It's Monday, Oil Is Down -- Monday, December 11, 2023

Locator: 46276B.

OXY to buy Crown rock. $12 billion. Targeting $6 billion in divestments.

Russian: oil sanctions, reality sucks.

• despite sanctions, war, Russia's GDP surges
• making more money on oil than before sanctions

Transitory: December drop in 1 year inflation expectations within⁦ UMich ⁩sentiment index was largest 1-month decline since October 2001.

Employment: November marked another month of the unemployment rate staying below 4% … quite a streak when looking back at history.

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Back to the Bakken

EOG:

• relentless production;
• EOG production;
• but the stock goes nowhere

WTI: $70.73.

Tuesday, December 12, 2023: 17 for the month; 166 for the quarter, 736 for the year
39715, conf,  Petro-Hunt, Joel Goodsen 149-102-32C-29-2H,
39312, conf, Hess, SC-JW Hamilton-LN-153-99-1314H-1,

Monday, December 11, 2023: 15for the month; 164 for the quarter, 734 for the year
39714, conf, Petro-Hunt, Dudley Dawson 148-103-2B-11-1H,

Sunday, December10, 2023: 14 for the month; 163 for the quarter, 733 for the year
39713, conf, Petro-Hunt, Dudley Dawson 148-103-2B-11-2H, 
38255, conf, Hess, EN-State B-155-93-0916H-8,

Saturday, December 9, 2023: 12 for the month; 161 for the quarter, 731 for the year
38256, conf, Hess, EN-State B-155-93-0916H-9,

RBN Energy:  E&P returns stall despite higher cash flows as caution prevails.

Despite dreams of a white Christmas and a “soft landing” for the U.S. economy, there’s a lot going on in the world — much of it upsetting and even gut-wrenching. As for energy, crude oil prices have been sagging after a brief rise and natural gas prices, while up from their lows, remain less than stellar — and it seems things could get far worse in the blink of an eye. All of that has combined to make folks cautious and wary, and that’s impacting how oil and gas producers spend — or hoard — their money. In today’s RBN blog, we analyze U.S. E&Ps’ increasingly conservative cash allocation despite rising returns in Q3 2023.