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Sunday, August 7, 2022

Focus On Fracking -- August 7, 2022

Link here.

Lede:

Strategic Petroleum Reserve at a 37-year low; ​oil rigs fall by most in 25 months, ​natural gas rigs at a 35 month high.

EIA:

US oil data from the US Energy Information Administration for the week ending July 29th indicated that after a jump in our oil imports, a drop in our oil exports, and another big withdrawal of crude from the SPR, we were able to add oil to our stored commercial crude supplies for the 3rd time in 7 weeks, and for the 15th time in the past 36 weeks. 
Our imports of crude oil rose by an average of 1,178,000 barrels per day to a 2 year high of 7,342,000 barrels per day, after falling by an average of 355,000 barrels per day during the prior week, while our exports of crude oil fell by 1,036,000 barrels per day to 3,512,000 barrels per day, which meant that our trade in oil worked out to a net import average of 3,830,000 barrels of oil per day during the week ending July 29th, 2,214,000 more barrels per day than the net of our imports minus our exports during the prior week. 
Over the same period, production of crude from US wells was reportedly unchanged at 12,100,000 barrels per day, and hence our daily supply of oil from the net of our international trade in oil and from domestic well production appears to have totaled an average of 15,930,000 barrels per day during the July 29th reporting week.

Meanwhile, US oil refineries reported they were processing an average of 15,853,000 barrels of crude per day during the week ending July 29th, an average of 174,000 fewer barrels per day than the amount of oil than our refineries processed during the prior week, while over the same period the EIA’s surveys indicated that a net average of 32,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US. 
So, based on that reported & estimated data, the crude oil figures from the EIA for the week ending July 29th appear to indicate that our total working supply of oil from net imports, from oilfield production, and from storage was 109,000 barrels per day more than what our oil refineries reported they used during the week
To account for that disparity between the apparent supply of oil and the apparent disposition of it, the EIA just inserted a (-109,000) barrel per day figure onto line 13 of the weekly U.S. Petroleum Balance Sheet in order to make the reported data for the daily supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus suggesting there must have been an omission or error of that magnitude in this week’s oil supply & demand figures that we have just transcribed... 
... moreover, since last week’s EIA fudge factor was at (+864,000) barrels per day, that means there was a 973,000 barrel per day difference between this week's balance sheet error and the EIA's crude oil balance sheet error from a week ago, and hence the week over week supply and demand changes indicated by this week's report are completely worthless....however, since most everyone treats these weekly EIA reports as gospel, and since these figures often drive oil pricing, and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it's published, and just as it's watched & believed to be reasonably accurate by most everyone in the industry...(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil, see this EIA explainer).

CLR -- Corporate Presentation -- July, 2022

Link here.

Sixteen slides.

  • Title page.
  • Disclaimer.
  • Map: overview of US operations
  • Financial results: summary
  • Production guidance: 200,000 to 210,000 bopd
  • Cash flow and debt maturities
  • ESG
  • Contact information
  • Title slide: reference materials
  • Financial data

Transcripts here.

I see the same slide presentation but haven't found the transcript yet. Later: see first comment -- apparently no "earnings call' this quarter.

Press release, earnings, guidance, dividend, 2Q22.

A Tough Investing Quarter For Everyone -- August 7, 2022

Berkshire Hathaway's 2Q22 earnings, link here:

  • The conglomerate’s operating earnings totaled $9.283 billion in the second quarter of 2022, marking a 38.8% increase from a year ago.
  • However, the company posted a $53 billion loss on its investments during the quarter.
  • Warren Buffett again asked investors to not focus on the quarterly fluctuations in its equity investments.

The conglomerate’s operating earnings — which encompass profits made from the myriad of businesses owned by the conglomerate like insurance, railroads and utilities — totaled $9.283 billion in the second quarter of 2022, Berkshire reported Saturday morning. It marked a 38.8% increase from the same quarter a year ago.

Let's see: that would be:

  • BNI

Initial Data Production For Wells Coming Off Confidential List This Next Week -- August 7, 2022

The wells:

  • 38002, conf, Hess, CA-E Burdick-LE-155-95-29H-1, Capa,
DateOil RunsMCF Sold
6-2022679939299
5-20221159940745
4-2022943632788
3-20222267333397
2-20221615115331
  • 36640, conf, Hess, BL-S Ramberg-LS-155-95-0601H-1, Beaver Lodge,
DateOil RunsMCF Sold
6-20221121530939
5-20221692334604
4-20221197918612
3-20221643234143
2-20222230627625
  • 38004, conf, Hess, CA-E Burdick-155-95-2932H-7, Capa,
DateOil RunsMCF Sold
6-20221352633440
5-202214732044
4-20221356327310
3-20223888145726
2-20223535223963
  • 37012, conf, CLR, LCU Ralph Federal 5-27H1, Long Creek, no production data, 
  • 37925, conf, BR, Lone Beaver 1-1-17MTFH, North Fork, no production data ,
  • 37205, conf, Grayson Mill, Larsen 10-2 XE 1H, Avoca, Williams County, southeast of Williston,
DateOil RunsMCF Sold
6-20221826021837

Wells Coming Off The Confiidential List This Next Week -- August 7, 2022

Wednesday, August 17, 2022: 10 for the month, 41 for the quarter, 380 for the year

  • 38002, conf, Hess, CA-E Burdick-LE-155-95-29H-1,

Tuesday, August 16, 2022: 9 for the month, 40 for the quarter, 379 for the year

  • 36640, conf, Hess, BL-S Ramberg-LS-155-95-0601H-1,

Monday, August 15, 2022: 8 for the month, 39 for the quarter, 378 for the year

  • None.

Sunday, August 14, 2022: 8 for the month, 39 for the quarter, 378 for the year

  • None.

Saturday, August 13, 2022: 8 for the month, 39 for the quarter, 378 for the year

  • None.

Friday, August 12, 2022: 8 for the month, 39 for the quarter, 378 for the year

  • None.

Thursday, August 11, 2022: 8 for the month, 39 for the quarter, 378 for the year

  • None. Six months ago: February, coldest month of the year in North Dakota.

Wednesday, August 10, 2022: 8 for the month, 39 for the quarter, 378 for the year

  • 38004, conf, Hess, CA-E Burdick-155-95-2932H-7,
  • 37012, conf, CLR, LCU Ralph Federal 5-27H1,

Tuesday, August 9, 2022: 6 for the month, 37 for the quarter, 376 for the year

  • 37925, conf, BR, Lone Beaver 1-1-17MTFH,

Monday, August 8, 2022: 5 for the month, 36 for the quarter, 375 for the year

  • None.

Sunday, August 7, 2022: 5 for the month, 36 for the quarter, 375 for the year

  • None.

Saturday, August 6, 2022: 5 for the month, 36 for the quarter, 375 for the year

  • 37205, conf, Grayson Mill, Larsen 10-2 XE 1H,

Atmospheric CO2 -- July, 2022

Link here. Posted overnight.

China ends climate talks with US after Nancy Pelosi visit to Taiwan. Not that anyone took China's talk seriously anyway.

On another note, it looks like North Dakota will have bumper crops: wheat and corn. Ukraine? Perhaps not so much.