WTI Drops Below $75; MRO With Three More Monster Wells In Killdeer Oil Field -- December 1, 2023

Locator: 46217B.

WTI: drops below $75. Trading at $74.38. Everything going JPow's way. This will help keep the price of gasoline from going higher.

Active rigs: 39.

Three new permits, #40360 - #40362, inclusive:

• Operators: EOG, Oasis, Grayson Mill
• Fields: Stanley (Mountrail); Tyrone (Williams); and, Siverston (McKenzie)
• Comments:
• EOG: a Blueberry well, SESE 29-155-90, 
• to be sited 650 FSL and 450 FEL;
• Oasis: a Maverick Federal well, NWNE 12-156-102,
• to be sited 305 NFL and 1604 FEL;
• Grayson Mill, a Scott well, NWNE 13-150-99; 
• to be sited 290 FNL and 2390 FEL;

Six producing wells (DUCs) reported as completed:

• 37693, 0, BR, Long Beaver 1-1-17TFH,
• 37848, 760, Slawson, Genesis 3-13H,
• 37850, 422, Slawson, Genekat Federal 6-13-12TFH,
• 39179, 1,816, MRO, Cinninger 14-32TFH, Killdeer,
  
• 39180, 3,238, MRO, Thorstein 14-32H, Killdeer,
  
• 39351, 1,643, CLR, Clyde Hauge 2-13H

Wells of interest:

39356, drl/A, MRO, Kye 44-31H, Killdeer,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	30	32117	32141	25032	33464	32834	536
BAKKEN	8-2023	31	42799	42848	41366	37805	37636	63
BAKKEN	7-2023	28	45205	44905	53929	36427	36043	266

• 17064, 514, MRO, Dan Tuhy 14-32, t6/08; cum 517K 9/23; huge jump in production; see this note; 

• 39180: 14,058 bbls over 7 days extrapolates to 60,249 bbls crude oil over 30 days;
  

ool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	30	26712	26698	24775	23004	22594	307
BAKKEN	8-2023	29	27580	27623	31552	20936	20766	76
BAKKEN	7-2023	29	38036	38073	52135	28335	27983	226
BAKKEN	6-2023	7	14058	13820	21985	10032	9463	538

• 39179:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	30	23793	23785	39524	21383	21001	286
BAKKEN	8-2023	31	25430	25417	61390	21254	21081	77
BAKKEN	7-2023	28	24947	24815	86934	21128	20863	170

• 39181, drl/A, MRO, Jack 44-31TFH, Killdeer, 22,359 bbls over 8 days extrapolates to 83,846 bbls crude oil over 30 days:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	30	18548	18625	26696	16175	15886	216
BAKKEN	8-2023	31	34357	34381	41499	32202	31937	118
BAKKEN	7-2023	30	41634	41792	55734	35213	34771	284
BAKKEN	6-2023	8	22359	21981	33039	18853	17771	1023

TGIF -- December 1, 2023

Locator: 46216ECON.

Dow: hits another 52-week high.

Passenger air travel: there is something very, very remarkable about this. No one has yet discussed this on CNBC. Again, poor analysis -- simply reporting the data.

Bitburger pils: I was having trouble finding this beer this past year -- and then this past weekend, surprise, surprise -- one of my favorite memories -- going into downtown Bitburg, West Germany, to our favorite restaurant for a late night snack: frog legs and Bitburger Pils. My wife had coffee and a dessert. This is from Total Wines and  More, down the street from us, two days ago. I've never, never, never seen a pallet of Bitburger (outside of Germany):

Flashback: my last haircut from a retail barbershop was either in February or March (I forget which month), 2020 —  that’s four years ago. I still haven't returned to a retail barber. Sophia still cuts my hair, though it's starting to cost me more -- LOL -- but ... flashback -- back in 2020 -- one of my first haircuts from Sophia:

MPG: Toyota Camry hybrid: 60 gallons per mile.

