Apple Campus Update, Austin, TX -- May 20, 2020

This is Apple, Inc. This is Austin, TX.

Reminder: Elon Musk moving CyberTruck factory to Austin, TX. Will move Tesla HQ to Texas; site not announced.

From MacRumors:

Apple is adding a 192-room hotel to the campus that it is developing in Austin, Texas, according to revised construction plans shared by Culturemap.

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

Fast and Furious

Headlines. Generally no links. If this is important to you, googling will certainly find the stories. 

Biden and pipelines:

• Biden would stop the Keystone XL Pipeline for good, his campaign has revealed: the top story over at Rigzone "today."

Other energy:

• Exxon buys offshore Suriname stake from Petronas.
• Cameron's train 3 starts producing LNG; Hackberry, LA. Link here. See also the list of potential US LNG export facilities at this post.  Data points:
  initial award: 2014
• the project includes three liquefaction trains
• a projected export of 12 million tonnes per annum of LNG, or 1.7 billion cubic feet per day
• owned by affiliates of Sempra, Total, Mitsui, Mitsubishi, and Nippon 
• McDermott: lead on project

Corona virus:

• Victoria's Secret to permanently close 250 US, Canadian stores; Bath And Body, 50 stores;
• push to delay "April 15" tax day from current July 15to the October 15th; President Trump open to suggestion (I've long advocated simply dispensing with any more tax collections this fiscal year);
• Target's profit sinks 64% as costs soar amid pandemic (the article did not adequately "explain" "costs";

Politics:

• Judge dismisses high-tax states' lawsuit against Trump tax deduction limits (SALT)
• Trump campaign and RNC have record fundraising April (some numbers rounded): 
• brought in $62 million in the month of April
• total raised to date: $742 million
• this represents almost $300 million more than the Obama re-election effort had at this same point
• campaign 2020, Trump campaign has:
• over one million volunteers trained and activated; and,
• has added over 300,00 new volunteers cince moving to a virtual platform 
• Supreme Court (temporarily) blocks US House efforts to get Mueller grand-jury info released

A CLR Syracuse Well Coming Up On 500K Cumulative -- May 20, 2020

The well:

• 19740, 646, CLR, Syracuse 1-23H, Banks, Bakken, t7/11; cum 495K 3/20; 

Production period of interest:

BAKKEN	4-2018	29	10772	11191	11682	16770	8073	8697
BAKKEN	3-2018	25	10559	10309	13458	15291	7830	7461
BAKKEN	2-2018	28	11245	11321	17174	18919	18066	853
BAKKEN	1-2018	27	16833	16227	23452	31462	23696	7766
BAKKEN	12-2017	0	0	0	0	0	0	0
BAKKEN	11-2017	0	0	0	0	0	0	0
BAKKEN	10-2017	0	0	0	0	0	0	0
BAKKEN	9-2017	15	690	976	405	1572	1572	0
BAKKEN	8-2017	31	1768	1710	962	4067	4067	0
BAKKEN	7-2017	31	1777	1695	1028	4226	4226	0
BAKKEN	6-2017	30	1915	2014	1092	4530	4530	0
BAKKEN	5-2017	31	2351	2432	1335	4718	4718	0

Hunt Oil 's Halliday 1-12-1H 1 -- 500K Cumulative -- May 20, 2020

This well has probably gone over 500K. 

The well:

• 19786, 843, Hunt Oil, Halliday 1-12-1H 1, Wolf Bay, Bakken, t5/11; cum 494K 3/20;

Recentvproduction:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2020	31	4056	4088	6379	314	21	245
BAKKEN	2-2020	29	4058	4188	5583	384	101	222
BAKKEN	1-2020	31	4685	4723	6546	624	27	469
BAKKEN	12-2019	31	5110	5091	7404	614	0	422
BAKKEN	11-2019	29	4158	4072	7441	426	0	308
BAKKEN	10-2019	28	4172	4121	9439	1021	0	892
BAKKEN	9-2019	29	4867	4981	8735	795	0	714
BAKKEN	8-2019	31	4942	4792	9919	1449	93	1233
BAKKEN	7-2019	31	3351	3420	10730	2596	47	2380
BAKKEN	6-2019	30	3499	3444	9406	2840	817	1820
BAKKEN	5-2019	28	2750	2693	7689	7055	575	6015
BAKKEN	4-2019	30	3320	3400	6551	3384	1222	2025
BAKKEN	3-2019	31	4756	5077	10335	5426	2452	2749
BAKKEN	2-2019	28	5127	4790	10281	5453	2197	2528
BAKKEN	1-2019	31	4038	4044	14359	6586	2720	3458
BAKKEN	12-2018	3	1511	1373	2557	459	246	211
BAKKEN	11-2018	1	19	396	0	8	8	0
BAKKEN	10-2018	26	1632	1522	1133	1217	781	0

