ONEOK To Complete Previously Announced Natural Gas Processing Facilities -- November 15, 2021

Natural gas processing plants in North Dakota are tracked here.

A reader, thank you, alerted me to this ONEOK story. 

The company's press release via Yahoo!Finance:

ONEOK, Inc. today announced plans to complete previously announced natural gas and natural gas liquids (NGL) infrastructure projects, including:

• Demicks Lake III, a 200 million cubic feet per day (MMcf/d) natural gas processing facility in the Williston Basin.

• MB-5, a 125,000-barrel per day (bpd) NGL fractionator in Mont Belvieu, Texas.

The Demicks Lake III plant:

• the 200-MMcf/d Demicks Lake III natural gas processing plant in McKenzie County, North Dakota, is expected to cost approximately $140 million to complete.
• the facility, which is supported by acreage dedications with primarily fee-based contracts, is expected to be completed in the first quarter of 2023. 
• the new plant will increase ONEOK's Williston Basin natural gas processing capacity to approximately 1.9 billion cubic feet per day.

"People" keep telling me the end is near for the Bakken, and then we get another one of these stories. 

See also this post, as well as many others if one searches "Demicks Lake."

Brigham Minerals Announces Acquisition In The DJ Basin -- November 15, 2021

Brigham Minerals: announced accretive DJ Basin acquisition. Press release here. The DJ Basin is tracked at the sidebar at the right. Social media here. 

From the press release:

• deal:
• 8,400 net royalty acres primarily in Weld County
• $44 million in cash + 2.2 million shares of MNRL
• acreage operated by Chevron (CVX), OXY, PDC Energy, and Civitas (Bonanza Creek +Extraction Oil & Gas + Crestone Peak Resources)
• flowing, 2022: 1,200 boepd with 50% liquids
• company anticipates increasing quarterly base dividend 7% to 15 cents / share after the close;
• 1.6 net DUCs and 1.5 net permits for 3.1 net activity wells
• back of the envelope:
• 2.2 million shares x $24 = $50 million
• cash: $44 million
• $94 million / 8,400 net acres = $11,000 / acre
• $94 million / 1,200 boepd = $80,000 / boepd
• Note: I often make simple arithmetic errors.

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Personal Notes

A fantastic weekend. First of all, absolutely beautiful weather. A bit cool in the early morning hours, but warms up nicely by the end of the day.

Our soccer player, Olivia, who made her high school varsity soccer team as a freshman (almost unheard of, and certainly unexpected in Texas where sports are taken very, very seriously) and also plays "club" soccer.

Over the weekend, her "club" soccer team participated in a north Texas tournament. Her team soundly won all three of their games. One was 6 - 2, before the losing team scored a time-ending point, making it 6 - 3. They won their second game (I did not hear the score); and they won their three of three games, 8 - 0. This should qualify them to play in the highly sought "Dallas Cup" later this season.

On the club team she plays defense; on the high varsity team she plays offense. 

Meanwhile, Sophia and her very, very close friend Anika, spent much of Saturday in Sophia's new "bat cave." 

The clear evening and night skies have been incredible. Sophia and I have enjoyed watching the moon, Jupiter, Saturn, and Venus play tag night after night. And, apparently, a partial lunar eclipse most nights this week.

Re-Posting As A Stand-Alone -- It's That Important -- November 15, 2021

Before we re-post it, a reminder: COP26 legitimized coal as the transitional fuel. John Kerry, China, India, and some two-hundred countries ratified that -- that coal would be needed, and that zero-net emissions would be a goal for .... 2070. 

Now, re-posting this as a stand-alone post:

COP26: wow, wow, wow. This is simply amazing. I was the first (feel free to fact check me on that) to suggest that COP26 was the high point in the global warming fad. I need to find the Hunter S Thompson quote along the same line. LOL. But I digress. I posted immediately following benediction of COP26 that the global warming movement had reached its high point and would not recede. Well, well, well, look at this. A reader just sent me this. Others are now suggesting the same thing, the link is here:

By the way, that Hunter S Thompson quote:

So now, less than five years later, you can go up on a steep hill in Las Vegas and look West, and with the right kind of eyes you can almost see the high water mark — that place where the wave finally broke, and rolled back.”

