4Q19 Earnings

Note: this is, hands down, one of the most boring things I to do each quarter. I doubt anyone really looks at it but the day I quit doing this will be the day I miss posting something important. The word "important" is used loosely. Very loosely.

This is linked at the top of the sidebar at the right during earnings season. After earnings -- pretty much after Whiting and Apple posts their earning, this post will move back into obscurity.

Calendar.

Disclaimer: this is not an investment site.

Earnings -- 4Q19

This is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here. If this is important to you, go to the source. There will be content and typographical errors on this page. If something looks wrong, it probably is.

CLR: full press release here.

Daimler Benz: crashes and burns; huge loss; slashes dividend; 

BA: huge loss against forecast of a gain. Stock drops day before; after earnings report, shares surge. Report here. Also here.

AAPL: best quarter ever. Shares surge.


MDU: great quarter; shares unchanged.

F: tanks; bad, bad report. 

BA: not related to earnings, but a bad day for Boeing, January 21, 2020 -- dropped $10.78 during the day and another $2.67 after hours. Down about 11% for the day; 737 MAX will be further delayed;

FuelCell: wider-than-expected losses; revenue misses forecasts; stock tumbles 23%. It's a penny stock; trading at $2.13, it fell 75 cents or 26%. This tells me all I need to know about recent oilprice article suggesting hydrogen costs could drop by 50% in the long run. 

Earnings season begins: off to the races and right out of the gate -- BAX --

• 4Q19 net sales increased 7% on a reported basis and 9% on an operational basis
• shares: spike -- up 3.81%; up $3.29; trading at $89.16

Netflix: on a day that the Dow slumps 150 points,

Netflix reports that it added 8.8 million subscribers despite growing competition; shares up almost $6.00; up 1.85%; earnings exceed estimates, up 31% year-over-year, and more or less in line with predictions of $5.25 billion; GAAP earnings of $1.47/share vs analyst estimates of $1.05/share.

IBM: after-hours, surged $5.59, up 4.02%;

forecast full-year profit above market expectations on Tuesday after reporting surprise growth in quarterly revenue, boosted by its high-margin cloud computing business, sending its shares up more than 4%.

The company forecast an adjusted profit of at least $13.35 per share for the year, compared with estimate of $13.29.

IBM reported adjusted gross profit margin of nearly 52% for the quarter, a rise of 230 basis points, which was its largest in more than 10 years.

Schlumberger: stock surges after profit, revenue beat expectations.

Adjusted EPS came in at 39 cents vs 37 cents forecast. Net income fell to $333 million of 24 cents/share, from $538 million, or 39 cents/share in the same period a year ago. Revenue rose to $8.32 billion from $8.18 billion, beating a forecast of $8.16 billion. Free cash flow was $1.5 billion for the quarter and $2.7 billion for the year. From a year ago, 4Q18: SLB: beat/meet; stock surges; 36 cents vs 36 cents forecast; revenues of $8.18 billion vs expectations of $8.06 billion.

Baker Hughes: income fell to 7 cents/share; $48 million, from 28 cents/share year ago/$131 million.

Adjusted earnings grew to 27 cents from 26 cents; but below the consensus of 31 cents.

CSX: revenues drop 8% year-over-year; due to loss of coal shipments; shares dropped 2.5% on the news; guidance not good.

Banks:

• BK: beats estimates, but barely; $1.01 vs 99 cents; layoffs continue; will spend huge amount on tech in new year; shares plunge 8%; 
• Morgan Stanley: $1.30/share on $10.9 billion in revenue; topping analyst expectations of $1.02/share on $9.8 billion. 
• JP Morgan earnings crushed analysts' estimates; best year ever in the history of any bank, ever; profit rose 21% to $8.52 billion or $2.57/share; forecast, $2.35/share; revenue of $29.2 billion vs estimate of $27.94 billion;
• Citi: $1.90/share vs $1.84 forecast; revenue, $18.378 billion vs forecast of $17.855 billion;
• Wells Fargo: per-share earnings of 60 cents missed the $1.12 expected by analysts; earnings totaled $2.87 billion vs $6.06 billion a year earlier; 

Alcoa: misses by a mile.