Personal investing: I've added NOG and TMO to my portfolio.  The following is not my "entire portfolio." It is where new investment money goes each month. The allotment percentages have been adjusted slightly but for the next three months, all new investment money will go into MSFT as I gradually re-balance the portfolio.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source. 

******************************
The Book Page

I continue to read Skidmore's bio of Richard III.

TILT: I've never understood "royal titles." I learned a bit today. "Dukedoms" are created and re-created numerous times.

Historically, the Duke of York is bestowed upon the second male heir of the royal monarch. The modern example: Elizabeth II's first son is in line for the throne; her second son, Prince Andrew, is the Earl of York who has two daughters but no male heirs. He has remained unmarried since his divorce, and (assuming he has no more children) he will leave no male heirs and the Duke of York will again revert to the crown upon his death. Prince Andrew is the 8th Duke of York.

Which raises the question. The current monarch has two male heirs.  Had things gone differently, would the spare, Harry, been have named the Duke of York? Yes, that is true. 

My notes on Skidmore's bio are in progress but can be found here and here.

Chart Of The Day -- December 1, 2023

Locator: 46215CHARTDAY.

Several years ago a lot was made of BRK buying SNOW.

One year ago and five years ago we all had the same information on SNOW and AVGO.

Hindsight is 20/20:

Headlines — December 1, 2023

Locator: 46214HEADLINES.

Flathead Lake: link here.

The Bakken: production change, m/m: link here. On a percentage basis, the Bakken beat them all. The Bakken accounted for 35% of the nation’s monthly increase in crude oil production, m/m. Let that sink in for a moment.

Apple Silicon: update. For CNBC, this is a very, very long article:

Sandra Day O’Connor — Dies — Age 93 — December 1, 2023

Locator: 46213OBITS.

Charlie Munger died this past week, age 99.

Henry Kissinger died this past week, age 100.

I believe all three have a / the St Peter’s FASTPASS.

Unlike most “fast passes,” the St Peter’s FastPass can only be used once — with one exception: Shirley MacLaine.

CLR Arthur / Hegler Well Pads Update -- December 1, 2023

Locator: 46212ARTHUR.

The maps:

The wells:

• 18513, 714, CLR, Arthur 1-12H, Little Knife, t9/10; cum 153K 5/23; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	6	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0
BAKKEN	7-2023	0	0	0	0	0	0	0
BAKKEN	6-2023	18	156	469	325	401	194	0
BAKKEN	5-2023	31	450	260	383	953	539	0
BAKKEN	4-2023	30	466	483	440	938	533	0

• 18515, 418, CLR, Hegler 1-13H, Little Knife, t9/10; cum 154K 5/23; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0
BAKKEN	7-2023	0	0	0	0	0	0	0
BAKKEN	6-2023	18	333	741	428	494	277	0
BAKKEN	5-2023	31	638	489	673	913	499	0
BAKKEN	4-2023	30	721	740	877	800	395	0

18747, 689, CLR, Hegler 2-13H, Little Knife, t9/10; cum 268K 5/23; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0
BAKKEN	7-2023	0	0	0	0	0	0	0
BAKKEN	6-2023	18	406	678	343	668	451	0
BAKKEN	5-2023	31	719	711	507	1184	765	0
BAKKEN	4-2023	30	697	745	437	1136	731	0
BAKKEN	3-2023	31	752	737	491	1308	889	0
BAKKEN	2-2023	28	656	741	500	1094	729	0

• 18748, 718, CLR, Arthur 2-12H, Little Knife, t9/10; cum 248K 5/23; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	21	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0
BAKKEN	7-2023	0	0	0	0	0	0	0
BAKKEN	6-2023	18	301	674	263	449	232	0
BAKKEN	5-2023	31	594	478	453	931	545	0
BAKKEN	4-2023	30	675	653	442	1074	669	0
BAKKEN	3-2023	31	701	758	429	1214	795	0

