Thursday, October 23, 2025

An Old Petroshale Well With >700K Bbls Crude Oil Cumulative -- October 23, 2025

Locator: 49492BEARCHASE. 

This DUC was reported as completed today:

  • 38205, 794, Petroshale, Bear Chase North 3MBH, McKenzie County;

A well of interest:

  • 35269, 958, Petroshale, Bear Chase 1MBH, Spotted Horn, McKenzie County; t6/19/ cum 727K 7/25; taken off line due to recent fracking in the area.

 Recent production:

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-202510001191190
BAKKEN7-20253132623505267949524583161
BAKKEN6-202526265623892250420527171318
BAKKEN5-20251616634304138342613896261
BAKKEN4-2025302715124245056304996432
BAKKEN3-20253130282970249960755224639
BAKKEN2-20252727402638231853915079145
BAKKEN1-20253129703034268654765134146
BAKKEN12-2024263046299522416156593243
BAKKEN11-20243035783547267660315598225

Initial production: 

BAKKEN5-202031233812351315335390142640712390
BAKKEN4-20203019064191931125327525223334982
BAKKEN3-20203120796206521215332842282164409
BAKKEN2-20202921074212471366828488266041681
BAKKEN1-20203123259232011589130342285461579
BAKKEN12-2019312774527931171373591634779920
BAKKEN11-20193025443263221816631607286832714
BAKKEN10-20192726452264881956532646290723392
BAKKEN9-20193034793328622622242886410881798
BAKKEN8-20193139865412351178857576530934483
BAKKEN7-20193141295413063172757218492727946
BAKKEN6-20191018614169331023120606190111595
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A Most Transformative President -- October 23, 2025

Locator: 49491ARCHIVES. 

Now: every visitor to the United -- not just some -- will be photographed and fingerprinted! This president never sleeps.  

Canada: just announced -- Trump to end trade negotiations with Canada. 

Alaska: opens up more of the Arctic to drilling.

Ukraine: announces most severe sanctions on Russia's oil sector to date. Doing what the EU won't do.

Gaza: tells Israel, Hamas -- ceasefire now, or else. 

China: meeting with Xi next week. 

East Wing: Michelle had her garden; Americans have a new ballroom. 

Offshore wind: Doug Burgum running the show.

Offshore drilling: Doug Burgum running the show. 

Sovereign wealth fund: showing Hillary et al how to invest.

US equities: day-after-day with new S&P 500 records.

Fed chair: POTUS taking control. 

All while the US government is shut down.  

Arts: Kennedy Center Honors -- Chairman of the Board. 

Gavin / California: only political plank in the Democratic platform -- EVs. Has come to a screeching half. 

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Canada

Link to New York Times.
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Ford Pause Production Of The Electric Pickup, The Lightning -- October 23, 2025

Locator: 49490FORD. 

Link here. 

A reader alerted me to this story.


For the archives: this follows Ford's earnings released earlier today.

Reminder: the fire that has interrupted supply of aluminum.

Interestingly, a side note: this speaks again to the all-important "supply chain." 

Much could be said. 

Although most analysts will be talking about how this all affects the manufacturer, Ford, few will connect the "political fallout," particularly in California and for Gavin Newsom. This is a huge story for California and its governor.   

From June 3, 2025, link here:

Ford's Numbers Are Out -- EV Sales Were Down 25%

Overall sales up 16%.

Electric vehicle sales experienced a 25% decrease to 6,723 units, including a 42% decline for the F-150 Lightning.

Link here. 

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Quo Vadis, Lucid

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Three New Permits; One DUC Reported As Completed -- October 23, 2025

Locator: 49489B. 

WTI: $61.63.

Active rigs: 34. 

