Four Wells Coming Off The Confidential List; WTI Holds Above $63 -- April 19, 2021

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,

Saturday, April 17, 2021: 15 for the month, 15 for the quarter, 96 for the year:

• 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