Sunday, July 4, 2021

Focus On Fracking -- July 4, 2021

Link here.  

"Focus on Fracking" is published (by someone else, not me) late Sunday nights, generally very late, or early, early Monday morning.

This edition begins:

  • oil prices hit new 32-month high (that's almost a three-year high)
  • natural gas at a 30-month high
  • largest four-week drop in US crude supplies on record, going into "Fourth of July"

Oh, Yeah -- Looking Good -- Sunday, July 4, 2021

What I'm listening to: Jim Croce, "Photographs and Memories, His Greatest Hits," Amazon Prime Music.


Later, 11:38 p.m.: from ArgusMedia:

Saudi oil minister Prince Abdulaziz bin Salman insisted last night that Opec+ must extend its output deal from the end of April 2022 until the end of that year, despite strong UAE opposition to an extension that does not also entail revising the production baselines of participating members.

The Saudi minister's insistence on the need to extend the deal while dismissing the UAE demand as a separate issue to be dealt with through Opec procedure rather than a negotiating point tied to the proposed extension means Opec+ faces a likely impasse when it resumes talks today.

"If everyone wants to increase production, then the agreement must be extended," said the Saudi oil minister in an interview with Saudi Arabia's semi-official Alarabiya TV.

Even if Opec+ increases output by 400,000 b/d from August until the agreement runs out in April 2022, the alliance would still be left with "at least" 2.8mn b/d of cuts still in force by then, necessitating an extension, said Prince Abdulaziz.

Original Post

Link here.

Rumor: US Army To Mandate The Vaccine

Link here

This is a no-brainer.

Updating The 3Q19 Wells

I believe operators in the Bakken now have two full years to complete a well in the Bakken. With that in mind, I'm going to spend some time updating the wells that came off the confidential list 3Q19.  

This is the entire list of wells that came off the confidential list 3Q19 that as of today, I've not reported an IP.

Note all the XTO wells that went from SI/NC-->SI/NCW.

The wells:

