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Tuesday, August 9, 2011

Bakken Companies Reporting Today -- Production Records Being Set -- Bakken, North Dakota, USA

USEG reports, 2Q11.

GEOI reports, 2Q11.

NOG reports, 2Q11: sales up 200% year-over-year; production volumes rose 130% year-over-year, and 12% over previous quarter (1Q11). These are incredible results considering the flooding in North Dakota this quarter. Remember how we all thought production was going to be severely impacted this quarter?

VOG reports, 2Q11: production doubled, year-over-year.

Remember: earnings for all Bakken companies at "Earnings Central" linked at the sidebar on the right.

Michael Filloon weighs in on many of the Bakken stocks. 

In addition to whatever Michael Filloon writes, some random observations:

1. NOG partnered with one of the premier operators in the Bakken: Slawson.
  • Mustang 1-22H, 1,829
  • Alamo 2-19-18H, 1,287
  • Diamondback 2-21H, 1,909
  • Cruiser 2-16-9H, 1,115
  • Hunter 1-8-17H, 1,668
2.  How much are the accrued costs for a boe for NOG? $5.94/boe in 2Q11; it was $5.24/boe in 1Q11; and $3.30/boe in 2Q10. NOG says "the increase in production expense is primarily due to lower production volumes due to heavy rain, flooding and road restrictions, the continued addition of producing oil and gas properties, exposure to new operators and new development areas, an increase in working interests, mature wells utilizing artificial lift and the general aging of production." Not necessarily in that order, I assume.

3.


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6 comments:

  1. AnonymousAugust 9, 2011 at 1:07 PM

    FYI Off topic

    Another way to shut down production.

    http://thetimes-tribune.com/news/gas-drilling/gas-driller-opposes-pipeline-rules-asks-landowners-to-raise-concerns-1.1186017#axzz1UYVCudzu

    CHK Niobrara
    http://www.denverpost.com/business/ci_18642369

    CHK Utica
    http://www.statejournal.com/story.cfm?func=viewstory&storyid=104939

    Clean Fuels
    http://seekingalpha.com/article/285818-clean-energy-fuels-ceo-discusses-q2-2011-results-earnings-call-transcript

    Anon 1

    ReplyDelete
  2. AnonymousAugust 9, 2011 at 1:30 PM

    Nog production was up 132% year over year. Sales increased 204% year over year (presumeably due to higher realized crude prices). Mtm losses on derivatives were reported. Would be interesting to check out nog's hedging results looking back.

    Also, average land acq cost in the quarter was right at 2000$ per acre. Didn't say top lease or new lease.

    ReplyDelete
  3. Bruce OksolAugust 9, 2011 at 1:40 PM

    Thank you; corrected that. I was putting those up pretty quickly.

    ReplyDelete
  4. Bruce OksolAugust 9, 2011 at 2:01 PM

    Regarding "Anon 1" comments on CHK, I posted a couple of those stories as stand-alone posts.

    ReplyDelete
  5. embraceyourinnerhillbillyAugust 9, 2011 at 7:31 PM

    Great numbers from NOG...NOG still has a short interest around 25 million shares!!!(maybe a lot of Naked Short Shares?)
    It will interesting to see how the shorts exit, or do they have a trump card to drive them out of business?

    ReplyDelete
  6. Bruce OksolAugust 9, 2011 at 7:52 PM

    If the price of oil gradually recovers to $90, those short sellers should be very, very nervous.

    I have long argued that price of oil between $80 and $100 is related to weakness/strength of the dollar. One wonders if Fed keeps rate at 0 percent until 2013, if that doesn't weaken the dollar? If so, price of oil should creep back up, all things being equal.

    Regardless, when you think about it, $80 oil is still pretty good. It's just that we've been spoiled with $100 oil.

    ReplyDelete

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