Two CLR DUCs Reported As Completed -- January 21, 2022

The Whiting Tarpon Federal wells are tracked here.  

There are two pads with six wells each.

I consider:

• the 3xxxx wells: daughter wells;
• the 2xxxx wells: parent wells; and,
• there were no 1xxxx wells in this section.

In this section there are six 2xxxxx wells:

• 22554, AB/2,272, off line since 10/19; cum 218K 10/19;
• 29199, AB/3,238, off line since 10/19; cum 196K 10/19;
• 22555, AB/3,259, off line since 10/19; cum 167K 10/19;
• 29200, AB/2,468, off line since 10/19; cum 140K 10/19;
• 22556, AB/2,967, off line since 10/19; cum 199K 10/19;
• 27413, 3,131, was off line from 10/19 to 11/20; and then off line again until 11/21, when it came back on line for 17 days; cum 194K 11/21;
• it should be noted that "AB" wells can be brought back on line; I didn't catch it but I bet #27413 is such an example.

The two DUCs reported as completed, one a middle Bakken; one a Three Forks well:

• 35772, 3,067, Whiting, Tarpon Federal 44-19-3H, Sand Creek, 33-053-08842, first production, 10/21; t--; cum 59K 11/21; 17K over 8 days extrapolates to 64K over 30 days; fracked 8/23/21 - 9/3/21; 14.5 million gallons of water; 90% water by mass; a huge frack;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2021	23	41636	41724	26368	118537	116416	2121
BAKKEN	10-2021	8	16937	16491	6716	47326	46070	1256

• 35773, 2,239, Whiting, Tarpon Federal 44-19-2TFHU, Sand Creek, 33-053-08843, first production, 10/21; t--; cum 63K 11/21; 24K over 16 days extrapolates to 44K over 30 days; fracked 8/20/21 - 9/1/21; 11.2 million gallons of water; 90$ water by mass; a moderately large frack;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2021	30	38922	38945	17013	106617	106466	151
BAKKEN	10-2021	16	23699	22832	13658	56511	48719	7792

Week 3: January 16, 2022 -- January 22, 2022

Commentary: link here.

Top story of the week:

• Biden is still president.
• Shoot-out at Haystack Butte: CLR vs BR. 
• NFL playoffs: Dallas Cowboys failed to show.
  

Top international non-energy story:

• Everything points to a "soft" takeover of Ukraine by Russia by Valentine's Day.

Top international energy story:

• Global crude oil spare capacity a myth.

Top national non-energy story:

• US equity markets plummet. Full crypto collapse underway.
  
• Gasoline demand plummets.
  
• Teddy Roosevelt statue moved from NYC to North Dakota. Represented systemic racism.
• Covid-19 keeps "seasonal flu" at bay. 
• Intel to build largest chip factory in the world; $20-billion-facility in Ohio.
  

Top national energy story:

• ISO NE burning record amounts of oil to keep the lights on. And, here. And, here.
• WTI hit $88.
• Operators fracking drilled wells as quickly as possible.
• Bumper year of natural gas commitments.
• Federal judge rules against ND federal lease sales.

Top North Dakota non-energy story:

Top North Dakota energy story:

• NDIC IT might be getting back to normal. And, here.

Geoff Simon's top North Dakota energy stories:

• Quick connects.

Operators:

• Evolution Petroleum enters the Williston Basin;
• Samson Oil & Gas Bakken assets up for sale;
• BR wants to unitize Haystack Butte;
• Ranking of Bakken producers;

Operations:

• CLR has completed the eleven-well Gordon Federal pad in Haystack Butte;
• BR active in Haystack Butte.
• Ovintiv well with 55x jump in production.

Wells:

• An old 2008 MRO well with a 54X jump in production;
• The incredibly XTO Johnson Trust wells.
• 17858: how many lives does this well have?
• CLR with a huge Harms Federal well.

Fracking:

Halo:

• Halo effect in neighboring wells -- Slawson Stallion.

DUCs:

• Bakken DUCs about half their historical high.

Pipelines:

Bakken economy:'

Commentary:

• Twenty years from now, they're going to say "we under-estimated the Bakken."
• Is $100-oil just the beginning?"
• MS says "yes" to $100-oil.
• Spare capacity is a myth.

