Update On The GM UAW Strike -- September 26, 2019

GM: On a day of volatility in the market and then at the end of the day, a small loss for the market, shares in GM were up. We discussed the GM strike earlier. Two developments today:

• an Investor's Business Daily story that there are signs that the UAW strike is nearing an end; and,
• GM says it will continue to pay for health insurance for those on strike

Speaking of GM, what did Ford do today? Down six cents at close and down another penny after hours.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, travel, career, or relationship decisions based on what you read here or think you may have read here.

Others:

• AAPL, which had a good week and a good start today, dropped back half a percent, down $1.14.
• SRE: another nice day considering the market, up 72 cents; it set an all-time intra-day high trading at $145.08
• UNP: even UNP eked out a gain, of 13 cents
• EW: I'm going to quit here -- on a high note -- even EW eked out a gain of ten cents. 

The oils:

• RDS-B: up 1.25%, trading at $58.55
• COP: down 3%
• CVX: down almost 3%
• HES: down almost 3%
• one would think it might be the slide in natural gas prices, down 3% also, a three-week low 
• OXY: down so low, that it can only go up? flat today (actually gained 2 cents)

The pipelines, surprise, surprise:

• ENB: up about a percent
• EPD:down about 3/4ths of a percent
• WMB: down over a percent

******************************************

Speaking Of Pipelines

Another Permian pipeline sends natural gas to gulf coast. Link here.

Kinder Morgan Inc. put a pipeline into service Wednesday that should help ease gas flaring in West Texas by delivering natural gas from the Permian Basin to South Texas.

The Gulf Coast Express Pipeline was put into service ahead of schedule, the company said in a statement. The line will deliver gas from the Waha hub southwest of Midland to Agua Dulce, which is about 35 miles west of Corpus Christi.

Natural Gas Prices Slide To 3-Week Low; New Yorkers Won't See Benefit -- September 26, 2019

Link here.

Meanwhile:

Natural gas prices slide 3% to a three-week low. Link here.

Natural-gas prices fell Thursday after government data showed U.S. stockpiles rose more than analysts expected.

Front-month natural-gas futures declined 3% to $2.428 per million British thermal units, a three-week low, after the Energy Information Administration, or EIA, reported that natural-gas inventories last week surged by 102 billion cubic feet, compared with the 89 billion cubic feet that analysts surveyed by The Wall Street Journal had predicted.

“We had thought the number would be smaller because a lot of the country has been experiencing unusual, late-season heat,” said Kent Bayazitoglu, director of market analytics at Gelber & Associates. Natural-gas demand tends to rise when more people use their air conditioners in the summer and heaters in the winter.

By the way, when one reads the articles very, very closely regarding the situation in New York City / New Jersey, one gets the feeling there is much more to this story than simply a bunch of rabble-rousers who are trying to stop expansion of a pipeline where there are already many pipelines. Something tells me there's a bit of "something else" going on. Whenever my granddaughters ask me something they don't understand, I tell them to google it or follow the money. In this case (the NYC/New Jersey natural gas pipeline story) I suggest following the money.

The Reason Saudi Is Switching From Sweet Oil To Sour Oil To Meet Export Contracts -- September 26, 2019

Posts regarding the September 14, 2019, attack on Saudi at this tag.

Posts and updates are tracked at this post.

There has been at least one post on Saudi switching from sweet oil to sour oil to meet its export contracts, and folks on twitter noted that fairly early on. Japan was one of the first countries to be affected according to tweets.

Today from a reader, a comment posted elsewhere:

The Abqaiq refinery...

https://en.wikipedia.org/wiki/Abqaiq

The 250-hectare complex can process 7 million barrels of oil a day.

The chief purpose of Abqaiq is to remove hydrogen sulfide from crude oil and reduce the vapor pressure, making the crude safe to be shipped in tankers. Abqaiq is the world's largest facility for this stabilization.

Hence, damage to that fits in with their switch from sweet to sour crude exports.

