Hess With Four New Permits -- March 7, 2019

Re-balancing? ArgusMedia is reporting that US gasoline inventories will drain faster than normal through the summer gasoline season as refiners keep their equipment focused on diesel production.  It will be interesting to see if this affects the 28-day supply currently reported in the US. A 20-day supply is about "right" but we haven't seen that low supply for "ages." For quite some time now, the US has had a 28-day to 32-day supply of gasoline. But if Phillips 66 is correct in their assessment, watch for the price of gasoline to trend significantly higher.

Quick: on a percentage basis, how much crude oil does Texas production account for vs the nation's total production? The answer: 37%. Natural gas? The answer: 24% of the country's marketed natural gas production.

No politics here, simply too funny not to post:

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Back to the Bakken

Active rigs:

$56.59	3/7/2019	03/07/2018	03/07/2017	03/07/2016	03/07/2015
Active Rigs	65	60	44	35	114

Four new permits:

• Operator: Hess
• Field: Dollar Joe (Williams)
• Comments: Hess has permits for a 4-well GO-Hauge pad in section 21-156-97 in Dollar Joe oil field;

Seventeen permits renewed: pending

• Whiting (8): five Wold Federal permits in McKenzie county; a Sue permit in Williams County, and two P Lynch permits in Williams County
• Sinclair (6): six Lizzie Rae permits in McKenzie County
• Petro-Hunt (2): two USA permits in McKenzie County
• EOG: a Hardscrabble permit in Williams County

Four producing wells (DUCs) reported as completed: pending

• 34262, 4,136, MRO, Yellow Otter USA 14-7TFH, Reunion Bay, t2/19; cum --;  (#19095, #23176, #21458)
• 19095: t12/10; cum 428K 1/19; off line
• 23176: t1/13; cum 389K 1/19; off line
• 21458: t1/13; cum 462K 1/19; offline
• 34260, 2,703, MRO, Walking Eagle USA 44-12TFH, Reunion Bay, t2/19; cum --;
• 34261, 5,035, MRO, Young Woiman USA 44-12H, Reunion Bay, t2/19; cum --;
• 34449, 3,332, MRO, Grant USA 21-18 TFH, Van Hook, t9/18; cum --;