Three new permits, #42424 - #42426, inclusive:

  • Operators: Devon Energy (2); Oasis;
  • Fields: Camp (McKenzie County); Marmon (Williams) 
  • Comments:
    • Oasis has a permit for a Hassel well, 25/36-157-100; 
      • to be sited 550 FSL and 2083 FEL;
    • Devon Energy has permits for two Forest wells, 26/27/34/35-152-101; and, 26/35-15-101, to be sited 376 FNL and 2092 / 2122 FWL

One producing well (a DUC) reported as completed:

  • 38205, 794, Petroshale, Bear Chase North 3MBH, McKenzie County;
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NDIC Hearing Dockets -- November, 2025 -- Posted Octob er 23, 2025

Locator: 49488DOCKETS.

Hearing dockets are found here at the NDIC.

Wednesday, November 19, 2025
Link here.
11 pages.

The cases, again, these are cases, not permits: 

  • 32294, Hess, Ross-Bakken, establish two overlapping laydown 2560-acre units, five wells; establish an overlapping laydown 5120-acre unit, one well; Mountrail County;
  • 32294, White Rock, Butte-Bakken, establish an overlapping standup 2560-acre unit; four wells; McKenzie County;
  • 32296, Murex, Writing Rock-Bakken, establish four overlapping standup 1920-acre unit, five wells on each unit; Divide County;
  • 32297, Murex, Fortuna-Bakken, to establish three overlapping standup 1920-acre units; five wells on each; establish an overlapping laydown 1920-acre unit; five wells each uit; establish two overlapping standup 2560-acrre units; five wells on each; total 30 wells, Divide County;
  • 32298, Oasis, Painted Woods and/or Lake Trenton-Bakke, establish an overlapping standup 2560-acre unit; three wells; establish an overlapping standup 5120-acre unit; one well; Williams County;
  • 32299, Oasis, Rosebud and/or Lake Trenton-Bakken, establish an overlapping standup 2560-acre unit; three wells; establish an overlapping standup 5120-acre unit; one well; Williams County;
  • 32300, Oasis, Ellisville and/or Lone Tree Lake-Bakken, establish anoverlapping standup 2560-acre unit; three wells; Williams County;
  • 32301, Kraken, Sheep Butte-Bakken, establish an overlapping laydown 2560-acre unit four wells; McKenzie County;
  • 32302, Kraken, Zahl, Blue Ridge, Little Muddy and/or Winner-Bakken, establish an overlapping standup 5120-acre unit; one well; Williams County;
  • 32303, NDIC, confiscation, #15733, orth MaxBass, Bottineau County;
  • 32304, NDIC, confiscation, Russian Creek, Dunn County; 
  • 32305, Hess, pooling; 
  • 32306, Hess, pooling; 
  • 323-7, Hess, pooling; 
  • 32308, Hess, Ross-Bakken six wells on a 1280-acre unit, section 14/23-156-92, Mountrail County; 
  • 32309, Hess, commingling;
  • 32310, Murex, pooling; 
  • 32311, Murex, pooling; 
  • 32312, Murex, pooling; 
  • 32313, Murex, pooling; 
  • 32314, Murex, pooling; 
  • 32315, Murex, pooling; 
  • 31316, Murex, pooling; 
  • 32317, Oasis, pooling; 
  • 32318, Oasis, pooling;  
  • 32319, Oasis, pooling;  
  • 32320, Oasis, pooling;  
  • 32321, Oasis, pooling;  
  • 32322, Whiting, commingling;
  • 32323, MRO, pooling; 
  • 32324, MRO, pooling; 
  • 32325, MRO, pooling; 
  • 32326, MRO, pooling; 
  • 32327, BR, commingling;
  • 32328, MRO, SWD,
  • 32329, Petro-Hunt, SWD, 

Thursday, November 20, 2025
Link here.
14 pages.