Active Rigs In North Dakota Down To 56 -- September 26, 2019

Active rigs:

$56.55	9/26/2019	09/26/2018	09/26/2017	09/26/2016	09/26/2015
Active Rigs	56	66	59	34	71

Three new permits, #37016 - #38018, inclusive:

• Operators: Hess (2): Oasis
• Fields: Tioga (Mountrail County); Beaver Lodge (Williams County); and, Banks (McKenzie County)
• Comments:
• Hess has a permit for TI-Blestad well in the Tioga oil field, lot 4 in section 31-158-94;
• Hess has a permit for a BL-Amelia well in the Beaver Lodge oil field, section 15-156-95; an
• Oasis has a permit for a Thelen Federal well in the Banks oil field, section 34-153-97

Eight permits released from confidential status / canceled:

• CLR: four Hartford permits, three Dover permits, and one Bob permit, all in Williams County; all except "Bob" in section 19-155-97; "Bob" was in section 22-145-98;

Nine other permits also canceled:

• PetroShale (6): six PetroShale permits in McKenzie County
• CLR (3) : a Weisz permit in Williams County; an Imsland permit in Divide County; a Dover well in Williams County

Twelve permits renewed:

• Bruin (6): six FB Leviathan permits in McKenzic County 
• PetroShale (5): five PetroShale US permits in McKenzie County
• Whiting: a Cvancara permits in Mountrail County

One producing well (DUC) reported as completed:

• 34149, 3,334, Hess, SC-TR Slette-153-98-1819H-6, Truax, t1/19; cum 113K 7/19;  (#23299, #19189, #23485 -- perhaps a subtle jump, ext-eur, #19198)

October, 2019, Hearing Dockets Posted

Link here.

Hearing dockets are tracked here.

The usual disclaimer applies. As usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is, go to the source.

Observations on initial reading:

• a huge number of pages on the first day, but it looks like a record number of continuation cases
• only two flaring cases?
• CLR with two "huge" cases
• Newfield with a "huge" case 
• CLR looking to recover costs from participating owners?

Wednesday, October 23, 2019

Huge number of pages -- 17 pages

Overview:

• many Whiting commingling cases
• Burke County: lots of attention
• a record number of continuation cases?
• if any flaring cases, I didn't see any

The cases:

• 27986, Hess, injection case, #20315, EN-Person Observation, Mountrail County
• 27987, Hess, Little Knife-Bakken; 2560-acre unit; 2/3/10/11-146-97; one well; Dunn County
• 27988, Hess, Little Knife-Bakken and/or Jim Creek-Bakken; 2560-acre; one well; Dunn County
• 27989, Hess, Jim Creek and/or Murphy Creek-Bakken, 2560-acre unit; one well; Dunn County
• 27990, Petro Harvester, Northeast Foothills and/or Little Butte-Bakken, 1920-acre unit; 8 wells, Burke Couty
• 27991, Petro Harvester, Northeast Foothills-Bakken; three 1920-acre units; 8 wells on each; Burke County
• 27992, Petro Harvester, Foothills-Bakken; two 1920-acre units; 8 wells on each; Burke County
• 27993, Petro Harvester, Black Slough-Bakken, eight 1920-acre units; 8 wells on each; Burke County
• 27994, Whiting, setback
• 27995, BR, Croff, North Fork, and/or Bear Den-Bakken; 2560-acre unit; one well; McKenzie
• 27996, BR, commingling
• 27997, MRO, Spotted Horn and/or Reunion Bay-Bakken; 2560-acre unit; one well; Mountrail, Dunn
• 27998, Petro-Hunt, Stoneview-Bakken, 2560-acre unit; one well; Divide County
• 27999, Petro-Hunt, North Tioga-Bakken; three 2560-acre units; one well on each; Burke County
• 28000, Petro-Hunt, East Tioga and/or North Tioga-Bakken; 2560-acre unit; one well; Burke County
• 28001, Petro-Hunt, East Tioga-Bakken; three 2560-acre units; one well on each, Burke County
• 28002, Petro-Hunt, East Tioga-Bakken, five 2560-acre units; one horizontal well on each, Burke County
• 28003, Petro-Hunt, East Tioga and/or Powers Lake-Bakken; a 2560-acre unit; one well; Mountrail
• 28004, Petro-Hunt, East Tioga and/or White Earth-Bakken; 2560-acre unit; one well; Mountrail
• 28005, legalese, risk penalty
• 28006, Whiting, commingling
• 28007, Whiting, commingling
• 28008, Whiting, commingling
• 28009, Whiting, commingling
• 28010, Whiting, commingling
• 28011, Whiting, commingling
• 28012, Whiting, commingling
• 28013, Whiting, commingling
• 28014, Whiting, commingling
• 28015, Whiting, commingling
• 28016, Whiting, commingling
• 28017, Whiting, Sanish-Bakken; a laydown 1280-acre unit; seven wells; Mountrail County
• 28018, Whiting, Sanish-Bakken, a 2560-acre unit; 4 wells; Mountrail County
• 28019, Whiting, Glass Bluff-Bakken, a 1280-acre unit, 4 wells; McKenzie County
• 28020, Petro-Hunt, East Tioga-Bakken; a 1280-acre unit; 7 wells; Burke County
• 28021, Petro-Hunt, North Tioga-Bakken; a 1280-acre unit; 7 wells; Burke County
• 28022, BR, pooling
• 28023, BR, commingling
• 28024, BR, commingling
• 28025, Oasis, pooling
• 28026, Hess, pooling
• 28027, Hess, commingling
• 28028, Hess, commingling
• 28029, Hess, commingling
• 28030, MRO, Reunion Bay-Bakken; a 1640-acre unit, E/2 of section 1-151-94 and section 5/6-151-93; twelve wells; McKenzie, Mountrail
• 28031, MRO, Reunon Bay-Bakken; a 1600-acre unit; E/2 of section 12-151-94 and sections 7/8-151-93, ten wells, McKenzie, Mountrail

