Two More DUCs -- October 2, 2016

Wells coming off confidential list Monday:

Monday, October 3, 2016

• None.

Sunday, October 2, 2016

• 32324, SI/NC, Hess, EN-Freda-154-94-2635H-12, Alkali Creek, no production data,

Saturday, October 1, 2016

• 32325, SI/NC, Hess, EN-Freda-154-94-2635H-1, Alkali Creek, no production data,

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The OPEC Announcement Means Squat -- WSJ

Link here.  

• "cut" not big enough
• won't happen "soon enough"
• WSJ sees the "cut" to be as much as 700,000 bopd -- I don' t know Nicole sees, but I certainly don't see any cut -- in fact, John Kemp suggests OPEC production might even increase under the "cut"
• nothing in the article that regular readers don't already know

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Non-Bakken

The only thing we learned (again) from The New York Times this week: the rich don't pay taxes.

Flashback: GM won't pay taxes for years; receives huge bailout from US government.

And, more recently, The New York Times paid no taxes in 2014:

As Forbes noted at the time:

… for tax year 2014, The New York Times paid no taxes and got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014.

In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is,

“The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.”

If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.

Meanwhile: