Five Wells Coming Off Confidential List; WTI Slips A Bit Overnight -- Monday, March 8, 2021

YCC: what is it?

Gasoline demand, link here: gasoline demand jumped almost 6% for the week ending Saturday, March 6, 2021, pushing demand to the highest since the pandemic started, for the second straight week. And, note: only a few states have re-opened; most of Europe is still locked down; only China is looking at the pandemic in its rear-view mirror and back to building coal plants as fast as they can. Argus Media is reporting that Australia has resumed shipping coal to Australia.

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Back to the Bakken

Bismarck Tribune: a year of disruption. Bakken businesses ride out a bad year.

Kyle Ostrand found himself looking up townhouses in Williston, trying to talk his workers into becoming roommates after the oil price collapsed last year. 

Some of them without families in town agreed to live together, and although they don’t necessarily work long hours anymore to bring in big paychecks like when oil was booming at the start of 2020, they’re still employed by 3 Forks Services. 

The company provides transportation, logistics and crane services across the Bakken oil patch. 

“It’s made it a whole lot more affordable for them to share housing like that,” Ostrand said. “We’re trying to do what we can to help lessen the expenses for these guys in any given month and hope they can continue to help ride it out with me. We’re in it together trying to help make ends meet.” 

Hundreds of businesses like 3 Forks do the boots-on-the-ground work in western North Dakota to help big-name companies drill and produce oil. They have endured a year of hardship as the coronavirus pandemic decimated the demand for oil and, thus, for their services.

Active rigs:

$65.64	3/8/2021	03/08/2020	03/08/2019	03/08/2018	03/08/2017
Active Rigs	16	55	67	59	44

Five wells coming off the confidential list:

Monday, March 8, 2021: 12 for the month, 68 for the quarter, 68 for the year.

• 37713, drl/NC, Moris 12-26H1, Oakdale, no production data,
  
• 37672, drl/drl, Minnkota Power Cooperative, J-ROC1 1, wildcat, Precambrian;
  
• 36206, F/A, CLR, Polk Federal 13-33HSL, Banks, first production, 10/20; t--; cum 114K 1/21;
  

Sunday, March 7, 2021: 9 for the month, 65 for the quarter, 65 for the year.

• 35712, F/A, Whiting, Renbarger 24-34HU, Banks, first production, 9/20; t--; cum 90K 1/21;
  

Saturday, March 6, 2021: 8 for the month, 64 for the quarter, 64 for the year.

• 37793, drl/NC, CLR, Morris 14-26HSL2, Corral Creek, no production data,
  

RBN Energy: Energy Transfer's purchase of Enable Midstream helps its gas and liquids segments.

Over the past quarter-century, through a combination of greenfield development and acquisitions, Energy Transfer (ET) has built out integrated networks of midstream assets that add value — and generate profits — as they move crude oil, natural gas, and NGLs from the wellhead to end-users. A couple of weeks ago, ET took another big step in its expansion strategy, announcing its plan to buy Enable Midstream in a $7.2 billion, all-equity deal expected to close in mid-2021. The assets to be acquired will augment the synergies ET has already achieved, particularly regarding NGL flows into its Mont Belvieu fractionation and export facilities as well as flows of natural gas through Louisiana’s central gas corridor to LNG and industrial demand on the Gulf Coast. Today, we examine how the Enable Midstream acquisition may help propel ET forward.