Reported today: three producing wells (DUCs) reported as completed --
37048, drl/A, CLR, Simmental Federal 9-16H1, 33-053-09225, Elm Tree, first production, --; t--; cum 105K 1/22; fracked 1/5/21 - 1/16/21; 7.1 million gallons of water; 88% water by mass;
37049, drl/A, CLR, Simmental Federal 8-16H, 33-053-09226, Elm Tree, first production, --; t--; cum 199K 1/22;; fracked 12/28/20 - 1/4/21 -- a 7-day frack; 8.6 million gallons of water; 86% water by mass;
37050, drl/A, CLR, Simmental Federal 7-16H2, 33-053-09227, Elm Tree, first production, --; t--; cum 170K 1/22; fracked 12/16/20 - 12/27/20; 8.3 million gallons of water; 88% water by mass;
On that mega-pad, seventeen wells, linearly placed, sited northwest to southeast, #37043 - #37059, inclusive.
To the immediate north, perhaps on the same mega-pad, four additional wells sited linearly: #23493 - #23496, inclusive.
These CLR Angus Federal and Simmental Federal wells are tracked here.
Later, a reader was kind enough to send a photo of the 17-well Simmental pad -- this picture looks west-to-northwest toward Williston. Isn't it just a superb picture of North Dakota? I just love it.
Think about it. Seventeen wells, $10 million each just to get started -- $170 million pad and on-going operational costs. Big, big, big business.
Link to social media here. I know nothing more nor have any additional insight except what is at the link.
Rationale: environmental issues associated with crypto mining.
First observation / comment over at social medial: Elon Musk didn't know about Bitcoin energy use until after his SNL appearance?
Let's see: how much did Bitcoin plunge today? It looks like BTC-USD dropped another 7% today and DOGE-USD also dropped about 8% today.
Google Tesla no more bitcoin.
With regard to that first observation: one can ask the same question / make the same observation about how long Warren Buffett held on to his Wells Fargo stock even after the ethical issues were raised (and confirmed).
It would behoove the NDIC, one would think, to issue a statement sooner than later. Again, I have no more insight nor no more information than what is linked above.
The surge in prices in April was a bombshell. Excluding food and energy, so-called core inflation jumped 0.9 percent from March. That is biggest one-month increase since 1981 and is three times higher than Wall Street expected.
The headline inflation figure, at 0.8 percent, was four times higher than expected.
The stock market was left shell-shocked.
Stocks have been tumbling this week on inflation worries but took a much deeper dive once the April inflation data were released. Stocks are now on a path for their worst week since October, when fears of a resurgent pandemic sent shares into a free fall. Those Masters of the Universe stocks that had done so well through the pandemic were among the hardest hit, with Google and Microsoft dropping by around 3 percent.
One of the reasons the inflation data took such a bite out of the market is that it shook confidence in the ability of experts to forecast economic developments with any accuracy. Recall that just last week we learned that April payrolls came in at just 266,000, missing predictions for a million jobs. This much variance from estimates creates the impression that no one really knows what's going on with the economy, including those smart guys at the Fed who have repeatedly assured us that this bout of inflation will be transitory.
The worsening gasoline crisis is also contributing to the idea that we're beset by incompetence at the highest levels of government. On the fifth day of this crisis, the Biden administration did nothing to reassure the public or alleviate the problem. Instead, gas prices jumped to their highest level in 7 years, and many gas stations were forced to shutter their pumps because they had run out of fuel. Elsewhere, hours-long lines formed as the public obviously is not convinced that this will all be over by the end of the week.
Meanwhile, the government was very helpfully advising the public not to pour gasoline into plastic bags.
-- Alex Marlow & John Carney,
Breitbart News Network
Sixth Judicial Circuit Judge John Brown told South Dakota Attorney
General Jason Ravnsborg's defense lawyer on Wednesday at a status
hearing that he saw no reason why a trial on three misdemeanor charges
couldn't happen by the end of summer.
Atmospheric CO2: here it is, almost mid-May, and still no monthly update for atmospheric CO2. Link here.
************************** Back to the Bakken
Three producing wells (DUCs) reported as completed:
37048, drl/A, CLR, Simmental Federal 9-16H1, 33-053-09225, Elm Tree, first production, --; t--; cum --; fracked 1/5/21 - 1/16/21; 7.1 million gallons of water; 88% water by mass;
37049, drl/A, CLR, Simmetnal Federal 8-16H, 33-053-09226, Elm Tree, first production, --; t--; cum --; fracked 12/28/20 - 1/4/21 -- a 7-day frack; 8.6 million gallons of water; 86% water by mass;
37050, drl/A, CLR, Simmental Federal 7-16H2, 33-053-09227, Elm Tree, first production, --; t--; cum --; fracked 12/16/20 - 12/27/20; 8.3 million gallons of water; 88% water by mass;
US crude oil in storage pretty much unchanged; decreased by a paltry 0.4 million bbls;
US crude oil in storage now stands at 484.7 million bbls, about 2% below the five-year average
refiners operating at 86.1% of their operable capacity last week
distillate fuel inventories decreased by 1.7 million bbls last week and are about 3% below their five-year average
US crude oil imports averaged 5.5 million bbls per day last week; pretty much average; over the past four weeks, imports averaged 5.7 million bbls
jet fuel supplied doubled (107.5%) compared with same four-week period last year
********************************* Remote Learning
The great thing about remote learning, one can bring all your friends to "reading time."
Yes, Sophia is on Webex, reading along with her classmates, most of whom have returned to the "physical" classroom. I think there are about 34 students in her class and only three are still learning from home.
