting. It wasn't so much what he said as how he said it that really, really irritated me.
Harold Hamm is the "face" of the Bakken. Single-handedly one might argue he was responsible for making the Bakken what it is. He, along with a few others, like Mark Papa of EOG, and Bud Brigham of BEXP, pushed the envelope, and cracked the code, and along the way, provided thousands of men and women with high-paying jobs and gave them a sense of accomplishment and pride. Elm Tree is pretty much owned by CLR. Look at the production/well that Harold Hamm is getting out of these wells. I think this may be a record for any field by any operator with at least 50 wells in a given field.
July, 2017, data, for Elm Tree:
  • total production: 661,713 bbls crude oil
  • total number of wells: 56
  • average monthly production / well: 11,816 bbls of crude oil 
    • CLR's wells, production, and production / well: 50; 651,485; 13,030 bbls/CLR well
    • Hess wells, production, and production / well: 2; 620; 310 bbls/Hess well 
    • Slawson wells, production, and production / well: 4; 9,608; 2,402 bbls/Slawson well 
Let's put this production in perspective:
Whiting and EOG each have about 10x as many wells in their fields, the Sanish and the Parshall, respectively, as CLR has in Elm Tree, and yet the amount of CLR production is in the same "ballpark" as Whiting and EOG have in their fields.
The other thing to note is that CLR is not using huge amounts of proppant to complete their wells. I haven't checked their most recent completions but those I have checked over the past few months haven't suggested any huge amount of proppant being used by CLR.
Size of three prolific oil fields:
  • Elm Tree: about 32 sections, much of it under the Missouri River.
  • Sanish: when I last counted, the Sanish had over 190 sections.
  • Parshall: when I last counted, the Parshall had more than 210 sections. 

Field
July 2017 Production
Number of Active Wells
Production / Well (bbls oil)
Elm Tree
661,713
56
11,816
Elm Tree CLR 
651,485
50
13,030
Sanish
1,163,299
615
1,892
Parshall
1,415,219
521
2,716
Alger
541,231
327
1,655
Siverston
958,774
277
3,461
Murphy Creek
233,297
206
1,133
Banks
941,733
205
4,594
Heart Butte
599,785
201
2,984
Grail
611,184
192
3,183

Production Statistics For North Dakota Crude Oil Production, By Field, July, 2017, Data

Production data for various Bakken oil fields has (have?) been posted for the July, 2017, data.
Sweet Caroline, Neil Diamond

************************* 
USC (Barely) Defeats Texas

Best game ever? I don't know, but it has to be ranked among the top ten best college football games ever. If one considers that the winner, ranked 4th in the nation, almost lost to an unranked team with a "true" freshman for a quarterback, one can arguably argue that this was the best college football game ever.

SBNation might put the game tonight in perspective.

And this is how the game was won -- second overtime, tied 24 - 24:
Deep into another wild Los Angeles evening, it gifted us Chase McGrath, a walk-on freshman kicker — a beach kid, from Newport Beach, staring down 43 yards in double-overtime in the third-ever field goal attempt of his career.
Earlier in the game, he missed the first of three field goals tonight. His winning field was the same distance, and it was felt that 40-yards was almost beyond his ability.

That walk-on kicker? A graduate of Mater Dei High School, Santa Ana. A must read.

What an incredibly great country. 

Production In Top Bakken Oil Fields, July, 2017, Data -- Greatest Decline In Field Production On A Percentage Basis, Month-Over-Month

Disclaimer: in a spreadsheet done manually there are likely to be typographical and factual errors. If this information is important to you, go to the source. Do not quote me on this data. 

June, 2017, and July, 2017, data for top producing oil fields in the Bakken. Ranked by greatest decline in field production, month-over-month, column 10, on a percentage basis.
Field
June 2017 Prod
June Wells
June Oil / Well / Month
Percent Change May-to-June
Change in # of wells
July 2017 Prod
July Wells
July Oil / Well / Month
Percent Change June-to-July
Change in # of wells
Crazy Man Creek
112,078
46
2,436
6.26%
1
80,376
48
1,675
-28.29%
2
Chimney Butte
428,056
83
5,157
38.29%
2
345,908
83
4,168
-19.19%
0
Jim Creek
94,911
53
1,791
-14.64%
0
80,892
53
1,526
-14.77%
0
Oakdale
52,290
24
2,179
-8.49%
0
44,611
24
1,859
-14.69%
0
Alger 
617,395
327
1,888
-5.69%
0
541,231
327
1,655
-12.34%
0
Twin Valley
197,037
31
6,356
-16.38%
0
174,264
31
5,621
-11.56%
0
Sand Creek
451,793
94
4,806
3.04%
0
405,064
94
4,309
-10.34%
0
McGregor
150,444
47
3,201
122.65%
6
135,160
47
2,876
-10.16%
0
Mandaree
433,107
91
4,759
0.56%
2
389,228
91
4,277
-10.13%
0
Pershing
107,479
39
2,756
21.22%
0
97,080
40
2,427
-9.68%
1
Parshall
1,555,938
520
2,992
-4.51%
13
1,415,210
521
2,716
-9.04%
1
Truax
324,786
175
1,856
-0.92%
0
298,421
175
1,705
-8.12%
0
Elidah
225,212
58
3,883
-6.74%
0
207,007
58
3,569
-8.08%
0
Clear Creek
121,411
75
1,619
-9.99%
0
111,918
75
1,492
-7.82%
0
Squaw Creek
113,664
41
2,772
-6.81%
0
104,850
41
2,557
-7.75%
0
Keene
126,087
45
2,802
-9.26%
0
116,360
45
2,586
-7.71%
0
Pembroke
155,746
57
2,732
-18.60%
0
144,256
57
2,531
-7.38%
0
Moccasin Creek
220,161
63
3,495
1.10%
0
206,472
63
3,277
-6.22%
0
Hawkeye
444,286
116
3,830
6.48%
3
418,970
117
3,581
-5.70%
1
Poe
330,800
104
3,181
-15.06%
0
313,265
105
2,983
-5.30%
1