Notes From All Over -- Sunday Evening Edition -- May 2, 2021

Just a reminder -- the football game. Not looking good for NDSU: 17 - 7; midway through the second quarter. Unfortunately for North Dakota, it was a blowout, 34 - 21. And, it wasn't even that close.

Futures: US equity markets. Looking good. 

George Harrison: Greatest Hits 2018. Easy listening as we prepare for a trout dinner. 

The Buffett & Munger show: should get a lot of air time on CNBC tomorrow. One really has to listen closely to catch something that Buffett said. Munger was more direct. Buffett investing philosophy:

• in general, the folks playing at home should invest in the S&P 500; set it and forget it;
• guys like Buffett & Munger feel they can do better picking a few, and sticking with them
  

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

The Buffett & Munger show: I was disappointed in the questions that were asked by players at home. The questions generally fell into one of two categories: a) no originality; b) trivial.

One question in particular fell into both categories: why did Buffett sell the airlines when international air travel was halted in early 2020 due to the pandemic? That question has been asked a gazillion times and is thus "not original" and, in the extreme it is trivial. The question violates another cardinal rule for successful investors but I will lay that aside for now.

Everyone who is interested can do their own math. I started a spreadsheet as soon as this question came up back  in June, 2020. I've updated my spreadsheet periodically. From available public information, my spreadsheet shows the airline stocks that BRK sold are now worth $4.667 billion (April 30, 2021). The money from the sale of those airline stocks was invested elsewhere and is now worth $5.583 billion. In other words, even with the airline shares surging in the last few months, BRK is still ahead by almost $1 billion from that sale. I'll take that trade and won't ask questions.

Kentucky Derby: memories. In a park after dark, with the love of my life, back in 1973. Talking about Secretariat. Not sure how Secretariat came up in conversation. Neither of us followed horse racing. I guess that's how big Secretariat was at the time. From wiki:

At age two, Secretariat finished fourth in his 1972 debut in a maiden race, but then won seven of his remaining eight starts, including five stakes victories. His only loss during this period was in the Champagne Stakes, where he finished first but was disqualified to second for interference. 

He received the Eclipse Award for champion two-year-old colt, and also was the 1972 Horse of the Year, a rare honor for a horse so young. 

At age three, Secretariat not only won the Triple Crown, but he also set speed records in all three races. 

His time in the Kentucky Derby still stands as the Churchill Downs track record for 1+1⁄4 miles, and his time in the Belmont Stakes stands as the American record for 1+1⁄2 miles on the dirt. 

His controversial time in the Preakness Stakes was eventually recognized as a stakes record in 2012. 

Secretariat's win in the Gotham Stakes tied the track record for 1 mile, he set a world record in the Marlboro Cup at 1+1⁄8 miles and further proved his versatility by winning two major stakes races on turf. 

He lost three times that year: in the Wood Memorial, Whitney, and Woodward Stakes, but the brilliance of his nine wins made him an American icon. 

He won his second Horse of the Year title, plus Eclipse Awards for champion three-year-old colt and champion turf horse. 

Fast forward to yesterday. I caught the race but didn't blog about it. A reader sent me this note:

Did you watch the Kentucky Derby on NBC yesterday? Three  hours of horse racing at the track, then the derby race as the finale.

 

Fifty-thousand people were in the stands and in the infield. Most -- perhaps ninety percent -- were not wearing masks. The NBC camera crews and the reporters wore masks. The jockeys wore masks but only after the big event.

Everyone was scientifically-distanced, somewhere between two inches and twenty feet. Many had mint juleps as an internal body-washing fluid. Five-hundred-dollar dresses and  $300 hats.

God, I love America.

So, do I (love America). In Texas, it appears wearing one's mask around the neck is perceived as working as well as wearing it above the chin. Covering the nose? LOL. I still wear a mask upon entering any public building. It now feels second nature.

 

Covid-10: Speaking of social distancing and masks, I need to check the CDC data. Will do that shortly. Probably won't post. Later: I just checked the Sunday, May 2, 2021, data. Last Sunday, 3 million vaccinations given. This Sunday, today, 2.1 million vaccinations. Vaccine hesitancy. Ever since the "JNJ pause." Huge, huge mistake in  hindsight. The excuse for halting the vaccine is incredibly lame.

