Ovintiv With Four New Permits -- WTI Rises -- Active Rigs Up One -- March 4, 2021

EVs: just for the fun of it, google: evs crash and burn.

Texas, Mississippi, and now Connecticut, apparently ... lifting capacity restrictions. When you look at all the sports events now and all the folks in attendance and all the folks not wearing masks at these events ... 

OPEC+: for the archives --

• voted to extend current production one more month
• want to see global oil stockpiles shrink to the levels seen in 2015 - 2019;
• Wood Mackenzie sees Brent oil prices hitting $70 - $75 / bbl in April, pushing WTI to $65 - $70 range (at $63 today, we're almost there)
• Saudi oil minister talked a good game, saying shale has seen its day; has run its course;
• EOG says it can fund dividend and CAPEX with free cash flow even if WTI oil dips below $40 (I believe EOG CEO Bill Thomas on this one);
• on the other hand, it's an existential issue for Saudi if oil trends toward $50, much less $40; 
  

TSLA: down 5% today, Closed at $621.

COSTCO: huge day for earnings;

• revenue of $44.77 billion vs estimates of $43.81 billion
• EPS of $2.14 vs estimates of $2.45 -- that might disappoint but look at on-line sales
• on-line sales surged over 75%; 
• expensive stock; high P/E; lousy dividend -- Later: I'm wrong. See first comment below. There's so much I miss by going too quickly; not seeing the whole picture. I love Costco. I'll have to take another look. Huge thanks to reader for taking time to write. From another reader: "I don't own, shop or really follow Costco.... but your comment on the dividend might be a bit off... Costco does seem to pay out special dividends which as I recall can be generous.... below is a copy/paste from Value Line from Costco analysis;  Special div’d of $7.00 paid in 12/12; $5.00 in 2/15; $7.00 paid in 5/17; $10.00 paid in 12/20." 
• wow, when I make a mistake, it's a doozy. I need to stick to my knitting -- LOL. 
• on the other hand, do the math -- calculate the dividend return incorporating those special dividends --
  

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Back to the Bakken

Active rigs:

$63.98	3/4/2021	03/04/2020	03/04/2019	03/04/2018	03/04/2017
Active Rigs	16	50	68	59	45

To the fifteen active rigs this morning, Hess adds another active rig:

• BL-Frisinger in Williams County;

Four new permits, #38190 - #38193, inclusive:

• Operator: Ovintiv
• Field: Westberg (McKenzie)
  
• Comments
• Ovintiv has permits for two Rolfsrud wells and two Olson wells in NWNW 29-152-96;
• 38190, Olson, 545 FNL 350 FWL
• 38191, Rolfsrud, 525 FNL 350 FWL
• 38192, Olson, 505 FNL 350 FWL
• 38193, Rolfsrud 485 FNL 350 FNL

Two permits renewed:

• MRO: a Saxvik permit and a Hausauer permit, both in Dunn County.

Six producing wells (DUCs) reported as completed:

• 35746, A/SI, Zavanna, Usher 28-21 4TFH XW, Patent Gate, first production, 12/19; t--; cum 105K 12/20; off line 1/21;
• 35747, A/SI, Zavanna, Usher 28-21 3H, Poe, first production, 1/20; t--; cum 198K 1/21;
• 35748, A/SI, Zavanna, Usher 28-21 2TFH, Poe, first production, 12/19; t--; cum 142K 1/21;
• 35879, A/SI, Zavanna, Usher 28-20 5HXW, Patent Gate, first production, 12/19; t--; cum 186K 1/21;
• 36004, loc/A, BR, Rink 4-1-5MBH, Pershing, first production, t--; cum --;
• 37510, drl/A, Hess, EN-Vachal LLLP-154-94-2029H-3, Alkalie Creek, first production, t--; cum --;