USN Providing Surveillannce Coverage Over Poland -- March 14, 2023

For those paying attention, a USAF refueling a/c (a KC-135R) just refueled a USN Boeing P-8A Poseidon over Poland. It was a Boeing P08A Poseidon but cannot confirm it was USN; could have belonged to any one of several countries in the area.

Link here.

The Bakken Never Ceases To Amaze Me -- March 14, 2023

Check out this production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2023	9	3792	2891	39952	4725	489	4204
BAKKEN	12-2022	0	0	0	0	0	0	0
BAKKEN	11-2022	0	0	0	0	0	0	0
BAKKEN	10-2022	0	0	43	0	0	0	0
BAKKEN	9-2022	0	0	246	0	0	0	0
BAKKEN	8-2022	12	442	760	334	315	315	0
BAKKEN	7-2022	30	1023	1024	1082	735	735	0
BAKKEN	6-2022	30	1089	1104	1146	586	586	0

3,792 bbls over 9 days extrapolates to 12,642 bbls over 30 days. How much was this well producing before the neighboring well was fracked? About a thousand bbls/month. 

So, a thousand bbls / month jumps to almost 13,000 bbls / month after a neighboring well was fracked. 

The other two wells of interest are still off line.

The well above:

• 19216, 3,442, Grayson Mill, State 36-1 3H, Stony Creek, t6/12; cum 333K 1/23;
  

The two wells of interest still off line (the second of the two has been back on line for three days):

• 19215, 1,872, Grayson Mill, State 36-1 2TFH, Stony Creek, t9/10; cum 276K 10/22; off line;
• 18307, 3,236, Grayson Mill, State 36-1 1-H, Stony Creek, t14/10; cum 408K 1/23; this well produced in three days what it produced in a month after a neighboring well was fracked; 863 bbls over 3 days extrapolates to almost 9,000 bbls over 30 days:
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2023	3	863	0	8528	2434	0	2380
BAKKEN	12-2022	0	0	0	0	0	0	0
BAKKEN	11-2022	0	0	0	0	0	0	0
BAKKEN	10-2022	0	0	0	0	0	0	0
BAKKEN	9-2022	0	0	0	0	0	0	0
BAKKEN	8-2022	10	456	870	478	444	366	78
BAKKEN	7-2022	29	1564	1710	1153	1466	1127	339
BAKKEN	6-2022	29	1197	1137	1192	952	863	89
BAKKEN	5-2022	9	315	235	265	144	142	2
BAKKEN	4-2022	23	691	789	619	643	526	2

Only One New Permit -- Otherwise Quiet Day -- March 14, 2023

Active rigs: 45.

WTI: $71.75.

Natural gas: $2.574.

One new permit, #39735:

• Operator: CLR
• Field: Viking (Burke)
• Comments:
• CLR has a permit for a Lielan well, NWNW 23-160-94; 
• to be sited 950 FNL and 920 FWL

Two DUCs reported as completed:

• 38852, 573, Crescent Point Energy, CPEUSC Lowe 4-18-19-158N-9W-MBH,
• 37626, 1,078, Grayson Mill, State 36-1 5H, see this note.
  

EVs: Market Update -- March 14, 2023

Do me a favor: click on CATL to see how the blog has covered this battery manufacturer.

We'll get back to that. But first the EV market today.

The Dow was up 336 points today; the NASDAQ up 239 points.

EVs today:

• Lordstown (RIDE): up 1.5%.
• Nikola (NKLA): down 6.2%.
  
• ARVL: down another whopping 8%. It was down 14% yesterday.
  
• LCID: down 3.8%.
  
• RIVN: down 3.8%.
• FSR: down 2.7%.
  
• F: down 0.8%.

 Okay, back to CATL. Ford and CATL, The WSJ, March 20, 2023.

Are you "for it" or "against it"? 

See this link.

Director's Cut -- Data For January, 2023

Pending tomorrow, March 15, 2023.

Director's Cuts are tracked here.

**************************
January Data

Crude oil production in round numbers:

• North Dakota: 1 million bopd
• New Mexico: 1.5 million bopd

Gas capture, statewide: 94%.

Offline:

January, 2023: (these numbers are from December; will be updated later)

• completed: 104 (preliminary)
• inactive: 2,613 (an increase of 15%)
  
• DUCS: 450 (a less-than- 1% decrease)
  
• total off line for operational reasons: 3,063 (a 13% increase)
  
• producing:17,230 (a decrease of 2%)

December, 2022:

• completed: 104 (preliminary)
• inactive: 2,613 (an increase of 15%)
  
• DUCS: 450 (a less-than- 1% decrease)
  
• total off line for operational reasons: 3,063 (a 13% increase)
  
• producing:17,230 (a decrease of 2%)
  

November, 2022:

• completed: 58 (preliminary)
• inactive: 2,271 (a decrease of 20%)
  
• DUCS: 447 (a 9% decrease)
  
• total off line for operational reasons: 2,718 (a 14% increase)
  
• producing:17,580

Russian Oil Demand -- March 14, 2023

Link here. 

