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Friday, May 20, 2022

Hess With Five New Permits In Dollar Joe Oil Field; Eight Permits Renewed; Two Permits Canceled -- May 20, 2022

WTI: $112.50 or thereabouts.

Active rigs: 39 or thereabouts.

Daily activity report, link here.

Five new permits, #38967 - #38971, inclusive:

  • Operator: Hess
  • Field: Dollar Joe (Williams)
  • Comments:
    • Hess has permits for five GO-Aslakson wells in SESW 22-156-97; 
      • to be sited 427 FSL and between 2400 FWL and 2268 FWL.

Eight permits renewed:

  • Whiting: four Roggenbuck permits; two Helling permits; one Olson permit; and, one Bartleson permit, all in Mountrail County.

Two permits canceled:

  • 34268, PNC, CLR, Durham 12-2H1, McKenzie County.
  • 34270, PNC, CLR, Durham 14-2H1, McKenzie County.

Week 20: May 15, 2022 -- May 21, 2022.

Top story of the week:

  • Joe Biden is still president.

Top international non-energy story:

Top international energy story:

Top national non-energy story:

  • Baby formula shortage; turned out to be much more severe than many expected; caught administration completely flat-footed; even Amazon is out of formula.

Top national energy story:

  • Texas grid is holding.
  • All-time highs for price of retail gasoline and diesel.
  • More and more talk of diesel crisis this summer.

Top North Dakota non-energy story:

Top North Dakota energy story:

Geoff Simon's top North Dakota energy stories:

NDIC site is still down but shows signs of coming back up.

Bakken economy.

Commentary

$113 -- Going Into The Weekend -- May 20, 2022

Link here.


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Energy Transition Is Dead

Link here. "Energy transition is dead" is tracked here.


Over the NEXT decade? Give me a break. Call Greta. A "decade" is like forever.

EVs: Great TRADING Stocks -- May 20, 2022

Disruptive:

 Tesla, today, May 20, 2022: down another 10%, down $68; trading at $640.  

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.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

Other EVs:

  • RIVN: down 7%; trading at $28. Closed at $29.
  • RIDE (Lordstown): oh-oh; down 12%; trading at $2. Closed at $2.
  • NKLA (Nikola): down 6%; trading at $5.76. Closed at $6.
  • NIO: down 5%; trading at $16. Closed at $16.
  • GOED (Canoo): down 10%; trading at $3. Closed at $1.50.
  • GM: down 4%; trading at $35. P/E - 5.78. Closed at $35.
  • F: down 5%; trading at $12. P/E - 4.30. Closed at $12.50.

If the recession lasts eighteen to twenty-four months, a few of these names may be history.

Hess Reports Six Dry Holes On One BW-Rolfson Pad In Siverston Oil Field -- May 20, 2022

From a October 29, 2019, post:

Six new permits, #37136 - #37141, inclusive --

  • Operator: Hess
  • Field: Siverston (McKenzie)
  • Comments: 
    • Hess has permits for a 6-well BW-Rolfson pad in section 21-151-98, Siverston oil field

From May 19, 2022:

  • Hess reports six dry holes, #37136 - #37141, inclusive: BW-Rolfson wells in McKenzie County

The Siverston oil field is tracked here.  

These wells were being drilled in April, 2022.

From January 26, 2022:

Name changes of interest:

  • Hess "PA'd" six BW-Rolfson wells (#37136 - #37140, inclusive)

So, of course, nothing makes sense. Supposedly PA'd in January, 2022, but then a Noble 1 drilling rig on this pad drilling these wells in April, 2022? I can't do any more "research" until the NDIC website is back up and running and we can see the file reports.  

If these wells were truly drilled to depth, the question is whether they were fracked. This is in a great oil field so it's extremely unlikely if these were DUCs, they would have been abandoned before being completed. Did a zipper frack go bad and affect all six wells? 

Perhaps someone knows. If not, hopefully the NDIC site eventually brings up the scout tickets and the file reports as they used to be. 

Later, see comments.

NDIC Map: Hearing Dockets, May, 2022

This is something new over at the NDIC site. I have posted just a portion of the entire map. If this is new, this is a wonderful addition to the NDIC website. I'm impressed. It will make my job a lot easier tracking down these cases each month.

