Monday, July 29, 2013
Well, That Was Easy -- Only One Well Coming Off The Confidential List Tuesday -- And It Goes To DRL
23077, DRL, CLR, Oscar 2-24H, Stoneview, no data
Tea Leaves: President Obama Getting Ready To Kill Keystone XL 3.0 (Or Whatever Iteration We Are On)
Updates
August 5, 2013: Michael Fitzsimmons at SeekingAlpha is asking: Keystone-XL Pipeline: delayed so long it no longer matters? Tactically, the pipeline does not; strategically, it matters. It matters a whole lot.
July 30, 2013: In light of my comments below, a reader was nice enough to send a great article on the same subject from the Financial Post. Interestingly, some of the same observations were made.
President Obama’s latest smug comments on the Keystone XL oil sands pipeline suggest the Canadian project’s odds of being approved under his watch are waning.
Thankfully, Canada hasn’t stood still while the U.S. President dithered.
So many new pipeline options have emerged that Keystone XL’s relevance is diminishing as each one gains momentum.I replied to the reader, in light of that article, his comments, and my comments made last night (part of the original post):
My most recent comments regarding the Keystone XL reflect my frustration, sarcasm, -- short term, we can do without the Keystone but long term there are so many reasons for the Keystone -- exactly as you pointed out. The good news: we will see the Keystone (or a newer version) some day, but it may happen after President Obama leaves office.Sometimes statesmen do things for bigger reasons than the stated reason.
I think his decision (actually he will probably listen to John Kerry) will reflect how much he values the US-Canadian relationship.
Original Post
On a day that the market was down, and almost all energy stocks were "red" (with some notable exceptions like KOG and OAS), TransCanada was up over 1% even with this New York Times story. It certainly seems TransCanada investors don't want the company to build this pipeline.
Disclaimer: this is not an investment site. Don't make any investment decisions based on anything you read here or think you may have read here.
Rigzone is reporting.
U.S. President Barack Obama has called into question the number of jobs that would be provided from the construction of the Keystone XL pipeline in a New York Times interview over the weekend.
Republicans have frequently stated that there would be a large number of jobs created if the pipeline is approved for construction, Obama said, adding that he disputes their premise.
“Republicans have said that this would be a big jobs generator,” Obama said in the interview. “There is no evidence that that’s true. The most realistic estimates are this might maybe 2,000 jobs during the construction of the pipeline, which might take a year or two, and then after that we’re talking about somewhere between 50 and 100 jobs in an economy of 150 million working people.”
The president noted that even the temporary increase of 2,000 jobs that might be created during the construction of the pipeline, which would cost about $5.3 billion to build, was “a blip relative to the need.”It's obvious the US no longer needs this pipeline.
I don't think anyone cares any more.
I don't think anyone is even following this story any more except a few bloggers.
TransCanada will be better off without this albatross for the next ten years of legal fights, bad PR, sabotage.
Canada can move on with a new plan. More freight trains.
Shenanigans In Washington With The National Debt -- No Change In 70 Days -- Fascinating, Isn't It?
CNS News is reporting:
A Small Rewrite, Shakespeare
According to the Daily Treasury Statement for July 26, which the Treasury released this afternoon, the federal debt has been stuck at exactly $16,699,396,000,000.00 for 70 straight days.
That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress has imposed on the debt.
The portion of the federal debt subject to the legal limit set by Congress first hit $16,699,396,000,000.00 at the close of business on May 17. At the close of every business day since then, it has also been $16,699,396,000,000.00, according to the official accounting published by the Treasury Department.Something is rotten in the state of Denmark.
A Bad Mood Rising...
... sometimes I am in a bad mood when I start blogging. If so, it usually has to do with some incredibly dumb news story but as soon as I start blogging about the Bakken, my mood changes, especially when I see something like this:
This well is a non-descript well on the prairie -- no one would think twice driving by it -- and it's IP was not all that impressive (compared to Statoil IPs) ... and yet ... 200,000 bbls of oil in one year, and it is still producing 9,000 bbls of oil/month. (Except that while drilling it had flares as high as 90 feet which would have been pretty impressive --)
It is not on a pump.
Remember when we used to look for 100,000 bbls in one year? Now, the "new norm" is 200,000 bbls in one year.
And this well would have been less expensive than several years ago:
And there is a reason I posted the entire stub below. See if you can guess why I posted it.
A Bad Moon Rising, CCR
22158, 996, CLR, Kuhn 2-12H, t5/12; cum 204K 5/13; still producing at 10,000 bbls/month; 29 days to total depth; gas as high as 6,000 units; the seam was 12 feet thick; 60 - 90 foot flares; 40 stages; 3.8 million lbs sand frack; ceramics were not mentioned.CLR just received several permits for more wells next to this one.
This well is a non-descript well on the prairie -- no one would think twice driving by it -- and it's IP was not all that impressive (compared to Statoil IPs) ... and yet ... 200,000 bbls of oil in one year, and it is still producing 9,000 bbls of oil/month. (Except that while drilling it had flares as high as 90 feet which would have been pretty impressive --)
It is not on a pump.
Remember when we used to look for 100,000 bbls in one year? Now, the "new norm" is 200,000 bbls in one year.
