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Wednesday, August 26, 2015

Bad, Bad News For The Bakken -- August 26, 2015

This makes it pretty clear exactly what Saudi Arabia's intentions were from the beginning.

The link is to the WSJ:
The operator of Canada’s largest crude oil refinery, Irving Oil Ltd., said it has stopped importing Bakken Shale oil from the U.S. in favor of cheaper crudes from such producers as Saudi Arabia, reflecting a shift in crude costs affecting East Coast refiners during a global slump in oil prices.
The closely held company’s 320,000-barrel-a-day refinery in Saint John, New Brunswick, one of the biggest by volume in North America, has reduced purchases of Bakken crude shipped by rail to zero from a high of nearly 100,000 barrels a day two years ago, Irving President Ian Whitcomb said in an interview on Thursday.
“We’re not importing any Bakken crude right now,” he said.
The move reflects shifting economics in the energy industry even as the price of oil—including Bakken crude—has slumped to six-year lows.
A once-yawning gap, between the cost of oil produced in North America and overseas crudes priced at the Brent global benchmark, has narrowed since 2013. Refiners on North America’s east coast can now import crude shipped by sea for less than the cost of shipping it by rail from shale oil producers in North Dakota and elsewhere in the U.S.
Even if Saudi Arabia (OPEC) were to raise their prices, or cut production, there's nothing to prevent Saudi from unilaterally keeping prices low enough to undercut Bakken oil that would have otherwise been shipped to these East Coast refineries.

Unless I'm missing something, this is a very significant development. 

Okay, that was my knee-jerk reaction.

After thinking about it while watching a) the middle granddaughter at soccer; and, then b) the oldest granddaughter at water polo, I realized this was probably just a minor speed bump in the big scheme of things. First of all, it's probably been going on for quite some time, and if Saudi wants to keep giving their oil away at $40 / bbl (that must have been the Bakken price) that's fine with me. For Saudi, they need $100 / bbl in current dollars and for them it's an existential issue. The Bakken isn't going to go away.

So, it's a headline story, but that's about it. This, too, shall pass. That which does not kill us, will make us stronger.

Seeing the new Zavanna permits put me in a great mood. 

Zavanna's Hunter Wells -- Foreman Butte

Updates

October 21, 2018: all Hunter wells on confidential list. I don't think they've been fracked yet.

The wells.

The 4-well Hunter pad to the north:
  • 31863,
  • 31862,
  • 31861,
  • 31860,
The 3-well Hunter pad to the south:
  • 31864,
  • 31865,
  • 31866,  
Original Post
 
See this post for background to the new Zavanna permits for seven Hunter wells in Foreman Butte.

This is where they will be located (see graphic below). My hunch is that they will run to the south. Oasis as some old (very poorly performing horizontal Madison wells in the area). Oasis acquired much of the acreage in Foreman Butte from Zenergy back in 2013.

Zavanna has several very nice horizontal Bakken wells in this general area. Note how far west in McKenzie county these wells are located (the overview map of North Dakota with the very, very little red rectangle almost at the Montana state line.


Solyndra Was Just One Of (At Least) 36 -- August 26, 2015

Updates

February 6, 2020: Crescent Dunes, $737-million-backed by the federal government; solar company in Nevada declares bankruptcy. Link here. Solyndra: $535 million. Crescent Dunes lost its only customer; suffered a catastrophic technology failure -- can't even produce any electricity. Also here.

