Locator: 44288B.
Focus on Fracking: link here.
- natural gas fell below $2 for first time in 30 months,
- ends first quarter down a record 50%;
- oil imports at a two-year low
- EIA's fudge factor update (fifth paragraph at link): 1,803,000 bbls added, line 13, EIA form.
Opening comment: it should be noted that many (most?) US shale operators say they can at least break even on $40-WTI.
- production of 50,000 bopd:
- at $40 / bbl = $2 million / day
- at $80 / bbl = $4 million / day
- CLR: before it went private --
- around 200,000 bopd: $40 x 200,000 = $8 million / day
- 200,000 bopd: $80 x 200,000 = $16 million / day
- 365 days x $16 million = $5,840 million
Note: I often make simple arithmetic errors and, in addition, some of the data may be incorrect.
Panic in the White House: oil surges. Panic?
Ovintiv: several sources -- Ovintiv in $4 billion deal to buy EnCap's assets in the Midland Basin (Permian):
- Reuters:
- @TheTerminal:
- Bloomberg:
- EnCap Investments: website.
- Representatives at Denver-based Ovintiv and EnCap didn’t immediately respond to requests for comment.
- Houston-based EnCap has been marketing its positions in the Midland Basin, which includes assets from Black Swan Oil & Gas, Piedra Resources and Petrolegacy Energy.
- The Midland Basin is part of the Permian Basin of West Texas and New Mexico, the most productive oil field in the US.
McDonald's: link here.
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