Thursday, March 3, 2022

Two Wells Coming Off Confidential List -- March 3, 2022

Top story: KKR, Pembina combine Canadian gas assets. Link to Charles Kennedy.

  • this is a biggie, and on top of that, Charles Kennedy got the story
  • $9 billion deal
  • the two will also acquire the assets of Energy Transfer in the region
  • the new company, for now called Newco
  • Pembina: to own 60%:
  • KKR will hold the rest; back-of-the-envelope suggests KKR will hold 40%;
  • assets to be included in Newco
  • Pembina's field-based natural gas processing assets
  • the Veresen pipeline business (a joint venture between KKR and Pembina)
  • assets of Energy Transfer Canada, 49% owned by funds managed by KKR
  • it appears Veresen was the key, with ETC thrown in 

CNBC

  • I haven't watched CNBC for about four weeks now; don't miss it
    • from social media I understand Sorkin and Kernan got into a "spat" yesterday over renewable energy
    • number one reason why I won't watch CNBC: Sorkin.
  • now I see on social media, Jim Cramer is calling "oil a perma short."
    • that pretty much does it for me
    • for now
    • oh, I know, I will end up going back to CNBC someday and write good things about it
  • I flip-flop a lot; I follow the science, the data, LOL, I'm a data-driven guy, LOL, just like Fauci and Jay Powell
Fauci and other people of the year:
  • hey, by the say, did anyone notice, Fauci was not mentioned in the SOTU address?
    • and after all he did to guide the US through one of the worse panics -- I mean pandemics -- ever?
    • he deserves the Nobel prize in medicine or perhaps the Peace Prize; definitely no prize in economics;
  • Zelenskyy: Time's man of the year
  • whatever happened to Greta?

Oil:

  • Brent: up 2% overnight; up $2.40; trading at $115.30
  • WTI: up almost 3% overnight; up $3.09; trading at $113.70

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

Active rigs:

$113.70
3/3/202203/03/202103/03/202003/03/201903/03/2018
Active Rigs3115506759

Thursday, March 3, 2022: 4 for the month, 112 for the quarter, 112 for the year

  • 38418, conf, Ovintiv, Bernice 150-99-20-17-6H, South Tobacco Garden, nice well, first production, 12/21; t--; cum 56K 1/21;
  • 38123, conf, CLR, Flint Chips Federal 4-5H, Cedar Coulee, no production data;

RBN Energy: there's plenty of energy, no shortage; it just depends on how much you want to pay for it, so let's make natural gas power plants even more expensive: co-powering natural-gas-fired power plants with hydrogen. Rube Goldberg? They're gonna use natural gas to make hydrogen, and then use that hydrogen to power natural gas plants. I can't make this stuff up. Oh, why not, we've tried everything else.

It’s true. A lot of folks harbor serious doubts about whether “green,” “blue,” or “pink” hydrogen (H2) can ever be produced efficiently and cheaply enough — and in sufficient volumes — to justify blending hydrogen with natural gas, let alone using H2 as an outright replacement for gas. At the same time, though, a growing number of electric utilities and independent power producers — generally cautious groups — are planning new, large-scale power plants that will be capable of hydrogen/natgas co-firing from the get-go, and can be converted with relative ease to 100% H2 later on. Can hydrogen really make sense as a generation fuel? In today’s RBN blog, we begin a series on the prospects for environmentally friendly hydrogen — and ammonia, an H2 carrier — in the power generation sector.

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