  • 35552, SI/NC-->AL/A, Hess, SC-Barney-154-98-1819H-7, Truax, first production, 12/19; t--; cum 89K 42/1; 
  • 35413, conf, Crescent Point Energy, CPEUSC Austin 5-17-20-158N-99W TFH, Ellisville, no production 
  • 34820, SI/NC-->SI/NCW, XTO, Myrna Federal 21X-2EXH, Alkali Creek, no production data, 
  • 34817, SI/NC-->SI/NCW, XTO, Myrna 21X-2B, Alkali Creek, no production data, 
  • 34819, SI/NC-->SI/NCW, XTO, Myrna Federal 21X-2A, Alkali Creek,  
  • 35755, SI/NC-->SI/NCW, XTO, Tom State 34X-1EXH, Alkali Creek, no producing data,
  • 35754, SI/NC-->SI/NCW, XTO, Tom State 34X-1A, Alkali Creek, no production data,  
  • 35753, SI/NC-->SI/NCW, XTO, Tom state 34X-1E2, Alkali Creek, no production data,
  • 35752, SI/NC-->SI/NCW, XTO, Tom State 34X-1B, Alkali Creek, no production data,
  • 35751, SI/NC-->SI/NCW, XTO, Tom State 34X01HXE, Alkali Creek, no production data
  • 34306, SI/NC-->SI/NCW, XTO, Rough Federal 44X-23B, North Fork,
  • 35750, SI/NC-->SI/NCW, XTO, Tom State 34X-1CXD, Alkali Creek, no production data,
  • 34305, SI/NC-->SI/NCW, XTO, Rough Federal 44X-23F, North Fork, no production data,
  • 34304, SI/NC-->SI/NCW, XTO, Rougth Federal 44X-23C, North Fork, no production data,
  • 34303, drl-->SI/NC-->SI/NCW, XTO, Rough Federal 44X-23G, North Fork,
  • 35227, 3,401, Hess, BB-Federal !-LS-151-95-0915H-1, Blue Buttes, t10/19; cum 281K 4/21; 
  • 34302, SI/NC-->SI/NCW, XTO, Rough Federal 44X-23D, North Fork, no production data,
  • 35601, SI/NC-->2,219, XTO, Cole 44X-32F, Siverston, t1/20; cum 203K 4/21; off line 2/20; coming back on line 5/20;
  • 35935, SI/NC-->3,352, XTO, Badlands Federal 21X-13H, North Fork, t8/20; cum 365K 4/21; 
  • 34558, drl-->SI/NC-->SI/NCW, XTO, Rough Federal 44X-23DXA, Haystack Butte,
  • 26803, SI/NC-->2,997, XTO, Cole 44X-32C, Siverston, t2/20; cum 270K 4/21; 
  • 35936, SI/NC-->2,849, XTO, Badlands Federal 21X-13AXD, North Fork, F, t8/20; cum 377K 4/21; 
  • 34873, IA-->2,641, CLR, Ravin Federal 2-1HSL, 4 sections; Dimmick Lake, t8/19; cum 331K 4/21; 
  • 34792, SI/NC-->2,830, WPX, Sweet Grass Woman 22-15HY, Spotted Horn, t7/19; cum 431K 4/21;   
  • 34180, IA, CLR, Ravin 12-1H2, Dimmick Lake, first production, 7/19; t--; cum 231K 4/21; 
  • 34179, IA-->F/A, CLR, Ravin 11-1H, Dimmick Lake, t--; cum --; 
  • 34178, IA-->1,932, CLR, Ravin 10-1H1, Dimmick Lake, F, t8/19; cum 208K 4/21; 
  • 32398, SI/NC-->535, Slawson, Atlantis Federal 5-34-35MLH, Big Bend, F, t7/19; cum 150K 4/21; 
  • 26802, SI/NC-->2,097, XTO, Cole 44X-32G, Siverston; t4/20; cum 129K 4/21; 
  • 35937, SI/NC--> 2,994, XTO, Badlands Federal 21X-13C, North Fork, t10/20; cum 307K 4/21; 
  • 35602, SI/NC-->1,867, XTO, Cole Federal 44X-32D, Siverston, t6/20; cum 194K 4/21; 
  • 35349, SI/NC-->1,018, Hess, RS-State D-155-92-0203H-5, Alger, t9/19; cum 143K 4/21; 
  • 34791, SI/NC-->3,114, WPX, Sweet Grass Woman 22-15H, Spotted Horn, t7/19; cum 430K 4/21; 
  • 34764, SI/NC-->3888, MRO, Jocelyn 14-36TFH, Killdeer, t7/19; cum 214K 4/21; 
  • 32400, SI/NC-->F/A, Slawson, Atlantis Federal 2-34-35H, Big Bend, first production, 11/19; cum 86K 4/21; 
  • 34790, SI/NC-->2,578, WPX, Sweet Grass Woman 22-15HZ, Spotted Horn, t7/19; cum 345K 4/21; 
  • 32467, SI/NC-->53 (no typo), BR, CCU Boxcar 8-8-22MBH, Corral Creek, t8/19; cum 257K 4/21; 
  • 26804 (no typo -- it's really that old), SI/NC-->1,799, XTO, Cole Federal 44X-32H, Siverston, t6/20; cum 174K 4/21; 
  • 35350, SI/NC-->783, Hess, RS-State D-155-92-0203H-4, Alger, t9/19; cum 123K 4/21; 
  • 34765, SI/NC-->2,467, MRO, Kinney 24-36TFH, Killdeer, t7/19; cum 264K 4/21;  
  • 32466, SI/NC-->163, BR, CCU Audubon 8-8-22MBH, Corral Creek, t8/19; cum 238K 4/21; 
  • 32399, SI/NC-->1,665, Slawson, Atlantis Federal 2 SLH, Big Bend, t8/19; cum 105K 4/21; 
  • 26639, SI/NC-->2,533, XTO, Badlands Federal 21X-13E, North Fork, t12/20; cum 215K 4/21; 
  • 35981, SI/NC-->523, Sinclair, Uran 8-15H, Sanish, t8/19; cum 116K 4/21; 
  • 34789, SI/NC-->3,051, WPX, Sweet Grass Woman 22-15HD, Spotted Horn, t7/19; cum 404K 4/21; 
  • 32465, SI/NC-->53 (no typo), BR, CCU Golden Creek 1-1-26TFH, Corral Creek, t8/19; cum 257K 4/21; 
  • 35603, SI/IA-->1,314, XTO, Cole 44X-32DXA, Siverston, t6/20; cum 189K 4/21; 
  • 35938, SI/NC-->2,591, XTO, Badlands Federal 21X-13B, North Fork, t9/20; cum 271K 4/21;  
  • 35544, SI/NC-->SI/NCW, WPX, Delores Sand 29-32HY, Antelope-Sanish, no production data, still SI/NC 5/20;

Rabbit Hole #556 On The Blog -- Absolutely Nothing About The Bakken -- July 4, 2021

What I'm listening to: Amazon Prime Music, "The 2000s" One-Hit Wonders." Better than I expected. LOL. Through the Amazon TV Fire Stick. 

This rabbit hole began with an Amanda the Great comic strip sent to me by a reader, which led to a (very, very) short discussion on  fruit cocktail (from the can) jello and/or casserole to gaffelbitter, which then led to Gater Bite.

I never paid much attention to Gater Bite except that it's one of my favorite apertifs. It's not easily found. I did not find it in a Lakeside, MT, big box spirits store. It seems I found everything else.

So, we we have Satsuma oranges-infused rum, and honey-infused scotch (Drambuie). Very, very vegan.

And then ... how did we ever get here ... what the heck are "satsuma oranges?" Apparently a big deal in Louisiana rum. LOL.

Satsuma oranges? Link here.
Satsumas are a variety of mandarin oranges, related to tangerines, clementines, and other citrus fruits. They are considered the juiciest of the family and have a balanced sweet-yet-tart flavor that makes them delectable on their own or used in savory dishes and desserts.