Slawson's Alamo Well In Big Bend Goes Over 500K -- May 20, 2020

Updates

May 21, 2020: see comments. From a reader:

That jump came after Marathon fracked a well just the west of the Alamo set. 

The Alamo wells run south to north and the Marathon wells (Shrader and Homme) north to south.

Original Post

The well:

• 19996, 1,148, Slawson, Alamo 2-19-18H, Big Bend, Bakken, t6/11; cum 542K 3/20;

Jump in production back in late 2017:

BAKKEN	1-2018	31	6311	6467	3582	5358	4045	488
BAKKEN	12-2017	31	7495	7404	8181	5875	3642	1281
BAKKEN	11-2017	30	9177	9132	11870	6411	2277	3001
BAKKEN	10-2017	25	7644	7493	15565	5076	1983	2195
BAKKEN	9-2017	25	5483	5507	6557	4046	2486	861
BAKKEN	8-2017	11	3612	3583	3119	2813	1959	413
BAKKEN	7-2017	0	0	0	0	0	0	0
BAKKEN	6-2017	12	581	662	1034	618	483	4
BAKKEN	5-2017	26	1467	1582	696	1276	953	33
BAKKEN	4-2017	30	823	728	360	707	550	7
BAKKEN	3-2017	27	818	898	346	708	573	0
BAKKEN	2-2017	28	1231	1322	795	899	759	0
BAKKEN	1-2017	31	2386	2250	1226	2037	1882	0
BAKKEN	12-2016	27	2030	1924	1061	1629	1494	0

Equinor Gunderson Well With Huge Jump In Production -- May 20, 2020

The well:

• 20345, 2,746, Equinor/BEXP, Gunderson 15-22 1H, Banks, Bakken, t7/11; cum 431K 3/20;

Production period of interest:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2020	31	8432	8369	2631	8085	7888	73
BAKKEN	2-2020	29	4692	4962	1741	3243	3126	1
BAKKEN	1-2020	20	4320	4088	1916	10407	10327	0
BAKKEN	12-2019	26	7114	7224	3380	10028	9948	0
BAKKEN	11-2019	29	5286	5085	4219	17935	17815	0
BAKKEN	10-2019	31	3993	3871	4969	17082	16952	6
BAKKEN	9-2019	7	515	864	1141	6159	6148	7
BAKKEN	8-2019	31	9920	10355	9535	28604	28604	0
BAKKEN	7-2019	31	11540	10884	21054	24511	24456	55
BAKKEN	6-2019	30	2330	2279	31360	29221	23967	5254
BAKKEN	5-2019	19	2920	3498	23985	15074	14246	828
BAKKEN	4-2019	17	6214	5880	16153	6998	6840	158
BAKKEN	3-2019	0	0	0	0	0	0	0
BAKKEN	2-2019	0	0	0	0	0	0	0
BAKKEN	1-2019	0	0	0	0	0	0	0
BAKKEN	12-2018	0	0	0	0	0	0	0
BAKKEN	11-2018	0	0	0	0	0	0	0
BAKKEN	10-2018	0	0	0	0	0	0	0
BAKKEN	9-2018	6	253	0	4894	687	0	684
BAKKEN	8-2018	0	0	0	0	0	0	0
BAKKEN	7-2018	0	0	0	0	0	0	0
BAKKEN	6-2018	0	0	0	0	0	0	0
BAKKEN	5-2018	0	0	0	0	0	0	0
BAKKEN	4-2018	0	0	0	0	0	0	0
BAKKEN	3-2018	29	1435	1770	1308	3255	3226	0
BAKKEN	2-2018	26	1679	1521	1320	4759	4527	206
BAKKEN	1-2018	31	2557	2673	2301	7606	7144	431
BAKKEN	12-2017	15	2390	2096	1552	5555	5004	536

