Twelve (12) New Permits -- Hess Has a Nice Well Coming Off Confidential List Today -- Earnings For MHR, EEP, and MPC; Williston K-12 Grades To Double Enrollment?

Yahoo-In-Play

Magnum Hunter reports that it achieved average production rate of 12,893 barrels of oil equivalent per day (Boepd) during the second quarter of 2012 (MHR) 3.76 : Co announced an operational update on each of its upstream unconventional resource plays for the second quarter of 2012 which includes (i) the Eagle Ford Shale, (ii) the Williston Basin, and (iii) the Appalachia/Marcellus/Utica Shales. Additionally, the co provided an operational update for its midstream division, Eureka Hunter Pipeline. Magnum Hunter achieved a record average production rate of 12,893 barrels of oil equivalent per day ("Boepd") during the second quarter of 2012. This represents a 161% increase from the production reported for the second quarter of 2011. Although second quarter 2012 production only represents a 2% increase on a Boepd basis as compared to first quarter 2012 production, the Company's oil/liquids production increased 32% to 5,862 Boepd in the second quarter of 2012 from 4,454 Boepd in the first quarter of 2012. This substantial growth in oil production is consistent with the Company's strategic shift in its focus as it relates to its capital budget program. Second quarter 2012 production includes only a partial quarter of production from the Williston Basin acquisition closed on May 22, 2012. Second quarter production pro forma for a full quarter of production from the Williston Basin acquisition would have been 13,400 Boepd.

Marathon Petroleum beats by $0.07, beats on revs (MPC) 47.47 : Reports Q2 (Jun) earnings of $2.53 per share, $0.07 better than the Capital IQ Consensus Estimate of $2.46; revenues fell 2.6% year/year to $20.26 bln vs the $19.27 bln consensus. "With our refining capacity balanced almost evenly between the Midwest and the U.S. Gulf Coast, we were able to take advantage of strong crack spreads and increasing production of Canadian and unconventional crudes.

Enbridge Energy beats by $0.04, misses on revs (EEP) 29.07 : Reports Q2 (Jun) earnings of $0.33 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.29; revenues fell 34.6% year/year to $1.55 bln vs the $1.77 bln consensus. Additionally, declares a cash distribution of $0.5435 per unit, as 2.1% increase, payable August 14, 2012 to unitholders of record on August 7, 2012.

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Wells coming off confidential list on Tuesday, July 31, 2012:

• 21609, 138, WPX/Dakota-3, Corral 1-36HD, Mandaree, t5/12; cum ---
• 21810, 770, Hess, CA-E Burdick 155-95-2932H-2, Capa, t6/12; cum 4K 5/12;
• 22042, drl, Cornerstone, Ingerson 2-12-1H, Woburn, s1/12;

Twelve (12) new permits in North Dakota:

• Operators: EOG (2), Denbury (2), Hess (2), Whiting (2), Zenergy, Fidelity, Murex, Liberty Resources
• Fields: Siverston (McKenzie), Rawson (McKenzie), Stanley (Mountrail), Manitou (Mountrail), Bell (Stark), Painted Woods (Williams), Rosebud (Williams)

Liberty Resources has a permit for a wildcat in Williams County.

One producing well completed:

• 21085, 933, Denbury Onshore, Satter 24-35NEH,

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RBN Energy: Bakken liquid natural gas muscling in on Canadian production?

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No link; the Williston Herald is reporting that school enrollment for grades K-12 will nearly double this coming school year. It sounds like the districts are ready. The largest increases will be seen in the early grades, particularly grades K-2.

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MarketWatch is reporting a housing shortage in North Dakota's oil patch that is "dire."  I have to admit: about the only thing bothering me in the North Dakota oil patch is the housing situation. Everything else I could "live with" (dust, traffic, hectic pace). Sad situation.  And, yes, there is gouging, at least by a definition of the word used by a few folks.

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Considering what's going on in Syria (not to mention North Korea, and about a dozen other countries), this pales in comparison but it's still a travesty.  Rows and rows of empty seats at the Olympics. Quite incredible. It appears the only ones getting in are the security forces. That's one way to prevent a terrorist event inside a stadium, I guess.

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Energy links at Independent Stock Analysis. 

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Drought --> water levels dropping --> affecting fracking?  To the best of my knowledge this is not an issue in western North Dakota oil patch, the Bakken.