The roaring 20's: in The Great Gatsby there is a line,

“The buildings were higher, the parties were bigger, the morals were looser and the liquor was cheaper.” 

What a great line. One realizes what a great line it is when one hears it spoken in the movie. I happened to walk by a "garden party" this evening. It reminded me of that Gatsby line. My hunch is we're going to see something similar this summer in July, when NYC is "fully re-opened." 

Updates Have Been Added To A Recent Post -- May 2, 2021

One of the problems I have with the blog is how to minimize clutter but at the same time not letting new material in the form of updates get buried. 

A reader recently brought DGO to my attention, as well as a comment on DGO from another reader. Since the original post, two additional updates have been added. 

I think the updates are important, but I don't want to bring the updates forward -- the problem with clutter and too many posts -- and that's why I'm simply noting that there are updates and linking the site (as noted above).

The reader brought up an interesting point, one that will stir thoughts / discussions on an old, old subject that was addressed relatively early in the development of the Bakken. 

I'm not going to re-open that argument; there are strong feelings on both sides of the argument. Not being a mineral owner when North Dakota regulators changed the "typical" size of drilling units in the Bakken, I was greatly in favor with what the regulators did. Generally, however, I assume mineral owners were not happy with ever-increasing size of spacing units.

I won't re-open that argument for discussion, but having said that, I still think the NDIC did a fine job of threading the needle. 

Something A Little Different -- Streaming Content -- Sunday, May 2, 2021

Of course I don't get "it" but it sure is fascinating. The "it" is this: who owns the James Bond franchise? And why is it on Pluto TV?

One of my favorite "networks" is Pluto TV, absolutely free with a gazillion channels.

Yeah, there are ads, but no worse than commercial television for which I used to pay Spectrum big bucks to get. 

If there are 500 horses in the Pluto TV stable, the front-runner is the James Bond franchise. The James Bond movies run 24/7. That is no exaggeration. It's possible there are periods when the James Bond franchise is replaced by another franchise for awhile, but in the big scheme of things, James Bond leads the herd. LOL. Enough of the metaphor. 

So, I was curious: who owns Pluto TV, who owns the James Bond franchise, and where is all this headed?

Here's the answer. Absolutely fascinating. 

From that link:

Universal

It says “Universal”, but it’s really Comcast. 

Universal Pictures already has its foot in the door with the international and physical home video rights for No Time to Die. And acquisition merely firms up that existing partnership with Eon. James Bond would join other adult-oriented franchises like The Fast and the Furious, Jurassic World, and Halloween on a more permanent basis.

Peacock also gets an infusion of additional content. 

The streaming service already has TV hits like The Office, SNL, and 30 Rock, or older classics like The Sting, Spartacus, and Psycho. 

Throw the MGM catalog in there and you have an excellent overall catalog, with something for everyone. And NBCUniversal gets the chance to craft spin-off TV shows and reboots for Stargate, RoboCop, or the Addams Family as Peacock Originals.

Comcast purchased DreamWorks Animation for $3.8 billion in 2016 and acquired Sky for $38 billion in 2018, so it’s not afraid to spend money to get what it wants. MGM is a good all-around purchase in terms of content for Comcast.

Amazon

This is the first of two companies with more money than God. 

Amazon has a strong task record of buying up brands in order to get people to care about Amazon Prime Video. 

The shopping megacorp spent $250 million to pick up the TV rights for The Lord of the Rings, with a potential price tag of around $1 billion for five seasons. It was looking to spend another billion on a potential three-season series based on The Three-Body Problem, but that deal fell through and Netflix picked up the rights.

Those price tags were for single properties. Amazon has money to burn.

The problem is Amazon doesn’t see much of a need for theatrical release anymore. It’ll do the limited theater engagement, but otherwise, its focus is streaming.

“We know our customers love movies. We’re just trying to shift — it’s not closing the door on theatrical release. We will continue to [make] and acquire movies that will embrace that strategy. But it really is trying to get these movies to our Prime subscribers as soon as possible,” said Amazon Studios head Jennifer Salke back in 2019, prior to the pandemic gutting movie exhibition.

