Daily Activity Report -- November 6, 2025

Locator: 49359B.

WTI: $59.43.

Active rigs: 31.

Three new permits, #42461 - #42463, inclusive:

• Operator: Spotted Hawk Development, LLC
• Field: Deep Water Creek Bay (McLean County)
• Comments; 
• Spotted Hawk has permits for three Moose wells, NESW 6-150-90, 
• to be sited 2563 / 2600 FSL and 1454 / 1501 FWL.

Four permit reinstatements:

• Spotted Hawk: four Moose permits in Deep Water Creek Bay, McLean County, SENW 6-150-90.

One producing well (a DUC) reported to be completed:

• 41344, 995, MRO, Imogene USA 4-7H, Dunn County;

NOG’s 3Q2025 Results — November 6, 2025

Locator: 49358NOG.

THIRD QUARTER HIGHLIGHTS: 

• Total quarterly production of 131,054 Boe per day (55% oil), up 8% from the third quarter of 2024
• Oil volumes of 72,348 Bbl per day, up 2.0% from the third quarter of 2024 
• Record Appalachian volumes of 135.9 MMcf per day 
• GAAP net loss of $129.1 million, Adjusted EBITDA of $387.1 million, and Adjusted Net Income of $101.8 million. See “Non-GAAP Financial Measures” below 
• Cash flow from operations of $362.1 million. Excluding changes in net working capital, cash flow from operations was $344.3 million, a 9% decrease from the third quarter of 2024 
• Generated $118.9 million of Free Cash Flow. See “Non-GAAP Financial Measures” below 
• Capital expenditures, excluding non-budgeted acquisitions and other, was $272.0 million, reflecting heightened ground game activity 
• Completed 22 ground game transactions adding over 2,500 net acres and an additional 5.8 net wells for $59.8 million, inclusive of associated development costs 
• Acquired ~1,000 net royalty acres (~8,000 royalty acres standardized to 1/8th royalty) located primarily in Duchesne and Uintah Counties, UT for an unadjusted closing price of $98.3 million 
• On October 1, 2025, issued $725.0 million of 7.875% Senior Notes due 2033 and repurchased 97% or $684.9 million, of 8.125% Senior Notes due 2028 
• On November 5, 2025 amended and restated the Company’s Revolving Credit Facility lowering borrowing costs and extending maturity to 2030 
• Tightened capital expenditure guidance to a range of $950 - $1,025 million 
• Raised 2025 annual production guidance to a range of 132,500 - 134,000 Boepd, with oil production increased to a range of 75,000 - 76,500 Boepd 

Elon Musk's One-Trillion-Dollar Pay Package Approved By 84% Of Shareholders -- November 6, 2025

Locator: 49357MUSK.

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The Book Page

The Story of Alice: Lewis Carroll and the Secret History of Wonderland, Robert Douglas- Fairhurst, c. 2015. 

Major Google Announcement -- November 6, 2025

Locator: 49356GOOGLE.

This needs to be completed but so I don't forget:

November 6, 2025: huge announcement for Google -- developed its own AI chips in-house -- "Ironwood."

• also received contract with Apple for Google Gemini to integrate with Apple's Siri for AI

 News:

Stories everywhere:

• Tom's Hardware, link here.

Today, Google Cloud introduced new AI-oriented instances, powered by its own Axion CPUs and Ironwood TPUs. The new instances are aimed at both training and low-latency inference of large-scale AI models, the key feature of these new instances is efficient scaling of AI models, enabled by a very large scale-up world size of Google's Ironwood-based systems.

Ironwood is Google's 7th Generation tensor processing unit (TPU), which delivers 4,614 FP8 TFLOPS of performance and is equipped with 192 GB of HBM3E memory, offering a bandwidth of up to 7.37 TB/s. 

Ironwood pods scale up to 9,216 AI accelerators, delivering a total of 42.5 FP8 ExaFLOPS for training and inference, which by far exceeds the FP8 capabilities of Nvidia's GB300 NVL72 system that stands at 0.36 ExaFLOPS. The pod is interconnected using a proprietary 9.6 Tb/s Inter-Chip Interconnect network, and carries roughly 1.77 PB of HBM3E memory in total, once again exceeding what Nvidia's competing platform can offer.

 It's important to note that none of this competes with Apple, and in fact, this is good news for Apple. 

PSX -- Phillips 66 -- Chart Of The Day -- November 6, 2025

Locator: 49355PSX.

COTD:

I believe the top three refiners in the US are Valero, MPC, and PSX. 

PSX will likely increase its dividend by five to eight percent next February / March (2026).

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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.

Used Cars -- Inflation -- Now There's A Glut -- Totally Anticipated -- November 6, 2025

Locator: 49355INFLATION.

Link here. Schwab's Liz Ann Sonders. 

There are two reasons for the increased number of used cars sitting on dealers' lots. 

IYKYK. 

Turkey -- Inflation Watch -- Least Expensive In Years In North Texas -- November 6, 2025

Locator: 49342B.

Updates

November 6, 2025: CNBC, link here. Turkeys in north Texas (DFW area) are the least expensive they have been in years. See "original post" below -- 79 cent / pound. Search turkey inflation or turkey inflation on the blog to see prices in past years. 

Original Post

Tea leaves: more confusing than ever.

Inflation watch: turkeys in north Texas (DFW area) going for 79 cents / pound at Target. Last week turkeys were priced at 88 cents / pound at Walmart. Turkey, price / pound.

Disclaimer

**********************************

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.

COP Raises Dividend 8% On Great Earnings, Guidance -- November 6, 2025

Locator: 49354B.

COP: beats on earnings; raises output forecast; and, raises dividend.

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Back to the Bakken

WTI: $60.01. Link here.

New wells: link here.

RBN Energy: link here.