• forecast: an adjusted loss of 21 cents/share; sales of $2.5 billion
• actual: an adjust loss of 31 cents/share; sales of $2.4 billion

CMCSA (Comcast): huge pre-market but then plunged almost 4% during / after earnings call; link here.

• cord-cutting will get worse
• less-then-stellar numbers (mostly due to "Cats")
• good news: 
• adding broadband customers at record rates;
• young wireless service on way to being profitable
• NBCU is getting ready to debut new theme parks and attractions
• will focus on those that don't mind paying more for a "premium experience" with its next-generation, set-top box X1
• Comcast added enough new broadband subscribers to more than offset its video subscriber losses, bringing on 1.1 million new customers in 2019, a record high;
• Peacock: free; but not quite
• Comcast's Xfinity Mobile: cell phone service launched two and a half years ago
• 2 million customer lines
• added 816,000 in 2019
• added 854,000 in 2018
• big addition at theme park in Japan: Super Nintendo World
• comments: mixed bag; what I particularly don't like: a set-top box; what I also don't like: multi-tier pricing

Buy Bigger Tractors -- President Trump -- January 12, 2020

Love him or hate him, he usually calls it correctly (I could provide a list of "16 calls that Trump got right":).

This time -- remember when he told farmers to go out and buy "bigger" tractors?

Google it: he first said that in October, 2019. Love him or hate him, you have to listen to him.

Sixteen Reasons, Connie Stevens
DE: pulled back a bit last week but still trading near all-time highs.

Disclaimer: this is not an investment site.  Do not make any investment, financial, career, travel, job, or relationship decisions based on what you read here or think you may have read here.

From May 14, 2015, the machine finder:

But I digress.

Let's re-post something from an earlier post (this is just a small bit of it), from an article in which The WSJ were going to have a great year after all:

The U.S. Department of Agriculture said Friday that it expects U.S. farmers to reap 13.69 billion bushels of corn from last year’s crop and 3.56 billion bushels of soybeans. Analysts had expected corn production of around 13.49 billion bushels and soybean production of 3.52 billion bushels.

That is welcome news for farmers who spent 2019 contending with the effects of harsh weather at home and trade disruptions abroad. Record rainfall last spring slowed or prevented many farmers from planting their crops. Cold temperatures and early snowfall last fall stunted some crops and hindered some farmers from getting grain out of their fields.

Again, this is from The WSJ in the weekend edition. Note:

• corn production exceeds analysts' expectations
• soybean production exceeds analysts' expectation

That paragraph is a big hard to read, so hopefully I have it correct. If not, it doesn't change the story line.

And from The WSJ:

That is welcome news for farmers.

I don't know if the article said how much money from tariffs that Trump sent to the farmers, but it was a huge amount. Sort of like the money that Obama sent the Iranians.

I like "Sixteen Reasons" by Connie Stevens but "my" personal theme song for Trump:
I Will Follow Him, Little Peggy March Excuse, it seems I have something in my eye. LOL.

And now the cherry on top:

Exactly 57 years ago on January 22nd 1963, "I Will Follow Him" was released by Little Peggy March.

She became the youngest ever female at barely 15 to have a US No. 1 Hit. She has held onto this title in the Guinness World Records for an incredible 57 years.

To celebrate this iconic song, Peggy went into the studios and recorded a new version complete with a video in honour of her 50 years in show business.

Okay, as long as we've gone this far, we need a song for Nancy. Simply substitute "Nancy" for "Judy" and the chorus: "Articles Of Impeachment, Will Never Come Back To Me." Yeah, I know.

Judy's Turn To Cry, Leslie Gore If anyone can find a better blog about the Bakken, let me know. The "milliondollarway" is like box of chocolates ... one never knows ...

