Thursday, July 1, 2021

Danaher Pops Up Again -- July 1, 2021

All of a sudden, Danaher keeps popping up. I think this is the third time in about three weeks Danaher has popped up in the news.

Link to The WSJ.

EQT AB and Goldman Sachs Group Inc.’s investment arm are in advanced talks to buy contract-research organization Parexel International Corp. for nearly $9 billion including debt, according to people familiar with the matter, the latest healthcare deal for the private-equity firm.

Parexel runs clinical trials and provides other services for drugmakers and is owned by Pamplona Capital Management. A sale to EQT and Goldman could be completed this week, assuming talks don’t fall apart, the people said. The business, which is based in Massachusetts and North Carolina, had drawn interest from both private-equity and strategic bidders, they said.

EQT oversees €67 billion in assets, equivalent to about $79 billion, and its focuses include real estate, technology, infrastructure and healthcare. It has been particularly active as one of the largest private healthcare investors recently: Last month, the firm sold Aldevron, which manufactures ingredients used in vaccines, to Danaher Corp. for $9.6 billion, and late last year it took public Certara Inc., which specializes in computer-based modeling for medical research. Along with a partner, EQT is also a majority owner of Waystar, which makes software used by healthcare providers. A deal for Parexel would be one of its largest acquisitions to date.

2Q21 Earnings

Note: this is, hands down, one of the most boring things I to do each quarter. I doubt anyone really looks at it but the day I quit doing this will be the day I miss posting something important. The word "important" is used loosely. Very loosely.

This is so boring that I actually didn't record a thing for 1Q20, one year ago. LOL.

This is linked at the top of the sidebar at the right during earnings season. After earnings -- pretty much after PXD and Apple posts their earnings -- this post will move back into obscurity.


Disclaimer: this is not an investment site.

Earnings -- 2Q21
 
April - June, 2021

This is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here. If this is important to you, go to the source. There will be content and typographical errors on this page. If something looks wrong, it probably is.

A lot of anticipation and excitement over this quarter's earnings reports. We're starting to come out of the global pandemic; the lockdowns began in March, 2020, about a year ago. The stock market has had an incredible run since the presidential election about nine months ago. 

Most interesting: the oil companies. 

  • HES  7-28
  • CLR 8-2
  • MRO  8-4
  • EOG  8-4
  • OAS 8-2 to  8-6  not set in stone yet.
  • WLL  8-4 to 8-9
  • MNRL  8-10 to 8-16

Released July 27, 2021:

  • AAPL: huge beat:
    • at the close: $146.77; down $2.22; down 1.49%
    • eps: $1.30 vs $1.01
    • rev: $81 billion  estimates: $73 billion
    • comments:
      • iPhones $39.57 billion vs $34 Billion
      • after announcement; stock hardly moves; can you imagine how far this stock would have fallen had this earnings report missed expectations? wow?
      • wow; super-cycle playing out even stronger than expected; in six to nine months, a $3 trillion company
      • one analyst: share price up another 15% before the end of the year; $150 x 1.15 = $175
      • on-going chip shortage; affected Mac ad iPad
      • iPad beat estimatges but not by much;
      • gross margins; 43.3% vs 41.9% 
      • cash on hand: $190.64
  • MSFT: beats
    • at the close: $286.54; down $2.51; down 0.987%
    • eps: $2.17 vs $.192
    • rev:
    • comments: MSFT drops on earnings;
    • after announcement: down 3%; down $8.60;
  • VISA:
    • at the close: $250.19; down 6 cents; down 0.02%
    • eps:
    • rev:
    • comments:
    • after announcement:
  • GOOG: huge beat: actually, quite incredible;
    • at the close: $2,735.93, down $56.96; down 2.04%
    • eps: $27.26 vs $19.34
    • rev: $61.88 billion vs $56.16 billion
    • comments: well above estimates: the revenue number well above what analysts expected; analysts stunned; stock will jump tomorrow;
    • after announcement: up $69; up 2.4%; trading at $2,796
  • SBUX: beats across the board; strong report 
    • at the close: $126.03; down 3 cents; down 0.02%
    • eps: $1.01 vs 78 cents;
    • rev: $7.50 billion vs $7.29 billion
    • comments:
    • after announcement: down 2%; down $2.53;
  • Mattel: beat

TTE: proxy for international integrated operators pivoting to renewable energy. Link here.

