Wow, WTI Jumps -- Up Almost 2% -- Flirting With $63 -- Also Exxon On The Move -- February 22, 2018

Note: initially unable to access NOG press release reporting guidance, but it looks like it may be good news. Shares up 8% before the close; down 2% after hours.  Here's the press release (link here):

• Northern raises 2018 annual production guidance and now expects a 16 - 20% increase over 2017
• year-end 2017 proved reserve volumes increased 40% year over year from 54.1 million barrels of oil equivalent (“boe”) in 2016 to 75.8 million Boe
• the SEC PV-10 value of year-end proved reserves increased 100% year over year
• fourth quarter production increased 22% year over year and 9.3% sequentially to 1,540,237 boe. Production averaged 16,742 boe per day in the fourth quarter
• fourth quarter oil differential was $3.51 per barrel, an improvement of $2.71 per barrel compared to the third quarter
• Northern added 16.9 net wells to production during 2017 and ended the year with an additional 18.3 net wells in process
• adjusted EBITDA for the fourth quarter was $48.5 million. Northern’s adjusted net income for the fourth quarter was $6.6 million, or $0.10 per diluted share. GAAP net loss for the quarter was $23.8 million, or a loss of $0.37 per diluted share, primarily due to a non-cash mark-to-market loss on its hedge portfolio. [I don't know, yet, what analysts forcast NOG's earnings to be for 4Q17.]

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First, Exxon: could make Beaumont the largest refinery in the US -- being reported by oilprice.com. Data points:

• Beaumont Refinery currently processes 365,00 bpd; produces 2.8 billion gallons of gasoline annually
• Exxon could expand the capacity for the Beaumont Refinery to between 700,000 bpd and 850,000 bpd
• this capacity would be higher than the current largest refinery in the US, Motiva's Port Arthur refinery, at 600,000 bpd; North America's biggest refinery

Much more at the link.

Now, back to WTI: $62.73 near the close of the normal trading day in the US. Tomorrow, for those turning into CNBC you could hear the phrase, "63-handle for WTI."

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Back To The Bakken

Active rigs:

$62.73↑↑	2/22/2018	02/22/2017	02/22/2016	02/22/2015	02/22/2014
Active Rigs	56	43	39	127	187

Two new permits: 

• Operator: WPX
• Field: Squaw Creek (McKenzie)
• Comments:

One permit canceled:

• WPX: one Hackberry permit in McKenzie County

No permits renewed.

No producing wells (DUCs) reported as completed.