In contrast, Eon Productions producer and boss Barbara Broccoli has been heavily in support of the theatrical experience according to reports. That said, she’s open to changes in the future. “We make these films for the audiences,” Broccoli told Variety earlier this year.

“We like to think that they’re going to be seen primarily on the big screen. But having said that, we have to look to the future. Our fans are the ones who dictate how they want to consume their entertainment. I don’t think we can rule anything out, because it’s the audience that will make those decisions. Not us.” So, it could happen. 

Apple

The second option in the “tech megacorp” tier is Apple. Apple has even more money than Amazon. Apple’s problem is that no one really cares about Apple's Apple TV+, so it’s busy trying to buy up prestige and clout for the service. And MGM does indeed represent that prestige and historic back catalog.

More importantly, Apple has already come to the dance floor once before. An older Wall Street Journal story reported that Apple had “unsanctioned” conversations with former MGM CEO Gary Barber. Those talks involved Apple potentially acquiring MGM for “more than $6 billion.” Those talks actually led to Barber being ousted from MGM.

Above most of the other companies on this list, Apple needs MGM. It has users across 1.5 billion devices, but it doesn’t have the back catalog of Disney, Warner Bros, NBCUniversal, or the rest. It’s a tech company. It has to license stuff or reach out to new creators to make new shows. So MGM is a win for Apple.

That's the problem with Apple TV. It has no content. I subscribe to Apple TV (still for free. Well, almost free: one cent per month). Apple needs to do something and needs to do something this year if it wants to "save" Apple TV. Every month it waits, the gap between Apple and Amazon, and the gap between Apple and Netflix widens. At some point the moat may be too big for Apple to bridge. Especially if Amazon acquires the MGM catalogue.

**********************************
Good Ol' Freda

Good Ol' Freda

Paddlefishing Is Back! -- May 2, 2021

This is so cool. For newbies, the season is very, very short, and the river "boundaries" are very, very short, also, in the big scheme of things. 

Although there is some oil activity in this part of North Dakota, it's really a bit west of where most of the Bakken is active.

The paddlefish boundaries are easy:

• all of the Yellowstone River in North Dakota;
• only that part of the Missouri River that lies west of the bridge south of Williston, extending to Montana;
  
• this includes the confluence where much of the paddlefishing activity occurs

When the season was canceled last year I was "devastated," although that is/was obviously too strong a word. But outdoor recreation in North Dakota is a huge, huge deal, and canceling the season was a mistake, from my point of view. The problem was the "congregation" of fishermen at the "paddlefish factories" where upwards of three or four people might congregate at one time. Mostly young people who were least likely to suffer a serious Covid-19 illness.

And so it goes.

Getting back to normal. 

Link here.

It's Sexy To Write About Apple And Tesla But The Real Story This Year Might Be Rail -- May 2, 2021

When I went back to proofread this article, I changed the subject line slightly and then recalled that this week, April 30, 2021, President Biden wanted to pour $80 billion into rail during his tenure, most of it going to Amtrak in its northeast corridor. And then, of course, we still have the Bullet Train in California which might get another lease on life under this administration. Yes, the real story this year might just be rail. 

I can see the tagline now: "Rail is real. Invest for the future."

Original Post

When I think of Berkshire Hathaway, I think of a three-legged stool:

• Apple, Inc.: 42% of its equity portfolio (?)
  
• BNSF: rail transport comprised only 9% of Berkshire's total revenue, but it generated over 25% of total EBT (see below)
  
• all the rest;
  

Of course, over time, the legs may change. 

It's difficult to "sort out" how BNSF is doing now that Berkshire Hathaway owns it but yesterday, Saturday, May 1, 2021, at the Buffett & Munger show, the former mentioned that UNP performed better than BNSF but was "hoping" (?) that BNSF would improve.

Now this, sent to me by a reader, thank you very much:

BNSF says it can handle more crude-by-rail if the DAPL is shut down. From Reuters.

Now, add in this: the surging agricultural exports to China. Corn doesn't get to China by itself. 

I could be wrong but I think the export terminals in Washington and Oregon have a  lot of capacity. 

Pre-pandemic, May 16, 2019: BNSF breathes new life into Portland terminal. 

