Friday, July 17, 2020

Whiting With Four New Permits; Another Eight Permits Renewed -- July 17, 2020

Active rigs:

Active Rigs1156695929

Four new permits, #37717 - #37720, inclusive:
  • Operator: Whiting
  • Field: Sanish (Mountrail)
  • Comments: 
    • Whiting has permits for a 4-well Holmberg pad in SESE 24-153-93; all 1050' FSL and about 350' FEL
    • see graphic below
Eight permits renewed:
  • BR (4): four Ivan permits in McKenzie County
  • Petro-Hunt (2): two Mongoose permits in McKenzie County
  • XTO: one Edwards Trust Federal permit in McKenzie County
  • Hunt Oil: one Oakland permit in Mountrail County
Five permits canceled:
  • PetroShale (5): five Tailgunner Federal permits in McKenzie County
Change of operator, from Prima to NP Resources:
  • Evoniuk, Tree Top oil field; Billings County
Change of operator, from Berenergy to Ballard Petroleum:
  • Borstad wells (3): Bottineau County
Change of operator, from Texakota to Murex Petroleum:
  • H Borstad (11): Williams County
  • M Borstad (2): Williams County
Whiting's Four-Well Holmberg Pad 

The existing Holmberg well:
  • 21472, 669, Whiting, Holmberg 44-24TFH, Sanish, t3/12; cum 158K 5/20;

TGIF -- The Music Edition -- Just A Matter Of Time -- July 17, 2020

Just a matter of time: I knew it was just a matter of time. Bubba goes ballistic. Plays the "race" card. Payback is hell. Story (and video) was on the internet yesterday; on sports TV this morning. Bristol Motor Speedway. Eliminated from All-Star Race. Wrecked after initiating the sequence that led up to the hook-up. Hey, it's racing.

All-Star Race: Chase Elliott won, first career all-star win. Looked like a nice crowd on hand. First time All-Star Race on short track.

Next up: Saturday, 5:00 p.m. CDT, Texas Motor Speedway.

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

Here we go:
  • SRE to use Bloom Energy fuel cells.
  • BlackRock profit beats Street estimates. Profit jumps 21% on fixed-income boost.
  • Market finally notices: retail sales jump 7.5% in June, 2020. Excluding gasoline, US retail sales have come all the way back ot pre-pandemic trendline growth.
  • Retail investors napping up stocks amid coronavirus volatility: Charles Schwab. Google for link.
  • Tea leaves: crude oil glut to continue; demand destruction to worsen.
  • Analyst: Amazon will beat 2Q20 earnings estimate. Calls for revenue of $81.3 billion, a 28% year-over-year increase and above the high end of Amazon's guidance of between $75 billion and $81 billion. The estimate is 0.8% above consensus. 
  • US housing starts accelerate in June, 2020
  • Dow: pre-market up 120 points; early morning trade, down 50 points. 
Reasons To Quit, And No Reason To Quit, Merle and Willie, 1983, by Merle Haggard

Ninety-Eight Permits Renewed In The ND Bakken This Past Week -- July 17, 2020

Ninety-eight permits renewed this week in the ND Bakken. This follows one-hundred-eighteen permits renewed last week. In total, 216 permits have been renewed in the ND Bakken in the past two weeks.