Now, where did I put my pills?

Sunday Night Oil Trading -- "All" Crudes Showing "Red." OPEC Basket Plunges $2.34, Trading Just Above $67 -- January 12, 2020

Despite that "Breaking Story" earlier today in which it was reported that "Iran" launched eight missile/mortar attacks into an Iraqi base resulting in four Iraqis injured, the oil markets did not go ballistic -- like Iran's missiles the other night.

• In fact, WTI dropped another 15 cents and is now trading just slightly below $59. 
• Brent: drops 12 cents and is trading at $64.86
• Western Canadian Select in free fall (lack of takeaway capacity/pipelines): $36.66
• also, "heavy oil" falling out of favor, and plenty of heavy oil alternates
• OPEC basket: drops -- look at this -- drops $2.34 and is now trading at $67.26

Fear of missing out, still in play, at 5:40 p.m. CT, Sunday night:

• Dow: up 33 points
• S&P 500: up 3 points
• NASDAQ: up 12 points 

Next? FOHO? LOL. Fear of holding/hanging on.

Back to flaring: now that you have all had the chance to read this story and the linked article at The WSJ, let's look at it again. The question is this: why was that story in The WSJ?

If you can't answer that, google it or follow the money. In this case, googling won't help, but following the money will (help).

Clues: where was this article posted? It was part of the "Heard On The Street" column, a daily column in The WSJ. That used to be my favorite column in The WSJ when I first started out investing. The writer would always mention a publicly traded company (or companies) that would benefit from the column that day.

Okay. So there you have it.

The story on US flaring has been told hundreds of times, and is entirely irrelevant in the big scheme of things (US energy policy). But, an article on US flaring is guaranteed lots of eyeballs.

And here are the companies mentioned in that article this weekend:

• Questor Technology: ticker symbol, QUTIF, on the OTCMKTS (over-the-counter)
• Crusoe Energy Systems: their website features a flare in the Williston Basin (LOL); a google search suggests it is not yet public but likely to go public in 2020; 

Those are exactly the kinds of stories / companies "Heard On The Street" likes to write about.

Perhaps the disclaimer would be advisable:

Disclaimer: this is not an investment site.  Do not make any investment, financial, career, travel, job, or relationship decisions based on what you read here or think you may have read here.

But it was bugging me all afternoon why this was such a long story, and such a prominently placed article. LOL.

Re-Visting Flaring In The Bakken -- The WSJ -- January 12, 2020

Updates

Later, 6:02 p.m. CT: denouement here.

Original Post

 From the weekend edition, Saturday-Sunday, January 11 - 12, 2020 -- "Billions of Dollars Up In Smoke."

These are the numbers are compiled by Spencer Jakab in this article.

For what it's worth, it is estimated that ... drum roll ... "flaring may be responsible for 1% of global greenhouse gas emissions."

1%.

That's it.

From all the hand-wringing, I would have bet closer to 99%. LOL.

So, 1%.

The US is #4 in flaring, behind:

• Russia (752 billion cubic feet flared)
• Iraq: 629
• Iran: 611
• US: 498

So, the US is #4 behind those three.

1%. Global flaring. Global emissions. 1%.

And the US is #4.

And in the US, the Bakken is only one of several shale plays flaring natural gas, and it is nowhere the biggest. That would be the Permian.

Jakab's article took up a whole half page of the 12-page "Exchange Section" in the weekend edition. For a non-story in the big scheme of things. And a story that's been repeated over and over for the past several years.

No mention that the manufacturing process of a single wind turbine will release more carbon than that turbine "will save" in a 30-year lifetime.

But I digress.

What a ridiculous article. What a ridiculous issue. My hunch is that Audrey Mascarenhas, CEO of Questor Technology, got to Jakab for the article. Questor Technology produces machines that safely process over 99% of methane and volatile organic compounds at oil wells. It has been widely used in Colorado which has stringent anti-flaring rules.

