Saturday, December 1, 2018

Week 48: November 25, 2018 -- December 1, 2018

Beautiful, beautiful day in north Texas. Not a cloud to be seen; bright sunshine. Almost 60 degrees now and should hit 70 degrees by the end of the day. No precipitation forecast for the next five or six days and I did not look at the forecast any farther out.

Top energy story of the week: Hubbert's peak oil theory with another nail in the coffin. Despite $50 oil, US oil and natural gas reserves hit a new all-time record -- and by a large, large margin. My hunch: the record will be broken again. And it won't take as long this time. The previous record was back in 1970, I believe. Graphics here. USGS jaw-dropping assessment of the Permian.

International: Mexico says it will drill 40 conventional onshore wells for $1.47 billion.

National:
US crude oil inventories now over 450 million bbls; more than 7% higher than average.
US oil production is rising at its fastest pace in 98 years.
Oil glut? Made in the USA.
WTI drops below $50 before recovering to $51.
Record low gasoline prices not "moving" gasoline demand.
Earthquake shuts down Alaska pipeline.

Back to the Bakken

Geoff Simon's top North Dakota energy stories
State takes "wait-and-see" approach on flaring
Alaskan earthquake shuts down Trans-Alaska pipeline -- S&P Global
Dickinson Airport plans $64 million upgrade to runway -- KFYR-TV
After struggles, North Dakota grows into its ongoing oil boom -- NPR  
Judge allows preliminary work on Keystone XL Pipeline -- Bismarck Tribune  
Assessment misleads public on economics of climate change -- Institute for Energy Research  
North Dakota rated one of the top 10 states to make a good living -- Moneywise


Operations
MRO reports two huge Reunion Bay wells 
CLR reports an incredible Wiley well
Production per well continues to increase
Reader's update on Newfield's Yellowfin wells

DUCs
Update

Natural gas
Production growth requires the equivalent of 16 new processing plants

Production by association
Many examples; this is a Kermit well
Wiley and Bailey
The Nathan Hale

Commentary
The manufacturing stage of the Bakken

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