QEP WIth Two Huge Wells -- February 24, 2015; Several Bakken Operators Report Wednesday

Amber Renee off-line again; it turns out I had posted this before but forgot all about it. But not wanting to waste a post on an evening when I'm feeling really, really, ill, I will link it again. I follow the Amber Renee on many posts. 

Dividend news:

• SRE hikes annual dividend 6%, to 70 cents/share ($2.80 annual; reflects a yield of 2.5%)

Reporting Tuesday:

• First Solar (FSLR), forecast 76 cents; huge beat, $1.89/share; shares flat;
• QEP, forecast 25 cents; miss, 22 cents; shares slump; 
• SM Energy (SM): forecast $1.09, misses by 5 cents; $1.05/share; shares hold;
• Windstream (WIN): forecast 3 cents, meets income expectations, but misses on revenue; huge slump; 

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Big story and another example of North Dakota legislature having "its act together." Bakken.com is reporting:

Last Thursday North Dakota senators shot down a measure that aimed to further restrict and reduce flaring activity.
Senate Bill 2287 failed with 35 votes against and 11 in favor. The bill would have cut the amount of time a well is allowed to flare from one year to 90 days.

It also would have placed restrictions on the volume of natural gas flared each day and nullify some exemptions from the current policy.

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CLR's 4Q14 earnings presentation now available as a PDF over at CLR website.

OKE 4Q14 earnings transcript available at SeekingAlpha.

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Active rigs:

	2/24/2015	02/24/2014	02/24/2013	02/24/2012	02/24/2011
Active Rigs	124	189	181	204	168

Six (6) new permits --

• Operators: HRC (3), XTO (2), Crescent Point
• Fields: Four Bears (McKenzie), Tobacco Garden (McKenzie), West Ambrose (Divide)
• Comments:

Wells coming off confidential list today were posted earlier; see sidebar at the right.

Four permits expired: Zavanna Usher in Poe oil field (#24696); and, Slawson's Panther permit in Kittleson Slough (#24704). Two Oasis permits expired: Kuykendall in Foreman Butte (#24188), and Lake Trenton in Eightmile oil field (#24296).

One permit canceled: BR, a Golden Creek well in Dunn County (#17781).

Wells coming off confidential list Wednesday:

• 27038, conf, SHD, Canon 12-36H, Clarks Creek, no production data,
• 27394, A, Fidelity, Barnhart1 20-17H, Heart River, no IP, first production 8/14; cum 61K 1/15;
• 27902, 755, Emerald Oil, Lloyd Christmas 2-4-9H, Heart River, t8/14; cum 15K 12/15;
• 28277, 1,244, Emerald Oil, Lloyd Christmas 4-4-9H, Heart River, t9/14; cum 40K 12/14;
• 28488, conf, QEP, Severin 9-8-16-17LL, four sections,
• 28489, see below, QEP, Severin 1-16-17BH, Grail, a huge well,
• 28490, see below, QEP, Severin 2-16-17BH, Grail, a huge well,

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 27394, see above, Fidelity, Barnhart1 20-17H, Heart River:

Date	Oil Runs	MCF Sold
1-2015	13378	7223
12-2014	14845	8134
11-2014	5215	1537
10-2014	13409	3716
9-2014	11840	2644
8-2014	1983	0

Note production profile --

• 28277, see above, Emerald Oil, Lloyd Christmas 4-4-9H, Heart River:

Date	Oil Runs	MCF Sold
12-2014	7058	2158
11-2014	5004	0
10-2014	14286	0
9-2014	13577	0

28489, see above, QEP, Severin 1-16-17BH, Grail:

Date	Oil Runs	MCF Sold
12-2014	29115	37760
11-2014	20934	2256
10-2014	43680	0
9-2014	15405	0

28490, see above, QEP, Severin 2-16-17BH, Grail:

Date	Oil Runs	MCF Sold
12-2014	31046	27353
11-2014	16989	1443
10-2014	39982	0
9-2014	6246	0

Active Rigs Below 125 In North Dakota -- February 24, 2015

Results of wells coming off confidential list have been posted; 4/4 went to DRL status. 

Active rigs:

	2/24/2015	02/24/2014	02/24/2013	02/24/2012	02/24/2011
Active Rigs	124	189	181	204	168

RBN Energy: the "other island state."

Arnold Schwarzenegger said “Hasta la vista, baby” to the governor’s office in Sacramento four years ago, but his 2007 executive order establishing a low-carbon standard for transportation fuels is only now starting to have a real effect on California refineries. Some refiners say the rule aimed at reducing “life-cycle” greenhouse gas emissions from the transportation fuel sector 10% by 2020 is unrealistic and could result in refinery closings and gasoline and diesel shortages. Others say California’s goal is achievable. Today, we consider the Golden State’s low-carbon fuel standard (LCFS) and what it may mean for refiners.

California refineries are in the news because of last week’s fire at the 155 Mb/d ExxonMobil Torrance refinery that has shut that plant down, as well as the ongoing refinery strike that has kept the 160 Mb/d Tesoro Martinez refinery shut following maintenance. Together these plants represent 17% of California’s refinery capacity and fuel prices in the State are spiking higher.

California is something of an “island” state when it comes to refining with unique regulations mandated by the California Air Resource Board (CARB) that make gasoline and diesel more expensive to produce than in other states. As a result with no strategic reserves of fuel or pipeline access from other regions, California faces a continual risk of refined product shortage. All the more reason for the State’s refiners to be concerned by the impact of LCFS regulations.

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Libya Shutting Down

Reuters is reporting:

Brent crude oil rose more than $1 to around $60 a barrel on Tuesday after Libya's largest oilfield stopped production.

The Sarir oilfield in Libya shut because of a power cut, in a further blow to exports from the OPEC member.

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Minor Notes

It is being reported that President Obama will veto the Keystone XL bill.

The JV team abducts 90 more future beheadees.

S&P, Dow, and the FTSE all set new records. Reuters is reporting:

Britain's top equity index climbed to a record high on Tuesday as a rally in mining companies helped the three-decade-old blue-chip index to surpass its previous high, set in late 1999.

Homeownership hits 20-year low; and for all the talk otherwise, it now looks like the Fed will "never" raise rates.  A rate rise would wreak havoc on global markets and US debt payments.

Olbermann suspended. Again.

Tweeting now:

• George Zimmerman was acquitted of second-degree murder in 2013 for the fatal shooting of Trayvon Martin. Zimmerman shot Martin in Sanford, Fla., on Feb. 26, 2012 and said he was acting in self-defense. Today, the Justice Department said there was not enough evidence to pursue federal criminal civil rights charges in the case, but Attorney General Eric Holder added that "We, as a nation, must take concrete steps to ensure that such incidents do not occur in the future." - Stephanie
• Office of Chicago Mayor Emanuel sends out note saying he will have no public events on Wednesday; with 75.6% reporting in election, Emanuel is at 45.6% and Garcia is at 33.9% - @chicagotribune: the mayor needs 51% of the vote to avoid a run-off
• The US State Department issues statement condemning the JV team attacks on Christian villages in Syria - @StateDept