$100 Oil? Morgan Stanley Says "Yes" -- January 21, 2022

$100: Morgan Stanley joins the long list of analysts predicting $100-oil. MS' timeline: 2H22, by the end of 2022. Link to Tsvetana Paraskova.

Morgan Stanley expects oil prices to hit $100 per barrel in the second half of the year, becoming the latest major Wall Street bank to expect triple-digit oil prices by the end of 2022.

The oil market is headed to a “triple deficit” of low inventories, low spare production capacity, and low investment.

The bank now expects oil at $100 in the third and fourth quarters of this year, lifting its previous Q3 and Q4 forecasts from $90 and $87.50 a barrel, respectively.

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

Active rigs:

$85.14	1/21/2022	01/21/2021	01/21/2020	01/21/2019	01/21/2018
Active Rigs	28	12	53	67	58

Three new permits, #38752, - #38754, inclusive:

• Operator: Ovintiv
• Field: Westberg (McKenzie)
• Comments:
• Ovintiv has permits for three Clear Creek Federal permits, to be sited in SESW 36-152-97;
• they will be sited between 530 FSL and 490 FSL and 1471 FWL;

Eighteen permits renewed:

• Enerplus (7): the "whale" pad -- an Orca permit; a Baleen permit; a Sei permit; an Omura permit; a Blue permit; a Brydes permit, and a Narwhal permit, all in Dunn County;
• Hess (6): six BB-Federal permits in McKenzie County;
• Whiting (3): three Brehm permits in Mountrail County
• Slawson (2): two Armada Federal permits in Mountrail County (or as the NDIC types it, the "Mountrial" County;

Three producing wells (DUCs) reported as completed:

• 35772, 3,067, Whiting, Tarpon Federal 44-19-3H, Sand Creek, first production, 10/21; t--; cum 59k 11/21; see this post;
  
• 35773, 2,239, Whiting, Tarpon Federal 44-19-2TFHU, Sand Creek, first production, 10/21; t--; cum 63K 11/21; see this post;
• 37407, 1,437, CLR, Gale 14-32HSL, Cedar Coulee, minimal production,
  

Road To Mexico; Learning Spanish With Sophia -- January 21, 2022

Mexico refinery almost $4 billion over budget. 

This is a huge story.

PEMEX is heavy in debt; worst among all oil companies in the entire world.

Now this.

This is Mexico's mega-refinery: the Dos Bocas project.

• 340,000 barrel / day
• purpose: halt crude oil exports starting in 2023
• now, the project may fail to produce a single gallon of gasoline in 2022;
• may produce only limited amounts of fuel for several years after that;

Costs:

• original estimate: $9.0 billion
• new estimate: $13.0 billion
  

*******************************
Sophia And Spanish

Sophia and I are taking Spanish lessons on Duolingo together. 

 For a break, we are trying something different. One of Sophia's favorite books is Sisters.

We got identical "graphic novels" at Barnes and Noble, one in English, one in Spanish. Sophia "reads" the one in Spanish and I read the one in English. This is our first time through. It will take many iterations. 

Most interesting: the translations are matched up exactly in each book, but so many idioms. It will be a challenge, but it's great fun learning these idioms. Wish us luck. Here we go.

Don't laugh. Our pronunciation is horrible, but this is our first time going through the books. The good news: my wife, Sophia's grandmother's native language is Spanish -- well, actually, her first language was Japanese but she left Japan when she was about two years old. Her first home in America was in Texas and her next language was Spanish until she started school when she was seven years old. She knew no English when she started school. She spoke Japanese with her mom and Spanish with her dad. 

So, our pronunciation is horrible but Grammy will work with us and help Sophia. I'm a lost cause. LOL.

Evolution Petroleum Enters Williston Basin -- Non-Operator -- Hart Energy -- July 21, 2022

Note: in a long note like this there will be content and typographical errors. In addition, I have included data points of my own calculations based on items from linked sources. My interpretation of the data points may be incorrect and my calculations may be incorrect. If this information is important to you, go to the source. I post this for my benefit only with the expectation that others will point out significant misreading of the linked sources and/or errors in my calculation. 

Link here: Evolution Petroleum enters the Williston Basin.

• 50% of certain interests held by privately-owned Foundation Energy Management
• $25.9 million

Evolution Petroleum: webpage.