Tesla / Toyota: 2Q21 supply chain management winners. Delivered cars in line with estimates / historical deliveries. Managed the semiconductor chip shortage. Tesla delivered 200,000+ cars for the first time ever in one quarter; in line with analysts' estimates. 

COP: August 3, 2021, conference call. From Motley Fool, July 1, 2021:

Oil giant ConocoPhillips recently unveiled its 10-year plan. The key takeaway is that the company expects to produce a massive amount of cash over the coming decade, even if oil prices decline, while returning a significant portion of that money to shareholders. ConocoPhillips has worked hard over the years to reduce costs. 
At $50 oil, ConocoPhillips could generate $70 billion of free cash flow over the next 10 years after investing enough money to maintain its production rate and enhance its returns. To put that into perspective, ConocoPhillips' current market capitalization is less than $82 billion.

Liberty Resources Seeks Permission For Temporary Injection Of Fluids In An Active Well -- July 1, 2021

From the July, 2021, NDIC hearing dockets, this is a case, not a permit:

  • 28893, Liberty Resources, East Tioga-Bakken; re-work Haley, file no. 35883; temporary injection of fluids;

The well, file number/permit:

  • 35883, 771, Liberty Resources, Haley 158-93-29-32-10MBH, East Tioga, t8/19; cum 157K 4/21; 27 stages; 10.8 million lbs sand; this well sits on a 7-well pad

Four Wells On An Overlapping 640-Acre Drilling Unit -- July 1, 2021

From the July, 2021, NDIC hearing dockets, this is a case, not a permit:

  • 28890, WPX, Reunion Bay and/or Mandaree-Bakken; i) establish an overlapping 640-acre unit, W/2 sections 5/8-149-93, four wells; ii) three overlapping 2560-acre units, sections 21/22/27/28; sections 23/24/25/26; and, sections 25,26,35,36-150-93; one well on or near the seciton line between existing spacing units, Mountrail/Dunn County.

The overlapping 640-acre unit:

New wells in this overlapping 640-acre unit will have EURs of one million bbls. There will be four wells in this 640-acre unit.

The three proposed three 2560-drilling units represented by different-colored stars in each of the various sections.

Grayson Mill Energy's First Case Since Acquiring Equinor's Assets In The Bakken -- July 1, 2021

I don't know if folks remember this (I did not), when Equinor exited the Bakken, it sold all its Bakken assets to Grayson Mill Energy (link here). 

What brought that up?

Grayson Mill Energy has one case in the July, 2021, NDIC hearing dockets, this is a case, not a permit: 

  • 28884, Grayson Mill Operating, Banks-Bakken, establish an overlapping 2560-acre unit; one well; Williams/McKenzie counties; the unit: sections 13/24-153-98 and sections 18/19-153-97.

This should be a million-bbl EUR well. 

Equinor has/had two wells in this immediate area. One was a dud and is permanently abandoned; the other is a great well:

  • 24086, 3,148, Equinor, Jay 24-13F 1H-R, Banks, t10/15; cum 581K 4/21; the "R" was simply due to a request to drill the hole from an alternate location, a "revised" permit. 

The graphic:

It Will Cost You An Arm And Leg To Get There, But The Family Reunion Cookout Will Be Less Expensive Than Last Year -- Farm Bureau -- July 1, 2021

Only Pravda could have done better, link here:

What's gasoline costing you in your neighborhood? 

I can't make this stuff up.

