Enerplus With Four New Permits; Eleven Permits Renewed; EOG Cancels Seven Permits; One DUC Reported As Completed -- April 27, 2022

Putin's War: Washington approves more US LNG exports for Europe. 

Gasoline demand, link here. To meet / exceed June, 2021, numbers, gasoline demand is going to have to jump about one million bpd.

Earnings released today, of interest:

• AMGN (after market close: forecast; $4.15)
• beat on both top and bottom line
• EPS: reported $4.25 vs $4.13 forecast
• revenue: reported $6.24 billion vs $6.11 forecast
  
• AR (Antero Resources) (forecast: $1.12)
• a loss of 50 cents / diluted share compared to a loss of 5 cents per prior year period
• net income: $1.15 per diluted share compared to 62 cents per diluted share in prior period
  
• Boeing (forecast: -27 cents); stock fell 5% yesterday; today, pre-market today, down 3%;
• EPS: miss; holy mackerel; reported, -$2.75 vs -25 cents; surprise: -1,022%
• revenue: miss; reported $13.99 billion vs expected $15.9 billion; surprise: -12%
• is pausing 777X production; doesn't expect deliveries until 2025
• ramping up the 737Max to 31 / month in the next quarter
  
• CP (Canadian Pacific)
• NSC (Norfolk Southern Corp) (forecast: $2.92); 
• stock fell 2% yesterday; up 2.7% today; up $6.90; trading at $262.53
  
• HES (before market open; forecast: $1.13)
• EPS: pending
• revenue: a huge 15.6% beat; reported $2.37 billion vs $2.05 billion forecast
  
• QCOM (forecast: $2.91) -- see CNBC.
  
• EPS: $3.21 vs $2.91 expected; up 69% y/y
• revenue: $11.16 billion vs $10.60 billion expected; up 41% y/y
• chip sales, $9.55 billion vs $8.86 expected; up 52% y/y
• guidance slightly higher than forecast
  
• F (Ford) (forecast: 37 cents)
• in-line
• net profit dragged down by its stake in Rivian (EVs)
• Rivian stock lost 52% of its market cap during the first quarter
• Ford's stake: was $10.6 billion; now, $5.1 billion
• adjusted loss:
• excluded that $5.4 billion Rivian loss
• net loss, including Rivian: a loss of $3.1 billion
• adjusted EPS, reported 38 cents vs 37 cents
• revenue, reported $32.1 billion vs $31.13 billion
  

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Back to the Bakken

Shale oil: three US shale producers are raising production: CLR, Hess, Matador. 

Active rigs:

$102.00	4/27/2022	04/27/2021	04/27/2020	04/27/2019	04/27/2018
Active Rigs	37	16	30	64	62

Four new permits, #38903 - #38906, inclusive:

• Operator: Enerplus
• Fields: Murphy Creek (Dunn County);
• Comments:
• Enerplus has permits for four MC-Kudrna wells in SWSE 10-144-95; 
• to be sited 222 FSl and between 1525 FEL and 1354 FEL; 

Eleven permits renewed:

• Enerplus (5): four LK-Hamilton permits, and one Madrigal permit, all in Dunn County
• Rimrock (3): three Two Shields butte permits in Dunn County
• Sinclair (3): three Lizzie Rae permits in McKenzie County.

Eight permits canceled:

• EOG (7): five Ross permits and two Burke permits, all in Mountrail County (wow, this has to irritate a number of small mom-and-pop mineral owners.
• Enerplus: one Anole permit in McKenzie County.

One producing well (a DUC) reported as completed:

• 35754, 2,548, XTO Energy, Tom State 34X-1A, Alkali Creek, no production data,