Link here to Williston Basin deal:

• NYSE: EPM
• oil-weighted, non-operated oil and natural gas assets
• 50% of certain interests held by privately-owned Foundation Energy Management in North Dakota
• Billings, Golden Valley, and McKenzie counties
• purchase price: $25.9 million
• 2.3 million boe; 80% oil, 9% natural gas
• 39% in 73 producing wells;
• 47,500 net acres (85% held by production)
• over 400 gross potential drilling opportunities
• incremental cash flow will support quarterly dividend
• will increase Evolution's net daily production by approximately 10% or 596 boe per day
• $25.9 million for 600 flowing boepd = $45,000 / flowing boepd
• $25.9 million / 47,500 acres = $545 / acre
• working backwards:
• x * 0.10 = 596
• total production = 5,960 +596 = 6,556 boepd (?)
• Evolution now has relationship with Foundation: Evolution may propose and fund drilling locations within the asset footprint

From the blog:

Foundation Energy Management, LLC

• Whiting transfers another well to Foundation, #29562, March 24, 2017
• Whiting transfers another 61 wells to Foundation Energy Management, August 3, 2016
• daily activity reports for the first time 42 wells that were transferred from Whiting to Foundation Energy Management; appears to be Madison well package; July 29, 2016
• Whiting  transfers 331 wells to five other companies, noted December 29, 2015; companies include Foundation Energy Management, LLC; Cobra Oil and Gas Corp; and, White Rock Oil and Gas LLC;  December 9, 2015, briefing by NDIC

Well, That Was Quick -- Winter Is Over In Texas -- January 21, 2022

Relocations: from California to Texas tracked here. Add another one.

***********************************
Winter

Well, we had our one day of freezing weather. I guess it will still be cold today, but it's warming up very quickly and will be in the 60's tomorrow. Shortest winter yet?

I hope I don't have to "eat my words" in February. 

From Olivia, many years ago, but it still works, "Friday Night Barbecue Invite."

From a Texas reader a few weeks ago, his wife's Christmas present to him -- an upgrade:

And our recent upgrade:

 

 

A New Bakken Link -- Renée Jean -- Williston Herald -- January 21, 2022

How did I miss this one? Well, better late than never. 

A reader sent this to me and I finally caught it -- The Williston Herald's "Energy Chaser." 

Link here. 

Note: at the link, at the sidebar at the right at that link, is an opportunity to subscribe to the "Energy Chaser" newsletter. I highly recommend it.

**************************
Covid-19

Is anyone even paying attention any more?

Link here.

Ohio, INTC, Chips, A Republican Governor, And All That Jazz; California -- January 21, 2022

Chips: Ohio, INTC, Chips, A Republican Governor, And All That Jazz -- link here.  The big story here is this: how did California lose out on this one! California is headquarters for Intel and the home of Silicon Valley. No other place in the US, and possibly the world, compares to California when it comes to technology. 

More: the big story with regard to Intel choosing Ohio.....how in the world did California lose this?

On Jim Cramer, Huntington Bank, CEO, regarding the Intel-Ohio deal:

• the Intel chip deal: seismic; no deal like this ever before;
  
• "Silicon Valley, Midwest"
• 1,000 acres to start; option for another 1,000 acres;
• one million square feet: largest plant in the world (footprint)
• meanwhile, HBAN: quickly acquired -- regulator-approved acquisition of TCF; 
• a quick $50 billion in new assets
• big presence in Denver, the Twin Cities, Milwaukee, Chicago;

Relocations: from California to Texas tracked here. Add another one.

Investors: for some, I suppose, the sudden drop in the market has been surprising, but perhaps welcome. On the other hand, I don't think the sudden plunge in SPACs has been surprising for any serious investor. 

Link here.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

NDIC Hearing Dockets For March, 2022

Usual disclaimer applies: I do this quickly for my benefit. I do not expect readers to read this summary. There will be content and typographic errors. I used shorthand that may be confusing.  For all I know the links may not even be correct. I haven't checked them in quite awhile. In a long note like this there will be content and typographical errors. If this is important to you, go to the source.

Link here. 

Wednesday, January 1, 2022
Seven Pages

Cases, not permits.

