NDARC Drops Below Ten -- June 29, 2020

Facebook pummeled -- ZeroHedge: Facebook shares down 16.3% from last week's high; boycott widens. Coca-Cola halts social media advertising; the list grows.

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Back to the Bakken

Active rigs:

$38.90	6/29/2020	06/29/2019	06/29/2018	06/29/2017	06/29/2016
Active Rigs	9	61	67	59	30

Wells coming off the confidential list --  

Tuesday, June 30, 2020: 73 for the month; 218 for the quarter, 445 for the year:
37048, conf, CLR, Simmental Federal 9-16H1, 
36888, conf, Murex, Sophia Drake 25-36H-R, 
36887, conf, Murex, Amber Renee 25-36H-R, 
36785, conf, Kraken, Double Eagble 33-3 1H, 
35666, conf, Zavanna, Stranger 28-21 2H,


Monday, June 29, 2020: 67 for the month; 212 for the quarter, 439 for the year:

• 37049, drl/drl, CLR, Simmental Federal 8-16H, Elm Tree,

Sunday, June 28, 2020: 66 for the month; 211 for the quarter, 438 for the year:

• 37050, drl/drl, CLR, Simmental Federal 7-16H2, Elm Tree,

Saturday, June 27, 2020: 65 for the month; 210 for the quarter, 437 for the year:

• 35673, SI/A, CLR, Boise 8-24H, Brooklyn, t--; cum 60K in two months;

  Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
  BAKKEN	4-2020	25	22610	22773	27321	52351	50922	1393
  BAKKEN	3-2020	30	37317	37029	40980	73455	68960	4453

• 35658, SI/A, CLR, Addyson 10-23HSL1, Brooklyn, t--; cum 75K in less than 4 months;

  Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
  BAKKEN	4-2020	25	13602	13669	23776	34781	33031	1750
  BAKKEN	3-2020	28	25827	25991	37503	51381	45286	6095
  BAKKEN	2-2020	29	24101	24298	37380	49503	48807	696
  BAKKEN	1-2020	17	11068	10490	21174	19728	19356	372

RBN Energy: E&Ps slash CAPEX, offer sparse production guidance.

Chesapeake Energy’s announcement yesterday that it has filed for Chapter 11 bankruptcy protection is only the latest sign of how much the seismic economic shocks from the pandemic-triggered demand destruction have roiled the U.S. E&P sector.

With equity prices plummeting to historic lows, oil and gas producers have focused their efforts on shoring up their balance sheets and share prices, by tightening their belts going into 2020, reducing capital expenditures by an average 14% in order to boost free cash flow and increase shareholder returns. So, it’s no surprise that the industry has aggressively battened down the hatches operationally and financially, mothballing rigs, suspending completions, shutting-in producing wells, slashing dividends, and suspending share repurchase programs.

First-quarter 2020 earnings releases and investor calls provided a clear picture of the dimensions of the cost-cutting by the 41 U.S. E&Ps we track. But continued uncertainty about the course and duration of the COVID-19 pandemic, the pace of economic recovery, and the outlook for commodity prices have triggered reluctance on the part of oil and gas executives to issue production guidance for the remainder of 2020 and beyond. Today, we review the current capital expenditure reductions by U.S. E&Ps and piece together clues on their impact on oil and gas production.