March 11, 2017: add Acquion

January 12, 2017: in the comments section at this post, a reader provided an updated list:
  • Tonopah Solar Energy LLC / Solar Reserve ($737 million) -- added July 30, 2020
  • Evergreen Solar ( Lost $25 million)
  • SpectraWatt ( Lost $500,000)
  • Solyndra ( Lost $535 million)
  • Beacon Power ( Lost $43 million)
  • Nevada Geothermal ( Lost $98.5 million)
  • SunPower ( Lost $1.2 billion)
  • First Solar ( Lost $1.46 billion)
  • Babcock and Brown ( Lost $178 million)
  • EnerDel’s subsidiary Ener1 ( Lost $118.5 million)
  • Amonix ( Lost $5.9 million)
  • Fisker Automotive ( Lost $529 million)
  • Abound Solar ( Lost $400 million)
  • A123 Systems ( Lost $279 million)
  • Willard and Kelsey Solar Group ( Lost $700,981)
  • Johnson Controls ( Lost $299 million)
  • Brightsource ( Lost $1.6 billion)
  • ECOtality ( Lost $126.2 million)
  • Raser Technologies ( Lost $33 million)
  • Energy Conversion Devices ( Lost $13.3 million)
  • Mountain Plaza, Inc. ( Lost $2 million)
  • Olsen’s Crop Service and Olsen’s Mills Acquisition Company ( Lost $10 million)
  • Range Fuels ( Lost $80 million)
  • Thompson River Power ( Lost $6.5 million)
  • Stirling Energy Systems ( Lost $7 million)
  • Azure Dynamics ( Lost $5.4 million)
  • GreenVolts ( Lost $500,000)
  • Vestas ( Lost $50 million)
  • LG Chem’s subsidiary Compact Power ( Lost $151 million)
  • Nordic Windpower ( Lost $16 million)
  • Navistar ( Lost $39 million)
  • Satcon ( Lost $3 million)
  • Konarka Technologies Inc. ( Lost $20 million)
  • Mascoma Corp. ( Lost $100 million) 
Original Post
 
It is amazing that out of the dozens of companies that were in the news from the very beginning, "we" picked up on Solyndra immediately. 

The blog is full of Solyndra stories right from the start (see tag). It turns out "we" were correct all along.

Taxpayer money to Solyndra; CEO and directors donate to DNC; Solyndra goes by the wayside after the election. At the same time Lois and the IRS targets Tea Party groups ensuring they are not given tax-free status and the rest is history as they say.

The Obama Administration admits Solyndra was a "scam." Not in so many words, but that's the nut. The actual words are here in the full report, a PDF file.

The interesting thing is that Solyndra was not the only scam. I doubt many folks remember this post and the list of 36 companies that received federal support from taxpayers have either gone bankrupt or are laying off workers and are heading for bankruptcy. This list includes only those companies that received federal money from the Obama Administration’s Department of Energy.
The amount of money indicated does not reflect how much was actually received or spent but how much was offered. The amount also does not include other state, local, and federal tax credits and subsidies, which push the amount of money these companies have received from taxpayers even higher.
The complete list of faltering or bankrupt green-energy companies:
  1. Evergreen Solar ($24 million)*
  2. SpectraWatt ($500,000)*
  3. Solyndra ($535 million)*
  4. Beacon Power ($69 million)* -- see "update/correction" below
  5. AES’s subsidiary Eastern Energy ($17.1 million) -- see "update/correction" below
  6. Nevada Geothermal ($98.5 million)
  7. SunPower ($1.5 billion)
  8. First Solar ($1.46 billion)
  9. Babcock and Brown ($178 million)
  10. EnerDel’s subsidiary Ener1 ($118.5 million)*
  11. Amonix ($5.9 million)
  12. National Renewable Energy Lab ($200 million)
  13. Fisker Automotive ($528 million)
  14. Abound Solar ($374 million)*
  15. A123 Systems ($279 million)*
  16. Willard and Kelsey Solar Group ($6 million) -- see "update/correction" below
  17. Johnson Controls ($299 million)
  18. Schneider Electric ($86 million) -- see "update/correction" below
  19. Brightsource ($1.6 billion)
  20. ECOtality ($126.2 million)
  21. Raser Technologies ($33 million)*
  22. Energy Conversion Devices ($13.3 million)*
  23. Mountain Plaza, Inc. ($2 million)*
  24. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
  25. Range Fuels ($80 million)*
  26. Thompson River Power ($6.4 million)*
  27. Stirling Energy Systems ($7 million)*
  28. LSP Energy ($2.1 billion)* -- see "update/correction" below
  29. UniSolar ($100 million)* -- see "update/correction" below
  30. Azure Dynamics ($120 million)* -- see "update/correction" below
  31. GreenVolts ($500,000)
  32. Vestas ($50 million)
  33. LG Chem’s subsidiary Compact Power ($150 million) -- see "correction" below
  34. Nordic Windpower ($16 million)*
  35. Navistar ($10 million)
  36. Satcon ($3 million)*
  37. Nissan Leaf battery facility, Smyrna, TN (see November 15, 2012, update above) 
  38. Twin Creeks Technologies, Senatobia, MS ($26  million)* (see November 30, 2012, update above) 
  39. Abengoa, Madrid, Spain; added April 16, 2016; bankrupt; largest bankruptcy in Spain's history;  
  40. Tonopah Solar Energy LLC / Solar Reserve ($737 million) -- added July 30, 2020
* Indicates filed for bankruptcy.

