An Old EOG Well With An IP Of 67 Just Went Over 900K Bbls Crude Oil Cumulative -- October 29, 2021

The well:

• 22487, 67 (no typo), EOG, Hawkeye 02-2501H, Clarks Creek, t12/13; cum 889K 3/21; went offline 6/19;3-section spacing; 1,741 acres in the spacing unit; sister well to the well announced earlier with 200,000 bbls in less than 5 months; another 15,000-ft horizontal; trip gas over 4,000 units; remains off line 7/19; back on line 8/19; off line 11/19; remains off line 4/20; back on line 10/20; see this post; cum 906K 8/21; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	8-2021	31	3185	3252	3170	25803	21602	0
BAKKEN	7-2021	31	3326	3915	3359	25283	21150	0
BAKKEN	6-2021	30	3402	2872	3181	22824	18855	0
BAKKEN	5-2021	31	3445	3361	3280	24376	20310	0
BAKKEN	4-2021	30	3494	3620	3296	28703	24702	0
BAKKEN	3-2021	31	4058	3980	3610	30523	26306	0
BAKKEN	2-2021	28	3820	3798	3370	26222	22487	0
BAKKEN	1-2021	31	4323	4346	3674	30117	25900	0
BAKKEN	12-2020	31	4893	6406	4350	29337	25140	0
BAKKEN	11-2020	30	5088	4042	4473	28833	24755	0
BAKKEN	10-2020	31	6481	7115	5367	30874	26703	0
BAKKEN	9-2020	5	1112	2016	279	7219	6909	0
BAKKEN	8-2020	21	5083	3523	3350	24747	24024	0
BAKKEN	7-2020	2	480	0	182	4230	4182	0
BAKKEN	6-2020	0	0	0	0	0	0	0
BAKKEN	5-2020	0	0	0	0	0	0	0
BAKKEN	4-2020	0	0	223	0	0	0	0
BAKKEN	3-2020	0	0	0	0	0	0	0
BAKKEN	2-2020	0	0	0	0	0	0	0
BAKKEN	1-2020	0	0	0	0	0	0	0
BAKKEN	12-2019	0	0	0	0	0	0	0
BAKKEN	11-2019	7	756	574	1187	6688	5615	214
BAKKEN	10-2019	20	2330	2297	3938	18209	14720	929
BAKKEN	9-2019	14	814	842	1287	6973	6334	338
BAKKEN	8-2019	30	3344	3279	5304	37977	34182	2714
BAKKEN	7-2019	0	0	0	0	0	0	0
BAKKEN	6-2019	0	0	0	0	0	0	0
BAKKEN	5-2019	29	4096	4273	5441	49131	36882	8532
BAKKEN	4-2019	30	4525	4617	5391	54991	48287	2733
BAKKEN	3-2019	25	3351	3246	4239	49303	35726	10651
BAKKEN	2-2019	28	4007	3880	7393	53974	46565	3709

An Old QEP Well Goes Over 600K Bbls Crude Oil Cumulative -- October 29, 2021

The well:

• 20780, 2,190, QEP, Henderson 1-28/33H, Grail, t6/12; cum 594K 3/21; cum 602K 8/21; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	8-2021	31	1941	2012	1211	8503	8251	191
BAKKEN	7-2021	20	840	758	337	4503	4427	76
BAKKEN	6-2021	30	1546	1556	312	9033	9033	0
BAKKEN	5-2021	31	2027	2015	471	9677	9589	88
BAKKEN	4-2021	30	1922	1979	544	9826	9297	116
BAKKEN	3-2021	31	1951	1914	647	10652	10164	0
BAKKEN	2-2021	28	1616	1660	778	8315	7792	132
BAKKEN	1-2021	31	2260	2233	1561	10641	10203	0
BAKKEN	12-2020	31	2357	2333	1045	9819	9351	55
BAKKEN	11-2020	30	2463	2476	844	8313	7815	122
BAKKEN	10-2020	31	2313	2414	974	7121	6817	69
BAKKEN	9-2020	30	2571	2363	899	7177	7104	73
BAKKEN	8-2020	5	282	541	105	1178	1154	24

An Old Whiting Tarpon Federal Well Is Back On Line -- October 29, 2021

The well:

• 20589, A/AB/IA/4,815, Whiting, Tarpon Federal 21-4H, said to have a 7,000 boepd IP; record middle Bakken (as of Feb, 2012); Twin Valley, 30 stages; 2 million lbs sand/mesh ; s8/11; t10/11; cum 635K 3/21; needs to be re-fracked; off line as of 7/19; remains off line 4/20; back on line 11/20? Recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	8-2021	31	381	384	51	7436	7436	0
BAKKEN	7-2021	31	606	685	5	6987	6878	109
BAKKEN	6-2021	30	866	789	179	9447	9447	0
BAKKEN	5-2021	31	554	481	156	11447	11447	0
BAKKEN	4-2021	29	440	525	87	8697	8697	0
BAKKEN	3-2021	30	713	699	105	9936	9877	0
BAKKEN	2-2021	28	942	1019	184	11092	11036	0
BAKKEN	1-2021	31	1219	1117	406	13929	13867	0
BAKKEN	12-2020	31	1161	1007	469	13278	13216	0
BAKKEN	11-2020	1	23	17	8	603	601	0
BAKKEN	10-2020	0	0	0	0	0	0	0
BAKKEN	9-2020	0	0	0	0	0	0	0
BAKKEN	8-2020	0	0	0	0	0	0	0
BAKKEN	7-2020	0	0	0	0	0	0	0
BAKKEN	6-2020	0	0	0	0	0	0	0
BAKKEN	5-2020	0	0	0	0	0	0	0
BAKKEN	4-2020	0	0	0	0	0	0	0
BAKKEN	3-2020	0	0	0	0	0	0	0
BAKKEN	2-2020	0	0	0	0	0	0	0
BAKKEN	1-2020	0	0	0	0	0	0	0
BAKKEN	12-2019	0	0	0	0	0	0	0
BAKKEN	11-2019	0	0	0	0	0	0	0
BAKKEN	10-2019	0	0	0	0	0	0	0
BAKKEN	9-2019	0	0	1	0	0	0	0
BAKKEN	8-2019	1	6	28	3	188	187	0
BAKKEN	7-2019	8	186	238	122	5239	4564	659
BAKKEN	6-2019	30	812	882	604	17377	17317	0
BAKKEN	5-2019	26	1121	990	581	19419	18946	421
BAKKEN	4-2019	9	120	163	97	3608	3486	105

After Being Off-Line For More Than A Year, An Old Whiting Well Comes Back On Line With Jump In Production -- October 29, 2021

The wellL

• 20505, 2,868, Whiting, Brown 41-28XH, Sanish, ICO, t3/12; cum 410K 2/20; needs to be re-fracked; off line 3/20; remains off line 3/21; back on line 6/21; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	8-2021	13	685	807	228	923	923	0
BAKKEN	7-2021	31	1811	1734	723	2425	2360	65
BAKKEN	6-2021	30	1536	1519	1191	2014	2014	0
BAKKEN	5-2021	6	170	142	251	217	217	0
BAKKEN	4-2021	0	0	0	0	0	0	0
BAKKEN	3-2021	0	0	0	0	0	0	0
BAKKEN	2-2021	0	0	0	0	0	0	0
BAKKEN	1-2021	0	0	0	0	0	0	0
BAKKEN	12-2020	0	0	0	0	0	0	0
BAKKEN	11-2020	0	0	0	0	0	0	0
BAKKEN	10-2020	0	0	0	0	0	0	0
BAKKEN	9-2020	0	0	0	0	0	0	0
BAKKEN	8-2020	0	0	0	0	0	0	0
BAKKEN	7-2020	0	0	0	0	0	0	0
BAKKEN	6-2020	0	0	0	0	0	0	0
BAKKEN	5-2020	0	0	0	0	0	0	0
BAKKEN	4-2020	0	0	16	0	0	0	0
BAKKEN	3-2020	0	0	0	0	0	0	0
BAKKEN	2-2020	21	200	200	155	167	126	0
BAKKEN	1-2020	31	284	281	336	338	276	0
BAKKEN	12-2019	31	388	395	162	559	497	0
BAKKEN	11-2019	30	369	364	48	542	482	0
BAKKEN	10-2019	31	337	327	78	492	430	0
BAKKEN	9-2019	30	354	375	74	503	443	0
BAKKEN	8-2019	31	413	397	71	577	515	0
BAKKEN	7-2019	31	434	430	128	551	489	0
BAKKEN	6-2019	30	452	472	144	507	417	30
BAKKEN	5-2019	31	725	740	134	718	612	44

An Old Bruin Fort Berthold Well Goes Over 610K Bbls Crude Oil Cumuilative -- October 29, 2021

The well:

• 20088, 1,390, Bruin/HRC/Petro-Hunt, Fort Berthold 151-94-34C-27-1H, Sanish, s10/11; t1/12; cum 610K 8/21; but off line as of 10/19; back on line 11/19; recent production:
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
SANISH	8-2021	31	2065	2022	828	2376	2083	52
SANISH	7-2021	18	1193	1249	552	1465	1032	192
SANISH	6-2021	30	2498	2615	963	3300	1727	1340
SANISH	5-2021	31	2423	2138	1155	2270	1821	208
SANISH	4-2021	30	3106	3136	1143	4011	3871	8
SANISH	3-2021	31	2922	2856	892	2958	2249	27
SANISH	2-2021	28	1978	1996	708	3318	1248	49
SANISH	1-2021	31	1751	1721	571	2615	507	108
SANISH	12-2020	29	2308	2475	849	3841	0	1484
SANISH	11-2020	29	2254	2189	838	5186	0	1086
SANISH	10-2020	31	2476	2545	923	5592	0	1217
SANISH	9-2020	30	2574	2572	979	5455	0	1458
SANISH	8-2020	15	1269	1228	368	1782	0	780
SANISH	7-2020	14	1226	1292	484	2170	0	155

An Old Oasis Well Goes Over 700K Bbls Crude Oil Cumulative -- October 29, 2021

The well:

• 19946, 1,474, Oasis, Spratley 5494 34-13H, Alkali Creek, Bakken, t11/11; cum 690K 3/21; huge jump in production, 2/18; only nine days, 4/20; only ten days, 5/20; cum 699K 8/21; the well is occasionally updated here;
  

Cushing Trending Toward Empty -- So What? October 29, 2021

Cushing: all those articles suggesting Cushing is trending toward "empty"? Well, perhaps this is part of the reason, link here.

• Capline reversal has started linefill this week. Canadian crude will be able to bypass Cushing to get directly to the Gulf coast from Patoka, IL; also,
• Permian now flowing directly to Gulf coast; no need to go to Cushing.

Slow-rolling US shale: permits will now have to wait for federal environmental assessments for 2022. Link here. We've been through this before; it isn't pretty, but fortunately CLR and others minimally affected. But, wow, inside the reservation, what the government giveth can also taketh away.

Crunch time: meanwhile, whether its supply or demand, oil era heads for crunch time. Link here to social media and/or Hart Energy direct.

OPEC+: cleverly ignoring travel-related demand when the cartel forecasts a 2022 surplus. More interesting:

• many OPEC+ members have been missing their quotas for months;
• Kuwait has laid out plans to increase production, but most agree, it ain't gonna happen as advertised;
• Saudi scrambling.

US crude oil production:

• August, 2021: 11.141 million bopd (preliminary)
• July, 2021: 11.363 million bopd (revise)

NDIC now posting September, 2021, data. Data pending.

Anna wells: let's start here when data is posted; still not posted for these wells. Those wells are tracked here.

Not good: social media bulls starting to use the phrase, "windfall profits." US Congress watching, waiting. Staffers are being told to go through the 1980 Crude Oil Windfall Profit Tax Act of 1980 playbook.

Notes From An All-Over -- Literally All Over -- October 29, 2021

Wow, wow, wow -- it's hard to deny that Yahoo!News and guilty-by-association, Yahoo!Finance is anything but biased and bearish when reporting the news and Wall Street, respectively.

So, this is amazing. Had I not been strapped into the seat of the airplane on which I'm flying I might have might have ended up on the floor. Rick Newman, senior columnist, for Yahoo!Finance has a column titled, this week in Bidenomics: the cartoon presidency. It begins:

Have you met Leo from Peoria? If not, he’ll help you understand why Congress must salvage President Biden’s floundering social-welfare agenda and get America back on track.

Leo and his mom Linda are cartoon characters who play starring roles in Biden’s new “Build Back Better Framework.” You might be wondering what’s new about this framework, since Biden has been promising to “build back better” for nearly two years and Congress has been working on legislation since Biden took office in January.

The new part is that the latest framework is a lot smaller than Biden’s prior plans. Democrats with wafer-thin majorities in the House and Senate couldn’t pass Biden’s original request for $3.5 trillion in new spending on green energy and social programs, so Biden has slashed his ask down to about $1.8 trillion in new spending over a decade. The skinnier framework has a better chance of passing than the overstuffed package Biden started with, but it’s no shoo-in.

And so it goes.  

Cash is back: Exxon, Chevron amass cash as oil tops $80 / bbl -- The WSJ. One of many, many "feel-good" articles we're going to be seeing for the next twelve months. Congress wants Big Oil to "come clean" -- literally and figuratively. This would be a good time for Big Oil to tell Congress it will stop all new drilling for two years to make amends for all the emissions for which they have been responsible for the past fifty years. That will show them.