If something doesn't make sense, google it or follow the money. In this case I followed the money. Right to Questor.

***********************************

Low Hanging Fruit

What would be the low-hanging fruit if one wanted to do something about flaring?

More natural gas gathering pipelines and processing plants.

Well, duh.

But what would be the low-hanging fruit to get more of those gas gathering pipelines and processing plants built?

Faster buildout.

And what is the low-hanging fruit for a faster buildout of natural gas processing?

All things being equal, the best thing one could do to build out natural gas processing brings us to NEPA. And Trump will roll back unnecessary regulations meant only to stymie progress.

Speaking of which. This is where Buttigieg does not get it. He rolled out a "one-trillion-dollar infrastructure" program for the United States if he's elected president. He could do as much (and more, and spend nothing) if he simply did what Reagan and Trump worked and work to do: cut unnecessary regulations. Congress and President Buttigieg can pass a "one-trillion-dollar infrastructure" program but with regulations in place, those projects would never see the light of day.

***************************************

Flashback

Texan Sophia.

2014.

Notes From All Over, Part 1 -- January 12, 2020

A reader sent me this link, "100 Amazing World Maps" which included this graphic:

Purchasing power parity.

Looks Like Iran Wants To Escalate; It Wasn't Enough To Shoot Down A Commercial Aircraft -- January 12, 2020

Data points, from multiple sources:

• 12:05 p.m. CT, January 12, 2020: numerous reports -- different versions of same story, no doubt:
• 8 Katyusha rockets fired at Balad airbase in Iraq; wounding four Iraqi soldiers
• 7 mortar bombs strike Iraqi military base housing US forces, leaving four wounded
• US: no casualties
• Khamenei: asking for diplomatic solution; has problem on his hands; can't control rogue militia

WTI: not trading; last trade before the weekend -- closed at $59.04.

Trudeau: news report says he will attend a vigil with those who lost family members in the Ukrainian a/c shoot-down. 

******************************

The Farm Page

All that hand-wringing and depressing articles about Trump's tariffs, global warming, and the effect it had on US farmers?

The U.S. Department of Agriculture said Friday that it expects U.S. farmers to reap 13.69 billion bushels of corn from last year’s crop and 3.56 billion bushels of soybeans. Analysts had expected corn production of around 13.49 billion bushels and soybean production of 3.52 billion bushels.> That is welcome news for farmers who spent 2019 contending with the effects of harsh weather at home and trade disruptions abroad. Record rainfall last spring slowed or prevented many farmers from planting their crops. Cold temperatures and early snowfall last fall stunted some crops and hindered some farmers from getting grain out of their fields.

China has pledged to restart purchases of U.S. farm goods, and officials from the two countries are expected to sign an interim trade deal next week. U.S. officials have said China will purchase $40 billion to $50 billion of U.S. farm goods annually for the next two years as part of the deal. That would be much larger than purchases China has made in any previous year. Grain traders say whether those purchases bear out will guide crop prices this year.

******************************

The Book Page

Book review,WSJ, weekend edition, January 11 - 12, 2020 -- "When Lightning Strikes," a review of Race of Aces: WWII's Elite Airmen and the Epic Battle to Become the Master of the Sky,  by John R. Bruning, c. 2020.

The story of six US aces flying in the south Pacific, in WWII: Richard Bong, Gerald Johnson, Neel Kearby, Thomas Lynch, Charles MacDonald, and Tommy McGuire.

Richard Bong: remains, to this day, the Pacific War Ace of Aces. Tommy McGuire was second, only to Bong.

Of the six, only MacDonald survived the war going on to a successful military career. 

Three of the six were shot down in aerial combat during the war: McGuire, Kearby, and Lynch.

Bong died flight testing a new fighter jet, in California, on the day the atomic bomb was dropped on Hiroshima.