• 39911, conf, CLR, Arthur 11-12HS1, no production data,
• 39912, conf, CLR, Hegler 11-13HSL1, no production data,
• 39328, conf, CLR, Arthur 6-12H, no production data,
• 39337, drl/drl, CLR, Hegler 5-13H, Little Knife, t--; cum --;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0

• 39461, drl/drl, CLR, Hegler 5-13H1, Little Knife, t--; cum --;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0

• 39359, drl/drl, CLR, Arthur 3-12HSL1, Little Knife, t--; cum --;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	0	0	0	0	0

In the graphics above, the rigs:

• 40110, conf, CLR, Lundberg Federal 4-8H, Rattlesnake Point,
• 40136, conf, CLR, Veigel 3-9H1, Rattlesnake Point,
• 40141, conf, CLR, Veigel 8-9H, Rattlesnake Point,

Enbridge Excites Investors -- December 1, 2023

Locator: 46211ENB.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source. 

Personal investing:

• bought MSFT today
• December: all new money for investing in December will be used to add to personal MSFT position, previously posted;

NVDA: on a down day for the market, NVDA is up slightly at the opening.

ENB: raised its dividend by 3.1 percent. For all the excitement, that increase was not much, but it's already paying over 7 percent. New: CND, $0.915 --> USD $0.6764.

ENB: Motley Fool --

• Enbridge expects its earnings and cash flow to continue growing next year, even before factoring in its upcoming gas utility acquisitions. 
• Those deals will give it even more momentum heading into 2025. 
• Enbridge has the fuel to give its investors another raise in 2024 (and should continue growing its payout in the future). 

Canada:

PSX:

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

Production change, m/m: link here. On a percentage basis, the Bakken beat them all. The Bakken accounted for 35% of the nation’s monthly increase in crude oil production, m/m. Let that sink in for a moment.

WTI: $75.85.

Sunday, December 3, 2023: 155 for the month; 155 for the quarter, 725 for the year
39912, conf, CLR, Hegler 11-13HSL1,
39147, conf, Enerplus, LK Bice 147-96-6-31-4H,
31768, conf, BR, Ivan 3-1-29UTFH,

Saturday, December 2, 2023: 152 for the month; 152 for the quarter, 722 for the year
39147, conf, Enerplus  LK Bice 147-96-6-31-4H,
39143, conf, Enerplus, LK Bice 147-96-6-31-6H-LL,

Friday, December 1, 2023: 151 for the month; 151 for the quarter, 721 for the year
39911, conf, CLR, Arthur 11-12HSL1,
31767, conf, BR, Ivan 2-1-29MBH,

RBN Energy: sulfur creddit investments pay off 10-fold for forwward-looking refiners.

The price of the Tier 3 gasoline sulfur credit hit $3,600 in October, up by a factor of 10 from two years ago and roughly in line with the all-time highs seen in late 2019.

This tradable credit allows refiners to sell gasoline that exceeds the sulfur specification on gasoline sold in the U.S. In today’s RBN blog, we examine what’s behind the credit’s steep and steady rise — and why it matters. 

Implemented in 2014 with initial phase-in beginning in 2017 and full implementation in 2020, the Tier 3 gasoline sulfur standard requires that all refiners and importers that deliver gasoline to the U.S. market must meet a 10-parts-per-million (ppm) sulfur specification as an annual average, compared with 30 ppm under the previous Tier 2 specs.

But the Tier 3 story is really about two tightly coupled gasoline quality specifications: sulfur and octane. Many U.S. refineries are unable to desulfurize gasoline down to 10 ppm without also downgrading the octane of their gasoline pool. This has become a critical new bottleneck in gasoline production in North America that is reducing gasoline supply, increasing prices and affecting refiners’ profitability. The sulfur credit price soared in late 2019 and early 2020 in anticipation of the new rule, before falling as credit demand came in lower than expected.

This lower credit demand was due largely to low gasoline demand (during the worst of COVID) and lower-than-expected octane losses in gasoline hydrotreaters — mostly due to catalyst improvements.