CLR Reports A Nice Bakken Well -- July 22, 2019

Active rigs:

$56.08	7/22/2019	07/22/2018	07/22/2017	07/22/2016	07/22/2015
Active Rigs	55	67	58	32	68

Wells coming off confidential list today, over the weekend --

Monday, July 22, 2019: 38 for the month; 38 for the quarter;

• 35758, SI/NC, Petroshale, Helen 2TFH, Eagle Nest, no production data,
• 35176, SI/NC, MRO, State Eileen 34-36TFH, Killdeer, no production data,

Sunday, July 21, 2019: 36 for the month; 36 for the quarter;

• 35432, 1,741, CLR, Syverson 4-12H, East Fork, t5/19; cum 17K over 15 days;

Saturday, July 20, 2019: 35 for the month; 35 for the quarter;

• 35919, SI/NC, Petroshale, Helen 1MBH, Eagle Nest, no production data,  
• 35175, SI/NC, MRO, State Eggert 24-36H, Killdeer, no production data,
• 34891, 27 (no typo), BR, Gorhumbian 3A MBH-ULW, 4 sections, Bailey, t6/19; cum --;

RBN Energy: EagleClaw Midstream's expansion into Permian crude gathering.

Acquire, expand, and acquire again. That’s proven to be a successful strategy for a number of midstream companies providing crude oil and natural gas gathering services in the Permian Basin. In the past couple of years, the hydrocarbons-packed shale play in West Texas and southeastern New Mexico has been experiencing major gathering-system buildouts and Pac-Man-like acquisitions that aggregate small and midsize systems into regional behemoths. A case in point is EagleClaw Midstream, which has used the acquire-and-expand approach to great effect, most recently with the concurrent acquisition of Caprock Midstream Holdings and Pinnacle Midstream — two deals that, by the way, gave previously gas-focused EagleClaw a strong foothold in Permian crude gathering. Today, we discuss EagleClaw and its holdings in the Permian’s Delaware Basin.

We’ve now posted a dozen blogs in our series on Permian crude gathering systems, and a key takeaway so far is that these systems — now with thousands of miles of pipeline among them — have been developed by folks with a strong entrepreneurial streak. In many cases, these companies with extensive midstream experience (and, often, private-equity backing) started out small, building or acquiring gas and/or crude gathering systems of only a few miles each. Then they expanded them, and soon thereafter, they either bought out nearby systems or got bought out by someone else. Today’s is another story like that.