The giant: Anglo-Saxon, somewhere between 700 -1100 AD. Link here. NSFW.
After 12 months of new, hi-tech sediment
analysis, the National Trust has now revealed the probable truth and
experts admit they are taken aback. The bizarre, enigmatic Cerne Giant
is none of the above, but late Saxon, possibly 10th century.
Martin
Papworth, a senior archaeologist at the trust, said he was somewhat
“flabbergasted … He’s not prehistoric, he’s not Roman, he’s sort of
Saxon, into the medieval period. I was expecting 17th century.”
"This is not what was expected,” he said. “Many archaeologists and
historians thought he was prehistoric or post-medieval, but not
medieval. Everyone was wrong, and that makes these results even more
exciting.”
Anglo-Saxon god Heil or Heilith, is the giant Heilith?
Buybacks vs dividends: wow,wow, wow. I may have misheard but it sounds like Jim Cramer just said that buybacks are "worthless" vis a vis dividends-vs-buyback argument. He must be reading the blog. With huge pullback, how much are those buybacks helping the average retail investor?
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.
36604, 2,567, Hess, EN-Anderson-LE-156-94-1820H-7, 33-061-04515, Manitou, t11/20; cum 78K 3/21;
From the file report:
2560-acre spacing unit
spud date: June 9, 2020
cease drilling June 17, 2020
target: Three Forks
TD: 21,819' MD
logging services began on June 11, 2020, 2:10 p.m. CT
vertical required three runs
KOP: reached at 10,015" MD, June 12, 2002, 2:22 a.m CT (12 hours to drill the vertical?)
the curve: began June 12, 2020 at 11: 27 a.m. CT
curve landed at 10727' MD; June 12, 2021, 8:02 p.m. CT (18 hours to land the curve?)
lateral: began June 14, 2020, at 8:47 am. CT
target: 16' target window; centered 26" below the top of the Three Forks (a fairly thick seam by middle Bakken standards?)
drilling ceased: June 17, 2020, 11:24 CT (almost exactly three full days)well bore in target zone 100% of the time? The well finished 6.32' low of the target line and estimated to be at the bottom of the geologic zone of interest
FracFocus: 9/9/20 - 9/25/20; 9.4 million gallons of water; 88.7% water by mass;
CPI: "inflation" spikes -- the Dow absolutely plummets immediately after numbers released, but recovers; inflation figures three to four times worse than forecast. Three $300-suppplement unemployment checks will barely cover the price increases of fresh vegetables, fruits and used cars. Back to 1977:
the Bee Gees "Stayin' Alive"
President Jimmy Carter
Bakken economy: monthly midwest economy survey index soars to all-time high. Link here. Data points:
survey covers nine Midwest and Plains states: ND, SD, NE, KS, OK, MN, IA, AR, MO
overall index soared to it highest reading since it began almost three decades ago;
North Dakota index: jumped to 74.2 from 69.3
new orders: 83.3
production or sales: 80.3
delivery lead time: 82.1
employment: 63.8
inventories: 62.3
Tech sell-off: once in a lifetime buying opportunity -- Gene Munster, CNBC, 6:50 a.m. CT, May 12, 2021 agree completely;
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.
Rich get richer: Amazon wins appeal over $300 million EU tax bill; follows recent Apple, Inc., win; link here. Also at ZeroHedge.
Connectivity: Apple, Amazon, Google, rest of industry agree to accept "smart home alliance connectivity standard"; will be called "Matter." Link here.
Fast? Really, really fast: M1 iPad Prod over 50% faster than previous generation. Link here. Social media not impressed. That's fine.
Neanderthals: Georgia -- in an unprecedented move -- waives sales tax on gasoline until May 15, 2021. Even a caveman can see what happens next. Link here. This tells me all I need to know about:
Georgia state leadership;
how concerned folks really are about the Colonial Pipeline shutdown
Colonial Pipeline shutdown. Not the means, but the end, how is this different than:
shutting down the DAPL?
killing the Keystone XL?
shutting down Line 5?
asking for a friend
Tesla China: not so good. Most "China Tesla sales" were in fact
exports of Teslas from China to overseas buyers. Suggests tepid response
for Teslas in China. Reminder: Tesla halts plans to expand factory
capacity in China. Link here.
********************************** Back to the Bakken
Active rigs:
$66.25
5/12/2021
05/12/2020
05/12/2019
05/12/2018
05/12/2017
Active Rigs
18
17
66
60
51
Two wells coming off confidential list -- Wednesday, May 12, 2021: 23 for the month, 44 for the quarter, 125 for the year:
U.S. LNG export terminals are running at their operationally available
and contracted levels and will continue to do so, with no economically
driven cargo cancellations anywhere on the horizon. Global gas prices
are well supported by low storage levels in Europe, and it will take
time to refill inventories, which means these high prices are not going
away anytime soon.
The upshot: U.S. LNG will have a very different kind
of summer than it did last year, when global prices were at historic
lows and many U.S. terminals saw more cargo cancellations than exports.
Feedgas in April this year averaged 10.77 Bcf/d, nearly 3 Bcf/d higher
than last year, and as we progress into summer, the year-on-year delta
will become even more pronounced. Barring any major operational issues,
feedgas demand will stay around 11 Bcf/d, which is the level needed for
the terminals to produce at full capacity. That’s in stark contrast to
last summer, when feedgas demand cratered and averaged as low as 3.34
Bcf/d in July as cargo cancellations peaked. Today, we look at what’s
supporting global gas prices, how that impacts export economics for U.S.
LNG, and what that means for feedgas demand in the months ahead.