Friday, July 17, 2020: eight permits renewed:
  • BR (4): four Ivan permits in McKenzie County
  • Petro-Hunt (2): two Mongoose permits in McKenzie County
  • XTO: one Edwards Trust Federal permit in McKenzie County
  • Hunt Oil: one Oakland permit in Mountrail County
Thursday, July 16, 2020: twenty-three permits renewed, ninth day of 20+ renewed permits:
  • XTO (9): four Ruby State Federal permits, four Prairie Federal permits, and one Edwards Trust Federal permit, all in McKenzie County;
  • Rimrock (5): two Citrine permits; one Sapphire permit, one Amethyst permit, and one Emerald permit, all in Dunn County
  • Hess (4): four K-Quilliam permits in Dunn County
  • BR (3): two George permits and one Bailey-George permit in McKenzie County
  • EOG (2): two Burke permits in Mountrail County
Wednesday, July 15, 2020: twenty-four permits renewed -- the eighth consecutive day that 20+ permits have been renewed in the ND Bakken:
  • Bruin (10): ten Forth Berthold permits, all in section 19-148-94, Dunn County;
  • CLR (5): two Olympia permits; two Charleston permits, and a Juneau permit all in Williams County;
  • Lime Rock (5): three Mariner permits in Burke County and two Reuben Schneider permits in Dunn County;
  • XTO (3): one Harley Federal permit in McKenzie County
  • Whiting: one USA Federal permit in McKenzie County
Tuesday, July 14, 2020: twenty-three permits renewed (the seven consecutive business day in which 20 or more permits were renewed):
  • BR (7): one Sanmuri permit,  four Muri permits, two Remington permits, all in McKenzie County;
  • EOG (7): seven Burke permits in Mountrail County;
  • Equinor (6): three Larsen permits and three Lucy Hanson permits, all in Williams County
  • Enerplus (3): one Ridley, one Loggerhead, and one Aldabra permit, all in McKenzie County;
Monday, July 13, 2020: twenty permits renewed:
  • Hess (9): three EN-Kiesel permits in Mountrail County; six SC-JW Hamilton permits in Williams County;
  • CLR (5): three Morris permits and two Carson Peak permits, all in McKenzie County; the scout tickets show these permits were PNC'd, so it's nice to see them renewed; the CLR Carson Peak/Morris wells are tracked here;
  • XTO (4): four Twin State Federal permits in McKenzie County
  • Petro-Hunt (2): one USA permit and one Louis Tully Federal, both in McKenzie County

The Sports Page -- July 17, 2020

Writing is on the wall. Tea leaves: there was no love lost between the owner and the quarterback. A number of story lines in the screen shot below. I think the bigger question is not being asked: will Dak be the starting quarterback? If so, will he be the starting quarterback at the end of the 2020 - 2021 season?

Excuses: amazing how much time the color commentator made listing excuses for Tiger Woods after an incredibly bad second round: no time to practice -- foundation events; time for his children; bad back; etc. It's very likely that Tiger Woods will miss the cut at the course where he has had a history of incredible rounds and tournament wins. Later: right now he's tied at 65 and inside the cut line. At 3+ he's one off Phil Mickelson at 2+.

NASCAR: 2:00 p.m. CDT, Sunday, NBCSports Network; Texas Motor Speedway. Fourteen hours driving time from Bristol, TN, to Texas Motor Speedway. They raced in Bristol, earlier this week.

North Dakota Oil Production Fell 30% In May, 2020

Director's Cut, May, 2020, summary here.

From SeekingAlpha:

Meanwhile, June production already bounced back to over 1 million bopd.

From HFI over at SeekingAlpha: the ND Bakken will never be the same.
  • Summary
    • since 2017, Bakken has surprised to the upside.
    • but with DAPL stuck in legal court battles and uncertainty around takeaway capacity continuing, Bakken's production base will fall.
    • lower completion activity for 2021 and beyond will result in lower projections of ~250k b/d.
    • with the rest of the US shale oil basins wounded, Permian will be the only basin left to carry the US. We see Q4 2019 as peak US oil production.

Director's Cut -- May, 2020, Data -- Crude Oil Drops Below 900K BOPD

The Director's Cut
Data For May, 2020
North Dakota Oil and Natural Gas Production

Disclaimer: usual disclaimer applies. As usual, this is done very, very quickly. It is not proofread. There will be factual and typographical errors on this page. If this is important to you, go to the source.

Link here.

Link here to past reports.

DUCs and wells off-line for operational reasons are tracked here.

A huge, huge "thank you" to Lynn Helms and his staff at the NDIC getting this information out in a timely and transparent manner. I am not aware of any other state that does such a good job providing such data. 