Note: the list came from another source; not all links were fact-checked. Much has been lost since the list was originally published. I can no longer vouch for the accuracy of the list, but it gets the point across to anyone paying attention. If this is important to you, go to the original source, at the post linked above.

Twelve (12) New Permits; BR Reports Four High-IP Wells; Whiting Will Report A Nice Well Tomorrow -- August 26, 2015

Wow, what a day:
  • stock market up 600 points
  • orders for consumer durables surge 2% month-over-month; surprised analysts who expected a drop
  • Donald Trump hits 40% (remember: the consensus was his numbers would drop as other candidates dropped out and coalesced around non-Trump candidates); looks like Walker voters are going for "the Donald"
  • black shooter kills two whites; no protests; no looting; "Black Lives Matter"; Bryce wanted a race war; he got it backwards -- black on white doesn't matter; white on black will start a riot
  • Obama administration admits: Solyndra was a scam; lessons learned
***************************** 
Back to the Bakken

The big question, of course, tonight, is how many permit numbering errors there will be on the daily activity report when it is released later this evening?

Active rigs:


8/26/201508/26/201408/26/201308/26/201208/26/2011
Active Rigs75195185189200

Three (3) wells coming off the confidential list Thursday:
  • 25361, 2,348, Whiting/KOG, Smokey 4-15-22-14H, Pembroke, 30 stages, 3.5 million lbs, t5/15; cum 21K 6/15 (29 days);
  • 30387, drl/NC, SM Eenrgy, Shawn 1B-15HS, West Ambrose, no production data,
  • 30697, drl/NC, MRO, Mikkelsen 11-14H, Reunion Bay, no production data,
Four (4) producing wells completed:
29050, 1,584, BR, Kings Canyon 2-8-34UTFH,
29423, 1,608, BR, Kings Canyon 4-8-34UTFH,
29426, 2,040, BR, Teton 5-1-3TFSH,
29465, 2,565, BR, Teton 7-1-3TFSH, 

Twelve (12) new permits:
  • Operators: Zavanna (7), Newfield (3), CLR (2),
  • Fields: Foreman Butte, Catwalk (Williams), Pembroke (McKenzie)
  • Comments: generally speaking, once a permit is issued in North Dakota, the expectation is that the well will be drilled fairly quickly, probably within 3 to 9 months; the seven Zavanna permits appear to be for well on two pads (one 4-well pad, and one 3-well pad, I believe), NWNW 29-150-102. I think I'm correct on all this. The reason for my "hesitation" is because the entire area (around 29-150-102) is "owned" by Oasis -- at least one Oasis well in every section in that area. There is one Zavanna well nearby, but it is one mile to the east, sited in section 28-150-102, and running south (1280-acre spacing):
  • 22314, 864, Zavanna, Browning 28-33 1H, Foreman Butte, 35 stages, 4.0 million lbs, t2/13; cum 129K 6/15; 
Further comment: I think the fact that this is Zavanna with all these permits, particularly in the current environment speaks volumes. There are not many operators that are very active right now in the Bakken. I would assume that for an operator to be active in the Bakken right now, the operator has to have "something going on" that is different from the other Bakken operators that are not so active. It could be as simple as Zavanna has no other plays in the US and has only the Bakken, but that's relatively true with a lot of Bakken operators. I would assume all Bakken operators are looking six to twelve months out, so these new permits were predicated on what the environment might look like a year from now. I may be going way out on a limb here, but when I saw the "jump" in monthly production when Zavanna reported "gas lift" recently, it makes me wonder if Zavanna doesn't think they might have something very, very interesting with regard to lift. The Foreman Butte oil field is not exactly where most of the action is right now: it's fairly far west in north McKenzie County, a bit far to the west of the sweetest spots in northeast McKenzie County. I have not updated Foreman Butte in a long time; guess it's something I need to do.

The Hunter wells will be tracked here

Okay, it make sense now. I forget / never knew if there was any formal relationship between Zavanna and Zenergy (other than the first letter of their corporate name), but they were often found "together" in the Bakken. In September, 2013, it was announced that Oasis acquired 160,000 net acres in the Bakken from Zenergy. That's why this field now looks like an Oasis field. It used to be a Zenergy / Zavanna field. Now it's an Oasis / Zavanna field. 