Oasis Meiers Well With Jump In Production -- May 20, 2020

The well:

• 18855, 792, Oasis, Oasis Meiers 5692 11-19H, Alger, Bakken, t2/12; cum 371K 3/20;

Recent production, note jump in production: 

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2020	31	3306	3334	5011	4630	3016	1452
BAKKEN	2-2020	29	4173	4187	5063	6253	4075	2026
BAKKEN	1-2020	31	5770	5908	9365	7804	4244	3396
BAKKEN	12-2019	31	5993	5735	19812	8984	4369	4453
BAKKEN	11-2019	21	2519	2427	18013	3197	2137	949
BAKKEN	10-2019	19	2022	1841	13870	3399	1411	1888
BAKKEN	9-2019	0	0	0	0	0	0	0
BAKKEN	8-2019	0	0	85	0	0	0	0
BAKKEN	7-2019	22	714	737	998	1292	980	196
BAKKEN	6-2019	30	1057	1077	1540	1862	1131	573

A Slawson Cruiser Well Just Went Over 500K Cumulative -- May 20, 2020

Lots of work left to be done in the Bakken.

Good example. This well drilled back in 2011. Took awhile but goes over 500K. Scout tickets can be in error, but the scout ticket for this well shows that it is still flowing without artificial lift (a pump).

The well:

• 20551, 1,660, Slawson, Cruiser 2-16-9H, Van Hook, F, t6/11; cum 502K 3/20; 

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2020	30	2190	2287	1087	1715	1449	115
BAKKEN	2-2020	29	2191	2317	1187	1754	1049	560
BAKKEN	1-2020	12	1135	887	995	1215	648	388
BAKKEN	12-2019	0	0	0	0	0	0	0
BAKKEN	11-2019	0	0	165	0	0	0	0
BAKKEN	10-2019	20	1124	1080	800	1179	957	3
BAKKEN	9-2019	30	1579	1683	1424	1717	1305	95
BAKKEN	8-2019	31	1609	1579	892	2046	1706	12
BAKKEN	7-2019	31	1602	1721	781	2015	1688	0
BAKKEN	6-2019	29	1566	1417	655	1673	1136	224

This 2011 Wildcat Trending Toward 500K -- May 20, 2020

Back in 2011, this was a "wildcat." It helped define "Crazy Man Creek."

The well:

• 19982, 1,197, Zavanna,  Bruce 5-8 1H, Wildcat-->Crazy Man Creek, Bakken, t1/12; cum 438K 3/20;

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	3-2020	31	3668	3508	5188	10792	10243	87
BAKKEN	2-2020	23	3003	3071	5221	6407	5833	231
BAKKEN	1-2020	0	0	0	0	0	0	0
BAKKEN	12-2019	1	18	19	181	15	0	0
BAKKEN	11-2019	20	2017	1859	2582	5252	4786	168
BAKKEN	10-2019	31	3205	3086	3064	7152	5354	1336
BAKKEN	9-2019	30	1256	1161	1536	2083	1445	191
BAKKEN	8-2019	31	1531	1527	2780	2537	1860	215

Update Of An Old EOG Clarks Creek Well In The Antelope-Sanish -- May 20, 2020

The well:

• 19790, 1,318, EOG, Clarks Creek 3-0805H, Antelope-Sanish, t6/11; cum 461K 3/20;

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
SANISH	3-2020	29	6508	6479	7912	7480	7139	13
SANISH	2-2020	15	2822	2800	3827	1411	1033	204
SANISH	1-2020	0	0	0	0	0	0	0
SANISH	12-2019	0	0	0	0	0	0	0
SANISH	11-2019	0	0	0	0	0	0	0
SANISH	10-2019	0	0	0	0	0	0	0
SANISH	9-2019	0	0	0	0	0	0	0
SANISH	8-2019	0	0	0	0	0	0	0
SANISH	7-2019	0	0	0	0	0	0	0
SANISH	6-2019	17	1193	1277	514	1119	907	0
SANISH	5-2019	31	2581	2581	1093	1897	1500	0
SANISH	4-2019	30	2043	2019	944	544	160	0
SANISH	3-2019	31	1504	1574	636	1002	605	0
SANISH	2-2019	20	751	715	176	447	67	145
SANISH	1-2019	31	1251	1171	447	1317	740	190

What Was On HIS Mind? -- May 20, 2020

From Twitter earlier today:

I wonder if Twitter will ban People's Daily, China for promoting oil pimps?