A Closer Look At Two Huge MRO Wells -- July 1, 2021

These two MRO wells came off the confidential list today. They are on the MRO Chauncey-Winona pad which is tracked here

The wells:

  •  36222, 7,083, MRO, Morsette USA 11-2H, Antelope-Sanish, t1/21; cum 188K 4/21;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
SANISH4-20212426342264031128757716503165283
SANISH3-202131571895716718848100713906965906
SANISH2-2021264614846110160026363460113833
SANISH1-202118585645805627015649584656715041
SANISH12-2020465641361640160
  •  36224, 3,951, MRO, Valarie USA 21-2H, Antelope-Sanish, t12/20; cum 194K 4/21;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
SANISH4-20212823669236161062459938537314192
SANISH3-20213140460404921469986272783154898
SANISH2-20212036657367241262258103549201030
SANISH1-202130577005797121552671635201611830
SANISH12-202012351273435415851459022190021885

 

Notes From All Over -- July 1, 2021

US economy:

  • GDP:
    • 2021: everyone agrees: 7%+; 
      • if that occurs it will be the fastest growth in "generations," certainly since the 1980s
    • 2022: early indications: 5% (IMF); US bankers: 3.5%
  • inflation hardly a worry -- although it won't be transitory
    • market: gains of 40% this year (calendar year, 2021)
    • it won't be 40% growth next year (2022) but it won't go back to single-digit growth easier

"Supplemental" unemployment insurance:

  • will come to an end before the end of the year
  • in the meantime,
    • those folks not working will lose opportunity to fund retirement accounts; won't be "building" their social security accounts
    • won't be "improving" their resumes unless they are using time to obtain college credits
  • in other words, those folks who could work but don't work, have a lost year, possibly two to three lost years
  • gap between investor class -- savings/spending class will continue to widen

Earnings season begins ... but I have to laugh. It seems earnings are reported throughiyt the entire quarter, certainly through the first six weeks of any given quarter. 

Covid-19:

Surprised? Still one of my favorite tweets. Link here


Investing: best energy dividend stocks of 2021, link to Alex Kimani.

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.

Three New Permits; MRO Reports Two Huge Wells; Hess Reports A Nice Well; WTI Trading At $75 -- July 1, 2021

 Active rigs:

$74.98
7/1/202107/01/202007/01/201907/01/201807/01/2017
Active Rigs2311606758

Three new permits, #38390 - #38392, inclusive:

  • Operator: Petro-Hunt (two); Whiting
  • Field: West Ambrose (Divide); Sanish (Mountrail)
  • Comments:
    • Petro-Hunt has permits for two wells in West Ambrose; a Meadow permit; and, a Dahl permit;
      • the wells will be sited in NWNE 13-162-100; 195 FNL and between 1670 FEL and 1635 FEL
    • Whiting has a permit for a Rudman well in NWNW 12-153-91; Sanish oil field, Mountrail County; the well  will be sited in NWNW 12-153-91, 515 FNL and 975 FWL

Released from confidential list:

  • 35807, drl/NC, Petro-Hunt, Hagen 144-98-12D-102H, Little Knife,
  • 36851,  2,761, Hess, EN-VP and R-LW-154--94-2536H-1, Alkali Creek, t12/20; cum 129K 4/21;
  • 37375, drl/NC, CLR, Gale 7-33H, Cedar Coulee,
  • 34341, loc/NC, Ovintiv, Kestrel 154-96-33-28-1H Grinnell, minimal production over 3 days;
  • 36077, drl/NC, Petro-Hunt, Hagen 144-98-12C-1-1H, Little Knife, no production reported;
  •  36222, 7,083, MRO, Morsette USA 11-2H, Antelope-Sanish, t1/21; cum 188K 4/21;
  •  36224, 3,951, MRO, Valarie USA 21-2H, Antelope-Sanish, t12/20; cum 194K 4/21;
  • 37374, drl/NC, CLR, Gale 6-32H1, Cedar Coulee,
  • 34333, loc/NC, Ovintiv, Kestrel 154-96-33-28-10H Grinnell, minimal production over 3 days;
  • 36233, loc/loc, Enerplus, Gneiss 147-93-17A-20H-TF-L, Moccasin Creek,
  • 37373, drl/NC, CLR, Gale 5-32H, Cedar Coulee,