Johnson died a month later after the Japanese surrender when his B-25 ran into horrid weather over Japan, becoming hopelessly lost and without radio contact. The bailout order was given after the plane ran dangerously low on fuel, but two passengers had not brought their parachutes aboard. Johnson and his co-pilot gave their chutes to the passengers and perished trying to find a place to land.

Huge CLR Well In Small Non-Descript Field In The Bakken -- January 12, 2020

Re-posting from this site.

This is a huge well.

Completion data (frack data) not yet posted at NDIC but FracFocus shows this to be a very, very moderate frack -- actually quite small considering -- and yet, look at the initial production:

• 35563, conf, CLR, Gjorven 12-21HSL, Brooklyn, 107,981 bbls in less than four full months of production; 1.896 million cf natural gas (31,589 boe) or a total of 139,570 boe in less than four full months of production. Up until recently, the Brooklyn would have been considered Tier 2 at best, possibly Tier, but with these kinds of wells, certainly Tier 1, fracked 4/18/19 - 4/28/19, with 8.12 million gallons of water, 87.9% water by mass (a very, very moderate size frack):

Date	Oil Runs	MCF Sold
11-2019	44056	88871
10-2019	44350	76587
9-2019	18502	24105
8-2019	963	0
7-2019	110	0

Random Look At A CLR Brooklyn Well -- January 12, 2020

Let's look at some wells in the immediate area of this well:

• 35563, conf, CLR, Gjorven 12-21HSL, Brooklyn, 107,981 bbls in less than four full months of production; 1.896 million cf natural gas (31,589 boe) or a total of 139,570 boe in less than four full months of production. Up until recently, the Brooklyn would have been considered Tier 2 at best, possibly Tier 3, but with these kinds of wells, certainly Tier 1, fracked 4/18/19 - 4/28/19, with 8.12 million gallons of water, 87.9% water by mass (a very, very moderate size frack):

Date	Oil Runs	MCF Sold
11-2019	44056	88871
10-2019	44350	76587
9-2019	18502	24105
8-2019	963	0
7-2019	110	0

The neighboring wells:

• 19831, 180, CLR, Gjorven 1-21H, Brooklyn, t7/11; cum 244K 11/19; see production below;
• 35564, 1,421, CLR, Gjorven 11-21H1, 46 stages, Brooklyn, t9/19; cum 82K 11/19; see production below:
• 35565, 1,444, CLR, Gjorven 10-21H, 46 stages, Brooklyn, t9/19; cum 95K 11/19; see production below:
• 35566, 1,360, CLR, Gjorven 9-21H1, 46 stages, 6.3 million lbs, Brooklyn, t9/19; cum 95K 11/19; see production below:

**************************************

Production Data

#35566, Three Forks, first bench, production to date:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2019	30	32132	31635	36998	61948	61536	412
BAKKEN	10-2019	31	31115	30952	45418	58005	56341	1664
BAKKEN	9-2019	15	17964	17812	23918	31131	28919	2212
BAKKEN	8-2019	1	676	676	0	0	0	0
BAKKEN	7-2019	3	168	168	2178	1298	0	1298

#35564, Three Forks first bench, production to date:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2019	30	29158	28525	34379	61847	61787	60
BAKKEN	10-2019	31	35103	34973	43660	60893	60719	174
BAKKEN	9-2019	14	17617	17528	21740	29439	25673	3766
BAKKEN	8-2019	1	455	343	0	0	0	0
BAKKEN	7-2019	2	0	0	8389	3184	0	3184

#35565, middle Bakken, full production to date:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2019	30	36915	36293	38244	70080	69504	576
BAKKEN	10-2019	31	39123	38939	43987	69847	68740	1107
BAKKEN	9-2019	14	18246	18204	20864	31894	29951	1943
BAKKEN	8-2019	1	899	729	0	0	0	0
BAKKEN	7-2019	2	0	0	2549	1647	0	1647

