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Feels Like A Friday
Everything is shut down. Nothing is open. Uber-driving responsibilities are much diminished for the next two weeks, maybe four weeks.
Time to enjoy an evening of Schubert.
Thursday, March 12, 2020
How Low Can We Go? -- March 12, 2020
Everything is shut down. Nothing is open. Uber-driving responsibilities are much diminished for the next two weeks, maybe four weeks.
Time to enjoy an evening of Schubert.
First Time Jobless Claims Drop More Than Expected --March 12, 2020
Memo to NASCAR: no one will notice --
Jobless claims, link here.
Natural gas fill, link here.
Jobless claims, link here.
- last: 216K
- revised: 2515K
- forecast: 216K
- actual: 211K
Natural gas fill, link here.
- prior: -109 bcf
- actual: -48 bcf
- prior:
- US: 793
- Gulf of Mexico: 23
Active Rigs Hold Steady At 56 -- March 12, 2020
Before we get started, this is interesting. In yesterday's daily activity report, it was reported that a CLR Irgens Rexall permit was canceled:
Active rigs;
Six new permits, #37441 - #37446, inclusive:
- 37294, PNC, CLR, Irgens Rexall 12-19HSLI, Williams County, East Fork, SWSE 19-156-99; 346 FSL 2259 FEL;
- 37446, conf, CLR,Irgens Rexall 11-19HSL1, Williams County, East Fork, SWSE 19-156-99; 571 FSL 2251 FEL;
Active rigs;
| $31.13 | 3/12/2020 | 03/12/2019 | 03/12/2018 | 03/12/2017 | 03/12/2016 |
|---|---|---|---|---|---|
| Active Rigs | 56 | 64 | 60 | 45 | 32 |
Six new permits, #37441 - #37446, inclusive:
- Operator: Kraken (5); CLR;
- Field: Oliver (Williams); East Fork (Williams)
- Comments:
- CLR has a permit for an Irgens Rexall well in SWSE 19-156-99, East Fork oil field
- Kraken has permits for a 5-well King/Cass pas in SWSW 9-157-98, Oliver oil field
- in that drilling unit, one producing well running to the north:
- 21778, 328, Kraken, Cass 1-9H, Oliver, t7/12; cum 148K 1/20; 30 stages, 3 million lbs with ceramic;
- in that drilling unit, three producing wells running to the south:
- 35167, 1,169, Kraken, Cass Sutton LE 4-9 1TFH, Oliver, t5/19; cum 129K 1/20; a huge well, another example of where the daughter well did so much better than a parent well; apparently something that is unique to the Bakken listening to the shale experts; 60 stages; 10 million lbs;
- 35168, 889, Kraken, Cass 4-9 3H, Oliver, t4/19; cum 153K 1/20; 60 stages; 10 million lbs;
- 35169, 725, Kraken, Cass 4-9 2TFH, Oliver, t4/19; cum 131K 1/20; 60 stages; 10 million lbs;
- EOG: one Liberty LR permit, #33434; and, one Clearwater permit, #36220; both in Mountrail County;
- file numbers
- oldest, #12764
- most recent, #13034
- all in Dunn County
- all were 8902 JV-P LKNMU wells: #1, 2, 3B, 4B, 5D, 6, 7, and 8
Reading Assignment For The Weekend -- March 12, 2020
I've not read the entire article yet. This is one article I want to read slowly and carefully for a number of reasons. It was sent to me by a reader who is credible and trustworthy. The reader says he has a 30-year history of working in the financial services industry, to include NYC.
The article is a Rolling Story article. Interestingly enough, the current issue of the Rolling Issue also has an article in line with Trump's analysis of the coronavirus pandemic: don't panic.
An aside: Maher is looking more and more credible every day.
The article is about Goldman Sachs. Maybe more later.
Matt Taibbi, the writer of the article: one may want to read the wiki entry to get some background.
By the way, this is an article I cannot read while doing other things; it's one of those articles that demands my full attention, so I will read it when I won't get any interruptions.
Break, break.
Between 2002 and 2004, or thereabouts, I was deployed to northern England multiple times to support the USAF intel mission. It was an incredibly turbulent time in general (9/11 shortly before the deployments began) and for me personally. There were two activities that I treasured on those deployments.
I had weekends entirely free, something I rarely experienced in the US Air Force during my 30-year-and-1-day career. I took advantage of that by walking the Yorkshire countryside near the Scottish border for twelve hours on Saturday and somewhat less on Sunday. It was beautiful and peaceful but by the end of the walks I was generally exhausted, especially on Saturday. I would leave about 7:00 a.m. and return about 7:00 p.m. I think I've blogged about this before. There were some evenings I did not think I had the energy to walk the last mile. I had no access to news, no access to anything. It was a solitary walk. I carried a portable Walkman CD player and played Hank Williams over and over and over. I carried that one CD on those walks.
