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Sunday, February 25, 2024

Sunday Night -- September 25, 2024

Locator: 46907B.  

Politics: "the GOP" needs to decide now whether it's better to have Trump back in office or start working for another outcome. For Trump to get back in office there's a lot of work that needs to be done. 

Back to .... oil.

Link here.

Perfect timing: I was going to do an essay on this exact subject, but Tsvetana Paraskova will do a much better job. OPEC no longer in the driving seat.

The Pause: Qatar is taking advantage of Biden's US LNG export facility permitting pause. Folks ignoring the pause have no idea how fast global commerce is moving. Link here.

Chord Energy: The combined company is expected to be a premier operator in the Williston basin in North Dakota, with about 1.3 million net acres and 287,000 barrels of oil equivalent per day in production.

Chord Energy:

  • to merge with Enerplus, February 21, 2024 
    • after merger, a premier operator in the Williston basin in North Dakota, with about 1.3 million net acres and 287,000 barrels of oil equivalent per day in production.
    • CLR: last Bakken data (2021 - 2022):
      • 825,000 acres; 6 rigs; #1 producer (1Q22)
      • Bakken, CY2021: 169,636 bopd

16 Cars Involved In NASCAR Crash On Lap 2 -- February 25, 2024

Locator: 46906NASCAR. 

At Daytona last week, they at least waited to lap six.

The biggest crash in Atlanta's NASCAR history.

This is not good for either NASCAR or the individual drivers. Maybe NASCAR drivers need a bit more training on strategy and the virtue of patience. 

Sponsored by "Toyota -- let's go places." 

The only place thirteen cars / racers are going today is to the garage.

**************************
Cash Back On Credit Cards

I'm still "bothered" by Nicole's WSJ article with regard to Amazon some weeks ago.

Even without cash back with the Amazon credit card, Amazon's annual fee is still a great deal. As it is, my cash back will more than cover the annual fee -- several times over. I order books from Amazon on a regular basis and generally I don't pay anything for them, using cash back.

And, younger  readers won't recall / know that years ago "all" credit cards carried annual fees. Now, almost all credit cards come with no fee and even have huge cash perks. Only the elite pay fees for their credit cards. The Amazon credit card I use has no fee.

A Musical Interlude -- February 25, 2024

Locator: 46905LR. 

And I'm done for now.

Link here.

And,

**********************************
What If?

Link here.

Form the linked article -- it's been two years since the Fed starting raising rates. Holy mackerel. Two years and the economy seems stronger than ever.

Not so fast, Goldilocks.

The past few months have seen the soft-landing hypothesis surge from behind and overtake recession as the consensus economic outlook.
Inflation has receded in the face of the Federal Reserve’s massive assault on interest rates.
Yet, paradoxically, employment has remained robust, with lots of new jobs created and layoffs near cyclical lows. Corporate earnings have been reasonably strong.

I know what the Goldilocks deniers are saying right now: Rate hikes don’t work overnight. They take time to stifle the economy. But it has been 700 nights and counting since the first increase, in March 2022. So, maybe Goldilocks deserves to take a bow (a victory porridge?) as the soft landing seems to be all around us, with recession in the rearview mirror.

That said, there’s another alternative, one that is definitely not consensus but seems to be accumulating more and more evidence in its favor. What if the economy—already defying economic theory by surviving in the face of sharply higher rates—is actually getting stronger?

That’s admittedly an odd thing to posit after two years of interest rate hikes. But as crazy as it sounds, evidence is starting to pile up for the acceleration hypothesis.

First, there are the “big” data points, like unemployment and the stock market. The change in nonfarm payrolls in December’s report was the strongest since September. January’s was even stronger.
The stock market, widely seen as a mechanism that discounts future growth, is up over 20% from late October to mid-February.
And much more at the link.

I call this the "touch and go" scenario and have called it that for at least a year.

I agree with Harold Hamm. No time for negative talk. It's "damn the torpedoes and full speed ahead." LOL. Speaking of which, I think Harold Hamm has passed the baton to Chord (Oasis,Whiting, and now Enerplus).

I better put in the disclaimer. 

