Pages

Friday, October 29, 2021

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:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-20213131853252317025803216020
BAKKEN7-20213133263915335925283211500
BAKKEN6-20213034022872318122824188550
BAKKEN5-20213134453361328024376203100
BAKKEN4-20213034943620329628703247020
BAKKEN3-20213140583980361030523263060
BAKKEN2-20212838203798337026222224870
BAKKEN1-20213143234346367430117259000
BAKKEN12-20203148936406435029337251400
BAKKEN11-20203050884042447328833247550
BAKKEN10-20203164817115536730874267030
BAKKEN9-2020511122016279721969090
BAKKEN8-20202150833523335024747240240
BAKKEN7-202024800182423041820
BAKKEN6-20200000000
BAKKEN5-20200000000
BAKKEN4-2020002230000
BAKKEN3-20200000000
BAKKEN2-20200000000
BAKKEN1-20200000000
BAKKEN12-20190000000
BAKKEN11-20197756574118766885615214
BAKKEN10-2019202330229739381820914720929
BAKKEN9-201914814842128769736334338
BAKKEN8-20193033443279530437977341822714
BAKKEN7-20190000000
BAKKEN6-20190000000
BAKKEN5-20192940964273544149131368828532
BAKKEN4-20193045254617539154991482872733
BAKKEN3-201925335132464239493033572610651
BAKKEN2-20192840073880739353974465653709

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:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-20213119412012121185038251191
BAKKEN7-2021208407583374503442776
BAKKEN6-20213015461556312903390330
BAKKEN5-202131202720154719677958988
BAKKEN4-2021301922197954498269297116
BAKKEN3-2021311951191464710652101640
BAKKEN2-2021281616166077883157792132
BAKKEN1-20213122602233156110641102030
BAKKEN12-2020312357233310459819935155
BAKKEN11-2020302463247684483137815122
BAKKEN10-202031231324149747121681769
BAKKEN9-202030257123638997177710473
BAKKEN8-202052825411051178115424 

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:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-20213138138451743674360
BAKKEN7-202131606685569876878109
BAKKEN6-202130866789179944794470
BAKKEN5-20213155448115611447114470
BAKKEN4-20212944052587869786970
BAKKEN3-202130713699105993698770
BAKKEN2-202128942101918411092110360
BAKKEN1-2021311219111740613929138670
BAKKEN12-2020311161100746913278132160
BAKKEN11-20201231786036010
BAKKEN10-20200000000
BAKKEN9-20200000000
BAKKEN8-20200000000
BAKKEN7-20200000000
BAKKEN6-20200000000
BAKKEN5-20200000000
BAKKEN4-20200000000
BAKKEN3-20200000000
BAKKEN2-20200000000
BAKKEN1-20200000000
BAKKEN12-20190000000
BAKKEN11-20190000000
BAKKEN10-20190000000
BAKKEN9-20190010000
BAKKEN8-2019162831881870
BAKKEN7-2019818623812252394564659
BAKKEN6-20193081288260417377173170
BAKKEN5-20192611219905811941918946421
BAKKEN4-201991201639736083486105

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:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-2021136858072289239230
BAKKEN7-202131181117347232425236065
BAKKEN6-202130153615191191201420140
BAKKEN5-202161701422512172170
BAKKEN4-20210000000
BAKKEN3-20210000000
BAKKEN2-20210000000
BAKKEN1-20210000000
BAKKEN12-20200000000
BAKKEN11-20200000000
BAKKEN10-20200000000
BAKKEN9-20200000000
BAKKEN8-20200000000
BAKKEN7-20200000000
BAKKEN6-20200000000
BAKKEN5-20200000000
BAKKEN4-202000160000
BAKKEN3-20200000000
BAKKEN2-2020212002001551671260
BAKKEN1-2020312842813363382760
BAKKEN12-2019313883951625594970
BAKKEN11-201930369364485424820
BAKKEN10-201931337327784924300
BAKKEN9-201930354375745034430
BAKKEN8-201931413397715775150
BAKKEN7-2019314344301285514890
BAKKEN6-20193045247214450741730
BAKKEN5-20193172574013471861244

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:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
SANISH8-202131206520228282376208352
SANISH7-2021181193124955214651032192
SANISH6-20213024982615963330017271340
SANISH5-20213124232138115522701821208
SANISH4-202130310631361143401138718
SANISH3-202131292228568922958224927
SANISH2-202128197819967083318124849
SANISH1-202131175117215712615507108
SANISH12-20202923082475849384101484
SANISH11-20202922542189838518601086
SANISH10-20203124762545923559201217
SANISH9-20203025742572979545501458
SANISH8-2020151269122836817820780
SANISH7-2020141226129248421700155

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
10/29/202110/29/202010/29/201910/29/201810/29/2017
Active Rigs2915596653

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:

DateOil RunsMCF Sold
9-2021203460
8-20211939628144
7-20212995445812
6-20212603135283
5-202163032102218
4-20215259776

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.