Minimal Blogging; Still Traveling -- September 9, 2015

Tweeting now: Some Saudi oil projects may face extended delays, cancellation as Riyadh trims 'non-essential' spending. Comment: Setting up for $200 oil. Not just "delays," but "extended delays."

News: CLR to cut CAPEX for rest of year; reduce rigs from 10 to 8 in the Bakken; curtail fracking. Press release here.  

The company announced plans to spend approximately $300 to $350 million less than its previously approved capital budget for 2015 to better align spending with cash flow at current commodity prices. The Company plans to defer well completion activity, except for where it has contractual considerations or it accomplishes specific strategic objectives. Continental is also reducing its operated rig count in the Bakken from 10 to eight rigs by the end of the month.

Huge thank you to the reader who alerted me to CLR's decision to suspend fracking in the Bakken. I was alerted about ten days ago but felt best to wait until company announcement to post it.

MRO will cut capex. The Dickinson Press is reporting:

Marathon Oil Corp. said on Wednesday it will slash its capital budget next year by at least $600 million, becoming one of the first U.S. shale companies to announce 2016 cuts due to low crude prices.

The company, which operates in North Dakota, Texas and Oklahoma, plans to spend about $3.3 billion for 2015, and has begun identifying cuts for next year, with at least $600 million and likely more coming.

Poll results in which we asked whether operators should suspend fracking until next summer:

• Yes: 7%
• No: 27%
• Yes, but no time frame; base in on price of oil: 19%
• Depends on the operator: 47%

Active rigs:

	9/9/2015	09/09/2014	09/09/2013	09/09/2012	09/09/2011
Active Rigs	73	198	185	191	199

RBN Energy, Tuesday: the future of Houston area crude oil infrastructure.

RBN Energy, Wednesday: more propane supply in the right places.

NDIC daily activity report, Tuesday:

• Five (5) new permits --
• Operators: Zavanna (4), Liberty Resources
• Fields: Stony Creek (WIlliams), Capa (Williams)
• Comments: the Zavanna permits are for a 4-well pad in section 16-155-100

One Slawson permit canceled: Armada Federal in Mountrail County.
Four (4) producing wells completed:

• 21787, 988, Enerplus, Tandem 148-93-23B-24H, South Fork, t8/15; cum --
• 29432, 1,560, BR, Kings Canyon 6-1-27MTFH, Camel Butte, 4 sections, t8/15; cum --
• 29434, 1,080, BR, Kings Canyon 3-1-27MTFH, Camel Butte, 4 sections, t8/15; cum --
• 29871, 1,529, XTO, Werre Trust Federal 44X-34D, Bear Creek, t7/15; cum 3K 2 days;