The two largest U.S. oil companies, Exxon Mobil Corp. XOM +0.21% and Chevron Corp. CVX +0.76% , reported on Friday their most profitable quarterly earnings since before the onset of the global pandemic. Exxon reported earnings of $6.8 billion, its best quarterly performance since 2017, and said it would launch a $10 billion share buyback program starting next year. Chevron reported $6 billion in net income, its best quarter since 2013, and said it generated $6.7 billion in free cash flow, its most ever.

The market: surprisingly, all three major US indices are showing green. Where's the profit taking? How can I afford to accumulate more shares in just about everything if there's not a pullback? Even AAPL looks surprisingly good. It's a $145-stock and unlikely to ever see $140 again. 

Independence: this reminds me, I need to post "Me and Bobby McGee.  I don't know if folks remember, but last year, the US was energy-independent. Well, that's history, and the US Congress is working overtime to make sure it stays that way.  Freedom is just another word for nothing left to lose. Feeling good was easy .... but that's history. Next to go: agriculture. High energy prices and fertilizer shortages now threaten the US farmer.

Me and Bobby McGee, The Highwaymen 

Telescoped: I have posted several times on the blog, because of Covid-19, 2020 - 2035 was telescoped into 2020 - 2025. Well, look at this. Suncor says they are going to reach the top end of their 2025 debt goals by 2021. Link here. 

Productivity: same link, Suncor says:

• breakevens will drop into the $20s in 2022; and,
• their Fort Hills project will run at 90% of nameplate capacity;

The Bakken Never Ceases To Amaze Me -- October 29, 2021

This well was drilled back in 2009. From the very beginning it was a lousy well, but it was kept on line. Now, the Manitou oil field is surprisingly good. Amazing. Hess has cracked the code. This well will not produce on a monthly basis, in 2021 and 2022, more oil than it produced monthly in its first six months of production.

The well:

• 17877, 165, Hess, EN-Joyce-156-94-1720H-1, Manitou, t6/09; cum 95K 8/21; off line 8/21; remains off line 9/21;

The well is now off line while neighboring wells were fracked. It's always possible with such great neighboring wells, this well will be permanently shut in. One never knows. But whatever happens this well did what it needed to do. It served its purpose. 

See production profile here. 

One Well Coming Off Confidential List -- October 29, 2021

Active rigs:

$83.11	10/29/2021	10/29/2020	10/29/2019	10/29/2018	10/29/2017
Active Rigs	29	15	59	66	53

One well coming off confidential list: Friday, October 29, 2021: 28 for the month, 28 for the quarter, 251 for the year:

• 37978, conf, Hess, EN-Joyce-LE-156-94-1721H-5, Manitou, HUGE WELL, first production, 4/21; t--; cum 286K 8/21; the Hess EN-Joyce wells in the Manitou oil field are tracked here. See parent well here.
  

Early production numbers:

• 37978:

Date	Oil Runs	MCF Sold
9-2021	20346	0
8-2021	19396	28144
7-2021	29954	45812
6-2021	26031	35283
5-2021	63032	102218
4-2021	5259	776

RBN Energy: the challenges facing LNG-fueled independent power projects overseas.

A major driver for global growth in natural gas use, including LNG, derives from the power-generation sector. Large Japanese utilities introduced LNG into the power fuel mix in the early 1970s. More recently, a number of utilities in other countries have increased their use of gas-fired generation — and their imports of LNG — largely due to gas’s lower emissions profile and the flexibility that gas plants offer in balancing variable demand loads with variable dispatch profiles, including wind farms and solar facilities. The growing availability of LNG has also spurred interest among independent power producers (IPPs) in developing similar gas-fired projects, but so far fewer than 10 such projects have come online and some do not operate at their full potential. Why has LNG-to-power made such little headway in the independent-power segment? In today’s RBN blog, we examine the special nature of IPP-owned LNG-to-power projects and the challenges they pose not only to their sponsors but to LNG suppliers.

The use of LNG for power generation in international markets historically has been dominated by bilateral deals between LNG suppliers and large incumbent utilities that enjoy a monopoly within their service territories. The credit rating of buyers such as Tokyo Electric Power Company (TEPCO) and Japan’s Chubu Electric, coupled with their ability to commit to LNG supplies for up to 25 years, provided a number of first-generation liquefaction/LNG export projects with the certainty their developers needed to make the costly investments in those assets. These utilities were under no obligation to purchase power from third-party producers, but instead expanded their generation fleets as needed and their consumers picked up the tab.