Two permits were renewed:

  • Oasis: one Weisz permit and one Grad permit, both in Mountrail County;

One permit was canceled:

  • EOG: a West Clark permit in McKenzie County;

The other day four Rimrock wells with the following names were noted on the blog:

  • Unicorn, Dragon, Mermaid, and Sasquatch (#30876 - #30879, inclusive);
  • these four wells were originally Charging Eagle wells
  • all in Dunn County

Production data:

  • 36851,  2,761, Hess, EN-VP and R-LW-154--94-2536H-1, Alkali Creek, t12/20; cum 129K 4/21;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN4-20213020495201846226305173046354
BAKKEN3-202128214652168266583055229879673
BAKKEN2-2021282517725177775932277322770
BAKKEN1-202131395673886712899542574081213445
BAKKEN12-2020112229421755803926637677319864
  •  36222, 7,083, MRO, Morsette USA 11-2H, Antelope-Sanish, t1/21; cum 188K 4/21;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
SANISH4-20212426342264031128757716503165283
SANISH3-202131571895716718848100713906965906
SANISH2-2021264614846110160026363460113833
SANISH1-202118585645805627015649584656715041
SANISH12-2020465641361640160
  •  36224, 3,951, MRO, Valarie USA 21-2H, Antelope-Sanish, t12/20; cum 194K 4/21;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
SANISH4-20212823669236161062459938537314192
SANISH3-20213140460404921469986272783154898
SANISH2-20212036657367241262258103549201030
SANISH1-202130577005797121552671635201611830
SANISH12-202012351273435415851459022190021885

July, 2021, NDIC Hearing Dockets Posted

Link here

The NDIC hearing dockets are tracked here.  

The usual disclaimer applies. As usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is, go to the source.

Thursday, July 29, 2021 (link here)
Eight Pages

  • 28884, Grayson Mill Operating, Banks-Bakken, establish an overlapping 2560-acre unit; one well; Williams/McKenzie counties; see this post;
  • 28885, Enerplus, Heart Butte-Bakken; establish and overlapping 2560-acre unit, sections 29/30/31/32-149-92, one well; Dunn County;
  • 28886, Slawson, Big Bend-Bakken; i) establish an overlapping 1280-acre unit, sections 19/20-152092; two wells; ii) establish an overlapping 1920-acre unit, S/2 of sections 15/16 and all of sections 21/22-152-92; two wells; iii) terminate two existing 2560-acre units comprised of sections 15/16/21/22 and sections 17/18/19/20-152-92, in Zone XL1 ("Zone 41"); Mountrail County;
  • 28887, GMJS, treating plant
  • 28888, GMJS, SWD
  • 28889, GMJS, bond determination
  • 28890, WPX, Reunion Bay and/or Mandaree-Bakken; i) establish an overlapping 640-acre unit, W/2 sections 5/8-149-93, four wells; ii) three overlapping 2560-acre units, sections 21/22/27/28; sections 23/24/25/26; and, sections 25,26,35,36-150-93; one well on or near the seciton line between existing spacing units, Mountrail/Dunn County; see this post.
  • 28891, PetroShale, Bear Den-Bakken, flaring;
  • 28892, PetroShale, Croff-Bakken, flaring;
  • 28893, Liberty Resources, East Tioga-Bakken; re-work Haley, file no. 35883; temporary injection of fluids; see this post;
  • 28894, commingling
  • 28895, commingling
  • 28896, commingling
  • 28897, commingling
  • 28898, commingling
  • 28899, commingling
  • 28900, commingling
  • 28901, Slawson, risk penalty legalese;
  • 28902, Slawson, risk penalty legalese;
  • 28903, Slawson, risk penalty legalese;
  • 28904, WPX, Reunion Bay-Bakken, eight wells on an existing 1280-acre unit; sections 25/26-150-93; Mountrail/Dunn counties; see this post;
  • 28905, Resonance Exploration, pooling,
  • 28906, commingling

