Thursday, February 22, 2024

Two New Permits; Eleven DUCs Reported As Completed; MRNA, PXD, EOG, NOG -- February 22, 2024

Locator: 46877B.

MRNA: up 14% for the day. Will have to go back and look at this one.

PXD: link here. Also here.

EOG: mixed results; shares down 2.7% after earnings report; down $3.15; trading at $113.25. The one-year chart is atrocious. The darling of Wall Street -- under Mark Papa -- during the Bakken boom is no longer the darling ...  paid about 5% in 2023.

NOG: better report; trades up after-hours.  

  • production surge: Q4 production increased by 45% year-over-year, reaching 114,363 Boe per day.
  • financial performance: full year 2023 GAAP net income soared to $923.0 million, with a 31% increase in adjusted EBITDA.
  • capital efficiency: capital expenditures were tightly managed at $260.0 million for Q4, excluding non-budgeted acquisitions.
  • dividend growth: NOG declared a $0.40 per share common dividend for Q1 2024, marking an 18% increase from Q1 2023.
  • 2024 guidance: anticipates 20% production growth with total capital spending projected between $825 - $900 million.
  • reserve expansion: total proved reserves increased by 3% year-over-year, with a pre-tax PV-10 value of $5.0 billion.

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

WTI: $78.61

Active rigs: 37.

Two new permits, #40541 and #40542:

  • Operators: Hunt Oil, Hess
  • Fields: Clear Water (Mountrail); Robinson Lake, (Mountrail County);
  • Comments:
    • Hunt Oil has a permit for a Clearwater well, NWNE 23-157-90; 
      • to be sited 300 FNL and 1701 FEL;
    • Hess has a permit for a EN-Horst well, SWSE 34-155-93; 
      • to be sited 479 FSL and 1540 FEL.

Eleven producing wells (DUCs) reported as completed:

  • 39362, 4,726, Grayson Mill, Williston 25-36F 3H,
  • 39363, 3,257, Grayson Mill, Williston 25-36F 4H,
  • 39364, 2,731, Grayson Mill, Williston 25-36F 5H,
  • 39367, 4,482, Grayson Mill, Williston 25-36F 2H,
  • 39620, 660, Crescent Point Energy, CPEUSC Clermont 2 19-18-158N-100W-MBH,
  • 39621, 753, Crescent Point Energy, CPEUSC Farthing 2 30-31-158N-100W-MBH,
  • 39622, 696, Crescent Point Energy, CPEUSC Ruby 5 20-17-158N-100W-MBH,
  • 39624, 825, Crescent Point Energy, CPEUSC Ruby 4 20-17-158N-100W-MBH,
  • 39772, 1,970, CLR, North Tarentaise Federal 2-18H, the Tarentaise wells are tracked here;
  •  39814, 1,151, CLR, North Tarentaise Federal 1-18H2, the Tarentaise wells are tracked here;
  •  40048, 1,972, CLR, Harms East Federal 3-33H, the Harms Federal wells are tracked here;

Wells of interest:

  • 19232, 1,423, CLR, Quale 1-1H, Sanish-Antelope, t2/12; cum 605K 10/23; the Quale wells are tracked here;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
SANISH12-20230000000
SANISH11-20230000000
SANISH10-20232614371625998400136700
SANISH9-202330189018701493532349180
SANISH8-202331213721431598539049710
SANISH7-202331206820801599399835790
  • 18311, 2,769, Grayson Mill, Williston 25-36 1H, Catwalk, t12/09; cum 369K 6/23;
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN12-20230000000
BAKKEN11-20230000000
BAKKEN10-20230000000
BAKKEN9-20230000000
BAKKEN8-2023002400000
BAKKEN7-20239306439420110101101
BAKKEN6-2023308751096933301502915
BAKKEN5-202331133211551405349903375
BAKKEN4-202330632491890206401944
BAKKEN3-2023319549681107348503361
BAKKEN2-20232711219801299384603738

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