Klinger: US Supreme Court, belatedly, rules 6 - 3 in favor of Klinger. Stories everywhere. One link here.
CHAZ nation: caps number of rapists that can be members of Conflict Resolution Advisory Council at 50%. Link here. Asian-Americans worth 1/12th that of a black person.
Permian vs the Bakken? Argus Media calls it. The Permian wins. Link here.
The US Permian basin of Texas and New Mexico is expected to take a lead in restarting shale wells shut in over the past two months, as operators with stronger balance sheets and lower costs take advantage of a crude price recovery.
The Permian — with lower operating costs, ample takeaway capacity and closer proximity to the Gulf of Mexico refining hub — is more resilient than other key onshore oil basins. It has lost 68pc of its rigs over the past year, compared with an 82pc fall in the Eagle Ford and 78pc fall in the Williston basin (see chart at link).
US independent Parsley is one of the first firms in the Permian to announce that it will restart most of the wells it shut in last month, equivalent to about 25pc, or 28,000-30,000 b/d of oil equivalent (boe/d), of its net output. The company has suspended its guidance for the rest of the year, but its first-quarter production was 197,000 boe/d, up by nearly 60pc from 125,000 boe/d a year earlier, following its acquisition of US independent Jagged Peak.OPEC basket: $35.06, link here.
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Back to the Bakken
Active rigs:| $34.97 | 6/15/2020 | 06/15/2019 | 06/15/2018 | 06/15/2017 | 06/15/2016 |
|---|---|---|---|---|---|
| Active Rigs | 13 | 61 | 62 | 56 | 27 |
Wells coming off the confidential list over the weekend, today:
Monday, June 15, 2020: 36 for the month; 181 for the quarter, 408 for the year:
36879, conf, Equinor, Jack Cvancara 19-18 XE 1TFH, Alger,
36076, conf, BR, CCU Zephyr 14-29MBH, Corral Creek,
Sunday, June 14, 2020: 34 for the month; 179 for the quarter, 406 for the year:
None.
Saturday, June 13, 2020: 34 for the month; 179 for the quarter, 406 for the year:
37193, conf, CLR, Wiley 14-25HSL, Pershing,
35959, conf, Whiting, Arndt 14-5-2XH, Sanish,
RBN Energy: Permian crude producers waste no time in ramping up production.
Crude oil supply news comes in from all angles these days, bombarding the market daily with fresh information on producers’ efforts to ramp their volumes back up now that the global economic recovery is cautiously under way. Crude demand is rising, storage hasn’t burst at the seams yet, and prices have come a long, long way in just a few weeks. Permian exploration and production companies, having avoided a fleeting, longshot chance that the state of Texas might regulate West Texas oil production, are responding to higher crude oil prices as free-market participants should. The taps are quickly being turned back on, unleashing pent-up crude and associated gas volumes that, you could say, were under a sort of quarantine of their own for a while. Today, we provide an update on the status of curtailments in the Permian Basin.
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