#19831, recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2019	30	3130	3363	8590	6996	5877	719
BAKKEN	10-2019	19	1361	1096	4632	7806	1832	5747
BAKKEN	9-2019	26	2023	1885	7250	10793	1062	9406
BAKKEN	8-2019	0	0	0	0	0	0	0
BAKKEN	7-2019	0	0	0	0	0	0	0
BAKKEN	6-2019	0	0	0	0	0	0	0
BAKKEN	5-2019	1	40	0	90	0	0	0
BAKKEN	4-2019	5	79	222	67	252	224	0
BAKKEN	3-2019	31	1195	1302	981	3460	2885	156
BAKKEN	2-2019	28	1091	1085	790	3210	2834	0
BAKKEN	1-2019	31	1212	1086	914	3593	3174	0

Brooklyn Oil Field -- Update -- January 12, 2020

Long-time readers know that one of my favorite fields is the Brooklyn oil field north of Williston.

That field is tracked here.

Some comments:

• production data for all wells completed in 2012 and before has been updated as of 11/19;
• many of the wells completed in 2014 and 2013 have also been updated
• there are at least a dozen wells in the Brooklyn oil field that have come off line since 9/19 and remain off line
• they could be coming off line because they are no longer economical; have served their purpose; and will soon be shut in, plugged, and abandoned; but I don't think so;
• more likely, the wells coming off line suggest there is new fracking activity in the Brooklyn oil field and these wells coming off line will soon be back on line
• there's lots of work left to be done in the Bakken
• "all" wells drilled before 2014 in the Brooklyn oil field will need to be re-fracked;
• by today's standards, the wells drilled in the Brooklyn in 2014 and before were mediocre wells at best
• the wells in the Brooklyn oil field now are huge; example below
• another Brooklyn well -- the first in a long time -- will be coming off the confidential list this next week

Many wells drilled in 2012 and before have still not produced more than 200,000 bbls of crude oil.

Compare that with this Brooklyn well still on the confidential list:

• 35563, conf, CLR, Gjorven 12-21HSL, Brooklyn, 107,981 bbls in less than four full months of production; 1.896 million cf natural gas (31,589 boe) or a total of 139,570 boe in less than four full months of production. Up until recently, the Brooklyn would have been considered Tier 2 at best, possibly Tier, but with these kinds of wells, certainly Tier 1:

Date	Oil Runs	MCF Sold
11-2019	44056	88871
10-2019	44350	76587
9-2019	18502	24105
8-2019	963	0
7-2019	110	0

Wells in the Brooklyn oil field:

• as of January 12, 2020, there are 142 wells permitted in the Brooklyn oil field
• 2xxx: 76
• 3xxx: 60
• A: 104
• IA: 6
• LOC: 6 
• CONF: 7
• DUCs: 14
• PA: 1
• PNC: 2
• Dry: 2

Note:

• the following was done quickly
• it has not been double-checked or proofread
• there are a lot of assumptions
• I am inappropriately exuberant about the Bakken
• I often make typographical and content errors that need to be corrected
• I often make simply math errors that need to be corrected
• I assume there will still be a demand for oil two years from now

Brooklyn oil field:

