Focus On Fracking; WTI / Brent Surging With Unexpected OPEC Cut ; McDonald's Prepares To Announce C-Suite Cuts / Reorg -- April 2, 2023

Locator: 44288B.

Focus on Fracking: link here.

• natural gas ​​f​ell 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.