One Well Coming Off Confidential List -- September 16, 2021

CNBC: Joe Kernan's segment, what was it, 6:00 a.m. to 8:00 a.m. CT? used to be the best segment on morning CNBC but it's turned into one of the worse segments. It almost seems like "filler" waiting for the market to open, compounded by an excessive number of commercials. The best hour on morning CNBC is now the one hour from 8:00 a.m. to 9:00 a.m. CT. It is for the most part unscripted and simply an informal discussion of business news.

Crude oil supply in the US: starting to creep back up. Now at 27.5 days. Considering that inventories are dropping, if the number of days of supply are increasing, it means that demand is falling. GasBuddy has been telling us that for the past two weeks. 

US crude oil imports: as Canadian oil imports are dropping, Russian oil imports are surging. Tbis is simply amazing. While we're at it, check out the dismal state of affairs for Mexico. Saudi Arabia has become a non-player when it comes to US crude oil imports.

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Back to the Bakken

Active rigs*: current list is reported COB --

$72.42	9/16/2021	09/16/2020	09/16/2019	09/16/2018	09/16/2017
Active Rigs	24	12	62	65	56

One well comes off the confidential list;

• Thursday, September 16, 2021: 25 for the month, 36 for the quarter, 216 for the year:
• 38156, conf, CLR, Kukla 10-16HSL1,
  

RBN Energy: oil-weighted and diversified E&Ps earnings climb past 2018 peak; gas producers lag.

Memories of disasters linger, and it’s likely that no one in the North American energy sector is likely to ever forget the second quarter of 2020. 

As the COVID-19 pandemic destroyed demand and crude oil prices bottomed out, exploration and production companies (E&Ps) scrambled to shut in wells and slashed spending in the face of an unprecedented plunge in average realizations to less than $14 per barrel of oil equivalent. 

Not everyone bought into apocalyptic visions of the industry’s future that were circulating widely, but few analysts expected the rapid return to the level of profitability reflected in the recently released second-quarter 2021 results of the 39 major E&Ps we monitor. 

Rising oil prices and continuing cost control propelled the earnings of the Oil-Weighted and Diversified peer group companies over the results from the last industry performance peak in the third quarter of 2018, when WTI was priced 10% higher. Although the results of Gas-Weighted producers lagged, soaring third-quarter natural gas prices suggest a catch-up in the second half of the year. In today’s blog, we analyze the second-quarter results of our universe of 39 producers and preview third-quarter results.