In a different browser, the drilling units were color coded to indicate how many wells were being considered in each case. Or perhaps that feature is also here, and I just haven't found it. I'm using the Safari browser. I prefer Firefox but NDIC won't load on Firefox, at least not yet, for me. 

Link here.

November, 2021, hearing dockets.

Case 29046:

  • 29046, Kraken, Oliver; two wells on a new standup 1920-acre unit, 33-158-98; Williams County.

From the NDIC map for the hearing dockets:

The Apple Page -- Nothing About the Bakken -- May 20, 2022

Apple TV+: finally, something to get excited about. Gets big write-up in The WSJ.

  • five-night documentary: delightful dinosaurs
  • David Attenborough hosts
  • begins Monday, Apple TV+, May 23, 2022

Mr. Attenborough restrains himself. But he does explain, with considerable enthusiasm, that what we are about to see over the following nights is based on scientific research into how dinosaurs “really lived,” adding that “the latest imaging technology enables us to bring them all to life.” 
It’s been almost 30 years since “Jurassic Park,” and what animators have developed in the interim is a consistently amazing thing. 
What’s equally consistent is the human animal’s hunger for stories, which is how “Prehistoric Planet” frames its examination of the various species: the gigantic Hoffman’s Mosasaurus of the sea; the relatively tiny but tenacious Dromaeosaurs of the poles (which are furry-feathery and look like penguin relatives); the Pterosaurs buzzing the desert landscapes; and the two-ton turtles that are feasted upon by the ubiquitous T-rex. The male, it should be mentioned, cares for the children. 
The series, being aired on consecutive evenings, is divided into “Coasts,” “Deserts,” “Freshwater,” “Ice Worlds” and “Forests.”

iPhone shipments: up nearly 20% in 1Q22 in North America. Link here.

TSMC to build plant in Singapore. Link here.

MacBook Pro supplier could move from Shanghai to Chonqqing, China. Link here

Matterhorn Express Natural Gas Pipeline -- Permian -- May 20, 2022

PGA: as it stands now, Tiger Woods (+4) will miss the cut by two strokes. Link here. He tees off at 1:36 p.m. today, along with first round leader Rory McIlroy (-5) and Jason Spieth (+2).

Permian: private E&P push Permian Delaware output to record heights in 2022, link to Rigzone.  

Total hydrocarbon production in the Permian Delaware Basin, the top-producing play in the Permian, will hit a record 5.7 million barrels of oil equivalent per day average in 2022.

Spurred on by high oil prices and appealing well economics, total production is set to grow by around 990,000 boepd, almost half of which – 433,000 boepd – is new oil production.

Investments in the basin are also expected to jump, surging more than 40 percent from 2021 levels to reach $25.7 billion this year. A significant contributor to this growth is the majors – ExxonMobil, Chevron, BP, and ConocoPhillips – who last year cut Permian Delaware investments by 33 percent vs. 2020. 

OXY? Link here.

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Back to the Bakken

Active rigs: 39 or thereabouts.

WTI: $111.80

RBN Energy: new Permian gas pipeline Matterhorn Express takes FID

The race is heating up for building natural gas pipeline takeaway capacity out of the Permian. Associated gas production from the crude-focused basin is at record highs this month and gaining momentum, which means that without additional pipeline capacity, the Permian is headed for serious pipeline constraints — and potentially negative pricing — by late this year or early next, which would, in turn, limit crude oil production growth there. Midstreamers are jockeying for the pole position to move surplus gas from the increasingly constrained basin to LNG export markets along the Gulf Coast. One of the contenders, Matterhorn Express Pipeline (MXP), a joint venture (JV) between WhiteWater, EnLink Midstream Partners, Devon Energy and MPLX, announced its final investment decision (FID) late yesterday. In today’s RBN blog, we provide new details on the greenfield project.

In a blog a couple of weeks ago, we laid out what we knew about the field of gas pipeline projects entering this summer’s race to increase egress out of the Permian. To recap, at the time there were three greenfield projects percolating: Kinder Morgan’s Permian Pass, which is assumed to be a 2.0-Bcf/d pipeline that would terminate near the Katy, TX, area; Energy Transfer’s Warrior Pipeline, which would move 1.5-2 Bcf/d of gas east from the Permian toward the Dallas area, where it would then access existing pipes to the Gulf Coast; and the focus of today’s blog, Matterhorn Express Pipeline (MXP), which would head east out of the basin toward Katy.