Eight Wells Coming Off The Confidential List -- August 17, 2020

Chaparral Energy: files for bankruptcy. Assets and liabilities between $500 million and $1 billion.

OPEC basket, link here: $44.62.

OPEC and its allies have achieved the oil-market equivalent of a high-wire act: increasing supply even as demand remains depleted, without crashing prices.

Whether they can successfully continue the balancing act is unclear.

The market remains too fragile to risk anything more. The 23-nation alliance plans to keep the bulk of its halted output -- about 7.7 million barrels a day, and possibly more -- off-line for the rest of the year.

Saudi Arabia even said that most of the supply returned in August will b consumed domestically, used to satisfy the kingdom’s summer electricity needs rather than shipped to overseas customers.

The producers can ill-afford a relapse. Despite the rebound, oil prices are still barely half the level many OPEC nations need to cover government spending. The financial squeeze has left several contending with massive deficits, popular unrest and currency devaluations.

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Bakken

Active rigs:

$41.96↓	8/17/2020	08/17/2019	08/17/2018	08/17/2017	08/17/2016
Active Rigs	12	61	60	53	32

Eight wells coming off the confidential list --

Monday, August 17, 2020: 54 for the month; 125 for the quarter, 571 for the year:

• 37075, drl/NC, BR, Cleofill 1C, Croff,
  
• 36351, drl/A,  Hess, EN-Thompson Trust-154-94-1930H-6, Alkali Creek, t--; cum 76K 3.3 months; a 24k month;
  
• 36158, drl/A,  fHess, GO-Hauge-156-97-2116H-2, Dollar Joe, t--; cum 62K 3 months; a 22K month;
  
• 36109, drl/NC, BR, Gladstone Gap 44-23TFH-ULW, Sand Creek,
  

Sunday, August 16, 2020: 50 for the month; 121 for the quarter, 567 for the year:

• 37074, drl/NC, BR, Cleofill 1B, Croff,
  

Saturday, August 15, 2020: 49 for the month; 120 for the quarter, 566 for the year:

• 37073, drl/NC, BR, Cleofill 1A, Croff,
  
• 36110, drl/NC, BR, Gladstone Gap 34-23MBH-ULW, Sand Creek,
  
• 33929, SI/IA, CLR, Hendrickson Federal 13-25H2, Elm Tree, t--; cum 23K two months;
  

RBN Energy: how will US LNG producers navigate global market uncertainty?  Archived.

The global LNG market upheaval has wreaked havoc on U.S. LNG export demand this summer, which, in turn, has complicated operations at domestic export facilities. Gone are the days when U.S. LNG exports would move predictably, increasing with each new liquefaction train coming online and then mostly staying at or near capacity. 

Rather, as international LNG prices collapsed, U.S. LNG operators for the first time have had to contend with a relentless stream of cancelled cargoes and low facility utilization rates. More recently, cargo cancellations are showing signs of easing somewhat, as international price spreads are improving for fall and winter. But these recent market disruptions provide a window into the ways in which operational constraints and flexibilities will factor into LNG producers’ and offtakers’ decisions — and affect feedgas flows and capacity utilization — in a weak global market. Today, we consider some of the nuances of liquefaction operations.