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Wow, Wow, Wow -- The Kraken Jenna Wells Are Going To Be Monster Wells -- December 28, 2022

Updates

January 2, 2023: important update. 

Original Post 

The Kraken Jenna wells are now being reported.

See map below; this was not on my bingo card. This is about the last oil field in which I would expect wells like this. [See update, January 2, 2023, above. Now we know why.]

I have time to post only one Jenna well:

  • 38509, F/A, Kraken, Jenna 4-33-28 3H, Burg, t--; cum 239K 10/22; 240K x $70 = $17 million at the wellhead:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN10-20223022682224563168223560219091051
BAKKEN9-2022262372624128303482706426215349
BAKKEN8-2022313191231979430722904028468356
BAKKEN7-2022232033920414303871728816639490
BAKKEN6-2022293044630501467182435623569581
BAKKEN5-20222925162246654125117363131703975
BAKKEN4-2022222100121305374911480614129408
BAKKEN3-2022202304122598431731705116378434
BAKKEN2-202278138836918609586044841274
BAKKEN1-20222732369317966738223630211862052

The map:

Updating Initial Production Data For CLR Rolf Federal Wells In One Of My Favorite Fields -- December 28, 2022

The CLR Rolf Federal wells are tracked here

Updates. A couple of those wells.

38297, drl/A, CLR, Rolf Federal 9-17H, Brooklyn, t--; cum 154K 10/22;

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN10-2022311511815002200125791457386125
BAKKEN9-20223021905217952305866036642941358
BAKKEN8-20222822300223852172542732403822021
BAKKEN7-20223141194415173331375865712444222
BAKKEN6-20223042982427463740073248702132660
BAKKEN5-20228102289867156411509014789301
BAKKEN4-2022431931937409770977

38296, drl, CLR, Rolf Federal 10-17H1, Brooklyn,  t--; cum 129K 10/22

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN10-2022311592715835205505288052338139
BAKKEN9-2022251977519630222294447443858306
BAKKEN8-20222312420125051373325034194265378
BAKKEN7-20223135819358053434961224595321293
BAKKEN6-20223035717358433752360945577812785
BAKKEN5-2022888928528154671348412868616
BAKKEN4-202253353353023000

Perhaps, the parent well:

  • 20183, 282, CLR, Rolf 1-20H, Brooklyn, t6/11; cum 488K 10/22;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN10-2022318188403875207816590
BAKKEN9-2022307635513885165712520
BAKKEN8-2022316827913825117872930
BAKKEN7-202228483317345763426910
BAKKEN6-2022600121431410
BAKKEN5-20220000000
BAKKEN4-20220000000
BAKKEN3-20220000000
BAKKEN2-2022158891154872310629300
BAKKEN1-2022312025190722818248775673
BAKKEN12-20213119672062239296489011220
BAKKEN11-202130206519152589906686620
BAKKEN10-202131215323122803823178130

A Hess EN-Johnson Well Is A Monster Well -- December 28, 2022

The graphics:


The Hess EN-Johnson wells are tracked here.

Here we go.

  • 37711, loc/drl-->loc/A, Hess, EN-Johnson A-155-94-2932H-9, Alkali Creek, first production, 9/21; t--; cum 248K 10/22 in thirteen months; at the wellhead, $70 x 248 = $17.4 million.
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN10-2022318560859467813767037311359
BAKKEN9-20223082898247701537272298727400
BAKKEN8-202231696269911542534750273037447
BAKKEN7-20223111903119101386139377343535024
BAKKEN6-2022301439414381134973396933692277
BAKKEN5-20222613156131761109229424294240
BAKKEN4-202227128241280690552823427773461
BAKKEN3-202231145531458895002576825538230
BAKKEN2-2022282263122582156243644335847596
BAKKEN1-20222917106171301316338068354592609
BAKKEN12-20212722768228091351034807330211786
BAKKEN11-20213038405384212760860480580662414
BAKKEN10-20213150594505304047152343507211622
BAKKEN9-20211866016540428289918625366

From Christmas Sunday -- Focus On Fracking -- December 25, 2022

My apologies to "Focus on Fracking" for the delay in getting this posted. 

Link here.