 

Thursday, March 24, 2022, supplement:

• 29278, CLR, pooling, St Demetrius-Bakken

Thursday, March 24, 2022, supplement:

• 29268, McKenzie County Grazing Association: conversion to freshwater well;
• 29269, McKenzie County Grazing Association: conversion to freshwater well;
• 29270, McKenzie County Grazing Association: conversion to freshwater well;
• 29271, McKenzie County Grazing Association: conversion to freshwater well;
• 29272, McKenzie County Grazing Association: conversion to freshwater well;
• 29273, McKenzie County Grazing Association: conversion to freshwater well;
• 29274, McKenzie County Grazing Association: conversion to freshwater well;
• 29275, McKenzie County Grazing Association: conversion to freshwater well;
• 29276, McKenzie County Grazing Association: conversion to freshwater well;
• 29277, Sarah Short Sarbacker: conversion to freshwater well;

Thursday, March 24, 2022:

• 29251, True,NDIC, authorizing Samson Oil and Gas USA, Inc, temporary authority to rework and use the Mays #1-20H (file # 15646), section 28-150-102; McKenzie County, as a combined production/injection well for an enhanced oil recovery pilot operation in the Foreman Butte-Madison pool.
  
• 29252, CLR, St Demetrius-Bakken, amend field rules, establish an overlapping 1920-acre unit, section 36-142-99 and sections 1/12-141-99; four wells; Billings County
• 29253, CLR, St Demetrius-Bakken, establish an overlapping 1920-acre unit, section 35-142-99 and sections 2/11-141-99; four wells, Billings County
• 29254, CLR, St Demetrius-Bakken, establish an overlapping 1920-acre unit, section 34-142-99 and sections 3/10-141-99; four wells, Billings County;
• 29255, CLR, St Demetrius-Bakken, establish an overlapping 1920-acre unit, section 33-142-99 and sections 4/9-141-99; four wells, Billings County
• 29256, CLR, Bullsnake-Bakken, establish an overlapping 1920-acre unit, section 31-142-98 and sections 6/7-141-98; four wells; Billings County
• 29257, RimRock Oil & Gas, Twin Buttes-Bakken, establish an overlapping 1600-acre unit, E/2 of section 21 and all of sections 22/23-147-92; two wells, Dunn County
• 29258, Hunt, Zahl-Bakken, establish three overlapping 2560-acre units, 1) 1/12/13/24; 2) 2/11/14/23; and, 3) 3/10/15/22-159-101, ten wells on each unit, a total of 30 wells, illiams County;
• 29259, White Rock, Grassy Butte-Tyler, commingling
• 29260, CLR, pooling
• 29261, CLR, pooling
• 29262, CLR, pooling
• 29263, CLR, St Demetrius-Bakken, establish an overlapping 1920-acre unit, section 33-142-99 and sections 4/9-141-99; four wells, Billings County;
• 29264, CLR, pooling
• 29265, KODA Resources, SWD
• 29266, Ovintiv, commingling,
• 29267, Ovintiv, commingling,
  

Wednesday, March 23, 2022:

• 29230, True, spacing, Northern State well, file #37495, NWNE 36-148-102, McKenzie County
• 29231, MRO, Killdeer-Bakken, establish a 1600-acre unit; W/2-16/21, NW/4 sections 28, E/2 sections 17/20 and NE/4 of se tion 29-145-94; seven wells, Dunn County;
• 29232, Kraken, Oliver-Bakken, i) terminate an existing 2560-acre unit; establish an overlapping 3840-acre unit, sections 16/17/20/21/28/29-158-98; one well, Williams County
• 29233, Foundation Energy, Beaver Creek-Bakken, recompletion and production of one vertical well and two horizontal wells in a 640-acre unit, section 1-142-103; Golden Valley;
• 29234, Foundation Energy, Beaver Creek-Bakken, recompletion and production of one vertical well and two horizontal wells i a 640-acre unit, section 6-142-102, Billings County;
• 29235, Mimir Energy, a request to have 31 Operating be removed as operator of several wells in section 30-162-81, Bottineau County
• 29236, Prima Exploration, pooling, Divide County
• 29237, Prima Exploration, pooling, Divide County
• 29238, Hess, commingling,
• 29239, Hess, commingling,
• 29240, Grayson Mill (Equinor), commingling,
• 29241, Grayson Mill (Equinor), commingling,
• 29242, BR, commingling,
• 29243, Whiting, polling,
• 29244, Whiting, pooling,
• 29245, Whiting, pooling,
• 29246, Whiting, pooling,
• 29247, Whiting, pooling,
• 29248, Whiting, pooling,
• 29249, Ovintiv, Westberg-Bakken, two wells to be drilled on an overlapping 2560-acre unit, section 25/36-152-97; McKenzie County
• 29250, Hess, SWD
  

Tuesday, March 1, 2022:

• 29224, BR, Haystack Butte-Bakken, unitized management of the Haystack Butte-Bakken unit; McKenzie County;
  
• 29225, BR, agreement for managing the Haystack Butte-Bakken unitized unit.
  