There have only been a handful of "experiences" that have greatly affected me. One was my visit to Shiloh, recently. The other was this quote from Hunter S Thompson, which I first read back in 2002, I believe. I'll have to check the dates. 

Notes From All Over -- Mostly Investing Notes -- November 15, 2021

COP26: wow, wow, wow. This is simply amazing. I was the first (feel free to fact check me on that) to suggest that COP26 was the high point in the global warming fad. I need to find the Hunter S Thompson quote along the same line. LOL. But I digress. I posted immediately following benediction of COP26 that the global warming movement had reached its high point and would not recede. Well, well, well, look at this. A reader just sent me this. Others are now suggesting the same thing, the link is here:

Amazon, ESG: someone noted that Amazon's consensus EPS estimates are now 20% to 30% lower than they were in May, 2021. Yet the stock is actually up about 10 percent since May .... which means that there has been massive multiple expansion. Conclusion of the individual who noted that: "it's the ESG bubble and money flow, as Amazon is the #3 stock in almost all ESG funds." Link here.

Apple, chips: I think we'll see the same thing when folks realize Apple is now a "chip" company.

For investors, link here:

Four DUCs Reported As Completed; Three Permits Renewed; CLR With Three New Permits; Thirty-Three Active Rigs; WTI Drops Below $80; Finishes Near $81 -- November 15, 2021

Brigham Minerals: announced accretive DJ Basin acquisition. Press release here. The DJ Basin is tracked at the sidebar at the right. Social media here.

California gasoline prices: hitting record highs. Analyst explains why. 

Link here;https://www.foxbusiness.com/energy/california-gas-prices-hitting-new-records-oil-analyst-explains-why.

Active rigs:

$80.88	11/15/2021	11/15/2020	11/15/2019	11/15/2018	11/15/2017
Active Rigs	32	16	57	62	55

Three new permits, #38649 - #38651, inclusive:

• Operator: CLR
• Field: Dimmick Lake (McKenzie County
• Comments: CLR has three Ravin permits to be sited in Lot 2 section 1-150-97; 260 FNL and between 1743 FEL and 1818 FEL; it appears two will be middle Bakken wells; one will be a Three Forks well;

Three permits renewed:

• BR: three Concord permits in Dunn County

Seven permits canceled:

• Kraken: two Cass permits; two King permits; two Raymond permits, and one Fairbanks permit, the latter three in section 29-157-98; the first four in section 9-157-98;

Four producing wells (DUCs) reported as completed:

• 36122, 1,442, Slawson, Stallion 5-1-12TFH, Big Bend, first production, 9/21; t--; cum --;
  
• 36123, 2,210, Slawson, Stallion 7-1-12H, Big Bend, first production, 9/21; t--; cum --;
• 36125, 2,003, Slawson, Stallion, 3-1-12, Big Bend, first production, 9/21; t--; cum --;
• 36126, 809, Slawson, Stallion 4-1-12TFH, Big Bend, no production;
  

Active rigs: NDIC reports 34. One, in fact, is reported twice.

• Nabors B21
• Nabors B22
• Nabors X24
• Nabors X27
• Nabors X28
• Nabors B18
• Nabors B26
• Nabors B13
• Nabors B27
• Nabors B6
• Nabors B1
• Nabors X-10

• H&P 492 is listed twice
• H&P 456
• H&P 516
• H&P 515
• H&P 259
• H&P 640
• H&P 454

• Patterson 808
• Patterson 806
• Patterson 901

• Unit 414,
• Unit 411

• AES 4

• True Drilling 39
• True 40
  

• Stoneham 16

• T&S Drilling 2
• T&S Drilling 1

• Cyclone 38
• Cyclone 35