Thirteen New Permits; Three DUCs Reported As Completed -- September 12, 2024

Locator: 48572B.

Disclaimers apply. In a long note like this, there will be typographical and content errors. I will correct them if/when I find them.

Investing: how many times were we reminded of the following earlier this month?

A reminder: historically, the months of August and September are the worst months of the year for investors who hope to pay more for shares. 

 

And, then, of course, we have the rate cut coming, which is already "baked in."

Kroger: shares surged today -- Kroger is our favorite among four -- Kroger, Walmart, Tom Thumb/Albertsons, Target.

Cramer's last hour: first story -- Broadcom (AVGO), then Nvidia (NVDA)

• a lot of folks dumped the stock this past week when they panicked
• NVDA is up 16% this week

Broadcom: one of two companies that will profit the most from the new iPhone. Link here. Broadcom and Cirrus Logic. Broadcom and Cirrus are each found three times in the iPhone. 

Cirrus Logic will benefit from Apple using its parts for camera upgrades on the iPhone 16 series. 

"Positive implications" for Cirrus Logic include the iPhone 16 Pro upgrade to the tetraprism lens design, joining the Pro Max model. Cirrus Logic also likely will provide the haptics driver for the new camera control button and controllers for new Ultra Wide cameras across the iPhone 16 family.

Moderate and slightly positive implication for Analog Devices and Qualcomm, respectively.

But, and this is a biggie, Skyworks is seen losing RF content to Qualcomm this round.

Taiwan Semiconductor Manufacting (TSM) is producing the A18 and A18 Pro chips for the "16" lineup. TSM reported sales two days ago for the month of August; sales for the month of August were up 33% y/y keeping it on track to meet third-quarter targets.

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Back to the Bakken

WTI: $68.97. Big jump today.

Active rigs: 40.

Thirteen new permits, #41123 - #41132, inclusive:

• Operators: Grayson Mill (5); Hunt; Whiting, MRO (2), Murex, Petro-Hunt (2), Zavanna.
• Fields: Ragged Butte (McKenzie); Alexandria (Divide); Glass Bluff (McKenzie); Bailey (Dunn); Alexander (McKenzie); and, Keene (McKenzie).
• Comments:
• Petro-Hunt has a permit for a USA well, NENW 25-153-96; 
• to be sited 332 FNL and 2021 FWL; 
• Petro-Hunt also has a permit for a Klevmoen Trust well, SESE 17-153-95; 
• to be sited SESE 17-153-95;
  
• Murex has a permit for LA-Riley Kyle, NWNE 25-151-101; 
• to be sited 295 FNL and 2000 FEL;
  
• MRO has a permit for a Halcrow well, SWSW 9-145-93; 
• to be sited 615 FSL and 675 FWL;
• MRO also has a permit for a Shepard well, lot 2, section 5-145-93; 
• to be sited 699 FNL and 2349 FEL;
  
• Whiting has a permit for a Gullikson well, SESW 31-152-103; 
• to be sited 1097 FSL and 1819 FWL;
  
• Hunt has a permit for an Alexandria well, SESW 17-161-100; 
• to be sited 325 FSL and 1595 FWL;
  
• Grayson Mill has permits for two Helling wells, two Lonnie wells; and one Bratcher well, NWNW 15-151-101; 
• to be sited 349/350 FNL and between 300 FWL and 525 FWL;
  
• Zavanna has a permit for a Sawyer well, SESE 13-154-99; to be sited 504 FSL and 764 FEL;;
  

Three producing wells (DUCs) reported as completed:

• 34061, 1,741, SOGC (Sinclair), Birhorn 5-6H,
• 37705, 1,089, SOGC (Sinclair), Bighorn 3-6H,
• 40286, 3,585, MRO, NOreen 44-12TFH,