Thursday, January 3, 2019

Ten DUCs Reported As Completed; Nine New Permits -- January 3, 2019

Weekly crude oil inventories, API data, link here:
  • a draw of 4.5 million bbls
  • forecast: a draw of 2.333 million bbls
  • that's pretty fine forecasting -- down to 2,333,000 bbls or forecast to the nearest 1000 bbls; color me impressed 
  • headline screenshot: 

  • but it was the gasoline, distillate build that suppressed oil prices; WTI dropped 20 cents
    • gasoline inventories rose 8.0 million bbls vs a predicted build of 2.267 million bbls
    • distillates rose 4.0 million bbls vs a predicted build of 2.567 million bbls
  • again, the precision of the forecast is remarkable

Gasoline, days of supply, EIA: link here. Unremarkable. Still running at 25 days. Seven days too much supply.

*********************************
Back to the Bakken

Active rigs:

$46.981/3/201901/03/201801/03/201701/03/201601/03/2015
Active Rigs65533960171

Nine new permits:
  • Operators: CLR (4): WPX (3); Petroshale; Berengery
  • Fields: Banks (McKenzie); Squaw Creek (McKenzie); Eagle Nest (Dunn); Chatfield (Bottineau)
  • Comments: CLR has permits for 4-well Wahpeto pad in 16-152-99; WPX has permits for a 3-well Badger pad in 23-149-94; Petroshale has a permit in 9-148-94 for a Helen MBH well; and, Berenergy has a permit for (most likely) a Madison well in 30-139-81;
One permit renewed:
  • Whiting: a Rennerfeldt permit in Williams County
Change of ownership: 24 permits/wells
  • from Williston Exploration to Medora Minerals, LLC
  • in southwestern North Dakota
  • most of them in Billings County
  • older permits; as old as ##14994; most recent, #25347
Ten producing wells (DUCs) reported as completed:
  • 31779, 509, Whiting, Pronghorn Federal 21-13-2PH, Park, t11/18; cum 8K over 12 days;
  • 33891, 2,554, Hess, SC-5WX-152-99-0310H-2, Banks, t11/18; cum 16K over 14 days;
  • 30633, 1,902, Hess, SC-Hoving-LW-154-98-1003H-1, Truax, t11/18; cum 14K over 16 days;
  • 33892, 2,018, Hess, SC-5WX-152-99-0310H-3, Banks, t11/18; cum 28K over 20 days;
  • 34169, 1,426, Hess, SC-Hoving-154-98-1003H-4, Truax, t11/18; cum 17K over 21 days;
  • 33893, 1,740, Hess, SC-5WX-152-99-0310H-4,  Banks, t11/18; cum 27K over 26 days;
  • 34168, 1,450, Hess, SC-Hoving-154-98-1003H-3, Truax, t11/18; cum 24K over 28 days;
  • 34146, 50, BR, Sanvan 1A-MBH-ULW,  Elidah, t11/18; cum 5K over 11 days; #19712, #21542 -- see this post;
  • 31771, 77, BR, Sanvan 8-1-29UTFH-ULW, Elidah, t11/18; cum 5K over 11 days;
    #19712, #21542 -- see this post;
  • 33837, 1,625, Abraxas, Yellowstone 7H, North Fork, t8/18; cum 157K 11/18; #18708 -- absolutely no improvement; unusual to say the least with all the neighboring activity;
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Production Profile For That Abraxas Yellowstone Well

The well:
  • 33837, 1,625, Abraxas, Yellowstone 7H, North Fork, t8/18; cum 157K 11/18; 
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN11-201830187431855411006546823418620286
BAKKEN10-201831259282451713390714433456336663
BAKKEN9-201830323833243916689840725343330429
BAKKEN8-201831380123836118524776585155425887
BAKKEN7-201830352433450619239687244075827756
BAKKEN6-201810658265075641962277791773

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