Sunday, June 21, 2020

Focus On Fracking Posted -- June 21, 2020

Well, I thought my previous note was the last note of the night. Not to be.

The weekly edition of Focus on Fracking has been posted. Another incredible week.


************************************
Please Don't Write Me On This One

I've read that the statue of Theodore Roosevelt will be removed from the Natural History Museum in NYC. Please don't write me on this one.  I find it hard to believe this statue was ever put up in the first place. What WERE they thinking?

*******************************
Don't Write Me On This One Either

John Bolton says he will vote for Joe Biden. Talk about cognitive dissonance.

Hess -- Crescent Point Energy -- June 21, 2020

Last note for the night. This is bugging me.

A reader wrote me sometime in the last four weeks that there was business activity involving Hess and Crescent Point Energy. I do remember the specifics of the note, but I couldn't find anything to verify what the reader sent me so I did not post it.

Earlier this week, the NDIC daily activity report reported that two Crescent Point Energy wells were transferred to Hess as the new operator.

Maybe others have noticed something or know something.

A fairly superficial google search was not helpful.

The NGI Shale Daily did have a story that looked promising, was dated June 19th, but for the year 2018.

Again, this is from 2018:
  • Crescent Point Energy Corp. plans to sell some of its noncore assets in the Williston Basin for a total of C$280 million in a pair of transactions expected to close by the end of the month (June, 2018).
  • Crescent Point in early May said it signed a nonbinding letter of intent to sell Williston assets for about C$225 million; a second transaction, valued at about C$55 million, has also been agreed to. Buyers were not named.
  • Current operated and nonoperated production from the assets is about 4,800 boe/d.
  • As a result of the dispositions, Crescent Point adjusted its 2018 average production guidance to 181,000 boe/d, weighted 90% to oil and natural gas liquids, and exit production guidance to 190,000 boe/d. Capital expenditures guidance for 2018 remains unchanged at C$1.78 billion. Proceeds of the deals are to go toward debt reduction and strengthening the balance sheet.
  • Three years ago, Crescent Point scooped up 2,200 drilling locations on 422,000 acres of Williston acreage in North Dakota, Saskatchewan and Alberta, along with a Uinta Basin interest in Utah, in an all-corporate paper deal to take over Legacy Oil & Gas Inc.
  • Crescent Point successfully completed its first stacked horizontal development in the Uinta Basin in 1Q2018, targeting the Castle Peak, Wasatch and Uteland Butte zones.
By the way, did anyone do the math?

422,000 acres / 2,200 drilling locations = 190 acres / drilling location.

Working backwards, 1280-acre drilling unit / 190 acres = 6.7 wells which is exactly what one would expect for the number of middle Bakken wells in Tier 1 locations in the Bakken.

Disclaimer: I often make simple arithmetic errors.

Random Update, BR's CCU Audubon Well -- Corral Creek -- June 21, 2020

I last talked about this well on December 19, 2018. The well:
  • 17319, 329, BR, CCU Audubon 41-27H, Corral Creek, t12/08; cum 340K 4/20; FracFocus, no re-frack; re-work, October, 2009;
For newbies: this is not an atypical well in the Bakken; it certainly is not an atypical well for BR; I find the production "ups" and "downs" entirely fascinating. This isn't supposed to happen but it happens all the time in the Bakken.

But think about this: this well was drilled back in 2008 -- is that almost twelve years ago? Wow. And it's still producing upwards of 6,000 bbls/month. 

Full production here.

