Hunt Oil With Six New Permits; Ten Permits Renewed; Five Permits Canceled -- Thursday, September 16, 2021

Gasoline prices: Resident Biden seems to be in panic mode. He is correct: the end of driving season should see a drop in the price of gasoline. Hasn't happened. More than a quarter of US gulf crude still offline since Hurricane Ida -- some weeks ago -- too bad there isn't a huge crude oil pipeline from Canada to Texas. One would think a huge crude oil pipeline from oil-rich Canada to the US gulf coast would be a no-brainer. Speaking of no brains ... 

FANG: Diamondback announced a $2 billion share buyback. 

GM: announces new production cuts related to global semiconductor shortages. Again, just shows how well Apple has navigated the global semiconductor chip shortage.

Money market fund monitor, link here:

• monthly updated, end of the month
• most recent month: July
• as of July 31, 2021, total in money market funds equals that of September 30, 2020.

Retail sales: surprise, surprise, surprise -- retail sales up 0.7% vs a 0.8% decline. Amazing. Hand-wringing, hand-wringing, hand-wringing. 

HP rigs, link here:

• HP enters strategic collaboration with Abu Dhabi National Oil Company
• Abu Dhabi will purchase eight huge HP rigs: $90 million
• following that purchase, HP will make a $100-million cornerstone investment in Abu Dhabi NOC Drilling, a subsidiary of ADNOC
• ADNOC Drilling: IPO on the Abu Dhabi Securities Exchange
• HP will joing Baker Hughes Company as a major shareholder in the new publicly traded company
• lots of moving parts: bottom line -- HP and Baker Hughes partner with Abu Dhabi

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Back to the Bakken

Active rigs, from the daily activity report:

$72.6	9/16/2021	09/16/2020	09/16/2019	09/16/2018	09/16/2017
Active Rigs	24*	12	62	65	56

Six new permits, #38565 - #38570, inclusive:

• Operator: Hunt Oil
• Field: Lake Ilo (Dunn County)
• Comments:
• Hunt Oil has permits for three more Halliday wells and three Quill wells, all in SWSE 10-145-93; 
• the wells will be sited 385 FSL and between 1760 FEL and 1910 FEL

Ten permits renewed:

• QEP: ten MHA permits in Mountrail County
• all in SENE section 28-150-92

Five permits canceled:

• Hess (3): three EN-Davenport permits canceled; Mountrail County
• Resource Energy Can-Am: a Ranger permit in Divide County
• Nine Point Energy: a Nordtug permit in Williams County