Welcome To Bakken 2.5: Ten DUCs Completed; Some Huge Wells -- December 5, 2018

Active rigs:

$52.63	12/5/2018	12/05/2017	12/05/2016	12/05/2015	12/05/2014
Active Rigs	62	53	39	64	188

Four new permits:

• Operator: Hess
• Field: Robinson Lake (Mountrail)
• Comments: Hess has permits for a four-well EN-Weyrauch B pad in 30-154;

Ten producing well (DUCs) reported as completed:

• 34052, 2,480, WPX, Howling Wolf 28-33HZ, Wolf Bay, t11/18; cum 1K after 18 days;
• 30138, 2,574, CLR, Pletan 7-18H, Jim Creek, t10/18; cum 27K after 13 days;
• 30137, 1,228, CLR, Pletan 6-18H1, Jim Creek, four sections, t11/18; cum 16K after 13 days;
• 23791, 1,990, CLR, Pasadena 3-2H1, Banks, t10/18; cum 25K after 16 days;
• 34326, 1,566, Whiting, Vandeberg 31-4TFH, Stockyard Creek, t10/18; cum 20K after 21 days;
• 34327, 1,726, Whiting, Vandeberg 31-1-3H, Stockyard Creek, t10/18; cum 13K after 25 days;
• 34325, 1,563, Whiting, Vandeberg 31-1-4H, Stockyard Creek, t10/18; cum 20K after 21 days;
• 33288, 378, Whiting, Talkington Federal 41-25PHU, Bell, t10/18; cum 3K after 20 days;
• 32288, 769, Whiting, Smith Federal 34-12-2PH, Park, t10/18; cum 5K after 22 days;
• 30569, 564, Petro-Hunt, USA 153-95-22C_15-6H, 10/18; cum 16K after 24 days;

Slawson Activity In Big Bend -- December 5, 2018

It appears the Slawson Torpedo Federal wells in Big Bend have been fracked. The wells are tracked here. I did not see the Torpedo Federal wells listed on the confidential well list which would have given the date they come off the confidential list.

In addition, Slawson's Lunker wells to the east of the Torpedo wells have also been fracked:

• 29621, 2,548, Slawson, Lunker Federal 1 SLH, Big Bend, 4 sections, t10/17; cum 138K 10/18; full production profile:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	10-2018	31	25527	25269	19762	17078	2479	11691
BAKKEN	9-2018	9	4194	3418	2777	2802	0	2308
BAKKEN	8-2018	0	0	0	0	0	0	0
BAKKEN	7-2018	0	0	0	0	0	0	0
BAKKEN	6-2018	0	0	0	0	0	0	0
BAKKEN	5-2018	1	0	248	0	5	0	0
BAKKEN	4-2018	20	14691	15050	6128	9885	5349	2872
BAKKEN	3-2018	29	24039	24189	9961	16262	10042	3489
BAKKEN	2-2018	26	26957	27241	10715	18796	13920	1847

• 23105, 778, Slawson, Lunker Federal 2-33-4H, 33-061-02154, Big Bend, t10/12; cum 381K 10/18; selected production, but get this: this well has not been re-fracked; this well is 0.22 miles from #29621 (1,200 feet away)

BAKKEN	2-2018	28	6114	6341	2257	2418	346	1279
BAKKEN	1-2018	26	7200	6988	2733	2941	511	1541
BAKKEN	12-2017	28	9142	9481	4512	4660	3127	425
BAKKEN	11-2017	30	12398	12145	7275	7422	5949	1
BAKKEN	10-2017	18	10080	9650	6239	5460	3700	594
BAKKEN	9-2017	0	0	0	0	0	0	0
BAKKEN	8-2017	17	1152	2231	421	810	603	0
BAKKEN	7-2017	31	2429	2038	704	1559	1142	1
BAKKEN	6-2017	23	1818	2060	633	1195	879	0
BAKKEN	5-2017	25	1948	2052	643	1280	946	0

• 18499, 710, Slawson, Lunker Federal 1-33-4H, 33-061-01188, Big Bend, t7/10; cum 467K 10/18, production profile, selected, most recent; note, recently offline:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	10-2018	6	82	0	116	58	1	20
BAKKEN	9-2018	21	234	169	312	203	54	18
BAKKEN	8-2018	18	443	675	403	316	100	77
BAKKEN	7-2018	31	1340	885	534	848	403	146
BAKKEN	6-2018	29	1213	1305	441	794	463	54

• #18499, first year after initial frack:

BAKKEN	7-2011	30	16613	16984	3710	7992	7692	0
BAKKEN	6-2011	28	22527	21761	5105	12055	11775	0
BAKKEN	5-2011	27	17035	18236	4447	9490	9220	0
BAKKEN	4-2011	29	23246	22959	5823	13158	12868	0
BAKKEN	3-2011	30	14369	14720	3149	7651	7351	0
BAKKEN	2-2011	21	2600	1960	338	863	653	0
BAKKEN	1-2011	29	3293	3592	579	744	454	0
BAKKEN	12-2010	31	5365	5048	1021	1989	1679	0
BAKKEN	11-2010	30	10772	10879	2668	5454	5154	0
BAKKEN	10-2010	31	9585	9761	2728	5001	4691	0
BAKKEN	9-2010	30	13381	13083	2274	6997	6697	0
BAKKEN	8-2010	31	14766	14986	4176	4184	3874	0
BAKKEN	7-2010	15	7276	6256	1123	150	0	0

The graphic:

Mexico Halts All New Upstream Auctions For At Least Three Years -- December 5, 2018

Mexico. When President Obama killed the Keystone XL it was clear he did not understand energy.