And this well would have been less expensive than several years ago:
- pad drilling
- 29 days to total depth vs 60 days in the early days of the boom
- infrastructure in place
- drilling and completion costs have come down in the oil patch; more supply; less demand
And there is a reason I posted the entire stub below. See if you can guess why I posted it.
NDIC File No: 22158 API No: 33-053-03921-00-00 CTB No: 122158
Well Type: OG Well Status: A Status Date: 4/24/2012 Wellbore type: Horizontal
Location: SESE 12-152-100 Footages: 570 FSL 430 FEL Latitude: 47.994516 Longitude: -103.413536
Current Operator: CONTINENTAL RESOURCES, INC.
Current Well Name: KUHN 2-12H
Elevation(s): 2055 KB 2034 GR 2047 GL Total Depth: 21450 Field: CAMP
Spud Date(s): 2/20/2012
Casing String(s): 9.625" 1970' 7" 11210'
Completion Data
Pool: BAKKEN Perfs: 11210-21450 Comp: 4/24/2012 Status: F Date: 5/6/2012 Spacing: 2SEC
Cumulative Production Data
Pool: BAKKEN Cum Oil: 203731 Cum MCF Gas: 280227 Cum Water: 58277
Production Test Data
IP Test Date: 5/6/2012 Pool: BAKKEN IP Oil: 996 IP MCF: 1256 IP Water: 333
Monthly Production DataWell Type: OG Well Status: A Status Date: 4/24/2012 Wellbore type: Horizontal
Location: SESE 12-152-100 Footages: 570 FSL 430 FEL Latitude: 47.994516 Longitude: -103.413536
Current Operator: CONTINENTAL RESOURCES, INC.
Current Well Name: KUHN 2-12H
Elevation(s): 2055 KB 2034 GR 2047 GL Total Depth: 21450 Field: CAMP
Spud Date(s): 2/20/2012
Casing String(s): 9.625" 1970' 7" 11210'
Completion Data
Pool: BAKKEN Perfs: 11210-21450 Comp: 4/24/2012 Status: F Date: 5/6/2012 Spacing: 2SEC
Cumulative Production Data
Pool: BAKKEN Cum Oil: 203731 Cum MCF Gas: 280227 Cum Water: 58277
Production Test Data
IP Test Date: 5/6/2012 Pool: BAKKEN IP Oil: 996 IP MCF: 1256 IP Water: 333
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 5-2013 | 31 | 9253 | 8861 | 2811 | 17863 | 17831 | 32 |
| BAKKEN | 4-2013 | 30 | 11025 | 11145 | 3288 | 24648 | 23435 | 1213 |
| BAKKEN | 3-2013 | 30 | 11083 | 11026 | 3262 | 13181 | 12893 | 288 |
| BAKKEN | 2-2013 | 27 | 11411 | 11653 | 3154 | 17231 | 17017 | 214 |
| BAKKEN | 1-2013 | 30 | 13681 | 13344 | 3327 | 17377 | 16823 | 554 |
| BAKKEN | 12-2012 | 31 | 15469 | 15383 | 3454 | 21015 | 21015 | 0 |
| BAKKEN | 11-2012 | 29 | 16185 | 16370 | 3969 | 16010 | 16010 | 0 |
| BAKKEN | 10-2012 | 31 | 19173 | 19273 | 4345 | 25935 | 25935 | 0 |
| BAKKEN | 9-2012 | 30 | 18527 | 18235 | 4400 | 24710 | 24710 | 0 |
| BAKKEN | 8-2012 | 30 | 12089 | 12165 | 3775 | 15757 | 15757 | 0 |
| BAKKEN | 7-2012 | 31 | 16856 | 16821 | 4355 | 21363 | 21363 | 0 |
| BAKKEN | 6-2012 | 30 | 20517 | 20522 | 5586 | 24862 | 24862 | 0 |
| BAKKEN | 5-2012 | 30 | 26063 | 26245 | 8788 | 36974 | 22119 | 14855 |
| BAKKEN | 4-2012 | 8 | 2399 | 1827 | 3763 | 3301 | 0 | 3301 |
The Compact Digital Camera Is Fading Fast -- WSJ
The Wall Street Journal is reporting:
I assume SanDisk memory cards and sticks could be history, also. Wow, how things change so quickly. What Steve Jobs wrought.
As global shipments plummet—down 42% in the first five months of 2013, according to the Camera and Imaging Products Association, a Tokyo-based industry group—manufacturers are scrambling to adapt to a world where customers value the convenience of smartphones for quick shots they can share on social networks like Facebook and Instagram.
The changes are forcing some of the biggest camera makers, including Fujifilm Holdings Corp. and Panasonic Corp., to pare product lines and adapt offerings. Some are choosing to focus on more high-end cameras as interest in the classic compact, or "point-and-shoot," fades.
Canon Inc. last week lowered its full-year profit outlook by 10%, citing slumping camera sales. In a sign of the dramatic downturn in the market, Canon also cut its compact digital camera outlook for the second time in three months.I love the photo at the linked story. I see this everywhere. The iPad as movie camera. David Lynch must be going nuts.
I assume SanDisk memory cards and sticks could be history, also. Wow, how things change so quickly. What Steve Jobs wrought.
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