NDIC Hearing Dockets For February, 2022

Usual disclaimer applies: I do this quickly for my benefit. I do not expect readers to read this summary. There will be content and typographic errors. I used shorthand that may be confusing.  For all I know the links may not even be correct. I haven't checked them in quite awhile. In a long note like this there will be content and typographical errors. If this is important to you, go to the source.

Link here.  

Wednesday, February 16, 2022
Nine Pages

The cases:

• 29187, Whiting, Ryder Olson 31-1H, #38541, rules to abandon this well; Williams County.
  
• 29188, Whiting, Middle Creek and/or Foreman Butte-Bakken, three overlapping standup 1920-acre units; sections 2/11/14; sections 3/10/15; and sections 4/9/16, all in 150-103; after terminating six 1280-acre units; five wells each of the three 1920-acre units; 15 wells total; McKenzie County;
  
• 29189, Whiting, Foreman Butte-Bakken; terminate four 1280-acre units; establish three overlapping 1920-acre units: 21/28/33; 22/27/34; and, 23/26/35-150-103; five wells each; 15 wells; and a 1920-acre unit; 1/12/13-150-103; four wells; 19 wells total; McKenzie County;
  
• 29190, Oasis, Cottonwood-Bakken, establish a laydown 1920-acre unit; sections 16/17/18-157-92;  six wells; Mountrail County;
  
• 29191, Oasis, Cottonwood-Bakken; establish a stand-up 1920-acre unit; sections 19/30/31-157-92; six wells; Mountrail County;
  
• 29192, Oasis, Cottonwood-Bakken, establish a stand-up 1920-acre unit; sections 20/29/32-157-92; six wells; Mountrail County;
  
• 29193, Kraken, Burg-Bakken, pooling, Williams,
  
• 29194, Kraken, Burg-Bakken, pooling, Williams,
  
• 29195, Kraken, Burg-Bakken, pooling, Williams,
  
• 29196, Kraken, Ellisville-Bakken, pooling, Williams,
  
• 29197, Oasis, Cottonwood-Bakken, pooling, Mountrail,
  
• 29198, Oasis, Cottonwood-Bakken, pooling, Mountrail,
  
• 29199, Oasis, Cottonwood-Bakken, pooling, Mountrail,
  
• 29200, Grayson Mill, Catwalk-Bakken, pooling, McKenzie, Williams
  
• 29201, Whiting, commingling, Mountrail,
  
• 29202, Whiting, commingling, Mountrail,
  
• 29203, Whiting, commingling, Mountrail,
  
• 29204, Whiting, commingling, Mountrail,
  
• 29205, Ovintiv, commingling, McKenzie,
  
• 29206, Ovintiv, Ranch Coulee-Bakken, pooling, McKenzie,
  
• 29207, MRO, commingling, Dunn
  
• 29208, MRO, commingling, Dunn
  
• 29209, MRO, commingling, Dunn,
  
• 29210, MRO, commingling, Dunn,
  
• 29211, MRO, Bailey-Bakken, pooling,
  
• 29212, Scout Management, commingling, Dunn
  

Thursday, February 17, 2022
Four Pages

The cases:

• 29213, NDIC; consider termination of the Bear Creek Duperow Unit, Dunn County, operated by XTO;
  
• 29214, CLR, Jim Creek-Bakken, establish two overlapping 2560-acre units; 25/36-146-96; and sections 30/31-146-95; and sections 1/12-145-96 and sections 6/7-145-95; two wells on each; total of four wells; Dunn County.
  
• 29215, CLR, Long Creek-Bakken, setback rules for the LCU Ralph 12-27H1, #36954, Williams;
  
• 29216, Ballard Petroleum; asking NDIC to certify the Chatfield-Madison Unit, as a qualifying secondary recovery project for eligibility for tax exemptions; Bottineau;
  
• 29217, Mercury Resources, Briar Creek-Madison, drill an increase density well on a 640-acre unit, section 23-152-104; and establish an overlapping 1280-acre unit, section 22/23-152-104, one well; Williams and McKenzie County;
  
• 29218, Enerplus, Lost Bridge and/or Big Gulch-Bakken, establish an overlapping 2560-acre unit; sections 36-148-97; section 31-148-96; section 1-147-97; and section 6-147-96; and one well; Dunn.
  
