Active Rigs Up To Twenty-Three; CLR With Seven Rigs -- June 30, 2021

Twenty-three and me? LOL. 

Texas: y'all might remember this story. Now it's being reported that Goldman Sachs will open a "Dallas campus, second largest after New York. Link here: https://www.foxbusiness.com/markets/goldman-to-open-dallas-campus-second-largest-after-ny-report. I think the Schwab campus just north of Ft Worth might be the biggest Schwab campus. Not sure. Back in 2019, JPMorgan announced it was moving some "assets" to the Dallas area. For list of companies relocating to Texas, see this post.

Ten-year treasury: after all that hand-wringing, the narrative seems to be changing. Apparently inflation fears are taking a back seat to long-term growth hurdles. It appears the Biden administration will unnecessarily extend the pandemic consequences by at least a year; the labor force may be the biggest hurdle for US economic growth. Maybe instead of a huge jump in GDP in 2Q21 and 3Q21, the economic recovery will remain robust and last two full years. Link here. Today's range: 1.450 - 1.484. Wow. Link here.

China: facing its worse power shortage in a decade. Holy mackerel. Can't get to EVs fast enough. That will solve everything.

United Airlines: company's largest jet order, ever. Previously reported, but I was unaware it was the company's largest aircraft purchase, ever. Truly amazing.

PennEast pipeline: massive victory -- Oilprice. 

Covid-19: it appears the Biden administration extended the pandemic consequences by a full year. It's very likely under a "Biden administration" we would still be developing vaccines.

COP: cuts capex; cuts operating cost guidance; ups stock buybacks by a billion dollars. Link here.  And here.

Noise: you can go to the link but it appears to simply be background noise. I assume "this stuff" goes on all the time.

**********************************
Back to the Bakken

Active rigs:

$73.75	6/30/2021	06/30/2020	06/30/2019	06/30/2018	06/30/2017
Active Rigs	23	10	61	67	58

Operators with active rigs:

• CLR (7): Gordon Federal, Mittlestadt, Dvirnak, Pasadena Federal, Harrisburg, LCU Truman, LCU Ralph,
• MRO (2): Osking USA,
• Hess (2): BB-State A, BL-Myrtrice,
• Oasis: Fraser Federal
• Enerplus: Marten
• Whiting: Lapica
• Petro-Hunt: Jorgenson,
• Slawson: Muskrat Federal,
• Kraken: Bigfoot LE,
• Ovintiv: Rolfsrud
• Rampart Energy: Coteau 1,
• Rimrock Oil: FBIR Johnson,
• Armstrong Operating: Fugere,
• Resonance Exploration:Resonance Ballantyne,
• KODA Resources: Porter,

No wells coming off confidential list.

RBN Energy: building more natural gas pipeline takeaway capacity out of the Montney, part 4. 

Western Canada’s Montney-sourced natural gas production has been on a remarkable upward trajectory in the past decade. Most of this growth has been focused in one province: British Columbia. However, that progress has not come without difficulty. 

A key challenge during BC’s gas boom has been providing sufficient pipeline takeaway capacity — the hurdles include the BC Montney’s remoteness, various regulatory impediments, and the unique geologic nature of the play. For this amazing gas supply growth story to continue well into the future, more pipeline capacity needs to be constructed. In our concluding blog on the Montney, we discuss recent pipeline developments and the challenges still ahead.