Wednesday, December 28, 2022
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:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2022 | 30 | 22682 | 22456 | 31682 | 23560 | 21909 | 1051 |
| BAKKEN | 9-2022 | 26 | 23726 | 24128 | 30348 | 27064 | 26215 | 349 |
| BAKKEN | 8-2022 | 31 | 31912 | 31979 | 43072 | 29040 | 28468 | 356 |
| BAKKEN | 7-2022 | 23 | 20339 | 20414 | 30387 | 17288 | 16639 | 490 |
| BAKKEN | 6-2022 | 29 | 30446 | 30501 | 46718 | 24356 | 23569 | 581 |
| BAKKEN | 5-2022 | 29 | 25162 | 24665 | 41251 | 17363 | 13170 | 3975 |
| BAKKEN | 4-2022 | 22 | 21001 | 21305 | 37491 | 14806 | 14129 | 408 |
| BAKKEN | 3-2022 | 20 | 23041 | 22598 | 43173 | 17051 | 16378 | 434 |
| BAKKEN | 2-2022 | 7 | 8138 | 8369 | 18609 | 5860 | 4484 | 1274 |
| BAKKEN | 1-2022 | 27 | 32369 | 31796 | 67382 | 23630 | 21186 | 2052 |
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;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2022 | 31 | 15118 | 15002 | 20012 | 57914 | 57386 | 125 |
| BAKKEN | 9-2022 | 30 | 21905 | 21795 | 23058 | 66036 | 64294 | 1358 |
| BAKKEN | 8-2022 | 28 | 22300 | 22385 | 21725 | 42732 | 40382 | 2021 |
| BAKKEN | 7-2022 | 31 | 41194 | 41517 | 33313 | 75865 | 71244 | 4222 |
| BAKKEN | 6-2022 | 30 | 42982 | 42746 | 37400 | 73248 | 70213 | 2660 |
| BAKKEN | 5-2022 | 8 | 10228 | 9867 | 15641 | 15090 | 14789 | 301 |
| BAKKEN | 4-2022 | 4 | 319 | 319 | 3740 | 977 | 0 | 977 |
38296, drl, CLR, Rolf Federal 10-17H1, Brooklyn, t--; cum 129K 10/22:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2022 | 31 | 15927 | 15835 | 20550 | 52880 | 52338 | 139 |
| BAKKEN | 9-2022 | 25 | 19775 | 19630 | 22229 | 44474 | 43858 | 306 |
| BAKKEN | 8-2022 | 23 | 12420 | 12505 | 13733 | 25034 | 19426 | 5378 |
| BAKKEN | 7-2022 | 31 | 35819 | 35805 | 34349 | 61224 | 59532 | 1293 |
| BAKKEN | 6-2022 | 30 | 35717 | 35843 | 37523 | 60945 | 57781 | 2785 |
| BAKKEN | 5-2022 | 8 | 8892 | 8528 | 15467 | 13484 | 12868 | 616 |
| BAKKEN | 4-2022 | 5 | 335 | 335 | 3023 | 0 | 0 | 0 |
Perhaps, the parent well:
- 20183, 282, CLR, Rolf 1-20H, Brooklyn, t6/11; cum 488K 10/22;
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2022 | 31 | 818 | 840 | 3875 | 2078 | 1659 | 0 |
| BAKKEN | 9-2022 | 30 | 763 | 551 | 3885 | 1657 | 1252 | 0 |
| BAKKEN | 8-2022 | 31 | 682 | 791 | 3825 | 1178 | 729 | 30 |
| BAKKEN | 7-2022 | 28 | 483 | 317 | 3457 | 634 | 269 | 10 |
| BAKKEN | 6-2022 | 6 | 0 | 0 | 12 | 143 | 141 | 0 |
| BAKKEN | 5-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 4-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 3-2022 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| BAKKEN | 2-2022 | 15 | 889 | 1154 | 872 | 3106 | 2930 | 0 |
| BAKKEN | 1-2022 | 31 | 2025 | 1907 | 2281 | 8248 | 7756 | 73 |
| BAKKEN | 12-2021 | 31 | 1967 | 2062 | 2392 | 9648 | 9011 | 220 |
| BAKKEN | 11-2021 | 30 | 2065 | 1915 | 2589 | 9066 | 8662 | 0 |
| BAKKEN | 10-2021 | 31 | 2153 | 2312 | 2803 | 8231 | 7813 | 0 |
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.
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 10-2022 | 31 | 8560 | 8594 | 6781 | 37670 | 37311 | 359 |
| BAKKEN | 9-2022 | 30 | 8289 | 8247 | 7015 | 37272 | 29872 | 7400 |
| BAKKEN | 8-2022 | 31 | 6962 | 6991 | 15425 | 34750 | 27303 | 7447 |
| BAKKEN | 7-2022 | 31 | 11903 | 11910 | 13861 | 39377 | 34353 | 5024 |
| BAKKEN | 6-2022 | 30 | 14394 | 14381 | 13497 | 33969 | 33692 | 277 |
| BAKKEN | 5-2022 | 26 | 13156 | 13176 | 11092 | 29424 | 29424 | 0 |
| BAKKEN | 4-2022 | 27 | 12824 | 12806 | 9055 | 28234 | 27773 | 461 |
| BAKKEN | 3-2022 | 31 | 14553 | 14588 | 9500 | 25768 | 25538 | 230 |
| BAKKEN | 2-2022 | 28 | 22631 | 22582 | 15624 | 36443 | 35847 | 596 |
| BAKKEN | 1-2022 | 29 | 17106 | 17130 | 13163 | 38068 | 35459 | 2609 |
| BAKKEN | 12-2021 | 27 | 22768 | 22809 | 13510 | 34807 | 33021 | 1786 |
| BAKKEN | 11-2021 | 30 | 38405 | 38421 | 27608 | 60480 | 58066 | 2414 |
| BAKKEN | 10-2021 | 31 | 50594 | 50530 | 40471 | 52343 | 50721 | 1622 |
| BAKKEN | 9-2021 | 18 | 6601 | 6540 | 4282 | 8991 | 8625 | 366 |
From Christmas Sunday -- Focus On Fracking -- December 25, 2022
My apologies to "Focus on Fracking" for the delay in getting this posted.
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) ...
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
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.
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 strong. Archived.
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.