UNP is less well-positioned than BNSF for both oil and agricultural commodities when taking a simplistic look at the map.

• UNP: includes Kansas City intermodal trackage;
• BNSF:

Back to the linked Reuters article regarding CBR. I haven't read it. Let's read it together. The important number to look for: 400,000.

Four-hundred-thousand bbls per day is the current DAPL capacity (if allowed, it will expand).

BNSF, the railroad unit of Warren Buffett's Berkshire Hathaway Inc, is prepared to handle any increase in rail traffic if the Dakota Access oil pipeline (DAPL) is shut due to an ongoing legal dispute, the company told Reuters.

The operators of the 570,000 barrel-per-day line, led by Energy Transfer LP, have been locked in a battle to keep the line open after a federal judge last year scrapped a key permit and ordered an environmental review of the line.

A U.S. District Court could issue a ruling as early as May on whether the line can stay open during the review.

Any closure of the line would divert most crude production in the region onto railcars and create transportation bottlenecks.

BNSF operates the greatest number of route-miles in North Dakota, the second-biggest oil producing state in the country and leading producer of agricultural products such as wheat and canola.

In 2014, BNSF invested more than $1 billion toward maintenance and expansion projects in that region, where the railway serves agricultural and energy customers, to alleviate congestion.

"A shutdown of the pipeline would be easily accommodated and would not adversely affect the movement of other products that move on our railroad," Kent said. 

BNSF did not provide any numbers, unfortunately.

BNSF is tracked here but there has been little point in updating that site in the last several years. 

Pipeline overbuild in the Bakken? RBN Energy.

From an earlier post:

Buffett:

• BNSF? Best buy ever? How Berkshire Hathaway makes money, Investopedia; 
• BNSF Railway Berkshire's freight rail transportation business operates one of the largest systems in North America. BNSF Railway ships coal as well as consumer, industrial, and agricultural products.
• BNSF Railway's revenue fell 11.3% in 2020 to $20.9 billion as EBT fell 6.3% to $6.8 billion. Rail transport comprised only 9% of Berkshire's total revenue, but it generated over 25% of total EBT.
  

Something to think about:

• in the big scheme of things, BNSF and Union Pacific are two peas in a pod, as they say
• Berkshire Hathaway's EBITDA for the three months ended in December, 2020, was $49,364 million; its EBITDA for the trailing twelve months (TTM) ended in December, 2020, was $70,372 million
• 25% of $70 billion is $17.5 billion
  
• Union Pacific EBITDA for the quarter ending December 31, 2020 was $2.563B, a 3.61% decline year-over-year. Union Pacific EBITDA for the twelve months ending December 31, 2020, was $10.044B, a 6.74% decline year-over-year.

Bottom line: this is going to be an exciting year for Warren Buffett and Charlie Munger. It's sexy for the mainstream media to write about Apple and Tesla, but the real story this year might be rail. 

But there's more. Things are moving so fast, that "things" announced in 2020 (that was only last year -- only five months ago) seem like an eternity.

Exhibit A.

How many folks remember this story?

How big was this deal? Those who know this story know that this took decades to play out. 

So, here's the story from AGWeek, published November 23, 2020, less than six months ago:

The intermodal “ramp” in Minot, N.D., now moving containers with specialy agricultural specialty products, offers a new effort with BNSF-supported ownership to get something off the ground that had sputtered in an earlier attempt.

They’re ramping up the intermodal “ramp” at Minot, N.D., a key piece of what could become very important as an international launching pad for specialty crop growers and exporters.

Greg Oberting is chief owner and executive officer of Rail Modal Group, which operates throughout the U.S. It has an "independent affiliate," RMG Minot LLC.

Intermodal service refers to moving goods by two or more means of transportation. For instance, an intermodal container could be carried by truck across North Dakota to pick up a load of specialty crops, then taken back to Minot to be loaded on rail and taken to a port where the entire container will be moved off the rail and shipped to international destinations.

RMG launched the service in late October and shipped out its first train on Oct. 30. The concept had been worked on at Minot for many years, but no one previously has successfully done it.

Potential customers will typically be within 150 miles of the facility in north-central North Dakota, perhaps as far away as eastern Montana.

