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Monday, March 22, 2021

That Deer Was Wearing Glasses -- No Wonder He Called 911 -- Four Wells Coming Off Confidential List -- March 22, 2021

Existing home sales, February, 2021, link here

Quickly:

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Back to the Bakken

Active rigs:

$61.84
3/22/202103/22/202003/22/201903/22/201803/22/2017
Active Rigs1551686048

Four wells coming off the confidential list --

Monday, March 22, 2021: 22 for the month, 78 for the quarter, 78 for the year.

  • 36544, F/A, Zavanna, Blue Heeler 20-16 4H, Stony Creek, first production, 12/20, t--; cum 57K 1/21;

Sunday, March 21, 2021: 21 for the month, 77 for the quarter, 77 for the year.

  • 37395, AL/A, MRO, Wallentinson USA 44-8H, Reunion Bay, first production, 9/20; t--; cum 204K 1/21;
Saturday, March 20, 2021: 20 for the month, 76 for the quarter, 76 for the year.
  • 37034, F/A, Zavanna, Leopard 20-17 2TFH, Stony Creek, first production, 9/20; t--; cum 82K 1/21;
  • 34653, drl/A, Petro-Hunt, USA 153-95-3D-10-5H, Charlson, first production, 1/21, t--; cum 6K over 12 days;

RBN Energy: two or three days of really cold weather; Texas shuts down for maybe a week; and ethylene shortages from plants crippled by that unfavorable event roil petchem markets. Tell me again, we don't need fossil fuel.

It’s been over a month since the Deep Freeze swept across Texas, shutting down the power grid, curtailing natural gas supplies, and generally wreaking havoc on the state’s population and infrastructure. The petrochemical industry was hit particularly hard, with every ethylene-producing steam cracker in the state and many in nearby Louisiana forced into hard shutdowns — that is, production coming to a screeching halt with little or no preparation. The result was unit damage well beyond what typically happens with other weather-related events like hurricanes, where there is usually some ability to manage an orderly shutdown. Consequently, at least half of the industry’s capacity to produce ethylene and its by-products remains offline, a development that is ricocheting through supply chains across the economy. Today, we examine the magnitude of the damage, consider what is happening in ethylene markets — the epicenter of the turmoil — and contemplate the longer-term implications of the outages. 



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