Now, just as clearly, Mexico's new president does not understand energy. The Mexican president has halted upstream auction rounds for three years.

He rationalizes why he has taken this move, but it is clear he does not understand how the oil business works.

Story at S&P Global / Platts.

The postponement of auction rounds will have a long-term, material impact on Mexico's oil and gas output, according to a transition report issued by the outgoing administration of Enrique Pena Nieto over the weekend.

According to the report, by halting auction rounds by two years, Mexico's output will only reach 2.46 million b/d by 2027, not 3.07 million b/d. Similarly, if auctions continue, Mexico would produce 7 Bcf/d of natural gas by 2028, 640 MMcf/d more than if the lease sales are shelved for two years, it said.

But does it matter in the big scheme of things? Nope. Look at what the outgoing administration is quibbling over: 2.5 million bopd vs 3 million bopd. Inconsequential in the big scheme of things.

One wonders how much Canada is losing due to faux environmentalists: Northern Gateway (killed); TransMountain (killed);  Keystone XL (killed); Line 3 (delayed, possibly killed).

******************************************

Macron Caves On Green Energy Tax

Updates

December 6, 2018: Considering how little France contributes to global CO2 this whole exercise seemed ludicrous. Add that to Macron's suggestion that France needs its own army to protect itself against Russia or  the United States makes me wonder how really "batty" this guy is. He's starting to make Occasional-Cortex look like an Einstein. Article at ABC News. 

Original Post

France: "most taxed" country in 2017, and still Macron not satisfied. France overtook Denmark as the most taxed country in 2017. Link here. The few examples given in the article are quite interesting.

The Organisation for Economic Cooperation and Development (OECD) said on Wednesday overall government tax revenue on average reached 34.2 percent of gross domestic product (GDP) last year among 34 developed countries for which the Paris-based body compiled data.

Though up only slightly from 34.0 percent in 2016, the figure was the highest average overall tax take since the international policy forum’s records began in 1965, it said.
In France, tax revenues rose to 46.2 percent of GDP, surpassing Denmark, where the ratio fell to 46.0 percent. 

• Mexico: lowest at 16.2% of GDP
• US: 27% of GDP; if one includes state and property income tax, one wonders how high the US tax rate would be
• Israel: 32.7% of GDP

Another Global Warning Rant -- Ignore -- For The Archives -- Nothing About The Bakken -- December 5, 2018

On December 4, 2018, I posted a note why I don't accept the "man-made global warming" scheme. Here's another great example, from twitter today:

If the movers and shakers (Algore, Tom Steyer, Occasional-Cortex, the UN) seriously "believed" that the earth would be uninhabitable by the end of century if we did not stop the rise of atmospheric CO2, wouldn't there be "Manhattan Projects" to find solutions instead of conferences in Poland and PowerPoint Presentations. Even eighth graders should be able to see through this. So, from twitter, above, another example of the need for a "Manhattan Project" if folks are serious about AGW:
nuclear fusion energy.

And another "Manhattan Project": carbon capture and sequestration. Instead of relying on private enterprise to determine if it's cost effective, simply give DARPA a blank check to do all they could to bring atmospheric CO2 down.

By the way, the fact that Occasional-Cortex has become the new spokesperson for fighting global warming tells me all I need to know about this scam.

*******************************

Truly Bizarre ... and This Comes From The Financial Times

I guess the Financial Times was concerned about protests in Paris. 

EIA Energy Profiles By State -- December 5, 2018

It's possible I've linked this site before.

EIA energy profiles by state. That link will take you to Massachusetts, but you can substitute "ND" for "MA" in the URL and it will take you to North Dakota. And you can do that for all the other states as well.

When you get to that link for Massachusetts, do this:

• scroll down to the bar graph
• "consumption by source" will be the default
• go to the right of that and click on "Prices" at the far right
• another bar graph pops up; "0" is the US average price of for natural gas and electricity, residential, commercial, and industrial. 
• so in this case, residential electricity in Massachusetts costs about 55% more than the national average
• let's do a few more states, price of electricity compared to national average
• TX: holy mackerel; all the bars go to the left! residential electricity 12% lower than the natioanl average
• ND: 10% lower than national average
• VT: 35% higher for Bernie Sanders et al
• CT: wow, 60% higher than national average
• WA: as expected; all to the left (lower than national average); residential electricity 26% lower than rest of nation
• CA: as expected; all bars to the right; no natural gas; residential electricity 55% higher than national average
• NY: 12% higher

An Incredible New Link -- Location Of Wells / Rigs In Norh America -- December 5, 2018

Wow, what a great note from a reader:

First thank you for keeping links to our websites (https://www.geoactivity.com/ & https://www.riglocations.ca) in your blog.

