This was the April, 2021, deposit. I'm not sure if I have posted this before, if I missed it last month, or if this is the most recent. Whatever. It's the April, 2021, deposit.
Wednesday, May 19, 2021
No New Permits, But Thirteen Permits Renewed, Including Kraken, Renewing Three Permits -- May 19, 2021
Woke, nonsense, or simply next-level ignorance: Saudi sells its entire Suncor Energy holdings to buy positions in companies in the video games industry. Wow, talk about an echo chamber among the princes. Note: the Saudi Arabian sovereign wealth fund, the Public Investment Fund (PIF).
Comment: for all the hand-wringing about the price of oil today, it still looks really, really good. For me, the sweet spot for WTI is $55 - $60. May $60 - $65 with the weakening dollar. And, yes, I bought more shares in a US shale oil company earlier today. I know the trade went through; I don't know the details. Be greedy when others are fearful.
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.
By the way, what did ARRK do today? Actually better than I would have expected; down only 1.75%.
Ford: idling plants, shutting down production; can't get enough chips. Something tells me this is not going to end well. Actually did quite well; a three-cent loss to close at $12.11. I guess "they" like the new Mustang (EV) and the new Lightning pick-up (EV). The latter won't be available until next year.
Reminder: 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.
Comment: because of family commitments today (and the rest of the week for that matter), I did not see "Fast Money" or "Mad Money" in real time today. I can watch re-runs on Hulu starting tomorrow, I believe, but I probably won't. A few more days like today (and this week) and some folks are going to start paying attention (either on the buy side or the sell side).
Comment: just think how that car dealer that sold a brand new $150,000 car yesterday and took the payment in Bitcoin feels today. Ouch. I believe the North Dakota state treasurer accepts Bitcoin. I hope he/she's a nimble trader.
ND refinery: this should make the environmentalists happy.
Why do we even bother? Link here.
Brought tears to my eyes: https://www.foxnews.com/us/texas-elementary-school-surprises-cafeteria-worker-after-she-becomes-a-u-s-citizen.
Back to the Bakken
No new permits.
Thirteen permits renewed:
- BR (7): two Mathistad permits; two Croff permits, all in McKenzie County; three Keene permits in Dunn County;
- Kraken (3): a Raymond LW permit, a Raymond permit; and, a Fairbanks permit, both in Williams County;
- Lime Rock Resources (2): two Robert Sadowsky permits in Dunn County;
- CLR: a Cuskelly permit in Dunn County;
From January 5, 2021. Most of these wells did not have production data. Production data is now starting to show up.
I don't know if I posted this before: some of these wells, particularly the Ruggles pad, is quite a ways to the east of the "center" of the Bakken. It's possible it's always been known as a "sweet spot," but on the NDIC map, it certainly looks a bit far to the east of the main Bakken play. One wonders.