ICYMI -- Price Of Gasoline, US -- 2005 -- 2023 — And It Is Going To Get A Lot Cheaper — March 14, 2023

Updates

Later, 2:28 p.m. CT: WTI settled at $71.33, down 5% today. Some say energy is a huge determinant of inflation. If so, the failure of the Silicon Valley Bank just made JPow’s job a lot easier. Headline earlier today: inflation y/y and m/m has moderated. WTI should bring inflation down further. Biggest beneficiaries: those who drive Deere equipment. Investing thoughts, anyone?

Later, 12:32 p.m. CT: by the way, upwards of 50% of US office workers are still working from home, saving even more in transportation costs.

Original Post

Gasoline, US, 2005 - 2023: no inflation. Thank you Mr Biden. Link here.

President of the United States, 2001 - 2009: George W. Bush.

In 2005, "mpg" average for light vehicle in the US: 13 mpg. Link here.

Most fuel efficient cars, 2023, link here. Honda Civic clocking in at 31/39/35. CAFE standards mandated by US Congress, first enacted in 1975. US president inn 1975: Gerald Ford, His start in politics: just a few miles westsouthwest of Detroit.

For the archives -- me personally:

• driving a third or less as many miles now as I did in 2005;
• in 2005, we lived on the northeast side of San Antonio, TX (Henderson Pass area), and commuted daily to Lackland AFB, TX, on the far southwest side of San Antonio (google maps: 60 miles daily, round trip)
• I now drive about 60 miles every two weeks
• and, oh, by the way, my rent today is the same as my rent in 2005
• and no children in college
  
• getting 3x better mileage: from 12 mpg (2005) to 36 mpg (2023)
  
• paying about the same amount for gasoline.

The CLR Micahlucas Wells Are Coming Off Confidential List This Week -- March 14, 2023

A slew of CLR Micahlucas wells are coming off confidential list this week.

One of the two parent wells is a real, real "steady Eddy."

Link here.

One Well Coming Off Confidential List Today -- March 14, 2023

Gasoline, US, 2005 - 2023: no inflation. Thank you Mr Biden. Link here.

Schwab ticker: up $7 in pre-market.

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

Active rigs: 45.

Peter Zeihan newsletter.

WTI: $73.51.

Natural gas: $2.641.

Wednesday, March 15, 2023: 48 for the month; 210 for the quarter, 210 for the year
39150, conf, Petro-Hunt, USA 146-97-29A-32-2H,
39140, conf, CLR, Micahlucas 9-5H,
39128, conf, Crescent Point Energy, CPEUSC Claire Rose 6-31-30-159N-99W-MBH,

Tuesday, March 14, 2023: 45 for the month; 207 for the quarter, 207 for the year
39129, conf, Crescent Point Energy, CPEUSC Claire Rose 5-31-30-159N-99W-MBH, 

RBN Energy: frenzy of Eagle Ford M&A continues as E&Ps enter, expand or exit, part 2. Archived. See dashboards for March, 2023.

The wave of M&A activity in South Texas apparently hasn’t crested yet. Over the past couple months, Chesapeake Energy announced two deals totaling $2.825 billion that will almost complete its planned departure from the Eagle Ford — and signal UK-based INEOS’s arrival in the basin and a more than doubling of WildFire Energy’s production there. Just as important, Western Canada’s Baytex Energy a few days ago unveiled a $2.5 billion plan to acquire Ranger Oil, a pure-play Eagle Ford E&P, and thereby triple its South Texas production and gain its first operating capability in the U.S. And international interest in the basin doesn’t end there — Spanish energy giant Repsol, which had previously acquired the share of an Eagle Ford partnership held by Norway’s Equinor, recently bought basin assets held by Japan’s INPEX. (How’s that for multi-national M&A?) In today’s RBN blog, we discuss the latest round of E&P acquisitions and sales in South Texas, where production has been on the rebound.

Dashboards Posted -- Look At Those Arrows -- March 14, 2023

New dashboards posted today.

EIA dashboards:

• EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
• EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
• EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf

Bakken: both arrows up -- 

Eagle Ford: both arrows down --

Permian: both arrows down --