Monday, December 12, 2016

ND Active Rigs Up To 41; GDP Estimate: 2.6%, Unchanged -- 4Q16 -- December 12, 2016

Active rigs:

Active Rigs4165181191184

Track active rigs at this post.

EOG's EUR Guidance In The Delaware Basin

From a contributor over at SeekingAlpha:
  • new guidance pushes many of EOG's Delaware locations into Tier 1
  • the November update was the first quarterly update since the Yates Petroleum acuquisition
  • EOG's resource potential in the Delaware had grown by about 150%, even though net acreage only up by about 75%; to 6 billion boe; 416,000 net acres (back of envelope: 6 billion / 416K net acres = 15,000 boe/acre
  • contributor says EOG may have sold off about 8,000 net acres since original acquisition  
  • EOG now sees almost 3 billion boe across its holdings in the Delaware Wolfcamp position
  • 1,275 drilling positions in the Wolfcamp; four months earlier (August, 2016), EOG only had 775 net locations)
  • EOG also announced that in the Wolfcamp: the longer horizontal will be the "new normal"
  • Second Bone Spring: EOG added 620 net drilling locations; total now at 1,870 net; 1.4 bilion boe
  • third and final play for EOG in the Delaware: Leonard Shale (aka Avalon); EUR assumptions in this play jumped by 135%, roughly 3-fold; now a resource base of 1.7 billion boe; EOG added 200 net locations in the Leonard; now 1,800 net with 1,035 in the premium portfolio 
US Economy

From GDPNow:

Latest forecast: 2.6 percent — December 9, 2016.
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2016 is 2.6 percent on December 9, unchanged from December 6.
The forecast of the contribution of inventory investment to fourth-quarter growth decreased from 0.46 percentage points to 0.42 percentage points after this morning's wholesale trade report from the U.S. Census Bureau.

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