Wednesday, December 16, 2015; US Likely To Repeal Ban On Crude Oil Imports; Fed Raises Rates (One And Done)

Updates

Later, 4:07 p.m. Central Time: WSJ has article on repeal of the ban on crude oil imports. 

Original Post

Active rigs:

	12/16/2015	12/16/2014	12/16/2013	12/16/2012	12/16/2011
Active Rigs	64	184	191	181	199

RBN Energy: Last in a series on the Permian Basin buildout.

No links, the story is everywhere. It looks like the US will allow crude oil to be exported. Time to close the poll at the sidebar in which we asked, whether President Obama will allow the US to export oil starting in 2016?

• yes: 12%
• no: 45%
• yes, with lots of conditions, including credits for solar/wind: 44%

Magnum Hunter files for bankruptcy protection. CNBC story here. The history of Magnum Hunter from my "Bakken Operators" page:

Magnum Hunter Resources (MHR) 
(Bakken Hunter is the subsidiary working the Bakken)

• December 16, 2015: files for bankruptcy protection. 
• September 27, 2014: looking to leave North Dakota; SeekingAlpha, Richard Zeits
• June 3, 2014: 97,000 net acres in North Dakota; Bakken acreage big in Canada, MT
• August, 2013: 377 net drilling locations in the North Dakota Bakken; 
• Will align its wells with existing ONEOK natural gas pipelines; March 2013
• November 25, 2012: to buy 20,000 net acres and production from Samson Resources for $30 million in cash; Divide County, along Canadian border
• 132,000 acres in the Bakken/Tableland; the Tableland is in Saskatchewan (Canada)
• Baytex sells 50,400 net acres of ND Bakken acreage to Magnum Hunter; 950 boepd; $311 million cash; -- 128,400 net acres? total?
• 78,000 net acres (Dunn, McKenzie, SE Saskatchewan); prior to the Baytex deal
• To acquire about 7,750 net acres; announced August, 2011
• 4Q12, estimate exit rate: >16,000 bopd
• 4Q11: 12,000 bopd exit rate
• 3Q11: 5,270 bopd 
• 2011 revenues: $50 million

Reuters/Rigzone reports:

Oil and gas producer Magnum Hunter Resources Corp and its affiliates filed for Chapter 11 bankruptcy protection on Tuesday to carry out a debt-cutting plan as a prolonged slump in oil prices has depleted the company's cash.

The company entered into a restructuring agreement that will convert its funded debt into equity, substantially reducing its more than $1 billion in debt, according to a company statement. Magnum Hunter ranks among the biggest energy producers to file for bankruptcy this year, joining Samson Resources Corp, Sabine Oil & Gas Corp, Quicksilver Resources Inc and Energy & Exploration Partners Inc.

To fund its operations during its bankruptcy, the company's lenders agreed to provide up to $200 million in financing, which will also convert into equity when Magnum Hunter emerges from bankruptcy, according to the statement. Magnum Hunter, which operates primarily in the Appalachian Basin in West Virginia and Ohio, said it expects to emerge from bankruptcy in April.

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Late Night Talk-Shows

My sentiments exactly.  My favorite: James Cordon. Can watch him on YouTube.