Locator: 51512B.
One bright spot yesterday: COP. When I wasn't looking, COP apparently hit a new 52-week high -- Morgan Stanley and UPS both raised their price targets for COP to $151 and $153, respectively.
SpaceX: link here. Is this crazy talk? Yes, day in an day out, more than one launch ever hour. The next question: why?
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Back to the Bakken
WTI: $86.35.
New wells reporting:
- Sunday, August 23, 2026: 45 for the month, 86 for the quarter, 430 for the year,
- 41972, conf, Devon, Thunderbolt 10-12 3H,
- 41313, conf, Whiting, Dobias 5203 44-32 3B,
- Saturday, August 22, 2026: 43 for the month, 84 for the quarter, 428 for the year,
- 41992, conf, Hess, EN-Edwards-157-94-2203H-2,
- Friday, August 21, 2026: 42 for the month, 83 for the quarter, 427 for the year,
- 41991, conf, Hess, EN-Edwards-157-94-2203H-1,
- 41358, conf, Whiting, Gullikson Federal 5203 42-31 5BX,
- 41129, conf, Whiting, Gullikson 5203 42-31 4B,
RBN Energy: more LNG export capacity is on the way along the British Columbia Coast. Link here. Archived.
Western Canada’s British Columbia (BC) is a new hot spot for LNG export development. The 14-million-tons-per-annum (MMtpa) first phase of LNG Canada is up and running; a final investment decision (FID) on a nearly identical Phase 2 is on the horizon; two smaller LNG export projects totaling more than 5 MMtpa are under construction; and a 12-MMtpa proposal may be sanctioned soon. Assuming they all advance to commissioning, BC could have more than 45 MMtpa of LNG export capacity, equivalent to more than 6 Bcf/d of natural gas, in operation by the early 2030s. In today’s RBN blog, we continue our look at BC’s LNG export boom.
As we said in Part 1, it took a long time — 14 years from project announcement to first cargo — to permit, finance and build Phase 1 of LNG Canada (purple diamond in Figure 1 below), which can send out the LNG equivalent of about 1.8 Bcf/d when it’s running on all cylinders.
But what you might call the second wave of BC-focused LNG export development is rolling in much faster, and has the potential to more than triple Western Canada’s LNG export capacity over the next five years.
The co-owners of LNG Canada Phase 1 — Shell (a 40% stake and the project operator), Petronas (25%), PetroChina Co. Ltd. (15%), Mitsubishi Corp. (15%) and Korea Gas Corp. (KOGAS, 5%) — are targeting a late-2026 FID on LNG Canada Phase 2 (checkered purple-and-white diamond), which would double the Kitimat, BC, site’s capacity to 28 MMtpa (~3.6 Bcf/d) by 2031-32.
