WTI Struggles To Get Back To $70; Only One Well Coming Off Confidential List; NOG Acquires More Acreage In The Permian -- June 15, 2023

Locator: 44943B.

NOG: what a great way to start the day! Link here.

• northern Delaware Basin
• 5,600 net acres
• flowing 13,000 boepd
• one-third stake for $500 million cash
• Eddy County, NM and eastern Culberson County, TX
• operator: Earthstone
• I could have this wrong, but it's the only way the numbers "work":
• $500 million / 5,600 acres = $89,285 / acre
• $500 million / 13,000 boepd = $38,500 / boepd

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Other

World econ in three data points, central banks:

• China: cutting rates
• EU: raising rates
• US: the Goldilocks solution -- no change in rates. 

BTW: China's unemployment is soaring.

• for those aged 16 - 24: 20% are unemployed
• one way to solve this problem: war
• let's see? any thoughts?

101 days of summer: day 19.
biking weather on scale of 1 - 10: an eleven

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Back to the Bakken

WTI: $68.95.

Friday, June 16, 2023: 33 for the month; 141 for the quarter, 396 for the year
39397, conf, Krakken, Wiseman 31-36-35-34 3H,

Thursday, June 15, 2023: 32 for the month; 140 for the quarter, 395 for the year
39302, conf, CLR, Skachenko Federal 10-31H1,

RBN Energy: as US oil production and exports rise, midstream players seek an edge. Archived.

Only 20 years after Colonel Edwin Drake drilled the first commercial oil well in Titusville, PA, in 1859, the U.S. was responsible for 85% of global crude oil production and refining.

But over the next century, the country became increasingly dependent on oil imports — concerningly so at times.

Thanks to the Shale Revolution, the U.S. is now on the verge of a sea change in the supply-and-demand dynamics for crude oil, gasoline, diesel, jet fuel and other petroleum products.

In the coming years, as U.S. crude production continues to increase, essentially all incremental barrels will flow to export markets, possibly through one or more of the new offshore terminals under development off the U.S. Gulf Coast. Export growth — and the midstream infrastructure needed to facilitate it — was one of many topics covered at our recent xPortCon 2023 and the subject of today’s RBN blog, which also announces the availability of videos from last Thursday’s packed-to-the-gills conference.