Tuesday, May 28, 2024

There's A Lot More Happening In The Bakken Than You Might Think -- RBN Energy; WTI Back Above $79 -- May 28, 2024

Locator: 47966B.

Stagflation: with WTI back up above $79, certainly doesn't look like slow growth to me, any time soon.

In the news today:

  • Apple iPhone sales surge in China
  • China's drop in CO2 emissions; Bloomberg misreading the story
  • EVS: liberals vs conservatives
  • Chord to close on Enerplus this week; shareholders overwhelmingly approve
  • hyperscalers: a deep dive
  • but before we get to those stories, I'm going to have some waffles and spam. Whoo-hoo!

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

WTI: up almost 2%; up $1.40; trading at $79.12.

Tuesday, May 28, 2024: 39 for the month; 103 for the quarter, 302 for the year
40283, conf, Eagle Operating, Wade 5-11,

Monday, May 27, 2024: 38 for the month; 102 for the quarter, 301 for the year
39382, conf, BR, Devils Backbone 3B MBH,

Sunday, May 26, 2024: 37 for the month; 101 for the quarter, 300 for the year
39577, conf, Prima Exploration, Elzy Lay 1H,
39568, conf, Prima Exploration, Elzy Lay 2H,

Saturday, May 25, 2024: 35 for the month; 99 for the quarter, 298 for the year
39381, conf, BR, Devils Backbone 3C UTFH,

RBN Energy: there's a lot more happening in the Bakken than you might think. Archived.

On the surface, the Bakken story in the mid-2020s may seem as boring as dirt. The boom times of 2009-14 and 2017-19 are ancient history. Crude oil production has been rangebound near 1.2 MMb/d — well below its peak five years ago. And that output has been getting gassier over time, creating natural gas and NGL takeaway constraints that have put a lid on oil production growth. But don’t buy into the view that the Bakken is yesterday’s news. Beneath the surface (sometimes literally), the U.S.’s second-largest crude oil production area is undergoing a major transformation that includes E&P consolidation, production (and producers) going private, the drilling of 3- and (soon) 4-mile laterals, novel efforts to eliminate flaring, and even a producer-led push for CO2-based enhanced oil recovery (EOR). As we’ll discuss in today’s RBN blog, these changes and others may well breathe new life into the Bakken and significantly improve the environmental profile of the hydrocarbons produced there. 

Busy, busy in the Bakken: we've only just begun. The WPX Mandaree pads in Spotted Horn. I could 16 active wells in this one location:

The earliest (?) well in this immediate area:

  • 19603, 332, WPX, Mandaree 30-31H, Reunion Bay, t5/11; cum 615K 3/24; recent production; a stripper well trending toward 750K bbls crude oil, cumulative:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN3-2024317807972168301428560
BAKKEN2-20242980377722782717252148
BAKKEN1-2024233303351379150213490
BAKKEN12-202331521567963263424760
BAKKEN11-20233010611054665360634530
BAKKEN10-202330952850597360634550
BAKKEN9-20230000000
BAKKEN8-20230000000
BAKKEN7-20230000000
BAKKEN6-20230000000
BAKKEN5-2023310220000
BAKKEN4-20239141166595795340
BAKKEN3-202328364381242244523040
BAKKEN2-202327287537386287827390
BAKKEN1-20232813691173986641762750
BAKKEN12-202231800744390474145830
BAKKEN11-202230649662522352433710
BAKKEN10-202231899862631440742490
BAKKEN9-202230605620198421240590
BAKKEN8-2022315425691052389237390
BAKKEN7-202231105310222584718670300
BAKKEN6-202230879859513341332600
BAKKEN5-20223143645312518291120577
BAKKEN4-202230952975290678366390
BAKKEN3-20223110681057324493647780
BAKKEN2-202228736722317483846950
BAKKEN1-20223110061000337741772590
BAKKEN12-202131945944344535051920
BAKKEN11-202130808862438412539720
BAKKEN10-20213120782049348860444074039
BAKKEN9-202130928956206480146480
BAKKEN8-2021319951012279466845100
BAKKEN7-2021311133107529743483996194



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