This well was drilled back in 2008. Look at current production. 4,243 bbls over 23 days extrapolates to 5,534 bbls in a 30-day month:

Recent production:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20202342434454168142393633549
BAKKEN3-20203162506278262055945351166
BAKKEN2-2020296627665327155738564422
BAKKEN1-20203163896491305051294880172
BAKKEN12-20193142234255323634832983423
BAKKEN11-201930392434753349319515841537
BAKKEN10-201983254646912520232
BAKKEN9-20190000000
BAKKEN8-201943562744342920282
BAKKEN7-20190000000
BAKKEN6-20190000000
BAKKEN5-201951204155843097994225
BAKKEN4-20193061896284275251984398726
BAKKEN3-20192832142824256324495081871
BAKKEN2-20192133363489195224717371682
BAKKEN1-201931704073183297561955420

A Whiting Annala Well In The Sanish Trending Toward 600K Bbls Cumulative Crude Oil -- June 21, 2020

The well:
  • 17776, 2,548, Whiting, Annala 12-33H, Sanish, t3/10; cum 572K 4/20;
A steady Eddy, nothing remarkable; drilled back in 2010 -- leveled off at about 2,000 bbls/month; recent production:

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20203021902216518263325730
BAKKEN3-20203123282339643266025980
BAKKEN2-20202921372128562229122330
BAKKEN1-20203121702181653201519530
BAKKEN12-20193119571914539157815160
 

An Old 2008 MRO With A 56-Fold Jump In Production Twelve Years Later -- So Typically Bakken -- June 21, 2020

Not sure why I didn't update this one.

Whatever.

See this post.

At that post, the well:
  • 16909, 260, MRO, Lily Reiss 41-14H, Bailey, t2/08; cum 265K 4/20; 33-025-00688, re-fracked; came off line 2/19; remains off line 10/19; fracked 8/1/2019 - 8/9/2019; 5.7 million gallons water (moderate frack), 89.2% water by mass; sand, 10.3% by mass; original frack was an open hole completion in 2008; due to setback rules it was 655' FLS of section 23; MRO planned to extend this horizontal by approximately another 480 feet, approx 176' FSL of section 23, and will then plan for a 45-stage plug and perf style completion; scheduled to frack in June, 2019.Total drilling days: 34 days; for newbies -- note the number of drilling days; now, in 2019, the expectation is to drill these Bakken wells in seven (7) days. 92% in target zone; 100% in middle Bakken; no production since 3/19; remains off line 8/19; back on line 9/19;
Recent production, 23,673 over 25 days extrapolates to 28,408 bbls over 30 days:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20202487718801735165855139715
BAKKEN3-20203111897119309560923767581499
BAKKEN2-2020291326513208113021060979101476
BAKKEN1-2020311689117002162331399181794346
BAKKEN12-2019311905619026191281481766916534
BAKKEN11-2019302297722963268141759280017750
BAKKEN10-20192722070219992953013830305910440
BAKKEN9-20192523673237475099217313016964
BAKKEN8-20190000000
BAKKEN7-20190000000
BAKKEN6-20190000000
BAKKEN5-20190000000
BAKKEN4-20190000000
BAKKEN3-20190000000
BAKKEN2-2019284424011253789178
BAKKEN1-2019315035157143242174
BAKKEN12-2018314845047943942182
BAKKEN11-201830547468794330220

Full production here.

A Nice Murex Rick Clair Well In The Stanley Oil Field -- June 21, 2020

The well:
  • 16930, 1,407, Murex, Rick Clair 25-36H, a very nice well; a Monster Well; in Stanley oil field; need to follow up on this periodically, maybe annually; t3/08; cum 579K 4/20;
Full production here.

An EOG Parshall Wayzetta Well Goes Over 600K Cumulative Bbls Crude Oil -- June 21, 2020

The well:
  • 16961, 1,064, EOG, Wayzetta 8-11H, Parshall; t4/08; cum 604K 4/20;

An EOG Parshall Hauge Well Hits 600K Cumulative BBls Crude Oil -- June 21, 2020

The well:
  • 16965, 1,109, EOG, Hauge 1-01H, Parshall, t6/09; cum 598K 4/20;