Just An Observation Regarding US Gasoline Demand And How The Obama Administration Sees It -- Basically Flat -- August 26, 2015

Updates

Later, 3:16 p.m. Central Time: this is why I love to blog. Not less than two minutes ago I was still correcting the typographical errors on the original post below. I leave this page to check my mail, and Don has already sent me a link validating my thoughts with regard to bigger SUVs, cross-overs, and pick-ups going forward. Business Insider is reporting that Ford may bring the Bronco back, bigger and better than ever. The article was just posted 52 minutes ago, about the time I started working on the graphic below.
A source familiar with Ford's product planning said that the company is considering the revival of the Bronco SUV. According to the source, the new Bronco will likely be a midsize affair comparable in size to Ford's popular Explorer.
However, unlike the Explorer — which is now a crossover — the Bronco will be based on a midsize pickup truck.
There's just one problem. Ford currently does not offer a midsize pickup in the US.
That's where the Ranger comes into play. Sources within Ford say that the Ranger pickup could return to the US market as early as 2018.
Although the Ranger name may be defunct in the US market, Ford has been selling a midsize truck overseas using the name for nearly 20 years.
Ford, like many others, abandoned the compact pickup truck market during the late 2000s when growth in the segment slowed and instead focused on the development of more profitable larger trucks, SUVs, and crossovers.
However, with the recent return of the GM duo and a revamped Toyota Tacoma, there is new life in the once dormant segment — albeit with slightly larger vehicles.
My hunch is automobile manufacturers are rushing to get out bigger vehicles a) before new CAFE standards are instituted; and, b) while consumers "believe" cheap oil is here to stay.

See also "Muscle Cars" are back

Original Post
 
It's a bit "busy," but interesting. Hope you can understand it.


Everything in blue (the x-axis and the line in atrial fibrillation) is from the EIA. Using an x-axis from 0 bopd to 12 million bopd (neither of which is close to reality between 1992 and today), it appears at first glance that US gasoline demand since 1992 has been relatively flat.

However, if one uses an x-axis from 5.5 million bopd to 10 million bopd (much closer to reality), the red line is actually quite remarkable.

It would be interesting to go back to 1992 and see what the projections for gasoline demand in the US were at that time.

The graph is even more striking when one remembers that the 1990's were known for stricter and stricter CAFE standards (mileage standards) and that over the years, the technology for more and more efficient engines has improved. In addition, Americans have demanded more fuel-efficient cars and there was an overall movement toward compact and sub-compact cars with the history of OPEC embargoes. And, of course, we can't forget all the EVs that Americans are now driving. And, of course, all the bicycle riding due to the fitness craze. And yet the gasoline demand from 1992 to today -- about 25 years -- is quite striking.

To add a bit of fuel to this fire, remember that auto manufacturers are setting new records with sales of gas guzzling SUVs, cross-overs, and pick-ups. EV sales are essentially flat. New, potentially stricter CAFE standards are not up for review until 2018, and won't take effect until 2020, IIRC.

It appears gasoline demand records were set:
  • August, 2007, third week: 9.762 million bopd
  • July, 2005, first week: 9.721 million bopd
  • August, 2003, fourth week: 9.668 million bopd
We are currently about 9.6 million bopd per John Kemp's most recent tweet on the subject.

Source here.  Technically, I guess this is "gasoline supplied," not necessarily "consumed" or demanded." But I assume all three terms, when it comes to gasoline, are nearly synonymous.

Note: I often make simple errors. For example, I probably should have raised the left end of the red line slightly more. In addition, the red line would have some steeper slopes in places, and it might have even been a bit flatter in places. There could be other mistakes in the graph above. If this information is important to you, go to the source.

Update On The Request For Winterized Trailers -- August 26, 2015

Updates

August 26, 2015: a reply to query below --
Are you looking for trailers or skid shacks?  Also most of the units in ND are not 72' long the largest they get is 14x56.
Also what are you looking to spend?
Recommend e-mailing Chris direct at e-mail address below. 

 
Original Post

Over at the discussion group (sorry about the delay getting this posted):
Looking to buy cold weather oilfield trailers (company man/toolpusher, etc.)
72' trailers preferred, will buy up to 30 trailers. Please email me at chrisut@gmail.com if you have any available.

