Monday, October 10, 2016

In Four Days, This Gadeco Well Produced 10,000 Bbls Of Oil After Being "Inactive" For Over Two Years

On June 2, 2016, the NDIC noted this well was spud January 2, 2014, and completed April 24, 2015, but production records revealed no production had been reported. The operator was told to bring this well into compliance or abandon it.
  • 28570, 840, Gadeco, Alexander 26-35H, Epping, it looks like this one was just brought on line, 8/16 despite being tested 4/15;  
Similar story for this well:
  • 28569, 648, Gadeco, Alexander 26-36 5TFH, it looks like this one was just brought on line, 8/16; despite being tested 4/15;
Production profile for #28570 (looks very similar to #28569):
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare

3Q16 Earnings

This is not an investment site. Do not make any investment, financial, or relationship decisions based on what you read here. If this is important to you, go to the source. There will be factual and typographical errors on this page. If something looks wrong, it probably is.

Earnings Calendar

Earnings for the current quarter will be reported at this page; the link will be on the sidebar at the right, under "Earnings Central." When we start to see earnings reports for any quarter, the "Earnings Central" link is moved to the top of the sidebar until the earning season is over.

I don't have time to check/update earnings on all companies listed below. If you see one that I have missed, feel free to send it in (anonymous comment or by e-mail) and I will post it.

Much of this information is done in haste. I assume there are factual and typographical errors. It is for my personal use only. If this information is important to you, go to the source.

November 8,2 016

NOG: after market close. 

November 7, 2016

Oasis: after market close;

November 3, 2016:
November 2, 2016:
October 31, 2016:
  • EEP: 19 cents forecast; actual 9 cents;
  • WMB: 19 cents, forecast; actual 8 cents;
October 28, 2016
October 27, 2016:

October 26, 2016
October 25, 2016
October 21, 2016
  • GE: 32 cents, before market open;
  • McDonald's (MCD): $1.49 before market open; earnings top expectations. Story here
  • better than expected
  • shares up 3.5% in pre-market trading but had been down 13% over past three months
  • sales rose 3.5% in existing restaurants, handily beating the 1.5% growth expected

October 20, 2016
  • BK: forecast 81 cents; surprises everyone: beats on top line and bottom line; EPS at 90 cents; huge; shares up slightly on a down day for the market
  • MSFT: 68 cents, after market close; up almost 6% after hours; beat on both top line and bottom line; 76 cents/share vs expectation of 68 cents
  • SLB: 22 cents, after market close (lots of pressure on SLB now that HAL beat forecasts); flat after hours despite beating expectations; EPS at 25 cents but missed top line revenues by a small amount;
  • UNP: $1.39 before market open; wow, shares plummet 6%; 3Q16 profit falls 13%; missed estimates; $1.36/share; down from $1.50/share last year
October 19, 2016
  • HAL: est, a 7 cent loss; incredible, an 8-cent beat; reports a one-cent EPS; transcript; HAL shares up 4%;
  • XLNX: est 55 cents; mixed; missed analysts' expectations but yet earnings at 61 cents better than forecast of 55 cents; not sure what this is all about; shares slipped slightly; no big deal.
October 14, 2016
  • Wells Fargo: est $1.01, actual $1.03, revenue of $22.2 billion; Stumpf abruptly walked away on Wednesday, October 12, 2016;
October 12, 2016
October 11, 2016
  • Alcoa: 32 cents; revenue of $5.21 billion; analysts forecast 35 cents on revenues of $5.31 billion; pre-market, AA down about 4%;

Abraxas Reports Six DUCs Completed In North Fork Oil Field, The Bakken -- October 10, 2016

Active rigs:

Active Rigs3268190185187

Wells coming off confidential list Tuesday:
  • 31120, 907, Oasis, Left 5200 12-30 8T, Camp. 50 stages, 8.9 million lbs, t4/16; cum 36K 8/16;
  • 31311, SI/NC, Hess, AN-Brenna-153-94-3130H-4, Antelope, no production data,
No new permits.