Notes From All Over, Early Afternoon Edition -- June 21, 2020

Is this the sweet spot for the Williston Basin?
  • WTI: $50
  • active rig count: 40
  • frack spreads: 10
  • daily crude oil production: 1 million bopd
Covid-19 vaccine: an ethical path to a Covid vaccine. It appears this is not yet behind a paywall.
Author of essay: Carl Elliott. The New York Review of Books. I sped-read the essay. It seems well-balanced, considering the source and the author. There's a bit of anti-American sentiment in the article, but that's to be expected. Too much time spent on the past injustices. Okay, we get it. We're as bad as the Germans in the 1940s. Move on.
The big question: would I volunteer to a) be given an experimental Covid vaccine rushed into production for human testing; and, b) then be given an infectious dose of Covid-19 virus? Sure, why not? What could possibly go wrong?
This is referred to as a "challenge study." It's called a "challenge" study because researchers will be challenged to find any rational being willing to take this risk. LOL.
Covid-19: what is college worth? Jonathan Zimmerman in The New Review of Books. It begins:
Every fall I begin my freshman seminar on higher education by asking students to guess how many colleges in the United States admit fewer than 20 percent of their applicants. Estimates range from several hundred to a thousand.
The correct answer is forty-six.

[Turn that around: if you are a "legitimate/qualified college applicant, how many colleges in the entire US might be competitive for you? Forty-six.]
These schools represent between 1 and 2 percent of the roughly three thousand four-year higher-education institutions in the country. [At this point, I would like to know the number of four-year higher-education institutions the author would consider worthy of attending. Exhibit A: Auburn? It has a great name; a great football team. But is it a great school? If so, for what?]
But they include the colleges that I attended, as did my parents and my children; I imagine that many readers of these pages attended them as well. I would also wager that many of us went to college when we were around eighteen, lived on campus, majored in the arts and sciences rather than in preprofessional fields, and received our degrees in four years.

We’re the exception, not the rule. Of the roughly 70 percent of American high school graduates who enroll in college, 40 percent attend community college, which is almost never residential; more than a quarter of undergraduates are twenty-five or older; most major in business, the health sciences, or other preprofessional subjects; and they take an average of six years to complete college, if they finish it at all. Indeed, as David Kirp shows in The College Dropout Scandal, nearly 40 percent of undergraduates leave without a degree. Thirty-four million Americans—over a tenth of the nation’s population—have some college credits but dropped out before graduating. They are nearly twice as likely as college graduates to be unemployed and four times more likely to default on student loans.

That’s a scandal for the nation, not just for higher education. We like to imagine college as an egalitarian force, which reduces the gap between rich and poor. But over the past four decades it has mostly served to reinforce or even to widen that gap. During these years—and for the first time in American history—a college degree became the sine qua non of middle-class stability and self-sufficiency. Yet rising tuition and declining government assistance has put the degree out of reach for many Americans; others have had to borrow huge sums, saddling their families and futures with crippling debt.

The Swedish Meme Re-Surfaces -- June 21, 2020

From Breitbart today (link: https://www.breitbart.com/politics/2020/06/21/former-nyt-reporter-alex-berenson-there-is-marginal-evidence-that-lockdowns-work/):
“You can’t just look at the U.S.. The U.S. is just one country. It’s impossible to get around the fact. If you look at countries that didn’t lock down at all — Japan, Sweden, and Bellarus — you really can’t distinguish the course of the epidemic from countries that locked down and countries that didn’t,” he continued.
So, let's look at Sweden ("no lock down") and Norway ("with lock down"):

From the data:

A screen shot of the full table is impossible. Go to the link to see the full table.

If you remove the top three countries, which are clearly outliers, then Sweden is ranked #4 in deaths per million people, at 500.

At the other end of the spectrum, the number of deaths per million, worldwide is 60.

Norway, pretty similar to Sweden in many respects is ranked 50th, with  a rate of 45 deaths per million people.





Now, look at the graphs of new deaths daily. Note the y axis on each graph:

Not only is Sweden's death rate 10x that of Norway, there are indications that Sweden's death rate is increasing once again. Norway's death rate is almost back to zero, although some recent increase in the number of deaths is concerning.

Sweden:



Norway:



Something tells me that the "Swedish meme" that Sweden's strategy was the best strategy will never go away.