• 29219, Enerplus, South Fork-Bakken, establish an overlapping 2560-acre unit, 3/4/910-148-103, one well; Dunn
  
• 29220, Liberty Resources, West Tioga-Bakken; legalese revoking a Murex permit, Williams;
  
• 29221, Grayson Mill, Todd-Bakken, pooling, Williams
  
• 29222, CLR, Jim Creek-Bakken, pooling, Dunn
  
• 29223, CLR, Jim Creek-Bakken, pooling, Dunn
  

Mixed Bag -- Whiting's Miller Wells In The Sanish

This Whiting section is a real mixed bag. But it encapsulates everything we've talked about with regard to the Bakken in the past ten years. I won't expand. 

This well is coming off confidential list today:

• 37336, conf, Whiting, Miller 44-10TFHU, Sanish, nice well, but not all that great for the Sanish; first production, 8/21; t--; cum 30K 11/21;
  

Graphic:

Let's look at the other wells in this two-section drilling unit, along with the section line wells (four-section drilling units)):

• 22127, 1,824, Whiting, Miller 41-10H, Sanish, t6/12; cum 233K 11/21; continuous work on this well resulted in a pretty good well but it took a lot of years;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2021	30	1584	1489	2745	985	925	0
BAKKEN	10-2021	31	1173	1093	2397	947	860	25
BAKKEN	9-2021	30	628	662	2591	451	367	24
BAKKEN	8-2021	31	947	998	4082	399	394	5
BAKKEN	7-2021	31	2131	2085	7123	1274	1215	59

• 22126, PNC, Whiting, Miller 41-10PNC, Sanish; 
• 28971, replaced #22126, 497, Whiting, Miller 41-10TFH, Sanish, t10/14; cum 135K 11/21; a lousy well for the Sanish;
  

• 18743, 1,468, Whiting, Miller 43-10H, Sanish, t8/10 cum 393K 11/21; continuous work on this well resulted in a pretty good well but it took a lot of years;
  

• 21009, daughter well, 608, Whiting, Miller 43-10TFH, Sanish, t6/12; cum 145K 11/21; mediocre well at best;
  

• 17643, parent well, 1,038, Whiting, Andeson 44-10H, Snaish, t4/09; cum 271K 11/21; nice bump in production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2021	30	1379	1338	4094	1096	1036	0
BAKKEN	10-2021	31	1510	1455	4229	1298	1201	35
BAKKEN	9-2021	30	2357	2438	4249	1698	1536	102
BAKKEN	8-2021	31	2738	2605	5081	2430	2397	33
BAKKEN	7-2021	18	452	430	1737	692	660	32
BAKKEN	6-2021	0	0	0	0	0	0	0
BAKKEN	5-2021	0	0	0	0	0	0	0
BAKKEN	4-2021	5	63	93	60	108	108	0
BAKKEN	3-2021	31	466	486	299	910	848	0

• 37337, drl/A, Whiting, Miller 44-10HU, 33-061-04668, Sanish, t--; cum 75K 11/21;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2021	30	22457	22477	18504	26496	25701	711
BAKKEN	10-2021	31	21873	21856	20453	22157	21446	621
BAKKEN	9-2021	30	22013	22087	27922	20685	18218	2389
BAKKEN	8-2021	8	5634	5688	7087	4993	4650	322
BAKKEN	7-2021	18	3065	2753	16523	141	0	10

• 37336, drl, Whiting, Miller 44-10TFHU, 33-061-04667, Sanish, t--; cum 34K 11/21;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	11-2021	30	9603	9620	36743	11418	11076	306
BAKKEN	10-2021	31	10191	10186	37573	9555	9248	268
BAKKEN	9-2021	30	10601	10642	41967	11435	10071	1321
BAKKEN	8-2021	7	2840	2776	5905	3163	2946	204
BAKKEN	7-2021	20	652	586	12906	38	0	3

• 23568, AB, Whiting, Miller 44-10H, Sanish, t12/12; cum 170K 1/20; off line since 1/20; a lousy well for the Sanish;
• 37335, conf, Whiting, Miller 44-10-2H, Sanish, 33-061-04666, t--; cum 45K 11/21;
  

Date	Oil Runs	MCF Sold
11-2021	16588	16046
10-2021	14066	13552
9-2021	14548	13433
8-2021	1232	1102

• 23569, AB, Whiting, Miller 44-10TFH, Sanish, t12/12; cum 118K 1/20; off line since 1/20; a lousy well for the Sanish;
  

Gasoline Demand: Are We Missing Something? January 21, 2022

Re-posting, from yesterday:

Link here.  

