Monday, June 29, 2020

A Good Day For Oil Bulls -- June 29, 2020

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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
WLL: a contributor at SeekingAlpha

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
Harold Hamm: with his most recent purchase, Harold Hamm now owns almost 80% of the total common CLR shares outstanding as of April 30, 2020
  • 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:

$39.506/29/202006/29/201906/29/201806/29/201706/29/2016
Active Rigs1061675930

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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