Wednesday, July 28, 2021 (link here)
Six Pages

  • 28851, Hess, Beaver Lodge-Bakken, establish an overlapping 2560-acre unit; one well; Williams;
  • 28852, Hess, 
  • 28853, Lime Rock Resources, Stanley-Bakken, establish two overlapping units; two wells on each unit, Mountrail County
  • 28854, Kraken, Burg-Bakken, establish two laydown 1920-acre units, five wells on each; Williams County;
  • 28855, Kraken, Burg-Bakken, establish four standup 1920-acre units; four wells on each, Williams County;
  • 28856, Kraken, Burg and/or Ellisville-Bakken, establish two standup 1920-acre units; four wells each; Williams County;
  • 28857, Kraken, Ellisville-Bakken; establish two standup 1920-acre units; authorize four wells on each, Williams County;
  • 28858, Kraken, Green Lake and/or Blue Ridge-Bakken, establish two standup 1920-acre units; four wells on each; Williams County
  • 28859, Kraken, Green Lake-Bakken, establish a laydown 1920-acre unit; five wells; Williams County;
  • 28860, Whiting, Sanish-Bakken, i) terminate two overlapping 1920-acre unit; ii) establish an overlapping 3840-acre unit, sections 4/5/8/9/16/17-153-91; two wells; Mountrail County;
  • 28861, Whiting, Glass Bluff and/or Foreman Butte-Bakken; establish a standup 1920-acre unit, sections 30/31-151-102 and section 6-150-102; three wells; McKenzie County;
  • 28862, Whiting, Foreman Butte-Bakken, establish a standup 1920-acre unit, sections 7/18/19-150-102, three wells; McKenzie;
  • 28863, MRO, Lost Bridge-Bakken, establish an overlapping 1280-acre unit, sections 5/6-148-95, one well, Dunn County;
  • 28864, MRO, Murphy Creek-Bakken, reducing the setback, Dunn County;
  • 28865, MRO, Bailey-Bakken, nine wells on a 1280-acre unit, sections 18/19-146-93, Dunn County; see this post;
  • 28866, Oasis, Tobacco Garden-Bakken, six wells on a 1920-acre unit,  sections 21/28/33-151-99, McKenzie County;
  • 28867, pooling
  • 28868, pooling
  • 28869, pooling
  • 28870, pooling
  • 28871, pooling
  • 28872, pooling
  • 28873, pooling
  • 28874, pooling
  • 28875, pooling
  • 28876, pooling
  • 28877, pooling
  • 28878, pooling
  • 28879, pooling
  • 28880, pooling
  • 28881, pooling
  • 28882, Whiting, commingling,
  • 28883, Whiting, commingling

Indifference -- Or Is It Ennui? -- July 1, 2021

I'm still traveling. I have to take a break from blogging. Sorry. I assume I will be back later today. 

Until I get back, EN-JOY the Hess EN-Joyce wells

I think this expresses, best, my mood right now (https://www.youtube.com/watch?v=1jBS3UjDkWY). 


I was going to post "Reflections" from Lana Elaine Fraser but that will have to wait. 

China: for the archives / date-time: will 2022 be the year of the "silent" reunification of China? Xi knows with Biden in office, this is China's best window of opportunity, but then again, on its "100th Anniversary" a lot of this is, perhaps, just more of the same. I think the latter, but with Covid-19 compressing 2020 - 2035 into 2020 - 2025, almost anything is possible. 

Chip supply: Ford announces cut in production; not enough chips. It could take fifteen months to get inventory levels "back to normal." Healthy demand for vehicles will continue over the next twenty-four months. Normal US inventory, 4 million vehicles on lots; today about 1.5, maybe 2.0 million vehicles on lots. Fifty percent of workers not returning to work are not returning to work because they fear being exposed to Covid-19. This suggests to me there are a lot of folks who will be shifting from mass transportation to private vehicles: a) personally owned; b) Enterprise rental; and, c) Uber.