Farther than that, the customer will have choices at competing ramps. Those are located at Regina, Saskatchewan, 250 miles; Minneapolis, Minn., 500 miles; or Omaha, Neb., 650 miles.

The “vast majority” of the exports from Minot are likely to be agricultural, Oberting said. Products include distillers grains from Blue Flint Ethanol at Underwood, N.D., or pea flour from AGT Foods of Minot. They’ll load specialty grains — like peas or pulses — from large and small merchandisers. They’ve talked with Bobcat and others about moving some of their products.

For a state with only 800,000 folks or so, it certainly has a huge carbon footprint.  

********************************
Berkshire Hathaway

In response to a reader's comment (see below), an interesting graphic from Yahoo!Finance: 

The graphic above comes from a Yahoo!Finance article as linked above. From that article, near the end;

Over the years, the two men have built an empire with a focus on the insurance business, and, more recently, a $36 billion investment in Apple (AAPL).

I would consider that a meme -- built an empire with a focus on the insurance business -- that may have been true years ago, but it lost it's "accuracy" after BRK bought BNSF. 

The graphic above is misleading in the fact that it is only the companies that BRK owns outright. For example, I don't see Apple in the graphic above and yet the Yahoo!Finance article mixes apples with oranges, when writing "built an empire with a focus on the insurance business, and, more recently, a $36 billion investment in Apple (AAPL)." 

Berkshire owns a number of insurance companies outright but does not own Apple, Inc (yet). This seems to be "sloppy" writing.

A Closer Look At Immediate Area Around The WPX Corral Well In Mandaree Oil Field -- May 2, 2021

Taking a closer look at the immediate area around this well:

The well:

• 21609, 138, WPX, Corral 1-36HD, Mandaree, t5/12; cum 595K 2/21; fracked 4/28/12 - 4/28/12; a very small frack at 2 million gallons water; 82% water by mass; 30 stages; 3.43 million lbs proppant; from the beginning of logging to the landing the curve took about seven days; drilling the lateral began February 15 ,2012, and drilled complete on March 6, 2012. Putting that in perspective, in 2021, operators are drilling the vertical in 24 hours; completing the curve in 12 hours; and drilling the lateral in three day. Fracking takes about 10 days.
  

The graphics:

Wells of interest:

• 35713, 1,450, WPX, Nancy Dancing Bull 1-36HQL, Mandaree, t719; cum 303K 2/21;
• 35714, 2,798, WPX, Nancy Dancing Bull 1-36HE, Mandaree, t819; cum 361K 2/21;
• 35715, 2,442, WPX, Nancy Dancing Bull 1-36HW, Mandaree, t1119; cum 362K 2/21;

• 37521, conf, WPX, Dakota 1-36HB, Mandaree, no production data, 
• 37832, conf, WPX, Dakota 1-36HY, Mandaree, no production data, 
• 37831, conf, WPX, Dakota 1-36HW, Mandaree, no production data, 
• 37830, conf, WPX, Dakota 1-36HUL, Heart Butte, no production data, 
• 18396, 981/PA, WPX, TAT 15-1H, Mandaree, t8/10; cum 282K 5/19;
  

• 20508, 257, WPX, Buffalo 1-36HC, Mandaree, t5/12; cum 531K 2/21; off line for two months, 6/19 - 8/19; and then again, 10/19 - 3/20; subtle but sustained jump in production ,3/20;
• 21609, see above,

A WPX Mandaree Well Has Gone Over 600,000 Bbls Crude Oil Cumulative -- May 2, 2021

The well:

• 21609, 138, WPX, Corral 1-36HD, Mandaree, t5/12; cum 595K 2/21; fracked 4/28/12 - 4/28/12; a very small frack at 2 million gallons water; 82% water by mass; 30 stages; 3.43 million lbs proppant; from the beginning of logging to the landing the curve took about seven days; drilling the lateral began February 15 ,2012, and drilled complete on March 6, 2012. Putting that in perspective, in 2021, operators are drilling the vertical in 24 hours; completing the curve in 12 hours; and drilling the lateral in three day. Fracking takes about 10 days.

Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	2-2021	24	2079	2263	438	2406	4	2064
BAKKEN	1-2021	31	2921	2879	560	3379	1526	1378
BAKKEN	12-2020	31	2870	2823	554	4160	3690	0
BAKKEN	11-2020	30	2502	2504	505	2895	1060	1411
BAKKEN	10-2020	31	2381	2394	531	2756	1612	726
BAKKEN	9-2020	30	2355	2352	497	2726	234	2082
BAKKEN	8-2020	31	2142	2163	467	2478	160	1926
BAKKEN	7-2020	31	1911	1709	418	2211	327	1509
BAKKEN	6-2020	30	2060	1981	295	2385	828	1185
BAKKEN	5-2020	1	17	43	9	29	22	0
BAKKEN	4-2020	30	2492	2650	523	2734	1649	661

Early production:

BAKKEN	5-2013	31	12043	11536	2110	9820	7456	1712
BAKKEN	4-2013	30	12475	12762	2167	12390	4016	7745
BAKKEN	3-2013	31	17127	17280	3031	17099	5143	11297
BAKKEN	2-2013	28	14466	14121	3222	12488	6572	5391
BAKKEN	1-2013	31	16654	17180	2509	12561	10473	1427
BAKKEN	12-2012	31	15844	15627	2544	12014	10525	828
BAKKEN	11-2012	30	15956	15745	2891	13308	7400	5228
BAKKEN	10-2012	31	16023	16001	2741	12617	5137	6777
BAKKEN	9-2012	30	17271	17231	3136	14011	11573	1759
BAKKEN	8-2012	31	18275	18006	3721	13384	12681	0
BAKKEN	7-2012	31	20570	20793	4262	11301	10598	0
BAKKEN	6-2012	30	28077	28207	5705	12525	11855	0
BAKKEN	5-2012	29	24377	23633	20378	23956	7661	15688

Initial Production Data For Wells Coming Off Confidential List This Next Week -- May 2, 2021

Notes:

• the BR "cherry" wells are tracked here;
• MRO continues to report some huge wells; it's hard to believe that MRO was simply "lucky" in finding the best spot(s) in the Bakken;
• Zavanna continues to report some great Sony Creek wells;
• WPX is still in the hunt;
• Hess: steady Eddy
• CLR: not reporting anything this week;

The wells:

• 37633, conf, BR, Cherry Blossom 1S MBH, Haystack Butte, no production data,
• 36920, conf, MRO, Adonijah USA 44-5TFH-2B, Reunion Bay,

Date	Oil Runs	MCF Sold
2-2021	31619	51547
1-2021	43882	60860
12-2020	66320	82551
11-2020	59583	61263

• 37632, conf, BR, Cherry Juice 1T TFH,  Haystack Butte, no production data, 
• 37631, conf, BR, Cherry Danish 1U MBH, Haystack Butte, no production data, 
• 37093, conf, MRO, Ruggles 14-33H, Bailey,
  

Date	Oil Runs	MCF Sold
2-2021	17782	8233
1-2021	23558	9800
12-2020	24250	9333
11-2020	15459	5275

• 36810, conf, Zavanna, Blue Heeler 20-17 1TFH, Stony Creek,
  

Date	Oil Runs	MCF Sold
2-2021	13086	21260
1-2021	16867	21889
12-2020	24045	24165
11-2020	23923	21730

• 37062, conf, Hess, EN-Labar-154-94-1003H-5, Alkali Creek,
  

Date	Oil Runs	MCF Sold
2-2021	23373	33969
1-2021	23818	35156
12-2020	31555	49775
11-2020	38348	55161

• 37831, conf, WPX, Dakota 1-36HW, Mandaree, no production data, 
• 36602, conf, Hess, EN-Anderson-LE-156-94-1820H-9, Manitou,
  

Date	Oil Runs	MCF Sold
2-2021	17798	13631
1-2021	1922	2680
12-2020	12814	15253
11-2020	30714	62574

• 37832, conf, WPX, Dakota 1-36HY, Mandaree, no production data, 
• 36601, conf, Hess, EN-Anderson-LE-156-94-1820H-10, Manitou,
  

Date	Oil Runs	MCF Sold
2-2021	4748	5008
1-2021	17699	32769
12-2020	28456	49492
11-2020	38138	65379