Disclaimer: this is not an investment site. Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

Reminder: I am inappropriately exuberant about the US economy and the US market

And then this:

Goldman Sachs is upbeat about the economy this year. Its economists see healthy growth of 2.3%, unemployment staying below 4%, and the probability of recession at just 15%—all more optimistic than the consensus. And they see inflation, excluding food and energy, continuing to fall, to a little over 2% (using the Federal Reserve’s preferred measure) by year-end.

Forecasts are a dime a dozen. Why care about Goldman’s? First, because its economists have been firmly in the soft-landing camp, which now looks prescient.

Second, Jan Hatzius, the firm’s chief economist, made an equally out-of-consensus, and prescient, call in the opposite direction in 2008. Back then, he correctly warned that mortgage defaults could cause a severe recession.

Nailing one big call might be luck; nailing two gets you a following. Hatzius is one of the most closely followed economists on Wall Street and in Washington.

I'm going to need another song.

Link here.

And now for my book for the weekend: link here.

Chapter Seven: Imperial Overstretch? King Æthelstan and the Conquest of the North

  • King of Anglo-Saxons, 924 - 927; 
  • King of all English, 927 - 939
  • the influence of the Scandinavians, Danelaw, language, etc, critical p. 253.
  • the question of how many Scandinavians had settled in these areas cannot be answered decisively, but .... 

Across large areas of northern and eastern England, we find many place names that end with either -by or -thorpe, both of which are elements imported form Old Norse

It was at this point, for example, that the monastery founded by St Hild at Streaneshalch became known as Whitby, and the settlement that had been Northworthig was renamed Derby.

Almost half the place names in Yorkshire recorded in the Domesday Survey of 1086 had such Scandinavian origins. 

In addition, thousands of Norse loan-words appear in English sources written after the late ninth century. One notable grammatically borrowing was the words they, their, and them

I'll leave this world loving you.

The Beatles, The Rolling Stones, Taylor Swift -- and so many more -- titans, but even a single song by a single artist can make my day. I'm thinking of Vern Gosdin.

See If You Can Find The "Anomaly" -- February 25, 2024

Locator: 46904B. 

It may not be an "anomaly." If not, it sheds an interesting light on changes in the Bakken.

Screenshots only.







PSA: FracFocus Is Better Than Ever -- February 25, 2024

Locator: 46903B. 

FracFocus is linked at the"links" tab at the top of the blog. 

FracFocus: advanced (enter API without dashes)

At the link, simply type in the API number:

  • without the dashes; and,
  • without the terminal four zeroes.

Then hit / click on "search."

Then scroll down a bit.

Then click on "PDF." 

If you have a well in your backyard and don't know how to find its API number, you can still find the well at FracFocus using other methods at the site.

Example:

  • 39900, drl, Liberty Resources, Elroy E 158-95-7-6-2MBH, Temple

The scout ticket shows this well in "DRL" status but no indication if it's been fracked or not.

So, we go to FrackFocus and type in 3310506058 (the API number without the dashes and terminal four zeroes) and discover that indeed, this well has been fracked:


Random Update Of #18362 -- MRO's Uran Well In Reunion Bay -- February 28, 2024

Locator: 46901B. 

The well:

  • 18362, 641, MRO, Uran 31-2H, Reunion Bay, t6/10; cum 549K 12/23; production since 2019, re-fracked December, 2020, a small re-frack, 4,7 million gallons of total base water.
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN12-202331245124481050573243381206
BAKKEN11-202330232723481033558641331270
BAKKEN10-202331256125631089595946791085
BAKKEN9-2023302219220193953914328869
BAKKEN8-2023312067204399053514355804
BAKKEN7-20233124652441103156614727729
BAKKEN6-202330258024731113536651650
BAKKEN5-20233126652765116761995414579
BAKKEN4-20233020892181107156864937548
BAKKEN3-20233131943170129572096128874
BAKKEN2-202328425141411890957783551051
BAKKEN1-202325346134711581809468451104
BAKKEN12-20222735203645171295728642175
BAKKEN11-2022305869584223601174510334268
BAKKEN10-20222436123634167983727431181
BAKKEN9-202230507851162208958586860
BAKKEN8-202231517150892327918367021548
BAKKEN7-20223145444628202174766530142
BAKKEN6-20223041234129227769366055107
BAKKEN5-20222524492401162248093908404
BAKKEN4-2022536744338413341152112
BAKKEN3-2022152413243512177892734392
BAKKEN2-2022285814569427481681115058766
BAKKEN1-202231670570053406198221857885
BAKKEN12-2021317004669338232053518657683
BAKKEN11-20213071647149457921513202770
BAKKEN10-20213178657723574022623212900
BAKKEN9-20213089249207688023296218130
BAKKEN8-2021311054110436858725041242700
BAKKEN7-20213113833138281018022360154405983
BAKKEN6-2021918041940135242093957125
BAKKEN5-202126139251367479562142020009496
BAKKEN4-202124137821370790431931317666767
BAKKEN3-2021271372413623956318209173120
BAKKEN2-20212819012190351874319911175441147
BAKKEN1-2021840474035714038833349269
BAKKEN12-20200000000
BAKKEN11-20200000000
BAKKEN10-20200000000
BAKKEN9-20200000000
BAKKEN8-20200000000
BAKKEN7-20200000000
BAKKEN6-20200000000
BAKKEN5-20200000000
BAKKEN4-20200000000
BAKKEN3-20200000000
BAKKEN2-20200000000
BAKKEN1-20201100909
BAKKEN12-20190000000
BAKKEN11-20190000000
BAKKEN10-20190000000
BAKKEN9-20190000000
BAKKEN8-20190000000
BAKKEN7-20190000000
BAKKEN6-20196223211815250478
BAKKEN5-201931116913343882767192489
BAKKEN4-201930110610943792612252337

A neighboring well:

  • 35333, 1,414, MRO, Estenson USA 11-2TFH, Reunion Bay, t9/19; cum 384K 12/23; a typical "modern" frack: 8.299 million gallons total base water.
BAKKEN12-20202560735940843415815135431630
BAKKEN11-2020307732756986091959618319495
BAKKEN10-2020318080803783021775516993122
BAKKEN9-20203086218755695323005223340
BAKKEN8-2020311028310211955425113243430
BAKKEN7-202031104891047999612193621006143
BAKKEN6-20203010797108941106221965211940
BAKKEN5-20203112816127911209324086231940
BAKKEN4-2020301459414494142812667725162520
BAKKEN3-20203118212182041913432856302811368
BAKKEN2-20202920544205732139034200275985284
BAKKEN1-20203124843247452906235167252798344
BAKKEN12-20193122048221203987725892193235226
BAKKEN11-201930239612390340434293051661111239
BAKKEN10-20193021747216274087924871023518
BAKKEN9-201911953094432285012025011447 

Initial Production Data For Wells Coming Off Confidential List This Next Week -- February 25, 2024

Locator: 46900B.  

The wells:

  • 39572, conf, Grayson Mill, Barracuda 150-100-2-11-8H, Sandrocks, npd,
  • 36282, conf, Enerplus, Warthog 149-93-31D-30H-TF, Mandaree,
DateOil RunsMCF Sold
12-20232153026517
11-20231912819258
10-20231690319780
9-20231363210329
  • 40006, conf, Slawson, Thor 2-31-30H, Tobacco Garden, npd,
  • 36280, conf, Enerplus, Meerkat 149-93-31D-30H, Mandaree,
DateOil RunsMCF Sold
12-20232887124457
11-20232044516301
10-20231856313582
9-20231233913570
  • 40008, conf, Slawson, Thor 4-31-30H, Tobacco Garden, npd,
  • 40007, conf, Slawson, Thor 3-31-30H, Tobacco Garden, npd,
  • 39482, conf, Oasis, Ledahl 5402 42-33 3B, Rosebud,
DateOil RunsMCF Sold
12-20232604616544
11-20232097813584
10-20232289813108
9-20232406114786
  • 38699, conf, CLR, Gibb 8-24HSL, Beaver Lodge, npd,
  • 38639, conf, Hess, GO-Knudson-156-97-2017H-5, Dollar Joe,
DateOil RunsMCF Sold
12-20231216921823
11-20231393826018
10-20231742331062
9-20232910767830
  • 36278, conf, Enerplus, Fossa 149-93-31D-30H-LL, Mandaree,
DateOil RunsMCF Sold
12-202359355065
11-20232467224786
10-20234254142508
9-20233508935856
  • 40090, conf, CLR, Gibb 7-24H1, Beaver Lodge, npd,
  • 40005, conf, Neptune, Wahlstrom 34-27 7H, Elk, npd,
  • 40004, conf, Neptune, Wahlstrom 34-27 6H, Elk, npd,
  • 40003, conf, Neptune, Wahlstrom 34-27 5H, Elk, npd,
  • 39490, conf, Oasis, Allen 5197 44-36 6B, Dimmick Lake,
DateOil RunsMCF Sold
12-202343713100975
11-20234150380938
10-20234173276712
9-20233616747812
8-202320703749
  • 39489, conf, Oasis, Allen 5197 44-36 5B, Dimmick Lake,
DateOil RunsMCF Sold
12-20233467180174
11-20233769176076
10-20233682269543
9-20233723452216
8-202323734655
  • 39488, conf, Oasis, Allen 5197 44-36 4B, Dimmick Lake,
DateOil RunsMCF Sold
12-20233266275181
11-20233707271701
10-20233779570420
9-20233744450954
8-202323604384
  • 39487, conf, Oasis, Allen 5197 44-36 3B, Dimmick Lake,
DateOil RunsMCF Sold
12-20233296773271
11-20233921076622
10-20233774370846
9-20234035054410
8-202321043765
  • 39486, conf, Oasis, Allen 5197 44-36 2B, Dimmick Lake,
DateOil RunsMCF Sold
12-20232476456916
11-20233200564489
10-20233568369645
9-20232891240050
  • 38700, conf, CLR, Gibb 6-24H, Beaver Lodge, npd,
  • 38640, conf, Hess, GO-Knudson-156-97-20017H-2, Dollar Joe,
DateOil RunsMCF Sold
12-20231517626655
11-20231123218020
10-20231986838204
9-20233189340114
  • 37671, conf, Eneplus, Kudu 149-94-36D-35H, Phaelens Butte,
DateOil RunsMCF Sold
12-20231832720459
11-20232280223734
10-20231496615160
9-20233149228575
8-20236588
  • 36275, conf, Enerplus, Sturgeon 149-94-36D-25H-TF, Phaelens Butte,
DateOil RunsMCF Sold
12-20233306130995
11-20233019529698
10-20232853528463
9-20233763833864
8-20239686
  • 40027, conf, Dakota Gasification, Coteau 6, Beaulah Carbon Dioxide, npd,
  • 40009, conf, Slawson, Thor 5-31-30H, Tobacco Garden, npd,
  • 39940, conf, Koda Resources, Stout 2004-4BH, Fertile Valley, npd,
  • 39939, conf, Koda Resources, Stout 2004-3BH, Fertile Valley, npd,
  • 37488, conf, CLR, Gibb 5-24H, Beaver Lodge, npd,
  • 36274, conf, Enerpllus, Salmon 149-94-36D-25H-TF, Phaelens Butte,
DateOil RunsMCF Sold
12-20232447633772
11-202314042185
10-20231485515823
9-20232690527707
8-20230215
  • 37487, conf, CLR, Gibb 4-24H1, Beaver Lodge, npd,
  • 39616, conf, Whiting, DE YK 12-33-2TFH, Sanish,
DateOil RunsMCF Sold
12-20231923121849
11-20232095921206
10-20231812521914
9-20232351128837
  • 37486, conf, CLR, Gibb 3-24H, Beaver Lodge, npd,
  • 38641, conf, Hess, GO-Knudson-156-97-2017H-3, Dollar Joe,
DateOil RunsMCF Sold
12-20231522524767
11-20231816129989
10-20231669032713
9-20233567957129
8-20231174411498
  • 37485, conf, CLR, Gibb 2-24H1, Beaver Lodge, npd,
  • 39617, conf, Whiting, DE YK 12-33-2H, Sanish,
DateOil RunsMCF Sold
12-20231816121205
11-20231665117970
10-2023899310486
9-20231390319525
  • 39340, conf, Enerplus, Cushion 148-93-04A-09H-LL, South Fork,
DateOil RunsMCF Sold
12-20232006617558
11-20231985616887
10-20231269810594
9-202363274825
8-202314211207
  • 37343, conf, Whiting, Bigfoot LS 23-22 8H, Bigfoot,
DateOil RunsMCF Sold
12-2023820116100
11-20231153017890
10-20231767714610
9-20231926613267
8-202338283827