 

We would like to let you know that the second link under Data Base in your “Data Links” tab is not working (http://www.click2map.com/v2/dgriffin94/Bakken_Oil_Company)

 

We recently introduce the powerful search by well name and rig name in North Dakota, we believe there is no other service as easy and smart as our web app to locate a rigs or wells in North Dakota.

Will it be possible for our link (https://www.riglocations.ca) to be listed in the position of the previously mentioned link? And if it possible as “Rigs & Wells in North Dakota” since you can find both there. We are already listed as “Rig Locations in Canada”.

I've deleted that link that no longer exists, and have replaced it with that new link. I'm not quite sure if I have everything exactly as suggested, but I think it works. The new links are under "Data Base" on my "Data Links" tab -- one of the tabs at the top of the page of the blog. 

Comment: Wow, that new link is incredible. It takes a moment to get use to it, but it's very, very good. The first big thing I noted is that to zoom in/zoom out, on Apple use the "command +" or the "command -" option. One can use one's fingers with a touch screen but the "command +" / "command -" seems to be the preferred method. "Swiping" the usual way will move the map to where  you want it.  I assume the same for non-Apple computers. 

A huge thank you for the web developer of this site to notify me of the new links and an incredibly good tool for locating rigs and wells in North America.

The Market, Energy, And Politcal Page, T+29 -- December 5, 2018

Disclaimer: This is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here.
 
Pipelines: for several faithful readers -- Tallgrass Energy update from Michael Fitzsimmons over at SeekingAlpha.

• Tallgrass is now a dividend-paying corporation. That means no IDRs, no K-1 tax forms, and a simplified corporation structure.
• But the company's business is still the same. It has interest in two tier-1 pipelines: REX (natural gas) and Pony Express (oil).
• Tallgrass has transitioned away from the MLP model that is so out of favor with investors and Wall Street.
• The current 8.7% yield is safe and secure. Two auspicious crude oil pipeline projects ensure organic growth going forward.
• The shares are a Buy and could rise to $26/share over the next 12 months, for a total return potential of 25%+.

**********************************

Digital Media Implosion

Obviously there's a lot more to this, but when I quickly read through these articles about all the digital media outlets that were going broke (see screenshot from the Drudge Report below), one common thread: most of them were political in nature, even such digital magazines as Vanity Fair, have become way too political. I have quit subscribing to The New York Review of Books and The London Review of Books because there was just too  much anti-Trump stuff. I've also pretty much quit reading The New Yorker for the same reason having canceled my subscription a year ago or so, after subscribing for decades. I can read it in the library but generally not interested any more. People have simply gotten tired, fed up, bored. irritated, whatever, with all the political stuff.

One wonders if we might see the same thing on cable networks and or network television.

It was interesting to note that the Weekly Standard may be ending, it was a conservative outlet, but interestingly enough, it was noted for being anti-Trump.

**********************************

In Other News

Quiet Day -- December 5, 2018

China: link here. 

***************************************

Back to the Bakken

No wells coming off confidential list today.

Active rigs:

$53.23	12/5/2018	12/05/2017	12/05/2016	12/05/2015	12/05/2014
Active Rigs	64	53	39	64	188

RBN Energy: IMO 2020' market impacts and challenges to refiners.

The planned shift from 3.5%-sulfur marine fuel to fuel with sulfur content of 0.5% or less mandated by IMO 2020 on January 1, 2020, will require a combination of fuel-oil blending, crude-slate changes, refinery upgrades and, potentially, increased refinery runs, not to mention ship-mounted “scrubbers” for those who want to continue burning higher-sulfur bunker. That’s a lot of stars to align, and even then, there’s likely to be at least some degree of non-compliance, at least for a while. So, what’s ahead for global crude oil and bunker-fuel markets — and for refiners in the U.S. and elsewhere — in the coming months? Today, we continue our analysis of how sharply rising demand for low-sulfur marine fuel might affect crude flows, crude slates and a whole lot more.

For the past few years, the International Maritime Organization (IMO), a specialized agency of the United Nations, has been ratcheting down allowable sulfur-oxide emissions from the engines that power the 50,000-plus tankers, dry bulkers, container ships and other commercial vessels plying international waters.

The global cap on sulfur content in bunker (marine fuel) was reduced to 3.5% (from the old 4.5%), and 13 months from now — on New Year’s Day in 2020 — the cap is set to be reduced to a much stiffer 0.5%. There is an even tougher 0.1%-sulfur limit already in place in the IMO’s Emission Control Areas (ECAs) for sulfur, which include Europe’s Baltic and North seas and areas within 200 nautical miles of the U.S. and Canadian coasts. (Bunker fuel demand for these ECAs comprises 10-15% of total petroleum-derived bunker fuels.) That standard will remain in force within the ECAs when the 0.5% sulfur cap for the rest of the world becomes effective 13 months from now.