Falling Fast? -- August 26, 2015; California Refineries Can't Keep Up With Demand

See John Kemp's tweets below. Note that West Coast refineries processing 144,000 bopd more than what they did in 2014, and yet (see the graph) they cannot keep up with demand.

A Goldman Sacks spokesman on CNBC this a.m. said gasoline demand in the US was up 17% this year -- see video, about one minute into the video.

It's hard to believe it's up that much, but there's no question it is up significantly. It will (or already has) hit an all-time record (the previous record was the third week in August, 2007).

To the best of my knowledge, the Exxon refinery in Torrance is still down following an explosion earlier this year. Also, see graphic at this link.

Tweeting now:
  • US gasoline consumption over last 4 weeks averaged 9.6 million b/d, around +530,000 b/d above prior year;
  • US gasoline stocks edge up +1.6 million bbl, roughly +2 million bbl above 2014 level and +7 million above 10-yr avg;
  • US gasoline stocks in terms of days of consumption in line with long-run average and down from 2014;
  • US distillate stocks rise +1.4 million bbl, roughly +16 million above 10-yr avg. but tracking normal seasonal build;
  • US refinery throughput edged down -117,000 b/d but still +116,000 b/d over prior year and at seasonal record;
  • US crude oil imports slowed to 7.2 million b/d compared with 8.0 million b/d prior week, mostly explaining stock draw;
  • US commercial crude oil stocks fell -5.5 million bbl last week;
  • US refinery utilization at 94.5%;
  • West Coast refineries continue to run hard (+144,000 b/d above 2014 level);
  • West Coast gasoline stocks fall by almost -1 million bbl to lowest for this time of year in more than a decade: 
  • Propane stocks climb to new record while residual fuel oil inventories remain flat
The crude oil stock decline of 5.5 million bbls seems pretty much due to the 0.8 million bopd import decline (0.8 million x 7 = 5.6 million bbls).

Refineries running flat out continue to barely meet demand -- the US gasoline stocks in terms of days of consumption dropped from 2014.

Running flat out, the West Coast refineries cannot keep up with gasoline demand:



I often misinterpret the data. If this information is important to you, go to the source. The tweets were from John Kemp.

North Dakota Drone News -- Another First -- Shooting From Unmanned Drones -- The Daily Beast; Update On ND Farmers And Jet BioFuel -- August 26, 2015

The Winona Daily News is reporting that no frack sand shipments have come through the city harbor this year (2015):
The boom in sand shipments made 2014 a non-typical year. The silica sand, which was not shipped before 2010, went from 4,742 tons that year to peak at nearly 400,000 tons in 2014.
The city sits on the Mississippi River southeast of Minneapolis. I'm not exactly sure where this frack sand would go; I suppose it could be shipped a bit north to be put on Warren Buffett trains and then west to the Bakken, but more likely once on the barge, the sand heads south towards Louisiana and from there by rail to Texas. I don't know.

***************************
North Dakota Harvesting Carinata For Jet Biofuel

See also this post from April 28, 2015

The Bismarck Tribune is reporting: harvest is underway for North Dakota's first crop of jet fuel.
Western North Dakota farmers agreed to plant 6,000 acres of carinata, a variety of mustard seed and alternative crop to canola that can be made into a biofuel.
The crop also has the benefit of being close to canola for sale price but the seed is cheaper, leading to a lower cost of production and potentially higher profit margins. He doesn't have to worry about getting stuck with leftover crop either because his contract is for all that he produces.
In addition to Flasher in the southwest, about one-third was planted around Mott and there was some acreage around New Leipzig. In the northwest, there was some near Tioga and some in northeast Montana.
The crop will be delivered to the Ray Farmers Union Elevator, likely in November. Agrisoma is working on adding other elevators to the delivery list for next year.
Canada-based Patterson Grain will sell it on the market and it will be processed in the U.S. 
One potential consumer, the U.S. Navy, is targeting carinata to help reach its goal of serving half of its energy needs with non-oil sources by 2020.
Half its energy needs with non-oil sources by 2020. I assume this does not include fuel for the a/c carriers.

This amount of carinata biofuel will probably provide enough fuel for one F-14 sortie over Iran.  But if the government wants to spend $126/gallon for biofuel, they might as well buy it from North Dakota farmers. Willy Nelson would be happy.

Armed drones, US Navy biofuel, honey, ICBM weapons, oil, wheat, -- a pretty diversified economy for a little state.