And always the most fun:

So, based on that reported & estimated data, the crude oil figures from the EIA for the week ending December 16th appears to indicate that our total working supply of oil from net imports, from oilfield production, and from storage was 1,054,000 barrels per day less than what our oil refineries reported they used during the week.
To account for that ​obvious ​disparity between the apparent supply of oil and the apparent disposition of it, the EIA just inserted a (+1,054,000) 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  “unaccounted for crude oil” was at a record (+2,259,000) barrels per day, that means there was a 1,204,000 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 changes to supply and demand from that week to this one that are indicated by this week's report are off by that much, thus rendering those comparisons virtually meaningless....​​
However, since most everyone treats these weekly EIA reports as gospel, and since these weekly 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) ...

Again, It's Southwest Airlines -- December 28, 2022

From October 10, 2022: link here.

Now, over Christmas, 2022: link here.


Grayson Mill With Three New Permits For Charles Wells On Northwest Side Of Williston -- December 28, 2022

State income taxes, link here:

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

Active rigs: 45.

WTI: $78.96.

Natural gas: $4.709.

Three new permits, #39531 - #39533, inclusive:

  • Operator: Grayson Mill
  • Field: Todd (Williams)
  • Comments:
    • Grayson Mill has permits for three Charles wells, lot 4 section 3-154-101, 
      • to be sited between 211 FNL and 271 FNL and at 685 FWL

Russian Urals -- Update -- December 28, 2022

Russia - Ukraine.

Corroborates my thesis that Russia will have trouble replacing European buyers (previously posted).

The "Urals" for Russia is similar to the "WTI" for the US.

Link here.


 It may be a record but it won't come close to replacing its EU customers. Link here.

Energy Shareholder Returns Hit Record Levels -- RBN Energy -- December 28, 2022

SRE: link here; and, here; press release;

  • Germany's RWE will buy 2.25 million tons / year from Sempra's proposed Port Arthur plant, Texas, for 15 years
  • US LNG export projects have made over 20 supply deals since June

ICYMI: MRO expands south Texas position with $3 billion-Ensign buy;
link here; Eagle Ford;

Marathon, which reported a jump in third quarter profit on Wednesday, said the Ensign acquisition would be immediately accretive to the company's financials, including boosting its projected free cash flow in 2023 by 15%. The company expects to raise its base dividend by an additional 11% after closing the purchase, which is expected by the end of this year.

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

The Far Side: link here.

Active rigs: 45.

WTI:

Natural gas:

Thursday, December 29, 2022:
38956, conf, Ovintiv, Anderson Federal 152-96-9-4-13H,
38199, conf, Hess, EN-Rehak A-155-94-1423H-4,
37641, conf, Slawson, Genekat Federal 4-13-12TFH,

Wednesday, December 28, 2022: 72 for the month, 181 for the quarter, 726 for the year.
38954, conf, Ovintiv, Anderson Federal 152-96-9-4-5H,
37640, conf, Slawson, Genesis Federal 1 SLH, 

RBN Energy: shareholder returns reach record levels in 3Q22 as E&Ps cash generation remains strongArchived.

One of life’s vicarious pleasures is indulging in some daydreaming about what we’d do with a substantial financial windfall, maybe from a lottery win, a bequest from a long-lost relative, or a five-horse parlay. Thanks to a dramatic surge in post-pandemic commodity prices, U.S. E&Ps are living out that dream as 2022 cash flow from operating activities (CFOA) is on track to quadruple from 2020 lows and more than double from pre-pandemic levels. In allocating those funds, producers face the same kinds of decisions we would all face: ramping up current spending, whittling away at debt, tucking cash away for a rainy day, or distributing funds to family and friends. Possibly influenced by the upcoming holiday season, oil and gas producers turned extremely generous in the third quarter as shareholder returns reached record levels. In today’s RBN blog, we detail the cash-flow allocations made by the 42 publicly owned E&Ps we follow and speculate on future trends.

Let’s take a quick look at the largesse. The cash flowing into the coffers of the companies we track is on pace to exceed $160 billion, or $45 per barrel of oil equivalent (boe) produced, this year. CFOA hasn’t exceeded $25/boe since 2014, when oil prices last topped $100/bbl. The estimated 2022 result is 25% higher than the $36/boe generated in 2014, 4x the $11/boe reported in 2020, and 125% more than the $20/boe in 2021. Most impressively, the total cash generated this year is estimated to be $15 billion higher than the total net debt of the 42 producers we track.