The cases, again, these are cases, not permits: 

  • 32330, RIM Operating, re-entry, 320-acre unit, N/2 of section 10-153-101, McKenzie County.
  • 32331, Zavanna, Stockyard Creek-Bakken, establish two overlapping 1920-acre units; sections 20/21/22 and sections 23/26/35-154-99, eight wells on each unit, Williams. 
  • 32332, SOGC, Rach Creek-Bakken and/or Beicegel Creek-Bakken, establish an overlapping 1920-acre unit; 5 wells; establish a 1920 acre unit, 5 wells; McKenzie County;
  • 32333, Slawson, Kittleson Slough-Bakken, establish an overlapping 1920-acre unit; seven wells on that unit; reduce from three wells to one well on an existing 1280-acre unit; Mountrail County;
  • 32334, EOG, Ross-Bakken, setback rules for permitted well, Mountrail County;
  • 32335, CLR, Juno-Bakke, establish three overlapping 1920-acre units; five wells on each; establish three overlapping 2560-acre units; five wells on each, Divide County;
  • 32336, CLR, Baukol Noonan-Bakke, establish an overlapping 1920-acre unit; five wells; Divide County;
  • 32337, CLR, Upland Bakken, establish six overlapping 1920-acre unit; five wells on each; a total of 30 wells; Divide County;
  • 32338, CLR, Border-Bakken and/or Stoneview Bakken, establish two overlapping 1920-acre units,  five wells each, Burke County;
  • 32239, Pride Energy vs Phoenix Operating; risk penalty legalese; Murphy Creek Bakken, Dunn County;
  • 32340, NDIC, temporary spacing, Golden Valley
  • 32341, NDIC, temporarily abandoned status of a Storm Federal well, #14411, McKenzie County;
  • 32342, NDIC, temporary spacing, Grassy Butte-Tyler, McKenzie County;
  • 32343, Devon Energy, six wells on an existing 1920-acre unit, Painted Woods-Bakken Williams County;
  • 32344, Devon Energy, pooling;
  • 32345, EOG, pooling;
  • 32346, EOG, three wells on an existing 1280-acre unit; Cottonwood-Bakken and/or Alger-Bakken, Mountrail County;
  • 32347, Slawson, pooling;
  • 32348, Slawson, pooling;
  • 32349, CLR, pooling; 
  • 32350, CLR, pooling; 
  • 32351, CLR, pooling; 
  • 32352, CLR, pooling; 
  • 32353, CLR, pooling; 
  • 32354, CLR, pooling; 
  • 32355, CLR, pooling; 
  • 32356, CLR, pooling; 
  • 32357, CLR, pooling; 
  • 32358, CLR, pooling; 
  • 32359, CLR, pooling; 
  • 32360, CLR, pooling; 
  • 32361, CLR, pooling; 
  • 32362, CLR, pooling; 
  • 32363, CLR, pooling; 
  • 32364, KODA Resources, SWD,
  • 32365, Hunt Oil, SWD
  • 32366, Tobaco Garden SWD. 
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The X-Files -- October 23, 2025

Locator: 49487XFILES.

Non sequiuur: there really are a lot of incredibly bright young people getting world class educations in four geographic regions of the US --

  • northeast: Virginia to Boston
  • Austin's silicon valley (Texas)
  • Bay Area, California
  • Illinois-Ohio-Pennsylvania

Before we get started:

This feels like a Friday! 

ChatGPT: 

  • just reported this past week, that worldwide, 8 million ChatGPT users
  • that's 10% of global population
  • 65% of global population has access to the internet, but "home connection" numbers not easily determined. 

Rates: the Fed is going to cut next week. It's just a matter of how much. 

Investing: Uber + Tesla -- we may have reached a tipping point.

Investing: whistling past the graveyard -- 

  • we've just gotten through the worse two trading weeks in October! Whoo-hoo!
  • a couple of more weeks for money managers to dress up their books and then back to business as usual; whoo-hoo;

Investing: Goldilocks in the market and a government shutdown; what more could one want?

