MRO With Four New Permits In The Prolific Bailey Oil Field -- Dunn County -- September 21, 2021

China coal: record Chinese coal burning to drive surge in carbon emissions. Link here. China announced on June 11, 2021, it would no longer grant subsidies for new solar power stations, onshore wind projects. Link here. Xi is truly looking out for all his Chinese.

UK utility bills: could soar to $750 without government intervention; it looks like "price caps" would need to rise to over $2,000 to cover the full costs of buying surging natural gas prices. Link here. 

No war: first time in twenty years, the US is not at war. 

GE: the blue chip stock I missed this past year.

JPM: raises its dividend more than 10%; raises it from 90 cents to an even buck; link here.

Peak oil: more and more indications both OPEC and OPEC+ struggling to lift production.

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

COP: will remain active in the Bakken even after recent acquisitions in the Permian. 

COP: Conoco's Permian purchase will overtake all but XOM in lower 48 US output, and Alaska is not amounting to much any more.

• adding an estimated 200K boepd will put COP within striking distance of leader XOM which is expected to produce about 1 million boepd from the Lower 48 this year
• COP's most recent deal will propel it past CVX, EQT, OXY, and EOG
• in the Permian Basin, COP will vault from fourth place after its previous purchsse of Concho Resources to become the second largest producer, behind only Pioneer Natural Resources and passing Chevron and OXY
• after waiting patiently on M&A opportunities through the land-rush years of the shale boom, COP has been able to pick up prime Permian real estate at what looks to be attractive price points -- analyst

US oil: we are quickly seeing the realignment of oil companies in the US. In addition, quickly seeing realignment of US states producing oil and/or natural gas. California will soon opt out; Alaska may not be that far behind. The one to watch: Utah. Maybe Wyoming.

Active rigs* -- NDIC no longer reporting active rigs; the number is my best estimate:

$70.56	9/21/2021	09/21/2020	09/21/2019	09/21/2018	09/21/2017
Active Rigs	26*	11	58	66	57

No new permits:

Four new permits, #38571 - #38574, inclusive:

• Operator: MRO
• Field: Bailey (Dunn); the Bailey oil field is tracked here but it must be updated; however, it has been discussed many times on the blog; it's a great field for re-fracks;
  
• Comments:
• MRO has permits for four new wells in the prolific Bailey oil field: Ermina, Ithamar, Austin, and Beau; 
• the wells will be sited in lot 1 section 18-146-93;
•  they will be sited between 451 FNL and 507 FNL and 429 FWL and 535 FWL

Four permits renewed:

• NP Resources: four Trotter State permits in McKenzie County;