COP: for bedtime reading, later tonight -- a contributor over at SeekingAlpha writes about COP.
- oil continues to be slammed by the price war and COVID-19
- any big oil producer makes for a fine long-term investment
- however, ConocoPhillips is presently the best positioned
- Selling puts against it is a great way to generate income and potentially buy it at a value price
- a word search of the article: does not mention "Bakken"; huge oversight
Oil: had a good day for bulls --
- WTI: up 2.6%; trading just under $40 again
- OPEC basket: up 2.2%; trading well under $40, at $37.99, link here.
- in addition, IAW with SEC rules, he has announced he intends to acquire shares of CLR common stock "with certain timing, volume and price limitations"
- the trading plan was entered into on June 25, 2020
- some years ago, during a conference call, Harold Hamm was asked point blank, why didn't he take his company private
- it should be noted that a very, very successful Bakken operator, Slawson, is privately held; there are a few others, but probably not as well known
- market cap, for CLR: $5.92 billion but for this discussion, let's call it $6 billion
- 20% of $6 billion = $1.2 billion
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Back to the Bakken
Active rigs:
$39.50 | 6/29/2020 | 06/29/2019 | 06/29/2018 | 06/29/2017 | 06/29/2016 |
---|---|---|---|---|---|
Active Rigs | 10 | 61 | 67 | 59 | 30 |
Three new permits, #37670 - #37672, inclusive --
- Operators: Whiting, Enerplus, Minnkota Power Coop
- Fields: Sanish (Mountrail); Squaw Creek (Dunn); and, wildcat, Oliver County
- Comments:
- Whiting has a new Lacey permit, SWNW 10-152-92, Sanish oil field;
- Enerplus has a Kudu permit in SWNE 3-148-94, Squaw Creek oil field;
- Minnkota Power has a J-ROC1 permit in section 4-141-83, Oliver County
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