WTI Breaks $70; Natural Gas Could Drop Below $2.00; 47 Active Rigs; Nine Wells Coming Off Confidential List Over Weekend -- March 27, 2023

Palm reading. Amazon style.

Collapse: of housing trust in Los Angeles.

Vacations: millennials.

COP: Australia.

A "goldilocks" economy? Link here.

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Back to the Bakken

Active rigs: 47 (recent high).

Peter Zeihan newsletter.

WTI: $70.46.

Natural gas: $2.099.

Tuesday, March 28, 2023: 86 for the month: 250 for the quarter, 250 for the year
39221, conf, Crescent Point, CPEUSC Samples 4-35-26-159N-100W-MBH-LL,
39194, conf, CLR, Allen 7-17H,

Monday, March 27, 2023: 84 for the month: 248 for the quarter, 248 for the year
39223, conf, Crescent Point, CPEUSC Samples 5-35-26-159N-100W-MBH-LL,
39195, conf, CLR, Allen 8-17HSL,
38441, conf, Hess, EN-Sable-157-93-3534H-4,
9302 (no typo), conf,  Empire North Dakota LLC, Waddle 7-29,

Sunday, March 26, 2023: 80 for the month: 244 for the quarter, 244 for the year
39220, conf, Crescent Point, CPEUSC Charlotte Elizabeth 2-34-27-159N-100W-MBH,
39196, conf, CLR, Boe State 5-16H,

Saturday, March 25, 2023: 78 for the month: 242 for the quarter, 242 for the year
39219, conf, Crescent Point, CPEUSC Charlotte Elizabeth 34-27-159N-100W-MBH,
39197, conf, CLR, Boe State 6-16H,
30860, conf, BR, Rollacleetwood 11-27MBH ULW,

RBN Energy: US E&Ps temper 2023 CAPEX increases after aggressive late-2022 investment spurt.

In marking the third anniversary of COVID’s onset, the Washington Post detailed a study that showed most of us are already shedding the virus-impacted memories of that tedious and often traumatic time to concentrate on looking ahead — a trait scientists label “future-oriented positivity bias.” That transition was clearly evident in the 2022 investment decisions of U.S. E&Ps as the capex budgets of the 42 companies we monitor, pared to the bone during the pandemic, expanded through last year from initial guidance of a 24% increase over 2021 to a final 54% reported increase for the full year. They increased production by 9% year-over-year, but producers haven’t forgotten fiscal discipline or a focus on cash flow generation. In today’s RBN blog, we analyze 2023 capital budgets that generally sustain the pace of Q4 2022 spending and eschew additional increases in a lower commodity price environment.