Nine Wells Coming Off Confidential List Over The Weekend, Today -- May The Fourth Be With You -- 2020

OPEC basket: $14.36. Link here. That number is from April 29, 2020. Over the weekend, OPEC Basked spiked to $18.05; most recent price being reported at that site: $16.52. 

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Back to the Bakken

 
Active rigs:

$18.69	5/4/2020	05/04/2019	05/04/2018	05/04/2017	05/04/2016
Active Rigs	30	64	62	50	28

Nine wells coming off the confidential list today --

Monday, May 4, 2020: 16 for the month; 66 for the quarter, 292 for the year:

• 37042, drl, Eagle Operating, Wobbly 19-9, Great Northern, a Madison formation well; a vertical well; with support services from Creedence Energy -- sure would like to see Creedence in the Clearwater oil field -- LOL;
• 36587, drl, Rimrock Oil, Skunk Creek 8-2-3-4H3U, Heart Butte, t--; cum 15,500 bbls over 31 days;
• 36505, drl, WPX, Blue Racer 14-11HZ, Squaw Creek, 45K over 29 days extrapolates to 46,563 bbls over 30 days;
• 36094, drl, XTO, Krieger 42X-17G, Alkali Creek,
• 33023, SI/NC, BR, Renegade 24-10 MBH, Sand Creek, no production data,

Sunday, May 3, 2020: 11 for the month; 61 for the quarter, 287 for the year:

• 36506, drl, WPX, Blue Racer 14-11HG, Squaw Creek, t--; cum 35K over 26 days extrapolates to 40,074 bbls over 30 days; 
• 36093, drl, XTO, Krieger 42X-17C, Alkali Creek,
• 34166, drl, Crescent Point Energy, CPEUSC Njos 9-26-35-157N-100W TFH, Marmon,

Saturday, May 2, 2020: 8 for the month; 58 for the quarter, 285 for the year:

• 36092, drl, XTO, Krieger 42X-17H, Alkali Creek, no production data,

RBN Energy: justifications, complications, and ramification of crude well shut-ins. Archived. This is really, really cool. I brought up this issue some weeks ago, suggesting this was one of the the real reasons why Saudi Arabia emptied their on-shore storage.

With a dwindling market for their crude, many U.S. producers are confronting an unavoidable choice: shutting in existing production. Just go out and flip a switch and turn a valve, right? Wrong. Like everything else in the COVID era, shutting in production is complicated. It is the alternative of last resort for producers, whose primary directive is the economic extraction of oil and gas. But with demand for their products crushed, production from some wells no longer makes economic sense. Unfortunately, the process of shutting in wells is charged with contractual, economic and operational issues that the industry is scrambling to deal with. The situation is fraught with uncertainty, and many producers’ futures depend on how decisively they manage the shut-in process. Today, we discuss the urgent need to reduce oil production and the judgments producers will be making as they take wells offline.

Note: one of the really neat things that RBN Energy does is "connect" a song with their daily blog. One of my favorite songs, and its backstory, is the Beach Boys' "Shut Down." See the RBN Energy link above for their take on "Shut Down." Archived.