Morning Note -- March 4, 2019 -- CLR Reports Huge Fracks

Cold: pretty much the entire state of North Dakota is shut down:

Stories to come back to later today:

• TSLA continues its slide, down another 2.5% in early morning trading; cash on hand has not changed ($3.69 billion) despite supposedly paying a $1 billion debt on Friday in cash)
• trucking shortage -- The WSJ
• global oil and gas drilling set to surge in 2019 --  oilprice
• losers -- op/ed, The Boston Globe
• push to increase Social Security benefits for seniors; millennials to pay -- The WSJ; it's good to be a senior;
• shale companies, adding ever more wells, threaten future of US oil boom -- The WSJ 
• EV sales
• fracking completion strategies (see the wells that CLR reports today, below)
  

More Cold: ISO New England doing quite well.  But according to the WeatherChannel the cold hits New England tomorrow and Wednesday; and then another cold front to hit. So, we'll see.

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Back to the Bakken

Wells coming off confidential list today, over the weekend --  
Monday, March 4, 2019: 17 wells for the month; 17 wells for the quarter

• 35092, SI/NC, Hess, AN-Bohmbach-153-94-2734H-9, Antelope,
• 32818, 1,176, CLR, State Weydahl 10-36H2, Corral Creek, 56 stages; 10.6 million lbs, t12/18; cum 78K 1/19;

Sunday, March 3, 2019: 15 wells for the month; 15 wells for the quarter

• 35390, SI/NC, Newfield, Dahl 150-98-5-8--HLW, Siverston,
• 35091, SI/NC, Hess, AN-Bohmbach-153-94-734H-10, Antelope,

Saturday, March 2, 2019: 13 wells for the month; 13 wells for the quarter

• 35391, SI/NC, Newfield, Dahl 150-98-5-8-7H, Siverston,
• 33234, SI/NC, Hess, AN-Dinwoodie-153-94-2833H-4, Antelope,
• 33090, 3,092, CLR, Sakakawea Federal 6-19H, Elm Tree, 64 stages; 15.9 million lbs, t1/19; cum 43K 1/19; that 40,972 bbls was over 21 days, extrapolates to almost 60,000 bbls/30-day month;
• 32817, 1,632, CLR, Brandvik 11-25H, Corral Creek, 60 stages; 10.8 million lbs, t12/18; cum 75K 1/19;

Active rigs:

$56.24	3/4/2019	03/04/2018	03/04/2017	03/04/2016	03/04/2015
Active Rigs	67	59	45	35	114

RBN Energy:part 3, evolving crude availability for southeast Louisiana refiners.

Increasing U.S. shale oil production has benefitted many U.S. refineries, but along the Gulf Coast, the primary beneficiaries have been in Texas. As production increased in the Permian and Eagle Ford plays, new pipelines were built to supply refinery centers in Corpus Christi, Houston, and Beaumont/Port Arthur. In contrast, the availability of shale crude by pipeline to refineries in Southeast Louisiana has lagged. However, new pipeline capacity to the crude hub in St. James, LA, is about to change the dynamic in a major way. Today, we continue our series on St. James by discussing the Bayou State’s refinery infrastructure and how new pipelines could impact refinery crude slates.

With the onset of the Shale Revolution, growth in Alberta oil sands production in the 2010s, and the lifting of the U.S. crude export ban in December 2015, the St. James crude hub has been in a state of flux — and the changes have only just begun. Most importantly, the hub’s long-standing role as a recipient and distributor of imported crude and Gulf of Mexico production to the Midwest has been fading, and St. James — located 60 miles upriver from New Orleans — is increasingly valued for its ability to receive and stage U.S. shale oil, Gulf of Mexico production, and Canadian oil-sands crude for delivery to area refineries and export docks. St. James currently offers in terms of crude storage (about 38 MMbbl) and pipeline connectivity (inbound and outbound), as well as expansion plans are afoot to reflect the hub’s changing function.