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Tuesday, March 26, 2024

April, 2024, Hearing Dockets

Locator: 46848DOCKETS.

April hearing dockets posted.   

Link here.

The NDIC hearing dockets are tracked here.

As usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is, go to the source. These are cases, not permits.

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Friday, April 26, 2024
Two Cases

The cases:

  • 30793, Resonance Exploration (North Dakota) LLC, West Roth-Madison (Fylling) Unit Area, unitized management, Bottineau Couunty.
  • 30794, related to 30793.

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Thursday, April 25, 2024
Eight Pages

The cases:

  • 30841, Formentera Operations, Larson-Bakken, eight wells on two existing 1920-acre units, Burke County;
  • 30842, Iron Oil Operating, Parshall-Bakken, i) three wells on an existing 1280-acre unit, ii) four wells on an existing 1280-acre unit, Mountrail County;
  • 30843, Iron Oil Operating, pooling,
  • 30844, Iron Oil Operating, pooling,
  • 30845, Iron Oil Operating, pooling,
  • 30846, Iron Oil Operating, pooling,
  • 30847, Iron Oil Operating, pooling,
  • 30848, Enerplus, pooling,
  • 30849, Murfin Drilling, pooling,
  • 30850, WPX, pooling,
  • 30851, WPX, pooling,
  • 30852, WPX, pooling,
  • 30853, WPX, Heart Butte, WPX, ten wells on an existing 1280-acre unit, Dunn County.
  • 30854, WPX, Heart Butte- and/or Wolf Bay-Bakken, to establish an overlapping 2880-acre unit, 17 wells, Dunn County.
  • 30855, CLR, commingling,
  • 30856, CLR, pooling,
  • 30857, Liberty Resources Management, commingling,
  • 30858, Phoenix Operating, pooling,
  • 30859, Phoenix Operating, pooling,
  • 30860, Phoenix Operating, pooling,
  • 30861, Phoenix Operating, pooling,
  • 30862, Caliber Midstream, SWD,
  • 30863, KODA Resources, SWD,
  • 30864, KODA Resources, SWD,
  • 30865, KODA Resources, SWD,

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Wednesday, April 24, 202
Eleven Pages

The cases:

  • 30795, NDIC, Petro-Hunt, Boxcar Butte-Madison, redefine limits,, McKenzie County;
  • 30796, BR, Jim Creek and/or Murphy Creek-Bakken, i) terminate two overlapping 2560-acre units; ii) establish two overlapping 1920-acre units; six wells on each; iii) establish an overlapping 3840-acre unit; one well; Dunn County;
  • 30797, Murex Petroleum, Sandrocks and/or Poe-Bakken, establish two overlapping 2560-acre units, one well on each unit, McKenzie County
  • 30798, Murex Petroleum, West Ambrose-Bakken, i) extend field; ii) establish a 1280-acre unit, two wells, Dunn County
  • 30799, Kraken, Hebron and/or Squires-Bakken, establish an overlapping 3840-acre unit, five wells, Williams County
  • 30800, Oasis, Enget Lake and/or Cottonwood-Bakken, establish an overlapping laydown 2560-acre, one well, Mountrail County;
  • 30801, Oasis, Glass Bluff-Bakken, to establish an overlapping 3840-acre unit, one well; McKenzie, Williams couunties
  • 30802, Hess, Antelope Creek an/or Sather Laker-Bakken, i) establish an overlapping 1920-acre unit, four wells; ii) establish an overlapping 3840-acre unit, one horizontal, McKenzie County
  • 30803, Hess, Clear Creek, Camel Butte and/or Blue Buttes-Bakken, establish an overlapping 3840-acre unit, one well; McKenzie County
  • 30804, Hess, Blue Buttes-Bakken, establish an overlapping 3840-acre unit, one well, McKenzie County;
  • 30805, Hess, Ellsworth-Bakken, i) establish an overlapping standup 1920-acre unit, four wells; ii) establish an ovelapping 3840-acre unit, one well, McKenzie County;
  • 30806, Hess, Ellsworth-Bakken, establish an overlapping 3840-acre unit, one well, McKenzie County
  • 30807, Five States Operating, Rocky Hill-Madison, i) to extend the field; ii) to establish four 320-acre units, one well on each, Stark County
  • 30808, Five States Operating, Bull Creek-Madison, i) to extend the field; ii) to establish ten 320-acre units, one well on each, Stark County,
  • 30809, NDIC, confiscation, Erickson #16087, Crosby Field, Divide County
  • 30810, NDIC, confiscation, Landstrom #16307, Crosby Field, Divide County,
  • 30811, NCIC, confiscation, Buurneer #16267, Crosby Field, Civide County, 
  • 30812, NDIC, confiscation, Burlington Nortern 1 well, #8234,, Morgan Draw Field, Billings County,
  • 38013, BR, pooling,
  • 30814, BR, pooling,
  • 30815, BR, pooling,
  • 30816, BR, pooling,
  • 30817, Oasis pooling,
  • 30818, Oasis pooling,
  • 30819, Oasis, commingling,
  • 30820, Hess, pooling,
  • 30821, Hess, pooling,
  • 30822, Hess, pooling,
  • 30823, Hess, pooling,
  • 30824, Hess, pooling,
  • 30825, Hess, pooling,
  • 30826, Hess, pooling,
  • 30827, Hess, pooling,
  • 30828, Hess, commingling,
  • 30829, Hess, commingling,
  • 30830, Whiting Oil, pooling,
  • 30831, Whiting Oil, pooling,
  • 30832, SEG Williston, pooling, 
  • 30833, White Rock, Horse Creek-Red River, commingling, Bowman County;
  • 30834, White Rock, Horse Creek-Red River, commingling, Bowman County;