So Typically Bakken --- A Second Jump In Production -- June 21, 2020

The well:
  • 16988, 375, CLR, Colter 44-14H, Bear Creek; a huge well for CLR in Bear Creek; a big bump 9/13; a second bump in production, 3/19; see also #19616; t10/08; cum 535K 4/20;
Full production at this post.

Let's See If The Amber Renee Was A One-Hit Wonder -- June 21, 2020

I don't know if anything will come of these two wells, but I'm really looking forward to the reports for two new Murex wells; they are scheduled to come off the confidential list this next week. I've followed them for many, many years. The wells on this 3-well pad:
  • 36888, conf, Murex, Sophia Drake 25-36H-R, Sanish, no data at FracFocus (June 21, 2020);
  • 36887, conf, Murex, Amber Renee 25-36H-R, Sanish, no data at FracFocus (June 21, 2020);
  • 18408, the original Amber Renee, see below;
Other links:
And many more posts; if interested, google search the blog.

The "original" Amber Renee and Sophia Drake wells.

The Amber Renee was one of my favorite wells to watch from the very beginning. It was one of the first to make the "monster well" list.

Amber Renee:
  • 18408, TA/1,945,  Amber Renee 25-36H, Sanish; one mile to the west of the Chandler James; t2/10; F ; 822K 8/14 -- 661K in about two years; no pump; still 9K/month 1/13; IA 1/14; still inactive 10/15; the most recent sundry form shows this well is scheduled for a "re-drill"; TA as of 3/16; cum 822K 3/16; no change since 9/18; produced from 2/10 to 12/13, just under four years; full production here;
Sophia Drake:
  • 30312, PNC, Mjurex, Sophia Drake 25-36H, Sanish,  
The Sophia Drake is sited in the same section as the incredible Chandler James well:
  • 17263, 3,124, Murex, Chandler James 25-36H, Sanish, t10/08; cum 1.161169 million bbls 4/20; still producing about 2,000 bbls crude oil per month
Of interest, the Murex well in the section to the south and running north to parallel the original Amber Renee for a short distance has been off line since 11/19, suggesting something was going on:
  • 16839, 864, Murex, Jacob Daniel 25-36H-RE, Sanish, t1/08; cum 521K 11/19;
It is also of interest, but it probably means nothing, but several other Whiting wells to the west, in a completely different drilling unit, running perpendicular to the re-entered Murex wells (Amber Renee/Sophia Drake) and at least 500 feet (?) from the new Murex wells were also taken off line on/about 11/19.

Initial Production For Wells Coming Off The Confidential List This Next Week -- June 21, 2020