Enterprise rental: if auto rental agencies are/were able to get hands on vehicles to rent, they will/would do very, very well. The problem: the cars are simply not there. For investors: be prepared to be nimble.

WTI Could Hit $76 Today; Feature Blog Today -- The EN-Joyce Wells -- Hess -- Whoo-Hoo -- July 1, 2021

The wells:

  • 37977, conf-->drl/A, Hess, EN-Joyce-LE-156-94-1721H-6, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 749 FWL; number of days of production not reported; huge well; first production, 4/21; t--; cum 170K 11/21;
DateOil RunsMCF Sold
4-20211828725524
  • 37978, conf-->drl/A, Hess, EN-Joyce-LE-156-94-1721H-5, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 782 FWL; number of days of production not reported; huge well; first production, 4/21; t--; cum 172K 11/21; see update here.
DateOil RunsMCF Sold
4-20215259776
  • 37979, conf-->drl/A, Hess, EN-Joyce-LE-156-94-1721H-4, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 815 FWL; no production data, yet; huge well, first production, 5/21; t--; cum 162K 11/21;
  • 17887,165, the parent well, off-line; never did well; will be interesting to see if it comes back on line; came back on line, 6/21; off line again, 8/21; 165, Hess, EN-Joyce-156-94-1720H-1, Manitou, t6/09; cum 95K 11/21; intermittent production; struggling;
  • 27313, 781, Hess, EN-Eva-156-94-1621H-1, Manitou, not an EN-Joyce well, but sited on same pad as the "original" EN-Joyce pad; also drilled back in 2014; not a particularly good well; remains on line; 781, Hess, EN-Eva=156-94-1621H-1, Manitou, t7/14; cum 202K 11/21;
  • 27314, drilled back in 2014, not a particularly good well; remains on line; 349, Hess, EN-Joyce-LE-156-94-1721H-1, Manitou, t9/14; cum 125K 11/21;
  • 27315, drilled back in 2014, not a particularly good well; remains on line; 142, Hess, EN-Joyce-LE-156-94-1721H-2, Manitou, , t8/14; cum 154K 9/21; cum 158K 11/21;
  • 27316, drilled back in 2014, not a particularly good well; was taken off line 7/20 and remains off line, 4/21; back online 6/21; 490, Hess, EN-Joyce-LE-156-94-1721H-3, Manitou, t9/14; cum 135K 9/21; cum 138K 11/21;

Updates

January 17, 2022: #37978 updated; very, very nice well; 

July 11, 2021: the three more recently completed EN-Joyce wells are starting to report "runs." See this post. These are huge wells and fracks seem to be "moderate" fracks.

Original Post

This is really, really cool. During the early years of the blog / the Bakken revolution, I was never impressed with the Hess wells, but either last year or the year before, I forget, I posted on the blog, that I was impressed with good the Hess wells have become. 

The Manitou oil field is not a "big field" in the Bakken, but it looks much more promising all of a sudden. Look at how far "we've" come. The early EN-Joyce wells were not impressive. Drilled in 2014, they have produced less than 300,000 bbls crude oil cumulative. In general, these wells maxed out in the first full month of production with 6,000 to 12,000 bbls over thirty days and declined quickly. 

Now, 2020 / 2021 -- it appears we may see 50,000 bbls in the first month of production for three new Hess EN-Joyce wells. 

Results like this explain why operators in the Bakken do not need to add rigs to maintain the company's production in the Bakken. Any increase in the number of active rigs in the Bakken will be "new" operators bringing one rig on line, and a couple of the "older" operators maybe adding another rig. 

Calendar year 2021 will be fascinating to watch. Six more months to go and we won't see final results of 2021 until February/March, 2022.

From a reader today:

The three new EN Joyce wells in 156-94-17/20 and 16/21 have massive first month cums. We got our stubs yesterday and they did something like 61,000 bbls, 51k and 41k respectively. They are on confidential status but suspect the production numbers will be out today.

See this post from November 18, 2020: three section line wells.

