Quiz. Quick: Guess Which Operator. Guess Which Oil Field -- August 2, 2018

This post won't be updated. This well is being tracked at this link and that's where data will be updated.

But back on July 27, 2018 -- just a few days ago -- I put a "yellow sticky" on the computer to remind me to come back to check on this well in a few weeks.

Here's the production data:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	10-2018	31	22300	22476	16006	23094	21357	130
BAKKEN	9-2018	30	30240	30365	45535	22432	18788	1531
BAKKEN	8-2018	31	35012	35191	30227	22880	9632	10784
BAKKEN	7-2018	28	32033	32078	35087	20329	5166	12950
BAKKEN	6-2018	28	40585	39571	79992	39267	6	36507
BAKKEN	5-2018	0	0	0	0	0	0	0
BAKKEN	4-2018	0	0	0	0	0	0	0
BAKKEN	3-2018	0	0	0	0	0	0	0
BAKKEN	2-2018	0	0	0	0	0	0	0
BAKKEN	1-2018	0	0	0	0	0	0	0
BAKKEN	12-2017	0	0	0	0	0	0	0
BAKKEN	11-2017	0	0	0	0	0	0	0
BAKKEN	10-2017	0	0	32	0	0	0	0
BAKKEN	9-2017	29	675	690	356	638	0	397
BAKKEN	8-2017	31	828	914	335	722	0	450

Quick! Guess the operator and the field -- LOL --

• MRO
• Bailey

The well:

• 17498, 498, MRO, Chimney Butte 34-11, Bailey, API - 33-025-00804, re-fracked 3/24/18 - 4/2/18; 5.7 million gallons of water; 89.5% water, t11/08; cum 184K 5/18; this well has been off-line since 10/17, and remains off-line through 5/18; back on line, 6/18;

Hess Has Six New Permits -- August 2, 2018; MRO Reports DUC With "Record" IP

Active rigs:

$68.99↑↑	8/2/2018	08/02/2017	08/02/2016	08/02/2015	08/02/2014
Active Rigs	63	59	34	74	194

Six new permits:

• Operator: Hess
• Field: Blue Buttes
• Comments: Hess has permits for a 6-well BB-Olson pad in SESE 9-150-95 in Blue Buttes oil field;

Four producing wells (DUCs) reported as completed:

• 32010, 7,448, MRO, Colvin USA 14-34TFH, Reunion Bay, fracked, 6/1/18 - 6/12/18; 6.9 million gallons water; 89% water, t7/18; cum --
• 33911, 2,705, Hess, BB-Sigrid Loomer-150-95-0817H-8, Blue Buttes, fracked 5/10/18 - 5/14/18; 5.5 million gallons water; 84.6% water, t7/18; cum --
• 33912, 2,251, Hess, BB-Sigrid Loomer-150-95-0817H-9, Blue Buttes, t7/18; cum --
• 33913, 2,355, Hess, BB-Sigrid Loomer-LW-150-95-0817H-1, Blue Buttes, t7/18; cum --

The Colvin graphic:

The wells:

• 19065, IA/807, MRO, Weninger USA 44-34H, Reunion Bay, t9/10; off-line since 5/17; cum 363K 5/17;
• 32850, SI/NC, Loftqist USA
• 32851, SI/NC, Brant USA

• 32015, SI/NC, MRO Hal USA
• 32014, SI/NC, MRO, JackieUSA
• 32013, SI/NC, MRO, Tony USA
• 32012, SI/NC, MRO, Ranger USA
• 32010, 7,448, MRO, Colvin USA 14-34TFH, Reunion Bay, fracked, 6/1/18 - 6/12/18; 6.9 million gallons water; 89% water, t7/18; cum --
• 33562, SI/NC, MRO, Lois USA

EOG -- 2Q18 Earnings -- Press Release -- August 2, 2018

From the press release:

• beats oil, natural gas and NGL production targets
• EOG grew total crude oil production 15 percent year-over-year to 384,600 barrels of oil per day (bopd), setting a company record.  Total company production increased 16 percent in the second quarter 2018 compared to the same prior year period.  Growth in the Delaware Basin, Eagle Ford and Powder River Basin drove EOG's strong performance.  [The Bakken was not mentioned.] The company maintained its target for 18 percent crude oil growth for full year 2018.
• maintains full-year exploration and development expenditure target
• announces Powder River Basin Mowry and Niobrara Shale plays and expands Turner Sand inventory, adding 1,560 net premium drilling locations and 1.9 bnboe net resource potential
• increases common stock dividend a second time in 2018; tear-to-date increase 31 percent
• EOG's Board of Directors increased the cash dividend on the common stock by 19 percent. Effective with the dividend payable October 31, 2018, to holders of record as of October 17, 2018, the board declared a quarterly dividend of $0.22 per share on the common stock. The indicated annual rate is $0.88 per share.
• EOG Resources, Inc. today reported second quarter 2018 net income of $696.7 million, or $1.20 per share. This compares to second quarter 2017 net income of $23.1 million, or $0.04 per share. [At $1.20, EOG missed estimates of $1.23.]
• adjusted non-GAAP net income for the second quarter 2018 was $794.9 million, or $1.37 per share, compared to adjusted non-GAAP net income of $46.7 million, or $0.08 per share, for the same prior year period. 