The wells:
  • 37048, conf, CLR, Simmental Federal 9-16H1, Elm Tree,
  • 36888, conf, Murex, Sophia Drake 25-36H-R, Sanish, 
  • 36887, conf, Murex, Amber Renee 25-36H-R, Sanish, 
  • 36785, conf, Kraken, Double Eagble 33-3 1H, Sanish,
DateOil RunsMCF Sold
4-20201745812068
3-2020274942905
2-202029536406
1-2020244985757
12-20190354
  •   35666, conf, Zavanna, Stranger 28-21 2H, Poe,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-2020301701214752173132799927297255
BAKKEN3-20203126146231872244049436479201055
BAKKEN2-20202931473276262656652431468685130
BAKKEN1-202031487204399643146799421192567555
BAKKEN12-20191504726074455
BAKKEN11-2019300103924500
  • 37049, conf, CLR, Simmental Federal 8-16H, Elm Tree, 
  • 37050, conf, CLR, Simmental Federal 7-16H2, Elm Tree, 
  • 35673, conf, CLR, Boise 8-24H, Brooklyn,
DateOil RunsMCF Sold
4-20202277350922
3-20203702968960
12-20191580
  • 35658, conf, CLR, Addyson 10-23HSL1, Brooklyn,
DateOil RunsMCF Sold
4-20201366933031
3-20202599145286
2-20202429848807
1-20201049019356
12-20196050
  • 37051, conf, CLR, Simmental Federal 6-16H, Elm Tree, 
  • 26415, conf, Bruin, Wm Polar 157-101-25A-36-2B, -- look how old this permit is; Otter, 
  • 37052, conf, CLR, Simmental Federal 5-16H2, Elm Tree, 
  • 36873, conf, Equinor, Jack Cvancara 19-18 XW 1H, Alger, 
  • 36791, conf, Sinclair, Harris Federal 4-32H, Lone Butte, 
  • 37053, conf, CLR, Angus Federal 14-9HSL1, Elm Tree, 
  • 26417, conf, Bruin, Wm Polar 157-101-25A-36-4B, -- look how old this permit is; Otter,
  • 37202, conf, Crescent Point Energy, CPEUSC Jean 10-9-4-157N-99W-LL TFH, Lone Tree Lake, 
  • 36874, conf, Equinor, Domaskin 30-31 XW 1H, Alger, 
  • 37055, conf, CLR, Angus Federal 12-9H, Elm Tree,
  • 37056, drl/drl, CLR, Angus Federal 11-9H2, Elm Tree,  
  • 36875, drl/TASC, Equinor, Jack Cvancara 19-18 4H, Alger, 
  • 35958, conf, Whiting, Arndt 14-5-3XH, Sanish,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20201445874708666321131170
BAKKEN3-20202815175151283108108271054023
BAKKEN2-20202922045223196099147711448623
BAKKEN1-20203027139268821479916954118974752
BAKKEN12-2019316059593418241388003685
BAKKEN11-201916006862000
  • 35676, SI/A, CLR, Boston 8-25H, Brooklyn,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20202529992300443376467401655711794
BAKKEN3-20202928245280272927938197358432314
BAKKEN2-20200000000
BAKKEN1-20200000000
BAKKEN12-2019345345316832920268
  • 37057, drl/drl, CLR, Angus Federal 10-9N, Elm Tree, no production data, 
  • 36876, drl/TASC, Equinor, Domaskin 30-31 9H, Alger, no production data, 
  • 35668, conf, Zavanna, Stranger 28-21 4H, Poe, 
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-2020301704214777157753577935142190
BAKKEN3-2020312795324790239852878028091227
BAKKEN2-20202939879350053055561056556504974
BAKKEN1-20202633713304443064161976113660453
BAKKEN12-20191520066188762496341697285538618
BAKKEN11-201910026201500
  • 37058, conf, CLR, Angus Federal 9-9H, Elm Tree, no production data, 
  • 35677, SI/A, CLR, Boston 9-25H1, Brooklyn,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20202317889179723890139141380661042
BAKKEN3-20202923511233294380956371529143417
BAKKEN2-20200000000
BAKKEN1-20200000000
BAKKEN12-2019421421416163200
  • 35674, SI/A, CLR, Boise 0-24H1, Brooklyn,
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-2020241505215143271013529534322939
BAKKEN3-20203022565223913708253244499753227
BAKKEN2-20200000000
BAKKEN1-20200000000
BAKKEN12-201944344346253200

Wells Coming Off The Confidential List This Next Week -- June 21, 2020

Tuesday, June 30, 2020: 73 for the month; 218 for the quarter, 445 for the year:
37048, conf, CLR, Simmental Federal 9-16H1
36888, conf, Murex, Sophia Drake 25-36H-R, 
36887, conf, Murex, Amber Renee 25-36H-R, 
36785, conf, Kraken, Double Eagble 33-3 1H, 
35666, conf, Zavanna, Stranger 28-21 2H, 

Monday, June 29, 2020: 67 for the month; 212 for the quarter, 439 for the year:
37049, conf, CLR, Simmental Federal 8-16H, 

Sunday, June 28, 2020: 66 for the month; 211 for the quarter, 438 for the year:
37050, conf, CLR, Simmental Federal 7-16H2

Saturday, June 27, 2020: 65 for the month; 210 for the quarter, 437 for the year:
35673, conf, CLR, Boise 8-24H, 
35658, conf, CLR, Addyson 10-23HSL1, 