  • not seen often but today both "tech" and "oil" are doing well; 

On the record:

  • government shutdown:
    • GOP found a way to fund both military pay and pay for Federal workers who are still on the job; Democrats couldn't accept this; voted almost en bloc to stop those payments;
  • ICE:
    • Memphis crackdown: > 1,000 arrests and dozens of missing children found;
  • mRNA
    • cancer survival rates enhanced with mRNA vaccines. Flatlanders aghast.

**********************************
X-Files

San Antonio and the Dodgers. I have been so fortunate to have so many personal memories and great memories of both these teams. These teams truly enriched my life and the relationship I've had with my extended family. I could write a lot but I'll save this for my "family" blogs.  

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Disclaimer
Brief Reminder 

Briefly:

  • I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.
  • I am inappropriately exuberant about the US economy and the US market.
  • I am also inappropriately exuberant about all things Apple. 
  • See disclaimer. This is not an investment site. 
  • 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 something appears wrong, it probably is. Feel free to fact check everything.
  • 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. 
  • Many posts are not proofread for several days after they've been posted.  
  • Reminder: I am inappropriately exuberant about the Bakken, US economy, and the US market.
  • I am also inappropriately exuberant about all things Apple. 
  • And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia. Nvidia is a metonym for AI and/or the sixth industrial revolution.
  • I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom.
  • And Oracle. 
  • Longer version here.  

The links:

The screenshots:









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Centerpoint -- AI -- Houston -- Whoo-Hoo! October 23, 2025

Locator: 49486CNP.

I'm not looking at this as energy story or an investing story. For me, this is an AI story. And a Texas story.

Link here. 

CenterPoint Energy beat the Street in Q3 on a very simple story: Houston’s industrial appetite for electrons is exploding, and regulators are letting the utility recoup what it spends to keep up. Adjusted EPS landed at $0.50 (vs. $0.44 est.), up more than 60% y/y on a non-GAAP basis. The drivers were textbook utility levers—about $0.07/share from growth and regulatory recovery and $0.12/share from leaner O&M—partly shaved by $0.04/share in higher interest expense. GAAP EPS was $0.45 on net income of $293 million.

Under the hood, the Houston Electric business keeps doing the heavy lifting. Overall throughput in Houston is up 9% YTD; industrial throughput is up 11% YTD and 17% quarter-over-quarter. CenterPoint says it has already connected 500 MW of data centers this year, and it’s not pretending demand will cool: the company forecasts a 10 GW jump in Houston peak load by 2031—nearly a 50% surge in six years—as AI data centers, refiners, and port-driven exports pile on.

That demand case underwrites a record $65 billion 10-year capital plan (with line-of-sight to another ~$10 billion in optionality), aimed at grid resilience, reliability, and growth across its multi-state footprint serving 7+ million electric and gas customers. Management reiterated 2025 non-GAAP EPS guidance of $1.75–$1.77 (midpoint implies ~9% growth vs. 2024) and said 2026 should land at least at the midpoint of $1.89–$1.91 (about 8% growth vs. 2025 midpoint).

This is the first clean utility up-cycle of the AI era playing out in real time. CenterPoint’s bet is that Houston becomes the canonical case study for industrial electrification and datacenter load, and that regulators will keep the cost-recovery gears meshing while the company hardens a coastal grid against ugly weather. If those two conditions hold, double-digit rate-base growth through decade-end is not a stretch.

At one time I had a huge position in CNP. I don't know if I still hold CNP. Doesn't matter. If I still hold it, whoo-hoo! If I don't own it any more, not going to start a new position. I am overweighted in energy and don't need to add any more. At least not now.  
 

