| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 7-2019 | 19 | 2170 | 2249 | 1186 | 3054 | 2071 | 658 |
| BAKKEN | 6-2019 | 30 | 3996 | 3984 | 2031 | 5622 | 4703 | 358 |
| BAKKEN | 5-2019 | 31 | 4838 | 4914 | 2180 | 6805 | 4674 | 1452 |
| BAKKEN | 4-2019 | 30 | 4143 | 4310 | 1883 | 5830 | 4 | 5232 |
| BAKKEN | 3-2019 | 31 | 5036 | 5011 | 2837 | 7085 | 110 | 6304 |
| BAKKEN | 2-2019 | 28 | 6959 | 6848 | 3926 | 9792 | 5319 | 3583 |
| BAKKEN | 1-2019 | 31 | 8802 | 8765 | 4853 | 12385 | 6523 | 4758 |
| BAKKEN | 12-2018 | 31 | 11911 | 12008 | 7375 | 16758 | 5133 | 10190 |
| BAKKEN | 11-2018 | 11 | 2863 | 2800 | 3137 | 4030 | 1892 | 1782 |
| BAKKEN | 10-2018 | 1 | 0 | 0 | 0 | 5 | 0 | 0 |
| BAKKEN | 9-2018 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 8-2018 | 23 | 5952 | 5906 | 6227 | 8374 | 3409 | 4204 |
| BAKKEN | 7-2018 | 16 | 4729 | 4516 | 8947 | 6654 | 2449 | 3626 |
| BAKKEN | 6-2018 | 8 | 653 | 727 | 392 | 918 | 642 | 166 |
| BAKKEN | 5-2018 | 31 | 4303 | 4396 | 1541 | 6053 | 5284 | 147 |
| BAKKEN | 4-2018 | 30 | 5461 | 5415 | 1706 | 11248 | 10506 | 0 |
| $56.65 | 9/6/2019 | 09/06/2018 | 09/06/2017 | 09/06/2016 | 09/06/2015 |
|---|---|---|---|---|---|
| Active Rigs | 61 | 65 | 56 | 33 | 75 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 7-2019 | 30 | 30901 | 30813 | 7091 | 40573 | 39342 | 1157 |
| BAKKEN | 6-2019 | 30 | 20712 | 20597 | 8037 | 36971 | 29722 | 7175 |
| BAKKEN | 5-2019 | 31 | 9378 | 9320 | 2634 | 33704 | 33611 | 18 |
| BAKKEN | 4-2019 | 20 | 5866 | 5881 | 1184 | 21160 | 19757 | 1356 |
| BAKKEN | 3-2019 | 31 | 5746 | 5769 | 1022 | 19882 | 19197 | 613 |
| BAKKEN | 2-2019 | 28 | 5809 | 5897 | 1572 | 70 | 0 | 0 |
| BAKKEN | 1-2019 | 29 | 24942 | 24939 | 9177 | 2298 | 2226 | 0 |
| BAKKEN | 12-2018 | 22 | 19585 | 19603 | 6684 | 24087 | 24035 | 0 |
| BAKKEN | 11-2018 | 30 | 27156 | 27174 | 9999 | 40370 | 40298 | 0 |
| BAKKEN | 10-2018 | 31 | 27153 | 27302 | 9907 | 10410 | 4500 | 5835 |
| BAKKEN | 9-2018 | 30 | 26762 | 26573 | 9222 | 18289 | 16840 | 1377 |
| BAKKEN | 8-2018 | 31 | 27698 | 27842 | 9931 | 33594 | 33517 | 0 |
| BAKKEN | 7-2018 | 31 | 29849 | 29708 | 12304 | 37070 | 36997 | 0 |
| BAKKEN | 6-2018 | 30 | 27782 | 27838 | 10610 | 39544 | 39470 | 0 |
| BAKKEN | 5-2018 | 31 | 26849 | 26862 | 11290 | 32257 | 32180 | 0 |
| BAKKEN | 4-2018 | 30 | 29233 | 29284 | 11748 | 31345 | 31271 | 0 |
| BAKKEN | 3-2018 | 31 | 38042 | 37834 | 13700 | 30319 | 30242 | 0 |
| BAKKEN | 2-2018 | 27 | 15427 | 15431 | 11059 | 5359 | 5292 | 0 |
| BAKKEN | 1-2018 | 25 | 14425 | 14448 | 3186 | 8204 | 8142 | 0 |
| BAKKEN | 12-2017 | 24 | 10932 | 10976 | 2195 | 11338 | 11278 | 0 |
| BAKKEN | 11-2017 | 24 | 11235 | 11099 | 5056 | 12759 | 11556 | 1143 |
| BAKKEN | 10-2017 | 17 | 1597 | 1597 | 3 | 2782 | 0 | 2740 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 7-2019 | 31 | 69550 | 70075 | 61117 | 27115 | 26911 | 0 |
| BAKKEN | 6-2019 | 13 | 22011 | 20641 | 15944 | 23567 | 19243 | 4240 |
| BAKKEN | 5-2019 | 1 | 0 | 0 | 1337 | 0 | 0 | 0 |
| BAKKEN | 4-2019 | 26 | 657 | 0 | 14992 | 1023 | 0 | 1023 |
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 7-2019 | 31 | 62002 | 61806 | 52245 | 72970 | 2054 | 70916 |
| BAKKEN | 6-2019 | 13 | 14974 | 14228 | 18060 | 15997 | 8076 | 7921 |
| BAKKEN | 5-2019 | 17 | 395 | 0 | 9563 | 944 | 0 | 944 |
Just before the 2016 presidential election, when President Obama’s economic defeatism was still the order of the day, the Congressional Budget Office 10-year economic projections predicted the economy would add about 2 million new jobs from the end of 2016 through the end of 2019. Thanks to the shift to a common-sense, pro-growth agenda, however, we’ve actually gained an impressive 6.1 million new jobs since end of 2016 — more than 2 million in just the last 12 months, including 130,000 new jobs in August.
The number of people employed in the United States hit a record 157,878,000 in August, the 21st record set under President Donald Trump, according to the employment report released today by the Bureau of Labor Statistics.