Ten permits renewed:
  • Petro-Hunt (5): five State permits in McKenzie County.
  • Hunt (2): two Halliday permits in Dunn County.
  • Hess: one Ti-Beauty Valley permit in Williams County.
  • Whiting: one Skunk Creek permit in Dunn County.
  • Thunderbird Resources: one Little Missouri Federal permit in Billings County.
Six producing wells reported as completed:
  • 31163, 1,053, Abraxas, Stenehjem 11H, North Fork, t9/16; cum 6K after 8 days;
  • 31162, 1,124, Abraxas, Stenehjem 10H, North Fork, t9/16; cum 6K after 9 days;
  • 31164, 989 Abraxas, Stenehjem 12H, North Fork, t9/16; cum 6K after 12 days;
  • 31166, 983, Abraxas, Stenehjem 14H, North Fork, t9/16; cum 11K after 16 days;
  • 31165, 1,116, Abraxas, Stenehjem 13H, North Fork, t9/16; cum 11K after 15 days;
  • 31167, 961, Abraxas, Stenehjem 15H, North Fork, t9/16; cum 11K after 17 days;
Ten wells transferred from Rim Operating to Thurston Energy Investments 2, LLC:
  • first time I've seen Thursday Energy Investments 2, LLC
  • all ten wells were in Burke County
  • oldest file #16297
  • most recent file #17701

Odds (Some Very Odd) And Ends (And Some Precipitous Ends) -- Nothing About The Bakken -- October 10, 2016

Only a few days ago I wrote how impressed I was with Amazon's Echo 1 ("Alexa"). My youngest sister has one. She wrote on her Facebook page:
We have Alexa. She is a hoot. I use her for my grocery list. We bought her on that Prime sale day.
I also can have her read me a motivational or Bible verse to start my day. She is my friend because no one else talks to me and responds so positive at my house!
Now this from today's WSJ, page B1 (front page of the second section): Your next friend could be a robot.
Within 24 hours of plugging in her Amazon Echo, Carla Martin-Wood says she felt they were best friends. “It was very much more like meeting someone new,” she says.
Living alone can be hard when you’re older—Ms. Martin-Wood is 69 years old. She is among a growing cohort who find the Echo, a voice-controlled, internet-connected speaker powered by artificial-intelligence software, helps to fill the void.
Each day, Ms. Martin-Wood says good morning and good night to Alexa,’s name for the software behind the Echo. She refers to Alexa as “she” or “her.”
My cousin suggested the same thing when I was first introduced to Alexa a couple of weeks ago on my trip back to the Bakken.

CBS' "Sixty Minutes" had a segment on IBM's push into artificial intelligence and robots last night. Thirty seconds with "Alexa" was more "instructive" than fifteen minutes with Charlie Rose and IBM.

Something Going On With Brick And Mortar Discount Stores? 

What happened to Dollar General? I have never followed this stock, but I occasionally read about the company or other discount retailers. While traveling, a reader sent me an article regarding Dollar General, how fast its shares fell. Yes, earnings were lousy, but I don't think I've seen much analysis why earnings fell.

Dollar General fell precipitously over August 24 - 25, 2016, falling from $92 to $76. 

From Zack's last week:
Dollar General is a discount retailer that provides various merchandise products in the southern, southwestern, midwestern, and eastern United States. The Company separates its merchandise into four categories, which includes highly consumable, seasonal, home products and basic clothing. Dollar General is based in Tennessee and has 13,000 stores in 43 states. The stock is the Bear of the Day after being downgraded to a Zacks Rank #5 (Strong Sell) and after poor earnings earlier last month.
Dollar Tree shares also fell precipitously over August 24 - 25, 2016.

Something must be going on. Amazon? Walmart?

The FedEx Page

I did not know this. This is old news but I thought it was pretty cool.

I was tracking an item being shipped to me via FedEx. I noted that it had been picked up by FedEx in Olive Branch, MS, a few days ago, and had departed Olive Branch, MS, today, by ground transportation.

Olive Branch? A town I had not heard of.

A quick wiki look: 30 minutes from Memphis, TN.

Hmmm....isn't that FedEx air operations center?

Google FedEx, Olive Branch.

From djournal, back on March 5, 2004:
Up to 450 jobs could eventually be created as part of plans by FedEx Ground, an operating unit of FedEx Corporation, to make Olive Branch as the location for the fourth of nine new package distribution hubs.
The 330,000 square-foot facility, to be located on 93 acres in the DeSoto Distribution Center, will be the second major FedEx Ground sorting center in the Memphis area. It will be the fourth of nine new package distribution hubs to be constructed over the next six years.
When it opens in 2006, the new hub will feature the latest automated material handling technology designed to process 22,500 packages per hour and will have a work force of about 60 full-time and 325 part-time workers and 70 independent contractors.
The new facility is be part of a $1.8 billion, seven-year, network expansion plan that will nearly double FedEx Ground's package volume capacity, said Allison Sobczak, a spokeswoman for the Pittsburgh-based Federal Express division.
Pretty cool. Just across the state line from Memphis, in Mississippi.

