Happy Days Are Here Again — Debt Ceiling Deal Reached; Two-Year “Deal” — Tea Leaves — May 26, 2023

Locator: 44761B.

Sell in May, go away.

So much news today — blogging delayed due to digesting all the news. 

Topics of discussion for later today. Maybe we won't get to all of them.

• Geography in time of war. 
• Area under the curve.
• My favorite chart.
• Fed rate.
• Oil shorts. 

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

Active rigs: 35.

WTI: $72.88.

Natural gas: $2.218.

Peter Zeihan newsletter.

Monday, May 29, 2023: 50 for the month; 102 for the quarter, 357 for the year
39200, conf, Slawson, Voyager 4-28H,

Sunday, May 28, 2023: 49 for the month; 101 for the quarter, 356 for the year
39192, conf, Ovintiv, Rolfsrud 152-9632-29-16H,
39168, conf, WPX, Pennington 16-15HB,

Saturday, May 27, 2023: 47 for the month; 99 for the quarter, 354 for the year
39240, conf, CLR, Skachenko FIU 6-13H,
38878, conf, Whiting, Smith 12-7-2H,

Friday, May 26, 2023: 45 for the month; 97 for the quarter, 352 for the year
39169, conf, WPX, Pennington 16-15-13HZ,
38968, conf, Hess, GO-Aslakson-156-97-2734H-5,

RBN Energy: Chevron's $7.6 billion deal for PDC Energy highlights rich Rockies cash flow.

It’s true, the Permian is — and will likely remain — the center of attention in the U.S. oil and gas industry, not just for its massive and still-growing production volumes but also for the ongoing consolidation among producers in the West Texas/southeastern New Mexico play. But while the Permian has dominated production and M&A activity the past couple of years, Chevron’s recently announced $7.6 billion acquisition of Denver-Julesburg (DJ) Basin-focused PDC Energy highlights the potential for producers to generate significant production and profits from other major U.S. regions, including the Rocky Mountains. In today’s RBN blog, we analyze Chevron’s latest mega-deal and its impacts on the buyer, seller, and the broader oil and gas industry.