That's an increase of 590,000 from the record 157,228,000 employed in July.
The unemployment rate held steady at 3.7 percent. For blacks, the unemployment rate dropped to a record low of 5.5 percent last month. And for Hispanics, the unemployment rate was 4.2 percent in August, which ties the record low set earlier this year.CNBC reporting that it was a horrible jobs report. [Compared to what?]
RBN Energy: establishing the value of crude oil storage in the shale era. Archived.
Here at RBN, we frequently receive questions about our thoughts on the value of storage. Whether it be crude, natural gas, or NGLs, we answer like any good consultant, “It depends.” What operational need does this storage serve? Where is it located? Does it have optionality for receipts and deliveries? These factors and many more can affect both the strategic and tactical value of a storage asset. Those assets that are integrated into midstream systems and facilitate movements from the upstream to the downstream are generally better poised for success. Those attempting to carve out a niche in isolation or relying on uplift purely from commodity price fluctuations … well, good luck to them. Today, we begin a series examining the value of — and changing markets for — crude oil storage.Crude oil storage is an integral part of the midstream sector, which (as its name suggests) occupies the market midway between the upstream production of crude and other hydrocarbons at the wellhead and the downstream refining or exporting of oil. As such, the role of crude storage is to facilitate the transfer of oil as it works its way down the line from the lease to the refinery or export dock. That includes moving the various grades of oil across distances, from Point A to B, over a period of time — days or a month or more — as price differentials and economics dictate. This is an important distinction because it means that midstreamers must employ different strategies to capture value in dynamic markets than buyers and sellers in the upstream and downstream sectors. Over time, upstream and downstream folks have had to adapt to manage the commodity price risk that they face. They’ve accomplished this through a variety of financial instruments and physical trades, including a combination of term contracts, spot transactions, physical forwards, futures, options and other derivatives.
Independent producers in the Permian Basin of Texas and New Mexico are trading much lower than when Chevron Corp. bid for Anadarko Petroleum Corp. in April. Royal Dutch Shell Plc and ConocoPhillips have expressed interest in bulking up in shale at the right price. Exxon Mobil Corp.’s chief said Wednesday his company is keeping a “watchful eye” on the Permian for potential deals.
Oil’s drop to near $55 a barrel, from $75 in October, is putting pressure on shale producers at a time when investors are losing faith in an industry that has burned about $200 billion of cash in a decade. Despite record U.S. output, the S&P index of independent exploration and production companies is trading near its troughs of 2008 and 2015, when crude prices sank south of $35 a barrel. The producers are now worth just 4.5 times their earnings before certain items, compared with 9 times about a year ago.
“It’s clear there are many E&Ps trading well below the Chevron valuation watermark from April,” said Michael Roomberg, who helps manage $4.4 billion at Miller/Howard Investments Inc. He expects “several additional deals over the next several quarters, and wouldn’t be surprised if the majors are involved.”
Pioneer Natural Resources Co. or Concho Resources Inc., which have both struggled this year, would be a good fit for Exxon, while Shell may look at smaller players like WPX Energy Inc. and Cimarex Energy Co., according to Tudor, Pickering, Holt & Co.