Thursday, October 24, 2019 

11 pages

Overview:

• CLR with several cases to determine that costs and expenses associated with specific wells are reasonable and actual (wake up call for some participating owners?)
• Equinor Energy has a similar case to recover costs from an owner of a working interest in a partiular well;
• two flaring cases

The cases: 

• 28032, Zavanna, Stockyard Creek-Bakken, a 2560-acre unit; two sells; Williams Count
• 28033, Zavanna, Stony Creek-Bakken, a 2560-acre unit, sections 22/26/27/35-155-100, 18 wells, Williams County
• 28034, Zavanna, Long Creek-Bakken, a 2560-acre unit, two wells; Williams
• 28035, XTO, Big Gulch-Bakken, field rules, Dunn County
• 28036, XTO, Heart Butte-Bakken, two overlapping 1920-acre units; 8 wells on each; an overlapping 3840-acre unit, 1 well; Dunn County
• 28037, XTO, Hofflund, Alkali Creek, and Charlson-Bakken; i) a 2560-acre unit; ii: a 3200-acre unit; iii a 3840-acre unit; two or three wells; Williams, McKenzie, Mountrail
• 28038, CLR, Cedar Coulee-Bakken, a 5120-acre unit; two wells; Dunn County
• 28039, CLR, Cedar Coulee-Bakken, i) setback; ii) set back; iii) setback; Dunn Count
• 28040, CLR, costs and expenses
• 28041, CLR, costs and expenses
• 28042, CLR, costs and expenses
• 28043, CLR, costs and expenses
• 28044, CLR, costs and expenses
• 28045, CLR, costs and expenses
• 28046, CLR, costs and expenses
• 28047, RimRock, Moccasin Creek-Bakken, 2560-acre unit; one well; Dunn County
• 28048, RimRock, Heart Butte-Bakken, a 1920-acre unit, two wells; Dunn County
• 28049, RimRock, setback;
• 28050, Enerplus, flaring
• 28051, Enerplus, flaring
• 28052, Newfield, Sand Creek-Bakken, a 2560-acre unit; two wells; McKenzie County
• 28053, Equinor, legalese, working interest
• 28054, CLR, pooling
• 28055, CLR, Elm Tree-Bakken, on an existing 2560-acre unit, sections 2/3/10/11-153-94, 27 wells; McKenzie and Mountrail counties
• 28056, CLR, Cedar Coulee-Bakken, on an existing 2560-acre unit, section 20/29/32-147-96; and, section 5-146-96; 22 wells; Dunn County
• 28057, CLR, commingling
• 28058, Zavanna, pooling
• 28059, Zavanna, pooling
• 28060, Zavanna, pooling
• 28061, XTO, pooling
• 28062, XTO, pooling
• 28063, XTO, pooling
• 28064, XTO, pooling
• 28065, XTO, pooling
• 28066, XTO, pooling,
• 28067, XTO, pooling, 
• 28068, XTO, pooling, 
• 28069, RimRock, pooling
• 28070, Kraken, commingling
• 28071, Newfield, Siverston-Bakken, on three existing 1280-acre units; 13/24-150-98; section 1/21-150-97; and, section 18/19-150-97; 14 wells each; McKenzie County
• 28072, Dahl SWD, 
• 28073, PetroShale, Antelope-Sanish, in an existing 320-acre unit; W/2  section 29-152-94, 4 wells; McKenzie County