 From a reader who follows this very, very, very closely: 

The gasoline inventory increase of 23,962,000 barrels over the past 3 weeks appears to be the largest in any three week period on record, and even exceeded the 4 week inventory increase of 23,952,000 barrels that we saw at the outset of the pandemic lockdowns from mid-March to mid April of 2020.

Repeat:

The gasoline inventory increase of 23,962,000 barrels over the past 3 weeks appears to be the largest in any three week period on record, and even exceeded the 4 week inventory increase of 23,952,000 barrels that we saw at the outset of the pandemic lockdowns from mid-March to mid April of 2020.

Demand destruction?

One Well Coming Off Confidential List; WTI Steps Back A Bit; Gasoline Demand Plunging (?) -- January 21, 2022

Wow, wow, wow: about a week ago I mentioned the only way upstream companies could grow. LOL. Now, validated. See RBN Energy below. Wow.  

Fight of his life: he's been through worse, but right now Jim Cramer looks like he could be very, very vulnerable. Jim coined "FANG." He says he is now trying to get the "N" out of there. CNBC now shows chart of F.A.A.N.G. New mantra:

Buy real companies making real money on real profits.

NFLX: in free fall. Pre-market suggests it could fall another 20% today. But, the fact remains: NFLX is way ahead of what the other streaming companies are doing. NFLX is cash flow positive and it will be years before other streaming companies will be cash flow positive. At the open, drops $126; drops 25%; now trading well below $400. Salvation:

• pivot to metaverse 
• (on a side note: hate him or love him, Zuckerberg's pivot seems to have been incredibly prescient)
  
• buy a huge gaming company

Bitcoin: it got much worse overnight; early in the evening last night, down 5% in after market trading; this morning, pre-market trading, trending toward down 10%.  

INTC: to build $20 billion chip factory in Ohio.

Investors: time to average down? Buffett's advice? Memo to self: google Buffett quote greedy fearful. 

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

Gasoline demand: is anyone paying attention? See this post.

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Back to the Bakken

Active rigs:

$84.97	1/21/2022	01/21/2021	01/21/2020	01/21/2019	01/21/2018
Active Rigs	28	12	53	67	58

Friday, January 21, 2022: 35 for the month, 35 for the quarter, 35 for the year

• 37336, conf, Whiting, Miller 44-10TFHU, Sanish, nice well, but not all that great for the Sanish; first production, 8/21; t--; cum 30K 11/21; see this post.
  

RBN Energy: upstream consolidation surges on drive to maximize cash flow. Archived. 

In March 2020, the collapse of the OPEC-plus coalition, the initiation of COVID-19 lockdowns, and other factors pushed the U.S. E&P sector to the brink of insolvency. Crude oil prices had crashed to $20/bbl — one-third their level at the start of that fateful year — and producers had shifted to survival mode, slashing capex, cancelling infrastructure projects, and eyeing new, more dire worst-case scenarios. Who would have thought that only 22 months later E&Ps would be winning back investors and enjoying sky-high share prices? Of course, the recovery in commodity prices played a major role in this reversal. But another driver has been an unexpected wave of corporate consolidation that has allowed many E&Ps to boost their inventories of high-margin assets, accelerate free cash flow generation, and grow shareholder returns while slashing capital and corporate expenditures. In today’s RBN blog, we examine the forces behind — and the implications of — the most important surge of corporate upstream deals in two decades.

In the past 18 months, the value of announced U.S. corporate transactions in the E&P space soared to $82 billion, more than eight times the total of the previous 12 months. Most significantly, these deals involving publicly traded companies accounted for three-quarters of total M&A transaction value and included more than 20 transactions valued at over $400 million. Concurrently, several major private equity firms have been merging their portfolio companies into a single entity — or “smash-co,” to use the industry term.