Specific reference to the Williston Basin:

During the second quarter 2018, EOG resumed completion activity in the Williston Basin as part of its seasonal development program.

The company further lowered well costs by improving drilling and completion times and making other efficiency improvements.

In the North Dakota Williston Basin, EOG drilled nine wells and began production from two wells in the second quarter.

The Clarks Creek 108 and 155-0706H targeted the Three Forks formation in McKenzie County, ND and were completed with an average treated lateral length of 9,200 feet per well and average 30-day initial production rates per well of 2,980 boed, or 2,240 bopd, 345 bpd of NGLs and 2.4 MMcfd of natural gas.

Compare that Bakken IP data with that of the DJ Basin:

EOG began production from eight wells in the DJ Basin during the second quarter 2018. In particular, a four-well package of DJ Basin Codell wells in Laramie County, WY, the Windy 576 and 577-1702H and the Windy 591 and 593-1705H, was completed with an average treated lateral length of 9,300 feet per well and average 30-day initial production rates per well of 870 boed, or 755 bopd, 70 bpd of NGLs and 0.3 MMcfd of natural gas. All four of these wells are premium. They were drilled in an average of 4.4 days per well with an average cost of $3.4 million per well.

Share price: fairly flat today; not too far away from 52-week high.

Right Down The Line, Gerry Rafferty  

Apple Market Cap Hits $1 Trillion -- August 2, 2018

The trillion-dollar screenshot ....

Wall Street Journal when Apple hits $1 trillion market cap.

From CNBC:

Apple hit a $1 trillion market cap on Thursday, making the iPhone maker the first publicly traded U.S. company to reach the record valuation.

The stock rose nearly 3 percent following a strong third-quarter earnings report earlier this week, briefly hitting a session high of $207.05 in midday trading before falling back below $207.

Based on a recently adjusted outstanding share count of 4,829,926,000 shares, a stock price of $207.05 nudged Apple over the finish line in the race to one trillion.

Investors had previously been looking for a share price of $203.45, but the company's hefty stock buybacks moved the threshold higher.

The Dems weigh in:

• Barack Obama: Apple didn't make that. Trump's corporate tax windfall did that. 
• Joe Biden: That's a f**king big deal.
• Hillary: All my classified e-mails are locked up in an iPhone 4.
• Maxine Waters: we need to impeach Tim Cook. And Trump.
• Nancy Pelosi: $1 trillion? Just crumbs.
• Chuck Schumer:  Apple has six ways to Sunday to get to $2 trillion.
• Occasional Ortez: $1 trillion? That would pay for healthcare for all! Nationalize Apple! Now!
• Pocahontas: And this is exactly what the big banks are going to do. Getting way too big. We need to stop Tim Cook now.
• Jeff Bezos: But who ships all those iPhones?
• To China? Wallace "Fred" Smith
• Warren Buffett: My biggest mistake ... waiting too long to sell IBM before I bought AAPL. I didn't know what Apple sold ten years ago. I didn't understand the business model.
• Elon Musk: Do we need to put an iPhone on Mars? I think so. 

Money for Nothing, Dire Straits

Graph Of The Year? -- August 2, 2018

Updates

August 2, 2018: in response to the graphic below, a reader sent me a note, asking: "There's so much more gas ready to be "tapped" there's no need to store as much ... just crack a few valves open a little more ... Am I missing something?

My reply:

I don't know. I know very, very little about natural gas. It's only through the blog that I even began following natural gas. But if you are correct, it means the weekly graph that the EIA publishes and that traders follow has been completely irrelevant all these years -- in other words, why even track the fill rate?

Or, with the Utica, Marcellus, et al, things have changed, your (implied?) thesis is completely correct, and going forward, they either need to quit following the weekly fill rate or explain to us why it's worth tracking.

I seriously don't know.

Original Post

A few days ago I thought I had posted "the graph of the year." Now another one. If you include the Tesla graphic yesterday, we now have three graphs that could get bragging rights as "graph of the year."

This is rather phenomenal to say the least. Don sent me the link -- I might have gotten to it eventually, but possibly not.

I'm pretty much avoiding business news today -- Dow futures were down 200 points and on days like this, I simply try to ignore the news. Lots of YouTube.

But I digress. Look at this graph. Amazing. Dynamic link here.

Working gas in storage has broken through the five-year minimum .... who wudda thought? Hottest days of summer yet to come. Then a cold winter. It could be hard to catch up by December.

How low will it go? For now, break through:

Breakthru, Queen