Released from confidential status:
- 36993, 3,442, MRO, Leiderbach 11-27H, Chimney Butte, first production, 11/20; t--; cum 29K first month; cum 153K 3/21;
- 36994, conf, MRO, Hull 41-28TFH, Chimney Butte, first production, 11/20; t--; cum --;
Date Oil Runs MCF Sold 3-2021 18604 20539 2-2021 27787 24394 1-2021 33109 26452 12-2020 31350 24982 11-2020 2749 1874
- 37093, 3,209, MRO, Ruggles 14-33H, Bailey, first production, 11/20; t--; cum 15K first month; cum 98K 3/21;
- 37095, 3,194, MRO, Wiest 24-33H, Bailey, first production, 11/20; t--; cum 27K first month; cum 98K 3/21;
- 37250, conf, MRO, Hoss 41-3TFH, Killdeer,
Date Oil Runs MCF Sold 3-2021 27485 21362 2-2021 23553 18115 1-2021 31129 22087 12-2020 35709 19883
- 37251, conf, MRO, McGowan 11-2H, Killdeer,
Date Oil Runs MCF Sold 3-2021 28333 22113 2-2021 27092 19365 1-2021 30339 21668 12-2020 49191 33428
- 37395, 4,798, MRO, Wallentinson USA 44-8H, first production, 9/20; t--; cum 115K 11/20; huge well; note 49K over 19 days extrapolates to 78,147 bbls / 30-day month:
Pool Date Days BBLS Oil Runs BBLS Water MCF Prod MCF Sold Vent/Flare BAKKEN 3-2021 26 14679 14718 9509 47169 46179 0 BAKKEN 2-2021 28 21552 21666 12195 63634 62221 0 BAKKEN 1-2021 31 34594 34809 19865 76159 73921 0 BAKKEN 12-2020 31 47561 47675 28598 81463 78477 0 BAKKEN 11-2020 20 44750 44448 29560 59480 56702 0 BAKKEN 10-2020 19 49493 50851 38867 56516 51105 2480 BAKKEN 9-2020 10 27585 25838 21622 32614 29722 1069
Producing wells (DUCs) reported as completed:
- 36994, MRO, Hull 41-28TFH, see above;
- 37079, drl/A--> 3,930, MRO, Canon 21-15H, Chimney Butte, first production, 10/20; t--; cum 39K over 22 days; cum 159K 3/21;
Pool Date Days BBLS Oil Runs BBLS Water MCF Prod MCF Sold Vent/Flare BAKKEN 11-2020 22 38878 38679 47220 42193 28792 10797 BAKKEN 10-2020 3 163 0 681 1377 0 1368
- 32434, 4,679, MRO, Stillwell 21-13H, Lost Bridge, first production, 8/20; t--; cum 215K 11/20; previously posted, thanks to a tip from a reader; cum 325K 3/21;
- 37081, 3,845, MRO, Mollie 31-15H, Chimney Butte, first production, 11/20; t--; cum 37K over 22 days; cum 166K 3/21;
- 37080, drl/A--> 4,521, MRO, Buxton 31-15TFH, Chimney Butte, first production, 11/20; t--; cum 54K over 28 days; cum 174K 3/21;
Pool Date Days BBLS Oil Runs BBLS Water MCF Prod MCF Sold Vent/Flare BAKKEN 11-2020 28 53808 53308 67669 51763 41311 6843
- EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
- EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
- EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf
EIA weekly petroleum report, link here:
- US crude oil in storage increased by 1.3 million bbls from the previous week;
- US crude oil in storage now stands at 486.0 million bbls, 1% below the five-year average;
- refiners are operating at 86.3% of their operable capacity;
- US crude oil imports averaged 6.4 million bopd, up 0.9 million bopd from the previous week;
- imports averaged 6.0 million bopd, almost 11% more than the same four-week period last week;
- distillates in storage decreased by 2.3 million bbls; are 5% below the five-year average;
- jet fuel product supplied was up 106% compared with the same four-week period last year.
Back to the Bakken
One well coming off the confidential list -- Wednesday, May 19, 2021:
- 37218, drl/NC, Slawson, Zephyr Federal 4-36H, first production, ; t--; cum --;
RBN Energy: why natural gas production took off in British Columbia's Montney region, part 2. The Montney is tracked here on the blog.
The Montney Formation in British Columbia and Alberta is exclusively responsible for the turnaround in Western Canada’s natural gas production in the past decade. Gas production in the Montney — a vast area with extraordinary reserves — has doubled in that time, with most of that growth coming from the BC side of the formation. This phenomenal growth story stems from a few key factors, including steadily improving gas well performance and increasing wellbore length, coupled with access to an established network of gas pipelines. Today, we delve into what has made BC’s portion of the Montney such as standout.
After the acclaimed oil sands of Alberta, the Montney Formation is probably the most talked about geologic play in Western Canada in the past 20 years. Mostly known for its immense reserves and growing production of natural gas, the Montney has risen to prominence in the context of both the Canadian and broader North American gas markets. Within a few years, its reserves will also begin feeding the currently under construction LNG Canada liquefaction plant and export terminal on the BC coast, extending the access of Montney gas to overseas markets.