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Thursday, April 18, 2024
Two Pages

The cases:

  • 30835, Formentera Operations, Larson-Bakken and/or Leaf Mountain-Bakken, establish i) three 1920-acre units; eight wells on each; ii) four overlapping 1920-acre units; eight wells on each; iii) an overlapping 3840-acre unit; one well, Burke County;
  • 30836, Iron Oil Operating, Parshall-Bakken, establish i) three 1920-acre units; four wells on each; ii) two overlapping 1920-acre units, four wells on each; Mountrail County;
  • 30837, n/d
  • 30838, Hunt Oil, Zahl-Bakken, establish four overlapping 1920-acre units; four wells on each; Williams County;
  • 30389, Hunt Oil, Sioux Trail-Bakken, establish an overlapping 1920-acre unit, two wells on each; Divide County;

Absolutely No Shortage Of Oil! US Crude Oil In Storage Surges — API Data — March 26, 2024

Locator: 46847WTI.

Inventory:

  • I don’t know, but this sounds like good news for refiners. 
  • Let’s check. Nope. Both Valero and MPC were down today. Whatever.

PSX: looking at selling its share of the REX pipeline.

Tuesday, Late Morning -- Ledecky -- March 26, 2024

Locator: 46846B.

Market, link here.

Ledecky, link here.

Katie Ledecky’s 13-year unbeaten streak in the 800-meter freestyle is over, setting up a potential challenge from Canadian phenom Summer McIntosh at the Paris Olympics.
The 17-year-old McIntosh finished almost 6 seconds ahead of Ledecky at a sectional meet in Orlando on Thursday, becoming the second-fastest female in the history of a grueling event that Ledecky has dominated.
The teenager finished in 8 minutes, 11.39 seconds — an improvement on her previous best time by about 9 seconds. McIntosh went faster than Ledecky’s winning time of 8:12.57 at the Tokyo Olympics.
It was the 26-year-old Ledecky’s first defeat in an 800 free final since 2010. She finished behind American teammate Leah Smith in the preliminaries at the 2019 world championships, but bounced back to win the race that counted.
Ledecky has won three straight Olympic gold medals in the 800 free, and she’s a six-time reigning world champion at that distance. She still holds the 16 fastest times ever, including her world record of 8:04.79 at the 2016 Rio de Janeiro Games.

Chord: I had forgotten what Chord was paying.

DVN

NYSE Delists Fisker -- “Trump” Stock Soars — Trump In The Top 500 List — March 26, 2024

Locator: 46845B.

LCID gets $1 billion from Saudi affiliate. LCID jumped as much as 8% yesterday.

GM. take a look at the ticker over the past six months. Then check the 5-year.

Chips: Nvidia sees huge investment in Indiana. Tag: Purdue University. Link here.