First-Ever WTI Oil Cargo To Arrive At Odessa (Ukraine) -- May 20, 2020

From Reuters:

Ukraine’s Black Sea port of Odessa is set to receive on Wednesday its first ever West Texas Intermediate (WTI) oil cargo from the United States ....

Industry sources said that the UMLMA tanker has shipped in BP’s 80,000-tonnes cargo for further delivery to the Kremenchug refinery of Ukrtatnafta. The value has not been disclosed.

Kiev has moved to diversify its energy supplies from its ex-Soviet master, Russia, following Moscow’s annexation of the Crimean peninsula in 2014 and subsequent flair-up of pro-Russian insurgency in eastern Ukraine. 

Odessa last received an oil cargo from the United States, the Bakken crude blend, in March. 

What's on her mind?

 

XTO WIth Four New Permits In The Grinnell-Bakken Unit -- May 20, 2020

OPEC Basket: $28.43.

WTI:

• another glitch over at oilprice.com? This morning the WTI price over at oilprice.com was $32.66. This afternoon, the same banner says WTI closed at $31.96, up $0.31, up almost a percent.
• over at Yahoo!Finance, that site shows crude closed as $33.52, up $1.56, up 4.88%. 
• in the "active rig" graphic below, I usually display the oilprice.com price because it's easier for me to check; however, in this case, I am showing the Yahoo!Finance quote

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

Back to the Bakken

Active rigs:

$33.52	5/20/2020	05/20/2019	05/20/2018	05/20/2017	05/20/2016
Active Rigs	14	66	61	51	25

Four new permits:

• Operator: XTO
• Field: Grinnell (Williams)
• Comments:
• XTO has four new permits in the Grinnell-Bakken Unit (GBU), SWSE 34-155-96;
• all are about 1800' FEL and 80' FSL
• it looks like these wells will be sited in Capa oil field, but will run to the southeast, in the same drilling unit where #16470, a GBU-Harney well, is permitted; GBU-Harney has three horizontal legs: one is a short lateral; the other two are standard two-section laterals; #16470 is a lousy well; it was drilled / completed back in 2007 and to date has produced only 93K bbls of crude oil; in fact it has produced more water (107,960 bbls) than oil
• it's hard to say for sure how much proppant was used but it appears a total of 550,000 pounds in an open hole frack;

Four permits renewed:

• WPX: four Charles Blackhawk permits in Dunn County; 

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

Her Grammy Betsy Passed Away 

About A Year Ago

Gasoline Demand -- Worrisome Trend -- May 20, 2020

Link here.

Comments:

1: trend in the correct -- albeit expected -- direction; however, the rate of growth is tapering ever so slightly; worrisome;
2. the four-week average is showing an upward trend -- good, but...
3. week-over-week, demand actually declined ...

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

BFF

Idle Rambling, Nothing About The Bakken -- May 20, 2020

With regard to Wuhan flu, there almost seems to be a civil war going in the US, but this time it's not between the north and the south, but rather:

• between the states that are re-opening, and the states that are not;
• between Big Box retail (Walmart, Target, Sams, Costco) where it seems safe to shop, and small mom-and-pop retail (where they might see an average of ten people/day) where it is deemed unsafe to shop;
• between the elite who have access to barbers, hair salons, spas, nail care vs the rest of us; 

It will be fascinating to watch how this plays out. My hunch there's a lot more happening just below the surface which no one is reporting.

Niche retail: will survive. Anecdote: "Bricks and Minifigs." Legos. Great source for retired sets. This set is retired, still available through Amazon at $89 +$4.99 shipping. Not eligible for Prime free shipping. On the other hand, same set is available for $22 at local "Bricks and Minifigs" store. I picked up one set earlier this week and had forgotten about it when Sophia "discovered" it in my "pile of stuff' in the bedroom. She loved it, playing with it for more than an hour after dinner last night.

Well, it turns out that our local "Bricks and Minifigs" had two of these sets. I bought the one, as noted, and will go back later today to pick up the second set if it is still available. We will give the second set to her closest friend and the two of them can each have their own set.

Yahoo!Finance: now I remember why I quit following the business news. These are the headline stories over at Yahoo!Finance today.

