One Well Coming Off Confidential List Today -- January 10, 2024

Locator: 46507B.

Weekly EIA report, link here. API suggested a huge crude oil draw; the EAI says crude oil in storage increased:

• crude oil in storage: increased by 1.3 million bbls; at 432.4 milllion bbls; 2% below 5-year average
• imports: up 8.2% y/y
• refiners: 92.9%
• distillate fuel inventories: 4% below average -- wow, wow, wow --what a turnaround after several years;
• jet fuel supplied up 3.6% y/y

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Back to the Bakken

WTI: $72.25.

Thursday, January 11, 2024: 12 for the month; 12 for the quarter, 12 for the year
39721, conf, Falcon Midstream Services, Cheryl 3,
38302, conf, Whiting, Bigfoot 23 7H,

Wednesday, January 10, 2024: 10 for the month; 10 for the quarter, 10 for the year
39997, conf, Ragnar Exploration, Francisco 2-20H,

RBN Energy: consolidation trend expands to the gas compression services sector.

There’s been a lot of M&A activity the past couple of years among oil and gas producers — midstreamers too. That makes sense. Joining forces can provide all kinds of opportunities: for synergy, economies of scale, and expansion within (or into) key production areas, to name just a few. Well, energy-industry consolidation isn’t limited to E&Ps and midstream companies. Just recently, two major providers of contract compression services — critical to the gathering and processing of natural gas in the Permian and other plays — announced that they will be combining to form what they say will be the largest firm in that space. In today’s RBN blog, we’ll look at the gas compression services sector and the plan by Kodiak Gas Services to acquire CSI Compressco LP.