Three Wells Coming Off Confidential List -- March 4, 2022

$200: London-based hedge fund sees $200-oil if restrictions / sanctions are placed on Russian energy exports. $200-oil is unlikely -- already there is chatter that:

a) Europe can get through next winter without Russia's natural gas; and,
b) Russia is having trouble finding buyers for its oil

Forecast, not mine, other:

• European recession is a given;
• US must "crash" its own economy to save Europe:
• US must do whatever it takes to get US production above 13.25 million bopd; and,
• what it takes to get US refineries operating at max capacity to export refined products to Europe

************************
Back to the Bakken

Active rigs:

$110.40	3/4/2022	03/04/2021	03/04/2020	03/04/2019	03/04/2018
Active Rigs	31	15	50	68	59

Friday, March 4, 2022: 7 for the month, 115 for the quarter, 115 for the year

• 38488, conf, Eagle Operating, M Miller 29-9,
• 38419, conf, Ovintiv, Bernice 150-99-20-17-7H,
• 38124, conf, CLR, Dennis FIU 4-8H,

RBN Energy: US midstream consolidation continues on many fronts, part 4. 

Amid all the energy-market excitement of the past few months — the soaring demand for LNG, the march to $100/bbl crude oil, sky-high propane prices, and the like — there also has been a continuing consolidation and repositioning in the U.S. midstream sector. While midstream M&A activity has been all over the map, literally and figuratively, it also has revealed discernible themes, chief among them a push to increase the scale and efficiency of gathering systems. Also evident is the desire to expand into growing production areas and, for some energy giants, to either buy out stakes held by joint venture partners or absorb midstream master limited partnerships they had spun off a few years ago. In today’s RBN blog, we discuss a variety of recent midstream deals and what they tell us about 2022’s energy market.