• 36919, conf, MRO, Klemstead USA 44-5TFH, Reunion Bay,
  

Date	Oil Runs	MCF Sold
2-2021	18666	24814
1-2021	26140	36108
12-2020	28296	36816
11-2020	39498	51019

• 36605, conf, Hess, EN-Anderson-LE-156-94-1820H-6, Manitou,
  

Date	Oil Runs	MCF Sold
2-2021	16077	26929
1-2021	24313	34126
12-2020	29015	37280
11-2020	41044	22052

• 37539, conf, BR, Faye 3A-UTFH, Elidah, no production data, 
• 36921, conf, MRO, Vickall USA 34-5H, Reunion Bay,
  

Date	Oil Runs	MCF Sold
2-2021	29461	57841
1-2021	58761	93262
12-2020	29618	39272
11-2020	45615	56518

• 36606, F/A, Hess, EN-Anderson-LE-156-94-1820H-5, Manitou, first production, 11/20; t--; cum 87K 2/21; 
• 37150, drl/A, Petro-Hunt, USA 153-95-2B-11 1H, Charlson, no production data, 
• 36543, conf, Blue Heeler 20-16 3TFH, Stony Creek, first production, 12/20; t--; cum 55K 2/21;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	2-2021	28	10416	9960	19791	34974	34377	493
BAKKEN	1-2021	31	18030	16524	28508	27550	27220	215
BAKKEN	12-2020	31	26506	24134	37713	30116	29126	528
BAKKEN	11-2020	0	0	0	0	343	0	0
BAKKEN	10-2020	0	0	0	0	0	0	0
BAKKEN	9-2020	1	0	0	4720	18	0	3

Wells Coming Off The Confidential List This Next Week -- May 2, 2021

Notes:

• the BR "cherry" wells are tracked here;
• MRO continues to report some huge wells; it's hard to believe that MRO was simply "lucky" in finding the best spot(s) in the Bakken;
• Zavanna continues to report some great Sony Creek wells;
• WPX is still in the hunt;
• Hess: steady Eddy
• CLR: not reporting anything this week;

Monday, May 10, 2021: 18 for the month, 42 for the quarter, 123 for the year:
37633, conf, BR, Cherry Blossom 1S MBH,
36920, conf, MRO, Adonijah USA 44-5TFH-2B,

Sunday, May 9, 2021: 16 for the month, 40 for the quarter, 121 for the year:
37632, conf, BR, Cherry Juice 1T TFH,

Saturday, May 8, 2021: 15 for the month, 39 for the quarter, 120 for the year:
37631, conf, BR, Cherry Danish 1U MBH,
37093, conf, MRO, Ruggles 14-33H,
36810, conf, Zavanna, Blue Heeler 20-17 1TFH,

Friday, May 7, 2021: 12 for the month, 36 for the quarter, 117 for the year:
37062, conf, Hess, EN-Labar-154-94-1003H-5,

Thursday, May 6, 2021: 11 for the month, 35 for the quarter, 116 for the year:
37831, conf, WPX, Dakota 1-36HW,
36602, conf, Hess, EN-Anderson-LE-156-94-1820H-9,

Wednesday, May 5, 2021: 9 for the month, 33 for the quarter, 114 for the year:
37832, conf, WPX, Dakota 1-36HY,
36601, conf, Hess, EN-Anderson-LE-156-94-1820H-10,

Tuesday, May 4, 2021: 7 for the month, 31 for the quarter, 112 for the year:
36919, conf, MRO, Klemstead USA 44-5TFH,
36605, conf, Hess, EN-Anderson-LE-156-94-1820H-6,

Monday, May 3, 2021: 5 for the month, 29 for the quarter, 110 for the year:
37539, conf, BR, Faye 3A-UTFH,
36921, conf, MRO, Vickall USA 34-5H,

Sunday, May 2, 2021: 3 for the month, 27 for the quarter, 108 for the year:
36606, conf, Hess, EN-Anderson-LE-156-94-1820H-5,

Saturday, May 1, 2021: 2 for the month, 26 for the quarter, 107 for the year:
37150, conf, Petro-Hunt, USA 153-95-2B-11 1H,
36543, conf, Blue Heeler 20-16 3TFH,