Friday, June 26, 2020: 63 for the month; 208 for the quarter, 435 for the year:
37051, conf, CLR, Simmental Federal 6-16H, 
26415, conf, Bruin, Wm Polar 157-101-25A-36-2B, -- look how old this permit is; 

Thursday, June 25, 2020: 61 for the month; 206 for the quarter, 433 for the year:
37052, conf, CLR, Simmental Federal 5-16H2
36873, conf, Equinor, Jack Cvancara 19-18 XW 1H, 
36791, conf, Sinclair, Harris Federal 4-32H, 

Wednesday, June 24, 2020: 58 for the month; 203 for the quarter, 430 for the year:
37053, conf, CLR, Angus Federal 14-9HSL1,
26417, conf, Bruin, Wm Polar 157-101-25A-36-4B, -- look how old this permit is;

Tuesday, June 23, 2020: 56 for the month; 201 for the quarter, 428 for the year:
37202, conf, Crescent Point Energy, CPEUSC Jean 10-9-4-157N-99W-LL TFH,
36874, conf, Equinor, Domaskin 30-31 XW 1H,

Monday, June 22, 2020: 54 for the month; 199 for the quarter, 426 for the year:
37055, conf, CLR, Angus Federal 12-9H,  

Sunday, June 21, 2020: 53 for the month; 198 for the quarter, 425 for the year:
37056, conf, CLR, Angus Federal 11-9H2, 
36875, conf, Equinor, Jack Cvancara 19-18 4H, 
35958, conf, Whiting, Arndt 14-5-3XH, 
35676, conf, CLR, Boston 8-25H, 

Saturday, June 20, 2020: 49 for the month; 194 for the quarter, 421 for the year:
37057, conf, CLR, Angus Federal 10-9N, Elm Tree,
36876, conf, Equinor, Domaskin 30-31 9H, Alger,
35668, conf, Zavanna, Stranger 28-21 4H, Poe, 

Friday, June 19, 2020: 46 for the month; 191 for the quarter, 418 for the year:
37058, conf, CLR, Angus Federal 9-9H, Elm Tree,
35677, conf, CLR, Boston 9-25H1, Brooklyn,
35674, conf, CLR, Boise 0-24H1, Brooklyn,

Notes From All Over -- Midday Edition -- Sunday, June 21, 2020

Backwardation: came sooner than expected -- HFIR via SeekingAlpha. A reader once warned me that HFIR had a poor track record. I'm beginning to think so. From the link:
  • Brent 1-2 is now in backwardation.
  • This is sooner than what we had expected (month-end) and much sooner than anyone else in the market had expected.
  • Backwardation will start the process of inventory rebalancing. Excess crude on water needs to be drained first, then we will see onshore inventories decline in size.
  • US crude storage will start to move lower starting next week with larger draws in July and onward. Right now, the US is absorbing the excess crude from Saudi's supply surge in April.
  • The oil market rebalance will be bearish for tankers and bullish for oil producers.
Geico Rock Award nomination: Julian Lee, Bloomberg Opinion -- Buyer Beware: Oil Stockpiles are Enormous. Well, duh.


From the link:
Remember negative oil prices and the fear that every storage tank on the planet would get filled to the brim? That seems a long time ago, with West Texas Intermediate crude now hitting $40 a barrel and the buildup of stockpiles poised to go into reverse. The warning sent by that trip below zero was heeded. Oil production was slashed and the crisis averted.
But if you were hoping for a quick, V-shaped recovery in oil demand, look away now.
The International Energy Agency published its latest oil market outlook last week, pushing its quarterly forecast out to the end of 2021 for the first time. It doesn’t think demand will have fully recovered by then. 
In the final quarter of next year it predicts global oil demand will still be running about 2 million barrels a day below pre-pandemic levels, and more than 4% below where it might reasonably have been expected to be in the absence of the crisis.
No free lunch: Disney+ no longer offering free one-week trials. Why? The much-anticipated Hamilton will be premiered on July 3, 2020. Wow. It's being released more than one year ahead of schedule -- no doubt to counter the revenue lost from shutdown theme parks. Wow.