• 36 sections
• 6 x 6
• six miles by six miles = 36 square miles
• 36 section x 640 acres / section = 23,040 acres
• 23,040 acres / 142 permitted wells = 162 acres / well
• most sections with about 9 horizontals
• a few sections with as few as 3 horizontals
• most are still MBH wells
• there may be around 30 first bench Three Forks wells in all of Brooklyn oil field
• there will be at least four ways of tracking well density in Brooklyn oil field
• total acres / total permitted wells
• total acres / total active and producing wells
• total acres / wells per formation (middle Bakken, first bench Three Forks, etc)
• drilling units / wells per formation
• 36 section s = 18 sections (using the standard 1280-acre size drilling unit)
• 8 middle Bakken wells / 1280-acre unit
• 8 x 18 = 144 middle Bakken wells in the Brooklyn oil field
• I see approximately 16 sections with minimal drilling in the Brooklyn oil field = 8 sections (using standard 1280-acre size drilling unit)
• 8/18 = 44%
• projections, middle Bakken wells:
• high end: 144 x 1.50 = 216 potential middle Bakken locations at current spacing
• low end: 144 x 1.25 = 180 potential middle Bakken locations at current spacing
• 216 - 144 = 72 more middle Bakken wells in Brooklyn oil field at current spacing (high end)
• 180 - 144 = 36 more middle Bakken wells in Brooklyn oil field at current spacing (low end) 
• the number of Three Forks, first bench wells, drilled so far in the Brooklyn field is relatively trivial
• projections, Three Forks, first bench wells:
• the number of Three Forks, first bench wells will eventually equal the number of middle Bakken wells (high end)
• the number of Three Forks, first bench wells will eventually equal half the number of middle Bakken wells (low end)
• potential Three Forks, first bench locations
• 216: high end
• 108: low end
• total wells yet to be drilled in the Brooklyn oil field at current spacing:
• 288 ( high end)
• 144 (low end)
• number of wells that need to be re-fracked (or re-drilled, same location): 125
• number of wells likely to be drilled/completed per year in the Brooklyn oil field: 12 
• projections:
• 288 + 125 / 12 = 34 years of drilling / re-fracking
• 144 + 125 / 12 = 22 years of drilling / re-fracking
• bottom line: lots of work yet to be done in the Bakken

Initial Production Data For Wells Coming Off The Confidential List This Next Week -- January 12, 2020

36288, conf, Rimrock Two Shields Butte 3-24-12-3HA, Mandaree,

36154, conf, Whiting, Martell 34-36HU, Glass Bluff,

Date	Oil Runs	MCF Sold
11-2019	12215	5975
10-2019	15202	1400
9-2019	6273	383
8-2019	19419	879
7-2019	11978	1405

33155, conf, BR, Mathistad 7-8-35 MBH, Croff,

36272, conf, WPX, Pheasant 33-28HTL, Spotted Horn,

35880, conf, Whiting, Meiers 12-17-3H, Sanish,

Date	Oil Runs	MCF Sold
11-2019	6425	7295
10-2019	10882	9832
9-2019	11819	8686
8-2019	10364	0
7-2019	1403	0

35015, conf, Nine Point Energy, Gibbins 154-103-11-2-8H, Painted Woods,

Date	Oil Runs	MCF Sold
11-2019	11996	2616
10-2019	14546	3467
9-2019	17793	0
8-2019	19453	0
7-2019	8182	0

 
33154, conf, BR, Croff 8-1-2 UTFH, Croff,

36199, conf, WPX, Pheasant 33-28HD, Spotted Horn, 

35996, conf, Whiting, Martell 34-36-3H, Glass Bluff,

Date	Oil Runs	MCF Sold
11-2019	13720	8604
10-2019	11876	1554
9-2019	7730	444
8-2019	16622	1
7-2019	10287	2814

 
35904, conf, CLR, Honolulu 6-15H, Indian Hill,

Date	Oil Runs	MCF Sold
11-2019	19522	16611
10-2019	26943	21176
9-2019	20681	14145
8-2019	42925	24796
7-2019	12181	7289

35506, conf, CLR, Weisz 8-11H, Pleasant Valley,

Date	Oil Runs	MCF Sold
11-2019	36718	28122
7-2019	652	0

34175, conf, CLR, Ravin 7-1H, Dimmick Lake,

Date	Oil Runs	MCF Sold
11-2019	8929	18563
10-2019	35893	59602
9-2019	20065	36402
8-2019	33770	59154
7-2019	13524	13607

