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;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
SANISH	12-2023	0	0	0	0	0	0	0
SANISH	11-2023	0	0	0	0	0	0	0
SANISH	10-2023	26	1437	1625	998	4001	3670	0
SANISH	9-2023	30	1890	1870	1493	5323	4918	0
SANISH	8-2023	31	2137	2143	1598	5390	4971	0
SANISH	7-2023	31	2068	2080	1599	3998	3579	0

• 18311, 2,769, Grayson Mill, Williston 25-36 1H, Catwalk, t12/09; cum 369K 6/23;

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2023	0	0	0	0	0	0	0
BAKKEN	11-2023	0	0	0	0	0	0	0
BAKKEN	10-2023	0	0	0	0	0	0	0
BAKKEN	9-2023	0	0	0	0	0	0	0
BAKKEN	8-2023	0	0	240	0	0	0	0
BAKKEN	7-2023	9	306	439	420	1101	0	1101
BAKKEN	6-2023	30	875	1096	933	3015	0	2915
BAKKEN	5-2023	31	1332	1155	1405	3499	0	3375
BAKKEN	4-2023	30	632	491	890	2064	0	1944
BAKKEN	3-2023	31	954	968	1107	3485	0	3361
BAKKEN	2-2023	27	1121	980	1299	3846	0	3738