***********************************
Water Polo Practice -- Texas Style

This is so cool. The Grapevine Lake is huge, and just ten minutes up the road from us. This past week, the coach took the team out to the lake to practice. They practiced in a very, very small inlet, open to the public. Out where they were playing the water was well over ten feet deep. The coach had three kayaks, one not being used, and offered it to me. I had a blast. Even took the iPhone out to film the action.

Why I Love To Blog -- Reason #24 -- Nothing About The Bakken -- June 21, 2020

Updates

July 8, 2020: I was really, really wrong on this one. I thought it was a huge mistake for Dak Prescott to "hold out" during a Covid pandemic and the risk he was taking "waiting." But, here we are: Kansas City Chiefs Patrick Mahomes signs a ten-year, one-half-billion-dollar contract. This raises the floor for Dak -- one week before the July 15, 2020, signing deadline.

Original Post 

Not long ago, I suggested the most important story of the week was the "Dak Prescott" story. It took awhile, but the sporting press is starting to report what I thought might happen.

On June 6, 2020, I wrote:
Dak Prescott: on May 26, 2020, I said this was the most important story of the week. I was trolling; no one took the bait. But this is what I was thinking, reported now over at The Dallas Morning News six days ago: a season without fans could affect Dak Prescott's contract with the Cowboys "tremendously."
If by July 15, 2020, it is clear that the season will start on time with fans in the stands, no restrictions, Dak will likely get the contract he wants. But, and it's a huge "but," if it looks like the season could be delayed (unlikely) and there are questions about how to manage the stadiums (likely), the Cowboys might be holding a better hand, at least with regard to contract negotiations.

Well, today, here it. Salary caps historically keep increasing, benefiting star players like Dak Prescott. However, salary caps only increase if the total NFL profit increases. There is now talk that Covid-19 will significantly impact revenue for the 20-21 season. If it does, it will significantly impact salary caps going forward.

Dak Prescott, or better said, his agent, were betting on the come. That in the out-years, the salary cap would be much greater than it is today, and therefore, Dak should sign a "shorter" contract -- four years preferably, whereas the Cowboys were said to want a full five years.

All of a sudden, all that talk about an ever-increasing salary cap is coming under question.

And that's not all. If Dak were to test positive for Covid-19, how might that affect negotiations? From The Dallas Morning News:


************************ 
The Literature Page 

This is the book that will be my reading for the next couple of weeks. It's a long, long story how I found it, but suffice it to say it began when I got back into my Out of Africa phase.


Notes From All Over -- The Late Nigjht Edition -- Nothing About The Bakken -- Saturday, June 20, 2020

Saudi Aramco will maintain dividends despite huge hit to its income 1Q20:
Here we go again: underinvestment could send oil prices soaring, Oilprice, June 17 2020;

Housing boom in suburban New Jersey: we talked about this before; how the pandemic may change the housing market.

*********************************
The Literature Page

From wiki tonight, an important "phrase" that the granddaughters should know -- "the Mandarins."
The Mandarins (French: Les Mandarins) is a 1954 roman à clef by Simone de Beauvoir, for which she won the Prix Goncourt, awarded to the best and most imaginative prose work of the year, in 1954. The Mandarins was first published in English in 1956 (in a translation by Leonard M. Friedman).

The book follows the personal lives of a close-knit group of French intellectuals from the end of World War II to the mid-1950s.
The title refers to the scholar-bureaucrats of imperial China. The characters at times see themselves as ineffectual "mandarins" as they attempt to discern what role, if any, intellectuals will have in influencing the political landscape of the world after World War II.
As in de Beauvoir's other works, themes of feminism, existentialism, and personal morality are explored as the characters navigate not only the intellectual and political landscape but also their shifting relationships with each other.

The British novelist and philosopher Iris Murdoch (in the Sunday Times) described The Mandarins as "a remarkable book, a novel on the grand scale, courageous in its exactitude and endearing because of its persistent seriousness."