Re-posting the November 18, 2020 post:

I assume this is fairly common and I've simply missed other examples, but it's my experience that there is generally just one well along a section line but today I noted that Hess has permits for three wells along the same section line. When I get caught up I will take a closer look, but for now:

  • 37977, loc, Hess, EN-Joyce-LE-156-94-1721H-6, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 749 FWL;
  • 37978, loc, Hess, EN-Joyce-LE-156-94-1721H-5, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 782 FWL;
  • 37979, loc, Hess, EN-Joyce-LE-156-94-1721H-4, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 815 FWL

Graphic:

When the going gets tough, the tough get going. Hess, CLR, BR.

********************************
More Of The Bakken

Active rigs:

$75.91
7/1/202107/01/202007/01/201907/01/201807/01/2017
Active Rigs2311606758

One well coming off the confidential list -- Thursday, July 1, 2021: 1 for the month, 1 for the quarter, 181 for the year:

  • 37481, drl/NC, BR, F Jorgenson 1C TFH, Elidah, no production data

RBN Energy: Alaska oil production continues to decline on stronger headwinds.

It’s been a challenging few years — some would say decades — for producers in northern Alaska. Crude oil production in the remote, frigid region peaked at just over 2 MMb/d in 1988 and has been falling ever since, dropping to about 450 Mb/d in 2020 and the first few months of 2021. It’s not that Alaska is running out of oil; far from it. Instead, the state’s energy industry has been battered by competition from shale producers in the Lower 48, thwarted by federal policies, and, more recently, ESG-related concerns and the Biden administration’s efforts to put the kibosh on new federal leases. Despite it all, the few producers still active in Alaska hold out hope for a revival. Today, we discuss the many hurdles that northern Alaska producers face.

As we said in our 2016 blog series about Alaska, the 49th state was seen as the next big thing for U.S. crude oil production in the 1970s –– and that promise soon became reality. With the completion of the 800-mile Trans-Alaska Pipeline System (TAPS) from Prudhoe Bay to Valdez, AK, in 1977, Alaska North Slope production took off, and by 1988, the state not only accounted for one-quarter of total U.S. crude oil output (blue layer in Figure 1), it briefly knocked Texas off its perch as the #1 oil-producing state. Alaskan oil didn’t give the U.S. “energy independence” -– a rallying cry in the Ford, Carter and Reagan years –– but it sure helped. The physical characteristics of the North Slope’s medium sour crude, with a 31.5 API gravity and about 1% sulfur, were (and are) a plus. West Coast refineries were configured to run it, and the crude is marketable in Asia too. Still, Alaska’s production has experienced a long, slow decline that continued in 2020, when it averaged 448 Mb/d, only 4% of the U.S. total and the lowest level since TAPS came online 44 years ago, according to the Energy Information Administration (EIA).

Alaska Crude Oil Production

Figure 1. Alaska Crude Oil Production. Source: EIA



Perhaps reporting soon:

  • 37977, loc, Hess, EN-Joyce-LE-156-94-1721H-6, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 749 FWL; number of days of production not reported:
DateOil RunsMCF Sold
4-20211828725524
  • 37978, loc, Hess, EN-Joyce-LE-156-94-1721H-5, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 782 FWL; number of days of production not reported:
DateOil RunsMCF Sold
4-20215259776
  • 37979, loc, Hess, EN-Joyce-LE-156-94-1721H-4, Manitou, from the permit, sections 16/17/20 & 21-156-94; 844 FSL 815 FWL; no production data, yet;

The other EN-Joyce wells:

  • 17887, the parent well, off-line; never did well; will be interesting to see if it comes back on line;
  • 27313, not an EN-Joyce well, but sited on same pad as the "original" EN-Joyce pad; also drilled back in 2014; not a particularly good well; remains on line;
  • 27314, drilled back in 2014, not a particularly good well; remains on line;
  • 27315, drilled back in 2014, not a particularly good well; remains on line;
  • 27316, drilled back in 2014, not a particularly good well; was taken off line 7/20 and remains off line, 4/21;