Crude oil production:
  • May, 2020, preliminary: 858,395 bopd
  • April, 2020, final: 1,221,019 bopd
Gas production:
  • May, 2020, preliminary: 59,778,353 MCF production; 88% captured
  • April, 2020, final: 81,355,528 MCF production; 88% captured
  • May, preliminary: 868,356 boepd
  • April: 1,234,576 boepd
Producing wells:
  • May, preliminary: 12,809; 88% middle Bakken and Three Forks; 12% from legacy conventional pools
  • April, final: 15,474; 
Wells off-line:
  • May, 2020: when I went through the May, 2020, data (as it was released in early July), it was very, very obvious that ND Bakken operators shut in their wells in May, not April).
  • May, 2020, preliminary:
    • inactive: 6,108
    • DUCs: 952 
    • total: 7,060
  • April, 2020, final:
    • inactive: 2,168
    • DUCs: 944
    • total: 3,112 (for all that talk about all the wells coming off line, that does not appear to be true in the Bakken; operators simply drilled fewer wells)
  • June, 2020: 72 drilling
  • May, 2020: 59 drilling
  • April, 2020: 62 drilling
Rig count:
  • Today: 10
  • June, 2020: 12
  • May, 2020: 17
  • April, 2020: 35
  • May, 2020: 12 (preliminary)
  • April, 2020: 58 (revised)
  • March, 2020: 120 (final)

Updating An IP-Record Setting MRO June Well In Antelope Oil Field; Back On Line; Goes Over 500K Bbls Crude Oil -- July 17, 2020

This page will not be updated. This well is tracked elsewhere.

Record IP-wells are tracked here

The well:
  • 33415, 7,572, MRO, June USA 31-2H, Antelope, Sanish pool, API - 33-053-07958; 9.4 million gallons; 84%, t3/18; cum 535K 5/20;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare

Production Update For A Record-Setting Well In The Bakken -- A Bruin FB James Well -- July 17, 2020

This page will not be updated.

Bruin's FB James wells in Spotted Horn are tracked here.

This well is featured at "record IPs in the Bakken."

The well:
  • 31458, 6,311, FB James 150-94-3A-10-6B, Spotted Horn, t11/19; 98K over 25 days; extrapolates to 118,184 bbls crude oil over 30 days; cum 373K in seven months; cum 373K 5/20;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare

Two Wells Coming Off The Confidential List -- July 17, 2020

The Director's Cut is scheduled to be released late today, 3:30 p.m. CDT

Active rigs:

Active Rigs1056695929

Operators with active rigs:

  • BR (2)
  • CLR (2)
  • WPX (2) 
  • MRO (0) -- dropped one
  • Petro-Hunt
  • Hess
  • Slawson (2) -- adds one
  • XTO (0) -- dropped one
Two wells coming off the confidential list -- Friday, July 17, 2020: 47 for the month; 47 for the quarter, 493 for the year:
  • 36488, drl/A, Hess, TI-Stenbak-158-95-2526H-2, Tioga, t--; cum 66K 5/20; started producing 1/20;
  • 36391, SI/A, Whiting, Ogden 12-3-3H, Sanish, t--; cum 78K 5/20; started producing 1/20;
RBN Energy: Alberta's gas power burn to expand significantly next year.
In many parts of the world, the shift away from coal-fired to natural gas-fired generation and renewables has been gaining momentum in an attempt to curtail the output of carbon dioxide (CO2) and other greenhouse gases. The Canadian province of Alberta kicked off such an initiative in 2016 to eliminate all of its coal-fired power generation sources and replace these with either gas-fired plants, wind farms, or solar by 2030. In the past two years, the province’s major electric utilities and independent power producers (IPPs) have been accelerating these plans, such that the complete phase-out of coal will be accomplished many years in advance of the original deadline. Today, we consider this transition and highlight what should be a pivotal year for Alberta’s use of natural gas in power generation.