The other wonderful memory I had was "Evensong." I forget what day of the week I attended "Evensong." It was always a weekend evening. Harking back to a few key memories I do believe "Evensong" that I attended in the wonderful Ripon Cathedral was on Sunday evening. Don't hold me to that. It is impossible to articulate how calm, how restful, Evensong was.
It's interesting: both Rush Limbaugh (radio) and the PGA Players tournament (television) have just begun for the day. Generally, I eagerly look forward to both. By now, I would be enjoying either one or the other both at the same time. Today, as they say, for me they don't hold a candle to Franz Schubert.
Franz Peter Schubert: German: 31 January 1797 – 19 November 1828. An Austrian composer of the late Classical and early Romantic eras. Despite his short lifetime -- do the math, he died at age 31 -- Schubert left behind a vast oeuvre, including more than 600 secular vocal works, seven complete symphonies, sacred music, operas, incidental music and a large body of piano and chamber music.
The article is a Rolling Story article. Interestingly enough, the current issue of the Rolling Issue also has an article in line with Trump's analysis of the coronavirus pandemic: don't panic.
An aside: Maher is looking more and more credible every day.
The article is about Goldman Sachs. Maybe more later.
Matt Taibbi, the writer of the article: one may want to read the wiki entry to get some background.
By the way, this is an article I cannot read while doing other things; it's one of those articles that demands my full attention, so I will read it when I won't get any interruptions.
Break, break.
Between 2002 and 2004, or thereabouts, I was deployed to northern England multiple times to support the USAF intel mission. It was an incredibly turbulent time in general (9/11 shortly before the deployments began) and for me personally. There were two activities that I treasured on those deployments.
I had weekends entirely free, something I rarely experienced in the US Air Force during my 30-year-and-1-day career. I took advantage of that by walking the Yorkshire countryside near the Scottish border for twelve hours on Saturday and somewhat less on Sunday. It was beautiful and peaceful but by the end of the walks I was generally exhausted, especially on Saturday. I would leave about 7:00 a.m. and return about 7:00 p.m. I think I've blogged about this before. There were some evenings I did not think I had the energy to walk the last mile. I had no access to news, no access to anything. It was a solitary walk. I carried a portable Walkman CD player and played Hank Williams over and over and over. I carried that one CD on those walks.
The other wonderful memory I had was "Evensong." I forget what day of the week I attended "Evensong." It was always a weekend evening. Harking back to a few key memories I do believe "Evensong" that I attended in the wonderful Ripon Cathedral was on Sunday evening. Don't hold me to that. It is impossible to articulate how calm, how restful, Evensong was.
It's interesting: both Rush Limbaugh (radio) and the PGA Players tournament (television) have just begun for the day. Generally, I eagerly look forward to both. By now, I would be enjoying either one or the other both at the same time. Today, as they say, for me they don't hold a candle to Franz Schubert.
Franz Peter Schubert: German: 31 January 1797 – 19 November 1828. An Austrian composer of the late Classical and early Romantic eras. Despite his short lifetime -- do the math, he died at age 31 -- Schubert left behind a vast oeuvre, including more than 600 secular vocal works, seven complete symphonies, sacred music, operas, incidental music and a large body of piano and chamber music.
NOG: 4Q19 And Full Year 2019 Results
Link here.
- Fourth quarter production increased 8% over the third quarter, averaging a record 43,941 barrels of oil equivalent per day. Production approximated the midpoint of guidance despite higher than forecasted curtailments
- Full year 2019 production increased 51% over 2018, averaging 38,604 Boe per day
- Fourth quarter capital expenditures of $134.6 million, including $45.3 million in ground game and associated D&C capital
- 2019 year-end proved reserves of 163.3 million Boe, up 21% from 2018 year-end
- Senior Secured Notes balance reduced to $341.0 million as of March 10, 2020, down from $695.1 million at 2018 year-end
- Revolving Credit Facility borrowing base increased to $800 million, from $425 million
- 2020 oil production expected to be over 75% hedged at $58 per barrel average price in the current environment
- 2020 capital expenditures anticipated at approximately $200 million in the current environment, down over 55% vs. 2019
- 2020 free cash flow projected to be significant even assuming $30 per barrel WTI price Due to current macro environment, Northern delaying decision on commencing common stock dividend and will reassess in the second quarter
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