32780, conf, BR, Cleoff 8-1-2 MBH-ULW, Croff,

36397, conf, Rimrock, Two Shields Butte 4-24-11-1HU, Mandaree,

36200, conf, WPX, Pheasant 33-28HZ, Spotted Horn,

35687, conf, BR, Tailgunner 1B TFH, North Fork,

35686, conf, BR, Tailgunner 1A MBH, North Fork,

35505, conf, CLR, Weisz 7-11H1, Pleasant Valley,

Date	Oil Runs	MCF Sold
11-2019	28424	22647
7-2019	144	0

34826, conf, Hess, HA-Nelson A-152-95-3427-9, Hawkeye,

32779, conf, BR, Veederstad 8-8-35UTFH-ULW, Blue Buttes,

36398, conf, Rimrock, Two Shields Butte 4-24-12-4H3U, Mandaree,

35905, conf, CLR, Honolulu 5-15H, Indian Hill,

Date	Oil Runs	MCF Sold
11-2019	21933	17014
10-2019	25084	18181
9-2019	21668	15178
8-2019	33264	25094
7-2019	14150	8504

35825, conf, CRL, Gjorven 7-21H1, Brooklyn,

Date	Oil Runs	MCF Sold
11-2019	24979	45732
10-2019	23087	40064
9-2019	9222	13116
8-2019	155	0

35688, conf, BR, Tailgunner 1C MBH, North Fork,

35504, conf, CLR, Weisz 6-11H, Pleasant Valley,

Date	Oil Runs	MCF Sold
11-2019	34750	30716
7-2019	539	0

34827, conf, Hess, HA-Nelson A-152-95-3427H-8, Hawkeye,

36399, conf, Rimrock, Two Shields Butte 4-24-12-4H3, Mandaree,

35995, conf, Whiting, Martell 34-36-2H, Glass Bluff,

Date	Oil Runs	MCF Sold
11-2019	13680	8220
10-2019	12283	1544
9-2019	7152	370
8-2019	19225	1
7-2019	6106	1752

35779, conf, Hess, EN-Farhart-156-93-0409H-7, Baskin,

Date	Oil Runs	MCF Sold
11-2019	15389	17159
10-2019	23281	25679
9-2019	23175	16069
8-2019	17138	91
7-2019	19045	6057

35689, conf, BR, Tailgunner 1D TFH, North Fork,

34828, conf, Hess, HA-Nelson A-152-95-3427H-7, Hawkeye,

36400, conf, Rimrock, Two Shields Butte 3-24-12-3H, Mandaree,

35690, conf, BR, Tailgunner 1E MBH, North Fork,

35503, conf, CLR, Weisz 5-11H1, Pleasant Valley,

Date	Oil Runs	MCF Sold
11-2019	26534	29508
7-2019	359	0

35117, conf, Oasis, Kellogg Federal 5297 11-30 3T, Banks,

Date	Oil Runs	MCF Sold
11-2019	19432	44344
10-2019	26123	49856
9-2019	1000	402
8-2019	8125	20470
7-2019	2432	3303

35022, conf, Lime Rock, Anderson 13-24-2TFH, Alger,

Date	Oil Runs	MCF Sold
11-2019	14558	6860
10-2019	15118	7793
9-2019	4662	2985
8-2019	6819	3266
7-2019	4595	953

34829, conf, Hess, HA-Nelson A-LE-152-95-3427H-1, Hawkeye,

36626, conf, XTO, Haustveit 42X-10DXA, Beaver Lodge,
 
35906, conf, CLR, Honolulu 4-15H, Indian Hill,

Date	Oil Runs	MCF Sold
11-2019	23039	18603
10-2019	25798	17131
9-2019	22568	16381
8-2019	32752	20517
7-2019	12470	7755

35890, conf, Enerplus, Typhoon 149-93-07D-12-TF, Mandaree,

Date	Oil Runs	MCF Sold
11-2019	17914	33465
10-2019	2999	5605
9-2019	15383	20051
8-2019	23417	24920
7-2019	17724	10290

35889, conf, Enerplus, Lightning 149-93-07D-12H, Mandaree,

Date	Oil Runs	MCF Sold
11-2019	18825	20327
10-2019	3449	20973
9-2019	13353	13920
8-2019	25990	27658
7-2019	22237	12911