RBN Energy: E&Ps maintain conservative investment despite rising commodity prices.
As the U.S. starts to emerge from under the dark cloud of the COVID-19 pandemic, one hopes that some valuable lessons have been learned as a result of the hardships and sacrifices so many have endured.
While the most profound impacts were on government, healthcare and other essential services, the sudden drop in hydrocarbon demand a year ago triggered severe financial hardships for the E&P sector and provoked unpleasant memories of previous energy industry crises in 2008 and 2014-16.
Producers have historically put the brakes on capital spending when commodity prices fell, then stomped on the accelerator like a race car heading into a straightaway when prices rose. But recently unveiled 2021 budgets for many E&Ps suggest that, even with the rebound in prices, they are maintaining a conservative investment paradigm that highlights strengthening balance sheets and rewarding shareholders at the expense of rapid production growth. Today, we’ll analyze the 2021 capital spending plans of the 39 E&Ps we monitor and the likely impact on their crude oil and natural gas output.
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Back to the Bakken
Active rigs:
$63.23 | 4/19/2021 | 04/19/2020 | 04/19/2019 | 04/19/2018 | 04/19/2017 |
---|---|---|---|---|---|
Active Rigs | 17 | 32 | 63 | 59 | 50 |
Wells coming off the confidential list --
Wednesday, April 21, 2021: 17 for the month, 17 for the quarter, 98 for the year:
- None.
Tuesday, April 20, 2021: 17 for the month, 17 for the quarter, 98 for the year:
- None.
Monday, April 19, 2021: 17 for the month, 17 for the quarter, 98 for the year:
- 35803, F/A, Enerplus, Blizzard 149-93-07A-12H-TF, Mandaree, first production, 10/20; t--; cum 116K 2/21;
Sunday, April 18, 2021: 16 for the month, 16 for the quarter, 97 for the year:
- 37716, drl/NC, CLR, Carson Peak 12-35H1, Oakdale, no production data,
- 37794, drl/NC, CLR, Carson Peak 13-35H, Oakdale, no production data,
- 36922, AL/A, MRO, Lang USA 41-8TFH, Reunion Bay, first production, 10/20; t--; cum 206K 2/21, see this post.
Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
---|---|---|---|---|---|---|---|---|
BAKKEN | 2-2021 | 28 | 27922 | 27988 | 24527 | 62227 | 59251 | 2790 |
BAKKEN | 1-2021 | 31 | 31653 | 31782 | 30434 | 47235 | 45363 | 1741 |
BAKKEN | 12-2020 | 30 | 55580 | 55486 | 51198 | 73570 | 70260 | 0 |
BAKKEN | 11-2020 | 8 | 26150 | 26539 | 22025 | 30526 | 28983 | 0 |
BAKKEN | 10-2020 | 17 | 64505 | 63607 | 67387 | 67918 | 44020 | 20158 |
Other data for the Lang well, posted elsewhere, also:
FracFocus (link here) -- 33-06-04594:
- fracked 9/16/20 - 9/28/20:
- 9.85 million gallons of water (not particularly remarkable; a moderate-size frack)
- 86.3% water by mass;
- friction reducers:
- HVFR-100, DynaChem USA; CAS 64742-47-8;
- HVFR-100, DynaChem USA; CAS 69011-36-5;
From the file report:
- from a sundry form received November 13, 20219:
- name change to Lang USA 41-8TFH;
- hand-written NDIC note: target formation changed to TF B1;
- SHL changed to 1184' FNL 845' FEL, section 8-151-93
- BHL changed to 190' FNL 2460' FEL, section 12-151-94
- administrative fee for this change: $25.00
- original permit:
- middle Bakken:
- 3200-acre spacing unit: sections 5/6/7/8-151-93, E2 of sections 1 & 12 - 151-94
- completion report
- TD: 23,509'
- target, Three Forks first bench, geologic top, top TVD: 10,638'.
- IP:
- oil: 5,099 bbls
- gas (MCF): 4,771
- completion:
- 17 million lbs proppant; huge frack;
- stages: 52
- volume: 234,497 bbls
- geologist's report not yet scanned in file report
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