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Friday, July 26, 2019

No Wells Coming Off Confidential List Until Next Tuesday -- July 26, 2019

US farm report: setup is like 1315. Link here at nextgrandminimum

For one company, rigs matter: CEO of America's biggest owner of drilling rigs called the "bottom" too early. We haven't see full effect of drop in number of active rigs yet. Link here. Most concerning: loss of a lot of jobs.


No new wells coming off confidential list today, and none until Tuesday next week.

Active rigs:

$56.477/26/201907/26/201807/26/201707/26/201607/26/2015
Active Rigs5863603373

RBN Energy: a lot of new LPG export dock capacity is on the way.
By the third quarter of next year, the Enterprise Hydrocarbons Terminal (EHT) on the Houston Ship Channel will have the capacity to export nearly 1.1 MMb/d of LPG — 435 Mb/d more than it can today. Also, Targa Resources and Energy Transfer are each planning 200-Mb/d expansions at their LPG export docks along the Texas Coast, and Phillips 66 and MPLX may very well be announcing projects of their own soon. All this suggests that there will be ample dock space available to propane and butane shippers if, as we expect, LPG volumes continue to ramp up in the 2020s. And, with Enterprise Products Partners’ promise to offer super-competitive rates at EHT, shippers are likely to enjoy low send-out costs. Today, we discuss recent developments on the propane/butane marine-terminal front and what they mean for LPG shippers and exports.
Thanks to the Shale Revolution and the burgeoning production of NGLs, the U.S. flipped from being a net LPG importer to a net exporter back in 2012. Since then, waterborne LPG exports have soared, to more than 1.4 MMb/d in both May and June and an average of 1.25 MMb/d in the first six-and-a-half months of 2019.
  • The big four:
    • Enterprise: 545,000 b/d
    • Targa: 230,000 b/d
    • Phillips 66: 200,000 b/d
    • Energy Transfer: 200,000 b/d
    • total: 1.175 million
    • some slight under-reporting
    • the big four can actually hand up to about 1.3 million b/d
  • by 3Q20
    • Enterprise will have finished its recently announced 260,000-b/d expansion
    • EHT's total capacity: almost 1.1 million b/d
    • Targa will have doubled it capacity at Galena Park
    • ETP will also double Nederland capacity
    • altogether, these three expansion projects will boost Texas Coast's LPG export capacity to more than 2.1 million b/d, with Enterprise accounting for just over hald
Much more at the link. 

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