Six New Permits; One Permit Renewed; Ten DUCs Reported As Completed -- November 13, 2023

Locator: 46044B.  

Fisker: all last week and through the weekend there were “predictions” that Fisker would surprise on the upside -- wow, talk about planted stories -- today, the earnings report -- the company missed and withheld guidance. Investors were so excited about the reports last week that during normal trading hours, Fisker closed up 7%. After hours? Not so good: down 14%. One link here but the story is everywhere. 

The CEO remains very, very optimistic.

The numbers:

• revenue: $72 million vs forecast of $109 million; The WSJ; said expectations were a forecast of $143 million; one year earlier: revenue of $14,000 (no typo)
• EPS: (27 cents) wider than the forecast (19) cents; one year earlier, EPS (49 cents) per share.
• net loss of ($91 million) for 3Q23 vs a forecast off a ($69 million) loss

I don't think the linked CNBC article noted this but The WSJ did:

• the company previously set a production target of at least 20,000 vehicles, but in fact delivered about 1,000;

Fisker did not provide new guidance.

Other data points:

• based in Manhattan Beach, California
• the company delayed its quarterly report -- attributing the change to the departure of its chief accounting officer in late October;
• a new accounting officer reportedly began work this past week 

Wind: Charles Kennedy is reporting -- 

Danish offshore wind developer Orsted has officially withdrawn from a consortium set to bid on Norwegian offshore wind projects just days after pulling out of two U.S. offshore wind projects, Reuters reports, citing one of the consortium partners. The withdrawal comes just two days before Norway’s November 15, 2023, deadline to submit pre-qualification interests for the building of up to 1.5 gigawatts of offshore wind capacity. 

Separately, Orsted told Reuters by email that it was no longer prioritizing offshore wind development in Norway. Earlier in November, Orsted walked away from U.S. offshore wind projects, citing soaring costs, supply chain issues and high interest rates.

Prior to withdrawing from the U.S. projects, Orsted CEO Mads Nipper told Bloomberg that the Biden administration needed to guarantee more support for the projects at a time when soaring inflation was undermining the renewable energy sector.

Orsted would have received at least 30% tax credits under the U.S. Inflation Reduction Act (IRA); however, the company had asked the Biden administration to guarantee subsidies without the domestic content requirement as well as requesting more time to source U.S.-made materials due to supply chain bottlenecks.

In late August, Orsted warned that it could face up to $2.3 billion in impairments on the U.S. projects.

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Back to the Bakken

WTI: $78.53.

Active rigs: 35.

Six new permits, #40331 - $40336, inclusive:

• Operators: Grayson Mill (5); CLR
• Fields: Briar Creek (McKenzie County); St Demetrius (Billings County)
• Comments:
• CLR has a permit for a Dahle well SWSW 25-142-99, 
• to be sited 425 FSL and 420 FWL;
• Grayson Mill has permits for three Hopes wells and two Sponheim wells, lot 4, section 30-152-104, 
• to be sited between 800 FSL and 980 FSL; and between 298 FWL and 303 FWL

One permit renewed:

• 29953, Murex, Evar P. Skari, Sandrocks, McKenzie County;

Ten producing wells (DUCs) reported as completed:

• 39372, 1,241, MRO, Sandra 44-20TFH, tracked here;
  
• 39373, 3,070, MRO, Louise 34-20TFH, tracked here;
• 39375, 2,468, MRO, Beth 24-20TFH, tracked here;
• 39570, 6, Challenger Point Energy, Jacobsen 13-6, a Madison well, I believe.
  
• 39571, n/d, Challenger Point Energy, Jacobsen 11-6, a Madison well, I believe.
  
• 37694, 0, BR, Lone Beaver 2-1-17TFH,
  
• 37695, 117, BR, Lone Beaver 4-1-17MBH,
  
• 37696, 100, BR, Lone Beaver 5-1-17TFH,
  
• 37925, 0, BR, Lone Beaver 1-1-17MTFH
  
• 37956, 1,130, CLR, Brangus FIU 3-11H2, (Brangus wells tracked here);