**************************************

Quick Look

The spreadsheet may not be absolutely correct, but it's very, very close if not.

The spreadsheet should be self-explanatory. The first column is the case number; the fourth column is the size of the drilling (spacing) unit in acres. The last column is the number of wells that could be placed on that spacing unit if approved by the NDIC.

Sometimes a case is listed more than once. For example, case #27991 is listed three times: Petro Harvester, in case #27991, is requesting three 1920-acre drilling units, and to place as many as eight wells on each of these three units.

27987	Hess	Little Knife	2560	1
27988	Hess	Little Knife	2560	1
27989	Hess	Jim Creek	2560	1
27990	Petro Harvester	Northeast Foothills	1920	1
27990	Petro Harvester	Northeast Foothills	1920	1
27990	Petro Harvester	Northeast Foothills	1920	1
27991	Petro Harvester	Northeast Foothills	1920	8
27991	Petro Harvester	Northeast Foothills	1920	8
27991	Petro Harvester	Northeast Foothills	1920	8
27992	Petro Harvester	Foothills	1920	8
27992	Petro Harvester	Foothills	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27993	Petro Harvester	Black Slough	1920	8
27995	BR	Croff	2560	1
27997	MRO	Spotted Horn	2560	1
27998	Petro-Hunt	Stoneview	2560	2
27999	Petro-Hunt	North Tioga	2560	1
27999	Petro-Hunt	North Tioga	2560	1
27999	Petro-Hunt	North Tioga	2560	1
28000	Petro-Hunt	East Tioga	2560	1
28001	Petro-Hunt	East Tioga	2560	1
28001	Petro-Hunt	East Tioga	2560	1
28001	Petro-Hunt	East Tioga	2560	1
28002	Petro-Hunt	East Tioga	2560	1
28002	Petro-Hunt	East Tioga	2560	1
28002	Petro-Hunt	East Tioga	2560	1
28002	Petro-Hunt	East Tioga	2560	1
28002	Petro-Hunt	East Tioga	2560	1
28003	Petro-Hunt	East Tioga	2560	1
28004	Petro-Hunt	East Tioga	2560	1
28017	Whiting	Sanish	1280	7
28018	Whiting	Sanish	2560	4
28019	Whiting	Glass Bluff	1280	4
28020	Petro-Hunt	East Tioga	1280	7
28020	Petro-Hunt	East Tioga	1280	7
28021	Petro-Hunt	North Tioga	1280	7
28030	MRO	Reunion Bay	1600	12
28031	MRO	Reunion Bay	1600	10
28032	Zavanna	Stockyard Creek	2560	2
28033	Zavanna	Stony Creek	2560	18
28034	Zavanna	Long Creek	2560	2
28036	XTO	Heart Butte	1920	8
28036	XTO	Heart Butte	1920	8
28036	XTO	Heart Butte	3840	1
28037	XTO	Alkali Creek	2560	1
28037	XTO	Alkali Creek	3200	1
28037	XTO	Alkali Creek	3840	1
28038	CLR	Cedar Coulee	5120	2
28039	CLR			3
28047	RimRock	Moccasin Creek	2560	1
28048	RimRock	Heart Butte	1920	2
28052	Newfield	Sand Creek	2560	2
28055	CLR	Elm Tree	2560	27
28056	CLR	Cedar Coulee	2560	22
28071	Newfield	Siverston	1280	14
28071	Newfield	Siverston	1280	14
28071	Newfield	Siverston	1280	14
28073	PetroShale	Antelope-Sanish	320	4
				333