Sunday, April 3, 2022

Focus On Fracking; Five Wells Coming Off Confidential List; WTI Holding — April 3, 2022

Focus on fracking: latest edition posted.

Oil

  • Most interesting number to watch this week:
    •  change day/day and week/week, WTI.
      • at 6:26 a.m. this morning, Monday: up 0.45%; trading at $99.72
    • call it what you want, it's $100 in my book

ISO NE: spiked to $102 / MWh earlier this a.m.

  • now down to $51
  • at 18% hydro is carrying a significant load
  • demand is the usual 13,457 MW

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Back to the Bakken

Active rigs:

$9.72
4/4/202204/04/202104/04/202004/04/201904/04/2018
Active Rigs3313446256

Monday, April 4, 2022: 7 for the month, 7 for the quarter, 166 for the year

  • 38518, conf, CLR, Thorp Federal 8-28H,
  • 37015, conf, CLR, LCU Ralph 2-27H,

Sunday, April 3, 2022: 5 for the month, 5 for the quarter, 164 for the year

  • 38548, conf, Ovintiv, Wisness State 152-96-16-21-6H,
  • 38526, conf, CLR, Thorp Federal 9-28HSL1,
Saturday, April 2, 2022: 3 for the month, 3 for the quarter, 162 for the year
  • 38545, conf, Ovintiv, Wisness State 152-96-16-21-14H,

RBN Energy: drilling down into major E&Ps CAPEX and production guidance, part 3

The Biden administration’s March 31, 2022, announcement that it will release an average of 1 MMb/d of crude oil from the Strategic Petroleum Reserve over the next six months was an acknowledgement of sorts that U.S. E&Ps won’t be ramping up their production enough in the near term to bring down oil or gasoline prices. [Agree completely; it was also a sign that Saudi Arabia wasn't going to toss Biden a lifeline.]
It seems like a good assumption because, while the 40-plus crude oil and natural gas producers we monitor have indicated they are planning a 23% increase in capital spending this year and an 8% increase in production, further examination reveals that those numbers are somewhat misleading — the real gains will be significantly smaller. In today’s RBN blog, we scrutinize producers’ spending plans and production outlooks by peer group and company-by-company.

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