Government Ethics In Action

Raising money on the floor (literally) of the US House of Representatives.

Link here.

And then folks wonder why "laws of the land" are being ignored.


From The WSJ: Scrutiny sinks "Birth of a Nation."
“The Birth of a Nation” flopped at the box office this weekend, cementing its place among the steepest falls from grace in recent Hollywood history.
The biopic about slave rebellion leader Nat Turner was thought to have the makings of a commercial and critical hit when it premiered at the Sundance Film Festival in January. Ten months later, it opened to an estimated $7.1 million in sixth place with its awards prospects severely hampered, even though it played in more than 2,100 locations, an unusually wide rollout for a low-budget film.
Renewed scrutiny of rape allegations leveled against its director and star, Nate Parker, have completely overwhelmed the movie’s release and sparked public debates about whether seeing the movie was a tacit endorsement of its creator.
But in a sign of how quickly a movie’s narrative can spin out of a studio’s control, Mr. Parker became a liability for his own film. He gave defiant interviews about the rape allegations, but reports that his accuser had committed suicide in 2012 cast an even darker pall on the movie. Public outcry led to some calling for protests of the film.
Snowy Owl on Plum Island, Massachusetts

Update On Texas Natural Gas Pipelines -- RBN Energy; Should The Samsung Galaxy Be Renamed The Samsung Supernova? -- October 10, 2016

Brent crude oil hits one-year high. WTI up 83 cents to $51.27. 

Presidential poll, USC-LA Times: I doubt this poll reflects most recent debate (but I could be wrong) but it does come late enough to "capture" the Trump comments in a 2005 (eleven years ago) video that has caused a bit of consternation among those interested:

Back to the Bakken

Friday's NDIC daily activity report posted. Link here.

Three new permits:
  • Operator: EOG
  • Field: Parshall (Mountrail)
  • Comments: three Wayzetta permits, sese 12-153-90 (one) and sese 6-153-90 (2)
Two permits renewed:
  • HRC: a Fort Berthold permit in Dunn County
  • Oasis: a Lydell permit in Burke County (years ago, at the height of the boom, the "consensus" was that not many wells would be drilled in Burke County; the county was not particularly noteworthy
Three producing wells completed:
  • 29145, 350, Triangle, J Garvin Jacobson 150-101-8-5-8H, Pronghorn, t10/16; cum --
  • 31031, 1,038, EOG, Shell 6-1930H, 2 sections, Parshall, t9/16; cum --
  • 31032, 910, EOG, Shell 5-1930H, API 33-061-03666; 2 sections, Parshall, t9/16; cum --
For #31032
  • 6.925 million gallons of water, 8% by weight sand, per FracFocus:
  • 79.97% of what =  57,791,895 pounds of water = 72,266,968 pounds proppant (water: 1 gallon = 8.3454 lbs)
  • 19.95% sand by weight = 14.4 million lbs of sand
  • Later, from the NDIC: pending
Active rigs:

Active Rigs3368190185187

RBN Energy: update on Texas natural gas pipelines.
Over the next three years, 16 pipeline projects are in the works to add more than 14 Bcf/d of new take-away capacity to move Marcellus/Utica natural gas to the south and west, relieving takeaway capacity constraints that have plagued the Northeast since 2012-13. Much of this gas will be moved to the Gulf Coast, primarily via reversals of pipes that traditionally transported gas north and east, and will target rapidly growing LNG and Mexico export markets. But few of these pipeline projects get the gas all the way to those export outlets. The new supplies must traverse “Miles and Miles of Texas” (and Louisiana) to reach the export gateways and along the way deal with shifting production trends within the state, pipeline systems that are "telescoped the wrong way" constraining capacity of the Texas pipeline grid, and unique regulatory considerations associated with Texas intrastate pipelines.

