CRL Reports Seven DUCs Completed; Twelve Permits Renewed (MRO and Hess); MRO With Two New Permits -- December 16, 2021

Market:

• FedEx: huge beat; FDX up $19; up 8%;
• Rivian: loss of $12 / share; commits to second factory in Georgia; $5 billion plant; after reporting dropped another $4 / share after hour, after dropping $6 at the close; down 10% for the day (with after-market trading)
• EV reservations jump almost 30% from 50,000 to 80,000
• fell short of its 2021 production target of 1,200 vehicles
• 3Q21:
• operational loss of $775 million vs company's forecast of $745 million - $795 million;
• net loss of $1.23 billion vs forecast between $1.21 billion and $1.28 billion
• revenue: $1 million (market cap: $96 billion)
  
• Kellogg: company and union reach tentative agreement; average pay for union worker: $120,000 / year;

Melissa: "Fast Money"

• AAPL headed toward $157; if so, that would be a buying point, again
• at least one trader/talking head seems anxious, angry, almost scared 

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Back to the Bakken

Active rigs: estimate only; based on NDIC end-of-day reporting; NDIC reports 32 active rigs, but one is a SWD rig; I did not check for duplicates:

$72.38	12/16/2021	12/16/2020	12/16/2019	12/16/2018	12/16/2017
Active Rigs	31	14	53	67	53

Two new permits, #38702 - #38704, inclusive:

• Operator: MRO
• Field: Bailey (Dunn County)
• Comments: 
• MRO has permits for a Claude well and a Vernon well, both in NENE 30-146-93, 
• to be sited 505 FNL and between 663 FEL and 703 FEL;

Twelve permits renewed:

• MRO (7): all in Dunn County, but different pads, Alvina USA, Whitney USA, Reems USA, Millie USA, Pavlish USA, Terrel USA, and TR USA;
• Hess (5): three AN-Double Bar V permits and two AN-Lone Tree permits, all in McKenzie County;
  

Seven DUCs reported as completed:

• 37379, 1,220, CLR, Rodney 8-29H1, Cedar Coulee, first production, --; t--; cum--;
  
• 38269, 949, CLR, Jenson 9-8H1, Chimney Butte, first production, --; t--; cum--;
• 37410, 1,387, CLR, Rodney 12-29H, Cedar Coulee, first production, --; t--; cum--;
• 37402, 1,405, CLR, Gale 11-32H, Cedar Coulee, first production, --; t--; cum--;
• 38268, 1,438, CLR, Jenson 8-8HSL, Chimney Butte, first production, --; t--; cum--;
• 37375, 1,910, CLR, Gale 7-32H, Cedar Coulee, first production, --; t--; cum--;
• 37401, 1,062, CLR, Gale 10-32H1, Cedar Coulee, first production, --; t--; cum--; 
  

The Gene/Rodney wells are tracked here. I will update that site later.

I don't have a page for the Jenson wells but perhaps I may do that later. 

The comments I made regarding CLR and DUCs yesterday continue to hold true today. 

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MRO, Bailey Oil Field
And The Two Permits (see above)

The Bailey oil field is tracked here but has not been updated in a long time. It will be interesting to see the update. LOL.

Assuming the new wells, Claude and Vernon run south, there are already three active wells in that drilling unit:

• 17255, original well drilled in 2008, thirteen years ago; and re-fracked in 2017, four years ago:
  

• 465, MRO, Pelton 24-31H, t9/08;
• 1,799, MRO, Pelton-24-31H, t4/17; cum 562K 10/21;
• the well has produced 561,590 bbls of crude oil since it was first drilled; 
• before the re-frack the well had produced 179,311 bbls of crude oil (over a period of 103 months;
• after the re-frack the well produced 382,279 bbls of crude oil (over a period of 55 months)
• after the well was re-fracked, it produced about twice as much oil in half the time that it produced prior to the re-frack
  

BAKKEN	7-2017	31	25626	25591	25477	18929	1475	14540
BAKKEN	6-2017	24	18177	18187	19613	13250	3910	7265
BAKKEN	5-2017	31	23337	23366	28948	17072	10811	3582
BAKKEN	4-2017	7	8727	8599	215	6256	1976	3308
BAKKEN	3-2017	0	0	0	0	0	0	0
BAKKEN	2-2017	8	202	184	40	163	93	4
BAKKEN	1-2017	31	896	875	207	688	317	96
BAKKEN	12-2016	29	771	756	187	608	347	11
BAKKEN	11-2016	30	834	865	192	643	365	9
BAKKEN	10-2016	31	863	842	206	681	402	1

• 22332, 1,318, MRO, RH 34-31H, t9/12; cum 313K 10/21; 
• 22333, 1,086, MRO, RH 34-31TFH, t9/12; cum 210K 10/21;