You’ve probably had satsumas before without realizing it—they’re actually the most common citrus used in canned mandarin oranges, according to The New Food Lover’s Companion
But there’s nothing quite like a fresh satsuma. They grow in the southeastern U.S. and in northern California, and they’re at their peak from late October through the end of December. 
Look for satsumas that are heavier than they look (that’s all that delectable juice), with a firm touch and tight peel. You can store the fruits on the counter for up to a week or refrigerate them for up to a month. 
Just like you order orange chicken takeout or bake orange slices over salmon, satsumas can be enjoyed as a savory addition to your favorite seafood and chicken dishes.

Reminder: EOG To Pay Special Dividend In Addition To Regular Dividend; Record Date, July 16, 2021

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

EOG to pay a special dividend in July, 2021.

My hunch: EOG won't be the only one to declare a special dividend. Another oil company recently did the same thing: I don't remember which one.  Oh, that's right -- it was Devon -- announced a "fixed-plus variable dividend for common stockholders," May 3, 2021.

Link here

For clarification, from press release from EOG May 6, 2021:

Declared $1.00 per Share Special Dividend  
The Board of Directors declared a regular dividend of $0.4125 per share on EOG's Common Stock. The indicated annual rate is $1.65
The Board also declared a special dividend of $1.00 per share on EOG's Common Stock. 
Both dividends are payable July 30, 2021 to stockholders of record as of July 16, 2021.

All things being equal, the share price of EOG should fall by an equal amount when the dividend is paid/effective date, on/about July 15 - 16, 2021. But "all things" are never equal, are they?

Operators In The Bakken: COP

  COP (in the Bakken: wholly-owned subsidiary, Burlington Resources)

  • July 2, 2021: special call -- ten-year strategic plan following the acquisition of Concho
    • 620,000 net acres in the Bakken
    • currently no active rigs in the Bakken (link here)
  • 3Q20: earnings call;
  • CY2019, annual report; this link
  • 2Q18: incredible earnings report; with two rigs in the Bakken, 82,000 bpd
  • 1Q14: 620,000 net acres; 1,800 identified drilling locations based on 10-rig program
  • 3Q12 earnings call: 620,000 net acres; 26,000 boepd; ramped up from five to eight rigs; 
  • 626,000 net acres, COP/CEO at Houston conference, May 16, 2012
  • 460,000 net acres (Investopedia, March 29, 2011; Annual Report, 2010)
  • Looking to acquire more, Annual Report, 2010
  • 8 rigs (May, 2012); looking to ramp up to 9 - 10 rigs (same link)

Happy Fourth Of July -- 2021

What I'm watching:

  • The X-Files, season 1, episode 1.

TTE, TotalEnergies. Pivots to "renewable" energy.

There are seven major global integrated oil companies. The four headquartered outside of the US have pivoted to "green" energy. The three US companies have been less "excited." XOM may be the most like the European players; CVX, it appears, will stay the course with oil; and COP, too, certainly seems it will stay the course with oil.

For now, I'm going to follow TTE as the proxy for European majors pivoting to renewable energy. TTE seems to have undergone more changes than any of the others over the years. Certainly, it appears TTE has undergone the most number of name changes. One wonders how many readers noted that ticker symbol "TOT" recently changed to "TTE"?

Iraq: BP, Lukoil both consider pulling out. Oil minister says investment environment in Iraq not suitable for retaining major investors. Keep in mind, sanctions could be lifted on Iran; Iran-Iraq have an interesting relationship.

Oil will be just fine. Link here

The 2021 meme:


The Enerplus "Storm" Pad And The Enerplus "Precipitation" Pad Have Been Updated -- July 3, 2021

The Enerplus' "Storm" pad and the "Precipitation" pad in section 7-149-93, Mandaree Oil Field are tracked here.

The most recent wells on these pads have been completed and at least two wells that were off line for over a year are now back on status and producing again.

The two older wells that are now back on line:

  • 25736, IA-->A/2,347, Enerplus, Snow 149-93-07A-12H, Mandaree, t6/15; cum 549K 3/20; off line 12/19; remains off line 2/21; back on line for 20 days in 4/21; cum 551K 4/21;
  • 25735, 1,773, Enerplus, Rain 149-93-07A-12H TF, Mandaree, t6/15; cum 374K 11/19; off line 11/19; remains off line 2/21; back on line for 25 days in 4/21; cum 376K 4/21;

The wells still off line or recently completed (in progress):

  • 35800, Frost, is off line; completed 10/20; taken off line 3/21; remains off line 4/21; F,
  • 35801, Hail, was off line for one month; now back on line; completed 10/20; F,
  • 35802, Sleet, completed 10/20; F,
  • 35803, Blizzard, was off line for one month; now back on line; completed 10/20; F,
  • 25737, Wind, off line, AL,

I assume post-completion work / pumps being installed on the pads which would explain some of this.