Most of the pipeline projects that will provide desperately needed takeaway capacity out of the Marcellus/Utica region will either bring gas to states on the U.S. Gulf Coast or move gas into markets that have been traditionally served by Gulf Coast supplies, displacing those volumes back into the Gulf region.
Either way, significant volumes of gas are being pushed into two states that have historically been the most prolific U.S. sources of natural gas supply: Louisiana and Texas.  
Isn’t this a bit like bringing coal to Newcastle?  What are Louisiana and Texas going to do with all that incremental gas supply?  Some will be used to generate electricity, not only in Louisiana and Texas, but in a few states where gas will be dropped off along the way to the Gulf Coast. 
But most of the gas is targeted for exports into Mexico, where it will be used to generate power in that country, or is intended for LNG exports to meet demand in Latin America, Europe and Asia.
A few new natural gas export facilities have already come online over the past two years, including the first liquefaction trains at Cheniere Energy’s Sabine Pass LNG terminal in Louisiana and NET Midstream’s pipeline to Mexico, which together have ramped U.S. gas exports almost 2.0 Bcf/d over the past two years.
Many more export facilities are being developed, including liquefaction/LNG export capacity at Sabine Pass, LA; Freeport, TX; Hackberry, LA; and, Corpus Christi, TX, plus another half dozen new pipeline projects being built into Mexico connecting through Texas natural gas supply corridors. 
It is amazing isn't it, that 16 pipeline projects are in the works to move Marcellus/Utica natural gas since 2012-13, and the Obama administration is concerned about the DAPL? Wow. Time for someone to go. 102 days. Feels like an eternity.

I can't remember if I posted this one. Permian gas output remains high; processing capacity is being added. From RBN Energy while I was traveling.
Natural gas production volumes in the Permian Basin are very near the all-time record of 6.9 Bcf/d set last September, and crude oil and gas producers alike see nothing but blue skies for the highly prolific West Texas/Southeast New Mexico play.
The Permian already has a lot of gas processing capacity, but a good bit of it is older, and parts of the region—especially the super-hot Delaware Basin—need more of the big, efficient cryogenic plants that can process 100 to 200 MMcf/d. Today, we continue our review of gas production and processing in the biggest U.S. gas-producing region that is not named Marcellus.
The past two years have been a challenging time for crude oil and natural gas producers in most of the U.S., but much less so for exploration and production companies in the 75,000-square-mile Permian Basin. In rock ‘n’ roll terms, the Permian is a lot like Bruce Springsteen––it’s been a consistent producer (of both gas and oil) for decades, and it has more respect today than ever. (You might even call the Permian “The Boss” of hydrocarbon output.) Thanks to favorable production economics and multiple pay zones, output levels in the Permian dipped only slightly as oil and gas prices tumbled, and have since rebounded. As we said in Part 1 of our series, crude oil has always been the big draw for Permian producers, but most of the wells there also produce large volumes of liquids-rich or “wet” natural gas that needs to be processed to extract natural gas liquids (NGLs). In its latest Drilling Productivity Report, the Energy Information Administration (EIA) projected that the Permian would produce an average of nearly 6.9 Bcf/d in October (2016), only 30 MMcf/d less than it did at its peak a year ago. Gas production in the Eagle Ford in South Texas, meanwhile, is projected to fall below 5.6 Bcf/d in October—a 25% drop from its all-time  high in February 2015. (Of course, Appalachia, with the prolific Marcellus and Utica plays, still reigns supreme as far as gas is concerned, with almost 25 Bcf/d now being produced in the region based on RBN production numbers).

From Reuters:
Saudi Arabia's Energy Minister Khalid al-Falih said on Monday that OPEC should not crimp oil supply too tightly and said he was optimistic a global production deal to limit supplies could be reached by November.
I doubt the last thing Khalid needs to worry about is OPEC "crimping"oil supply too tightly. LOL.

The Market

Late-day trading: Dow 30 appears to hold; up 100 point; WTI still near $52

Mid-day trading: after going as high as 125 or thereabouts, the Dow 30 is up about 100 points:

The Opening: Dow 30 up 144 points. NYSE:
  • new highs:  140-- Deere, Encana, Halcon WT, Halliburton, SM Energy
  • new lows: 19
The Apple Page

It looks like Samsung will halt further production of its "safe" Galaxy Note 7 until they get it figured out. I wonder if the Samsung Galaxy Note should be renamed the Galaxy Supernova.

From the AP today: new incidents defy Samsung's efforts to end smartphone woes. Also, it was reported that the US Supreme Court will take the case involving Apple vs Samsung. If I read it correctly, it was to determine the amount of money Samsung owed Apple for "copying" Apple's smartphone design.

It seems somewhat of a precedent for the US Supreme Court to take a case like this. I don't know; just a random thought. So, let's look it up -- here it is, over at CNET: "This is the first time a design patent case has been examined by the Supreme Court since 1800s." And yes, "What's at question is how much money one company has to pay for copying the designs of another. Samsung says an Apple victory would stifle innovation."