**********************************
Disclaimer
Brief Reminder 

Briefly:

  • I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.
  • I am inappropriately exuberant about the US economy and the US market.
  • I am also inappropriately exuberant about all things Apple. 
  • See disclaimer. This is not an investment site. 
  • 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 something appears wrong, it probably is. Feel free to fact check everything.
  • 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. 
  • Many posts are not proofread for several days after they've been posted.  
  • Reminder: I am inappropriately exuberant about the Bakken, US economy, and the US market.
  • I am also inappropriately exuberant about all things Apple. 
  • And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia. Nvidia is a metonym for AI and/or the sixth industrial revolution.
  • I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom.
  • And Oracle. 
  • Longer version here.  
Posted by at

Chart Of The Day -- Micron -- October 23, 2025

Locator: 49485MU.

Micron.

Up almost 200% in six months.

Up over 3% today.

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Labels:

The Big Story Today: WTI -- October 23, 2025

Locator: 49484WTI.

Sanctions: my hunch -- last one to speak to President Trump on this was .... Doug Burgum. 

Tickers:

  • XOM: up 0.9%
  • PSX: up 2%
  • COP: up 3%
  • CVX: up 0.6%  
  • VNOM: up 1%
  • ENB: down 0.2%
  • EPD: down 0.2%
  • WMB: down 3%
  • OKE: up 0.1%
  • LNG: down 0.7%
Posted by at

The Day The Music Died -- Rivian Cuts 4% Of It Workforce -- October 23, 2025

Locator: 49483EVS.

Link here. 

A month ago, the company did a smaller round of layoffs, affecting 1.5% of its workforce. It said the move was to reduce costs ahead of the launch of a more affordable sport-utility vehicle next year. 
Rivian and other EV manufacturers are being hit hard by the pullback in policies that supported the adoption of electric vehicles. The end of a $7,500 federal tax credit for consumers buying EVs is expected to tank sales. 
The policy changes have derailed the sales of compliance credits that have been an important source of profitability for Rivian and others. Rivian has said that the changes could result in an estimated $100 million in revenue being held up. 
Rivian’s vehicle sales grew 32% to 13,201 vehicles in the third quarter, but the company narrowed its delivery guidance for the full year to 41,500 to 43,500 vehicles after previously forecasting as many as 46,000 deliveries. Rivian reports its full quarterly earnings on November 4, 2025.
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Labels: , ,

Producers Ramp Up Simultaneous Fracking, Triple Fracking to Increase Efficiency -- RBN Energy -- October 23, 2025

Locator: 49482FRACKING.

Tag: fracking  

Early access at the link.  


Operators in the Bakken have been doing this for years:

Simultaneous fracturing, often dubbed in the industry as SimulFrac, means fracturing two wells at the same time using the same pumps and crews. Each stage is treated in tandem, which cuts the time required at each site and maximizes equipment use.2 days ago. 

Link here.

E&Ps and oilfield service companies are constantly chasing the latest techniques to extract oil and gas faster and easier. Hydraulic fracturing was, of course, a game-changer, but now producers are using simultaneous fracking and even triple fracking, relatively newer approaches that use more resources but boost efficiency. In today’s RBN blog, we’ll break down these strategies, explore when they make sense for operators, and highlight the biggest challenges.

In Part 1 of this blog series, we discussed how the Shale Era was made possible by unprecedented advancements in drilling-and-completion technology, especially in horizontal drilling and hydraulic fracturing. The combination of the two, along with other basin-specific techniques, has significantly increased the efficiency of oil and gas recovery, as evidenced by the higher initial production (IP) rates within the first 60 days, as shown in Figure 1 below for the Permian Basin. We also detailed how the industry has increasingly utilized much longer laterals and how the choice of well tubing — coiled or stick pipe — plays an important role.


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WTI Surges -- And CNBC's Feature Story This Morning? Beyond Meat -- Beyond The Pale -- October 23, 2025

Locator: 49481B.

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Back to the Bakken

WTI: $58.39. Link here. Up over 5.68%; up $3.32 / bbl.

New wells: link here. 

RBN Energy: link here.

Posted by at

My Favorite Chart -- MMF Update -- October 23, 2025

Locator: 49480MMF.

Tag: MMF MMFS money market funds 

My favorite chart: link here. 



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