Six New Permits -- October 22, 2019

IPO: ever since it was announced I was highly skeptical the IPO would ever see the light of day (one post here, back on February 19, 2018). The IPO was delayed at the last minute earlier this week and now news is trickling out why that occurred (hint: not enough interest). Today there is a story that Saudi Arabia is issuing $250 billion in bonds to shore up its foreign reserves assets. I was going to post a "tea leaves suggest" that the IPO is not going to happen, or if it does, it's going to be watered down to something very, very small and listed only on some obscure Mideast bourse. But zerohedge beat me to it and probably did a better job than I would have:

Saudi Aramco’s IPO looks doomed to failure as it targets a $2 trillion flotation.

Tepid oil prices, the fraught politics of the Middle East and the demonization of fossil fuel producers in response to climate change fears have all made the initial public offering (IPO) a mission impossible.

The kingdom had looked poised to list up to 2 percent of its shares on its domestic market within weeks. But the long-delayed partial privatization of the world’s largest state-owned oil company now faces another indefinite postponement after the devastating attacks last month on some of its most important facilities at Abqaiq and Khurais in the Eastern Province of Saudi Arabia.  

API weekly inventory data:  

• forecast: 2.232 million bbls
• actual: 4.45 million bbls

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Back to the Bakken

Active rigs:

$54.22	10/22/2019	10/22/2018	10/22/2017	10/22/2016	10/22/2015
Active Rigs	61	71	54	34	69

Six new permits, #37106 - #37111, inclusive:

• Operators: BR; Crescent Point Energy
• Fields: Twin Valley (McKenzie); Marmon (Williams)
• Comments:
• BR has permits for a 5-well Carlsbad pad in section 17-152-97, Twin Valley oil field
• Crescent Point Energy has a permit for a CPEUSC Njos well in section 26-157-100, Marmon oil field;

Thirteen permits renewed:

• EOG (7): seven Burke permits in Mountrail County
• QEP (2): two MHA permits, one in Mountrail County; one in Dunn County
• Whiting: a Cvancara permit in Mountrail County
• CLR: one Elveida permit in Divide County
• NP Resources: one Trotter Federal permit in McKenzie County 
• Petro-Hunt: a Mongoose permit in McKenzie County