Story #1. Well, duh. That's not news. That's a "dog bites man" story. In fact, if you need this story to help you with investing at this point in the Wuhan flu pandemic, you are in deep trouble. In fact, whoever wrote that story is a good candidate to be a nominee for the Geico Rock Award.

Story #2. Does anyone care? Certainly no one in US Congress -- who wants to be re-elected -- cares, and state governors seem to be still asking for still more help from the federal government.

EIA Weekly Petroleum Data -- May 20, 2020

Updates

Later, 12:14 p.m. CT: see comments --

I see a balanced report. Although the crude stocks are down product stocks make up for the crude drop, look at last line of Total Stocks (excluding SPR). Up by 5 million barrels. Next look at the last line Net Imports of Crude and Petroleum Product, imported 388 vs exported 278 barrels from week to week. Figure about 4.5 million barrel differences from the last 2 weeks of reports.

These weekly reports of crude stocks can have swings due to shipping delays of delivery by storms or heavy fog in the Houston ship channel. Couple of delayed VLCC delayed deliveries is 4 million barrel difference in crude stocks.

Refineries have adjusted their processing, likely the excess jet fuel is being cracked into gasoline for example, year to year stock is almost same.

Original Post

EIA weekly report: link here --

• US crude oil in storage: decreased by a whopping 5 million bbls from the previous week;
• change in US crude oil in storage over the past week: 526.5 million bbls, about 10% above the already fat -- and getting fatter -- five-year average
• all that talk about a propane shortage? propane inventories are about 14% above the five-year average for this time of year;
• refiners operating at 69.4% capacity
• gasoline production continued to decrease, as did distillate fuel prodution
• US crude oil imports: 5.2 million bopd, down by almost 200,000 bopd from previous week
• US crude oil imports are almost 25% less than the same four-week period last year
• total products supplied: 16 millio b/d; down almsot 20% from same period last year
• jet fuel supplied down a whopping 67% compared to last year
• WTI: immediately after the report -- up almost 5%; now at $33.49
• OPEC basket: immediately after report -- up over 6%; now about $28.21
• But get this, Russian Urals, up over 11% overnight; reports that China needs more Russian Urals oil;

US crude oil in storage:

Week	Week Ending	Change	Million Bbls Storage
Week 0	November 21, 2018	4.9	446.9
Week 1	November 28, 2018	3.6	450.5
Week 2	December 6, 2018	-7.3	443.2
Week 3	December 12, 2018	-1.2	442.0
Week 4	December 19, 2018	-0.5	441.5
Week 5	December 28, 2018	0.0	441.4
Week 71	April 8, 2020	15.2	484.4
Week 72	April 15, 2020	19.2	503.6
Week 72	April 22, 2020	15.0	518.6
Week 73	April 29, 2020	9.0	527.6
Week 74	May 6, 2020	4.6	532.2
Week 75	May 13, 2020	-0.7	531.5
Week 76	May 20, 2020	-5.0	526.5

Jet fuel delivered:

Jet Fuel Delivered, Change, Four-Week/Four-Week
Week	Week Ending	Change
Week 0	March 11, 2020	-12.80%
Week 1	March 18, 2020	-12.60%
Week 2	March 25, 2020	-8.90%
Week 3	April 1, 2020	-16.40%
Week 4	April 8, 2020	-0.22%
Week 5	April 15, 2020	-39.70%
Week 6	April 22, 2020	-53.60%
Week 7	April 29, 2020	-61.60%
Week 8	May 6, 2020	-66.60%
Week 9	May 13, 2020	-68.50%
Week 10	May 30, 2020	-67.90%

Crude oil imports:

Crude Oil Imports
Week (week-over-week)	Week Ending	Raw Data, millions of bbls	Change (millions of bbls)
Week 0	March 11, 2029	6.4	0.174
Week 1	March 18, 2020	6.5	0.127
Week 2	March 25, 2020	6.1	-0.422
Week 3	April 1, 2020	6.0	-0.070
Week 4	April 8, 2020	5.9	-0.173
Week 5	April 15, 2020	5.7	-0.194
Week 6	April 22, 2020	5.6	-0.700
Week 7	April 29, 2020	5.3	0.365
Week 8	May 6, 2020	5.7	0.410
Week 9	May 13, 2020	5.4	-0.321
Week 10	May 20, 2020	5.2	-0.194