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Friday, November 29, 2019

WTI Drops 2.4%; Eight Wells Coming Off The Confidential List Today, Yesterday -- November 29, 2019

Peak oil? What peak oil? US September crude oil production at 12.463 million bopd vs 12.397 (revised up from 12.365) million bopd in August; about a half-percent increase month-over-month, but September numbers will probably be revised up also. STEO report forecast 12.59 million bopd for September. So, actual production came in at a bit less than projected.

Also from twitter earlier today:



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Back to the Bakken

Active rigs:

$56.7211/29/201911/29/201811/29/201711/29/201611/29/2015
Active Rigs5766553964

Wells coming off the confidential list yesterday and today -- Friday, November 29, 2019: 102 for the month; 203 for the quarter:
  • 36316, conf, Petroshale, Anderson North 1MBH, Croff,
  • 36135, conf, XTO, Sorkness state Federal 34X-36G, Sorkness, 
  • 35637, conf, WPX, St. Anthony 9-16HY, Mandaree,
  • 35332, conf, MRO, Tommerdahl USA 11-2H, Reunion Bay, see link here;
  • 30108, conf, Oasis, Jensen 5501 43-7 6B, Missouri Ridge; a nice well;
Thursday, November 28, 2019: 97 for the month; 198 for the quarter:
  • 36136, conf, XTO, Sorkness State Federal 34X-36C, Sorkness, 
  • 35638, conf, WPX, St. Anthony 9-16HC, Mandaree,
  • 35587, conf, CLR, Carus 12-28HSL1, Cedar Coulee, another nice Carus well; see link here;
RBN Energy: Just because it worked, it doesn't mean you were right. My dad always said it was better to be lucky than smart.
In 2019, there has been a significant shift in crude oil and natural gas markets. Prices have remained stubbornly low, even when faced with the risk of significant turmoil like the Saudi drone attacks. Investors are far less forgiving, and energy-related equity values continue to lag most other sectors, despite most companies returning more of their earnings to shareholders. Oil and gas producers are focused on their sweetest of sweet spots, wringing every crumb of financial return from their investments. The risk-return equation has changed. All this makes now a good time to examine the strategies and tactics necessary for survival in this challenging phase of the Shale Era. That is especially true for the players who seem to be doing everything right, because some of the worst management mistakes can occur when performance is good.
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