 *******************************
Target Practice

This seems noteworthy:
North Dakota police will be free to fire "less than lethal" weapons from the air thanks to the influence of Big Drone. It is now legal for law enforcement in North Dakota to fly drones armed with everything from Tasers to tear gas.
With all the concern over the militarization of police in the past year, no one noticed that the state became the first in the union to allow police to equip drones with “less than lethal” weapons.
It's a pretty opinionated article but if you can get past the "garbage,' the article has some great data points. I'm not sure what "Big Drone" is and I bet the writer doesn't either.

Do We Have A Trifecta Today? -- August 26, 2015

The trifecta:
  • a few months ago, it was said China's economy overtook the US economy to become the #1 economy in the world; with the meltdown in China, is the US #1 again?
  • economists forecast US durable orders to decrease in July; in fact durable orders surged 2%
  • housing prices in north Texas are skyrocketing; #3 in the nation, behind Denver, San Francisco; I heard this on the radio; I think I heard Denver was #1 or #2 but I may have that wrong
I wonder if the AppleWatch is considered a "durable" product? LOL.

********************************
Encana To Sell Haynesville Natural Gas Assets For Slightly Less Than $1 Billion

Press release:
Encana Corp. announced Tuesday that it will sell its Haynesville natural gas assets, located in northern Louisiana, to GEP Haynesville, LLC (GeoSouthern), a joint venture formed by GeoSouthern Haynesville, LP and funds managed by GSO Capital Partners LP.
Total cash consideration to Encana under the transaction is $850 million. In addition, through the transfer of current and future obligations, Encana will reduce its gathering and midstream commitments, which will be substantially complete through 2020, by approximately $480 million on an undiscounted basis. Further, Encana will transport and market GeoSouthern's Haynesville production on a fee for service basis for the next five years.
Consistent with its strategy, Encana remains focused on growing high margin production. Over 80 percent of 2015 capital will be invested in the company's four most strategic assets in the Permian, Eagle Ford, Duvernay and Montney.
During the first half of 2015, Encana's Haynesville assets produced an average 217 mmcf/d, contributed approximately 9 percent to companywide production and less than 2.5 percent to Encana's first half operating cash flow, excluding hedges.
*************************
The Apple Page
Not Too Shabby

So, how did Apple's "total shareholder return do these past two years? Macrumors is reporting:
Apple CEO Tim Cook and Senior Vice President Eddy Cue received 560,000 and 350,000 restricted stock units respectively this week, worth a combined $93.8 million based on AAPL's closing price of $103.12 on Monday.  
Cook was awarded with 280,000 performance-based restricted stock units in full based on Apple's performance relative to the other companies in the S&P 500 over a two-year period ending August 24. Apple needed to achieve a total shareholder return (TSR) of at least 41.36% to place in the top third of companies in the index, and Apple's TSR for the two-year period was 76.76%.

Wednesday, August 26, 2015

Global Shale Producers
Vaca Muerta 

It is widely known that the US is the world's largest shale producer.

Quick: who is in second place?

Answer: Argentina.
Argentina’s crude production was 533,600 barrels a day in June, down 0.5 percent compared with May but up 0.7 percent year on year. The increase was mainly from YPF’s crude output rising by 4.7 percent in the same span. 
The Bakken produces around 1.2 million bopd, and unfettered, it could easily go to 2 million bopd.

Vaca Muerta is the size of Belgium. 

*************************************
 Miscellaneous

WSJ: Venezuela's food shortage trigger long lines, hunger, and looting.

WSJ: Schlumberger to buy Cameron International for $12.7 billion.
The price tag values Houston-based Cameron at $66.36 a share, a 56.3% premium to Tuesday’s closing price. Amid the downturn in the energy sector, Cameron shares had fallen 42% over the past 12 months, but they surged 39% to $58.50 in premarket trading Wednesday.
Cameron shareholders will receive $14.44 in cash and 0.716 Schlumberger shares for each share of Cameron. After completion, Cameron holders will own about 10% of the combined company.
Cameron, perhaps best known as the maker of a piece of safety equipment that helped trigger the 2010 Deepwater Horizon disaster, settled with BP PLC for $250 million in 2011.
**********************************
Back To The Bakken

Active rigs:


8/26/201508/26/201408/26/201308/26/201208/26/2011
Active Rigs75195185189200

RBN Energy: only three days left to register for RBN Energy "school."