Based on comments I get and based on comments over at twitter and based on articles by the likes of Art Berman, and then looking at the most recent dashboards, it still seems to me that folks don't understand shale, and they don't understand how unconventional plays are different from conventional plays, how the Bakken is different from Saudi Arabia.
It's almost as if those noted above don't take time to really study the data or the graphics like the one below.
For several years now, the number of rigs in North Dakota and the number of frack spreads in North Dakota have remained pretty much unchanged. Both, in fact, amazingly, are trending toward zero.
And yet crude oil production in North Dakota has not dropped off a cliff;
- oil production has actually remained quite steady over the last few months; and,
- oil production is up an astounding 38% since last May, 2020.
Natural gas production
- has increased by 50% since May, 2020; and,
- flaring has decreased.
By the way, when was the last time you saw an article talking about "all" the flaring in the Bakken. I thought so.
Imagine production data from Saudi Arabia and/or Russia if their rig counts had trended toward zero for the past two years. Need I say more.
I think that's why EOG is talking about "Double Premium" and Ovintiv is talking about "Quintuple Premium."
By the way, I've set a goal this year to learn how to spell "Ovintiv" without looking it up.
Much more could be written but I will leave it at that, for now.
From the NDIC, at the link, "historical monthly oil production statistics":
From the same link, "historical monthly natural gas production statistics":
Believe
Cher's Believe was the first commercial recording to feature Auto-Tune—an audio processor originally intended to disguise or correct off-key inaccuracies in vocal music recordings—as a deliberate creative effect.
According to Rolling Stone's Christopher R. Weingarten, the "producers used the pitch correction software not as a way to fix mistakes in Cher's iconic voice, but as an aesthetic tool."
When she beat out Britney Spears for Billboard's #1 single of 1999 with "Believe," it was hard to realize that was the same Cher who once knocked out The Beatles off the top of the charts with her first hit song back in 1965.
1965? I Got You Babe.
Perhaps the best example of "fleeting fame": Blondie.
Back when you could get a hit out of goofy song like Henry the 8th.
ReplyDeleteAmerican business will always find better, more efficient ways of doing business. Not sure why the talking heads cant get this
Goofy songs like "Henry the 8th" --- which I thought was great, by the way -- I think songs and the music we like tell a lot about us.
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