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Tuesday, March 17, 2020

I Have To Take A Break -- The News Coming In Has Overwhelmed Me -- March 17, 2020

There is some incredible "stuff" going on right now.

First things first: Disney released Frozen 2 on DVD three months earlier than planned. Sophia already has her copy. Watched it last night. She had previously seen it at the movie theater -- before coronavirus.


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Back to the Baken

NDIC Hearing Dockets, link here. These are cases, not permits.

Tuesday, April 21, 2020

The cases (not permits):
  • 28425, Resonance, Exploration, Sergis-Spearfish/Madision field, unitize the Sergis-Spearfish/Madison Unit area, Bottineau County
  • 28426, Resonance Exploration, Sergis-Spearfish/Madison field, "determining the plan of unitization... has been signed, ratified or approved by owner of interest ...'; Bottineau County
  • 28427, Resonance Exploration, Sergis-Spearfish/Madison field, injection of fluids into the unitized formation; Bottineau County;
Tuesday, April 28, 2020 

The cases (not permits):
  • 28428, BR, Haystack Butte-Bakken, unitization, McKenzie County
  • 28429, BR, Haystack Butte-Bakken, "determining the plan of unitization... has been signed, ratified or approved by owner of interest ...'; McKenzie County
Daily activity report: other than the wells released from confidential status, nothing else to report. 
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4 comments:

  1. AnonymousMarch 17, 2020 at 4:29 PM

    Still wondering what CLR will do. I think it will be tricky as they probably got a lot of rigs under contract for the shale megaprojects. So only so much they can let go at a time (sunk cost). They could probably hold off more on completions though. But that is a judgment call. Once you've drilled the well, sometimes it makes sense to complete it.

    Probably they should do a layoff. But they are pretty lean to start with so not sure how much could be done. But worth thinking about. Very seriously.

    I wish HH would stop bloviating on the air waves and just run his company. Nobody wants to hear your disbelief in the strip price. Clearly markets disagree (and we could as easily be LESS than strip as higher).

    Also, no more whining about dumping. Just run your company and deal with the low price and compete. These prices are not that different from 1998 (inflation adjusted). Just man up and tighten the belt and run your company. We need you to adjust, not implode.

    ReplyDelete
  2. Bruce OksolMarch 17, 2020 at 5:01 PM

    !. Pad drilling: very few rigs needed. Hess has six rigs today; will go to one rig. CLR, on the other hand, drilling like crazy, way more than Hess, has nine rigs drilling today.

    2. I don't watch interviews with CEOs. As a CEO, he may have a responsibility, just like other CEOs, to represent their companies publicly. I consider meeting with investors a huge part of a CEO's responsibility -- perhaps his/her biggest responsibility --

    3. I would have to argue that emptying your storage tanks (Saudi Arabia) to destroy the US oil market is dumping. Saudi Arabia budgets for $83 oil (Platts); selling it for $35 to destroy a competitor is dumping. The US is incredibly generous in letting other countries do this, not only with oil, but other products as well. The EU does a pretty good job protecting their interests.

    ReplyDelete
  3. AnonymousMarch 17, 2020 at 5:56 PM

    SA has traditionally done the opposite. Holding oil back. Stopping to act like a monopolist is not wrong. It's the previous cartel action that was wrong. Consumer wants cheap gasoline!

    Also, it doesn't cost them $85 to produce per barrel. That's a price including a bunch of setasides for palaces and the like. Their actual cost of production, including D&C is 5-10/bo.

    ReplyDelete

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