South Korea’s SK Hynix  plans to invest roughly $4 billion to build an advanced chip-packaging facility in West Lafayette, Indiana, a boost to the Biden administration’s ambitions to restore America’s standing as a semiconductor power.

The SK Hynix facility, with nearby access to Purdue University, home to one of the U.S.’s biggest semiconductor and microelectronics-engineering programs, is expected to create around 800 to 1,000 new jobs, the people said. A mix of state and federal tax incentives and other forms of support are expected to be made available to help finance the project.

Operations could begin in 2028.

SK Hynix, one of the world’s largest chip makers by revenue, has seen its profile skyrocket during the latest artificial-intelligence boom. It dominates in the so-called “high-bandwidth memory,” or HBM, market, with SK Hynix currently serving as the exclusive partner to Nvidia’s most advanced graphic-processor units. The two types of chips get bundled together, enabling faster data-processing speeds critical to generative AI tools, such as OpenAI’s ChatGPT.

HBM: Huang on Cramer said his chip production is constrained by paucity of HBM chips. Tech is tracked here. This is huge.

Krispy Kreme and McDonals’s. Whoo-hoo.

Larry Fink. Lost his credibility years ago. 2017.

Enbridge: link here. Better link. Apparently, “unexpected.”

Sham rule: link here. Largely mirrors the election map. Many blue states are crumbling.

Personal investing: added to my positions in AAPL and DVN at the open. No recommendations. See disclaimers.

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Back to the Bakken

WTI: $82.22.

Wednesday, March 27, 2024: 137 for the month; 196 for the quarter, 196 for the year
39722, conf, WPX, Bull Moose 28-27HS,
39642, conf, Oasis, Streamsong 5502 11-17 2B,
39249, conf, Whiting, S-Bar Carmen 5393 34-1 2B,

Tuesday, March 26, 2024: 134 for the month; 193 for the quarter, 193 for the year}
40112, conf, CLR, Lundberg Federal 6-8H,
39723, conf, WPX, Bull Moose 28-27HF,

RBN Energy: US sees 45V tax credit clearing the way for clean hydrogen, but barriers remain.

The Biden administration has placed some big bets on clean hydrogen, seeing it as a replacement fuel for some hard-to-abate industries and putting it at the heart of its long-term decarbonization efforts. But while clean hydrogen has significant long-term potential — backed by major subsidies, including the 45V production tax credit (PTC) — figuring out a path to a greater role in the U.S. energy mix is more complicated than it might seem. The proposed rules around the tax credit have stirred up a hornet’s nest worth of criticism from those who think the guidance might ultimately do more harm than good. In today’s RBN blog, we’ll preview our latest Drill Down Report on the incentives — primarily the 45V tax credit — intended to expand the clean hydrogen industry and examine some of the barriers to significant growth. 

Development of a clean-energy economy was a key plank in President Biden’s campaign platform four years ago and it has remained a priority since he took office in January 2021. With a focus on the short-term changes necessary to make any long-term goals viable, Biden set out some ambitious 2030 targets: at least 80% of U.S. power generated by renewable sources, a 50%-52% reduction (from 2005 levels) in greenhouse gas (GHG) emissions, and production of 10 million metric tons per annum (MMtpa) of clean hydrogen (ramping up to 20 MMtpa by 2040 and 50 MMtpa by 2050).

The Video

Locator: 46844BRIDGE.
 
Updates
 
March 30, 2024: this bridge will not be re-built within my investing lifetime. But a lot of lawyers and DC bureaucrats are going to have job security for a decade. Now this.

 
Original Post

The video. 

A long ad at the beginning but at five seconds can be skipped.

Without ads. The conspiracy talk begins.    

Later: when you look at the map, two immediate observations —

  • this will have very little effect on national economy with regard to trucking
    • this bridge was mainly built to route folks around Baltimore and expedite weekend tourists to the parks and beaches 
    • I-95 is going to get a lot more congested, but little national economic impact
  • the big economic impact will be the commercial shipping
    • their first priority: get the channel open
  • once the channel is open, efforts to replace the bridge will be delayed by the first question: is a new bridge even needed? And at what expense? This will become a hobby horse for the governor.
    • don’t let a “crisis” go to waste