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Tuesday, February 16, 2021

No New Permits; Twenty-Two Permits Canceled -- WTI Closes At $60 -- February 16, 2021

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Nice for former WPX shareholders


DVN
: was up 4.45% today before the close. Held that gain after hours. 

Comment: folks may not recall but there was an article not too long ago that said shale operators were going to have a ton of cash to give away. If I can find it, I will link it. Later: here it is. It's an old story. Not sure if it still has relevance.

GS: bullish on energy, ZeroHedge via Oilprice, link here.

Et tu, WB

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Back to the Bakken

Active rigs:

$60.05
2/16/202102/16/202002/16/201902/16/201802/16/2017
Active Rigs1556645639

No new permits.

One permit renewed:

  • Resource Energy CanAm: a Bettle permit in Divide County

Twenty-two permits canceled:

  • EOG (19): eleven Burke permits in Mountrail County; five Austin permits in Mountrail County; one Parshall, one Sidoia, one Van Hook permit, all in Mountrail County:
  • White Butte Oil Operations (2): two Jore Federal permits in McKenzie County;
  • Slawson: one Wolverine Federal permit in McKenzie County

4 comments:

  1. WTI slips below $60 in after market trading but is still a solid 59. Whole numbers milestones are just goog optics. 60 looks better than 59 to our brain

    ReplyDelete
    Replies
    1. What amazes me is how "stable" the market seems -- sits at $60 despite all the things going on right now. No one can predict the price of oil. But I'm sure a lot of operators are hedging a lot of oil at these prices.

      Delete
  2. According to a couple of international press pieces I read, seems oil is in a good place right now. I personally like $65/barrel for No dak sweet. Thats my happy zone.

    ReplyDelete
    Replies
    1. Agree. Years ago I wrote that the sweet spot was $55 to $65 or something like; I've long forgotten. Maybe it was $50 to $60. Somewhere in that range.

      Delete

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