Comment: I posted my story on the Oasis Permian acquisition before I saw this article. Something to think about.XOM: getting ready to pounce. Exxon will reap $4 billion with sale of 20 oil and gas assets in Norway. Just announced. Link at Reuters. In 2017, Exxon's net production from these assets was around 170,000 boepd. At $50/boe, that works out to $3 billion/year.
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 7-2019 | 42565 | 48139 |
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 7-2019 | 14548 | 17068 |
| 6-2019 | 17010 | 17148 |
| 5-2019 | 20504 | 19105 |
| 4-2019 | 21549 | 22837 |
| 3-2019 | 22396 | 16776 |
| $55.42 | 9/6/2019 | 09/06/2018 | 09/06/2017 | 09/06/2016 | 09/06/2015 |
|---|---|---|---|---|---|
| Active Rigs | 62 | 65 | 56 | 33 | 75 |
Here at RBN, we frequently receive questions about our thoughts on the value of storage. Whether it be crude, natural gas, or NGLs, we answer like any good consultant, “It depends.” What operational need does this storage serve? Where is it located? Does it have optionality for receipts and deliveries? These factors and many more can affect both the strategic and tactical value of a storage asset. Those assets that are integrated into midstream systems and facilitate movements from the upstream to the downstream are generally better poised for success. Those attempting to carve out a niche in isolation or relying on uplift purely from commodity price fluctuations … well, good luck to them. Today, we begin a series examining the value of — and changing markets for — crude oil storage.
Crude oil storage is an integral part of the midstream sector, which (as its name suggests) occupies the market midway between the upstream production of crude and other hydrocarbons at the wellhead and the downstream refining or exporting of oil. As such, the role of crude storage is to facilitate the transfer of oil as it works its way down the line from the lease to the refinery or export dock. That includes moving the various grades of oil across distances, from Point A to B, over a period of time — days or a month or more — as price differentials and economics dictate. This is an important distinction because it means that midstreamers must employ different strategies to capture value in dynamic markets than buyers and sellers in the upstream and downstream sectors. Over time, upstream and downstream folks have had to adapt to manage the commodity price risk that they face. They’ve accomplished this through a variety of financial instruments and physical trades, including a combination of term contracts, spot transactions, physical forwards, futures, options and other derivatives.
U.S. natural gas prices have fallen to three-year lows at a time of year when they should be rising. Shares of gas producers are in the pits.
But Jerry Jones, the owner of the Dallas Cowboys, has bet more than $1 billion on the fuel. Mr. Jones said this week that he was putting up $475 million of his own money to help Comstock Resources Inc. buy a larger shale-gas rival, Covey Park Energy, for about $1.6 billion.
The deal follows another last year in which Mr. Jones sold Comstock North Dakota oil wells valued at more than $600 million in exchange for a controlling stake in the public company. The latest deal brings to about $1.1 billion his wager on the prolific Haynesville Shale in Louisiana and East Texas where Comstock and Covey both drill.So, now down the rabbit hole, as one of my readers would say.
Under a letter of intent signed with Jones' oil and gas companies, Arkoma Drilling and Williston Drilling, Frisco, Texas-based Comstock will buy interests in oil and gas properties in North Dakota for $620 million in stock (there's no debt associated with the assets).
The Bakken Shale Properties that we acquired from Jerry Jones include 348 producing wells, 85 drilled but uncompleted wells and 7 undrilled locations.
Reserves attributable to these properties were estimated at 22.8 million barrels of oil and 49.3 billion cubic feet of natural gas. These properties generated $155.1 million of revenues in excess of operating costs, excluding depletion, depreciation and amortization in 2017.
On August 14, 2018 we closed our agreement with Jerry Jones, Dallas businessman and owner of the Dallas Cowboys Football Club Ltd., under which he contributed oil and gas properties in North Dakota in exchange for common stock in the Company.
The contribution provides us with substantial cash flow to invest in our high return Haynesville shale drilling program and the capital to further grow our drilling prospect inventory through acquisitions of new leases and producing properties.Natural gas? Connect this dot, posted yesterday, "Texas wind not enough. Next-day power prices at the ERCOT North hub soared from $130 per megawatt hour for Wednesday to an all-time high to f$973.75 for Thursday."
The contribution provides us with substantial cash flow to invest in our high return Haynesville shale drilling program and the capital to further grow our drilling prospect inventory through acquisitions of new leases and producing properties.Oasis is doing the same thing: using free cash flow from the Bakken to fuel its Permian expansion.
