A Closer Look At The MRO DUCs Reported As Completed Today -- February 16, 2022

From today's daily activity report, MRO reports ten DUCs completed:

Ten producing wells (DUCs) reported as completed:

• 38000, 3,924, MRO, Bowman USA 41-18H, Van Hook,

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	31	42618	41963	25015	38401	35805	0
BAKKEN	11-2021	28	37000	37458	28865	31818	29361	150
BAKKEN	10-2021	22	41542	40942	33468	34300	31526	233

• 38001, 1,119, MRO, Blackburn USA 41-18TFH, Van Hook,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	31	22067	21720	37460	22097	20739	0
BAKKEN	11-2021	23	17073	17032	32935	15387	14246	83
BAKKEN	10-2021	4	1745	1720	4702	721	609	0

• 38025, 3,515, MRO, Osking USA 14-12H, Lost Bridge, 55K over 22 days extrapolates to 75K over 30 days;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	22	55207	54707	30348	74726	56866	14086

• 38026, 2,310, MRO, Goddard USA 41-4TFH, McGregory Buttes,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	15	28618	28287	33797	29784	27949	85

• 37744, 1,575, MRO, Eugene USA 33-14TFH, Moccasin Creek,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	30	23629	23589	30959	21222	19511	288
BAKKEN	11-2021	30	24808	24765	36035	22154	20524	143
BAKKEN	10-2021	18	16687	17434	23380	12394	11446	0
BAKKEN	9-2021	18	23898	23038	37684	16343	13695	889

• 37175, 2,905, MRO, Kenyon 41-16TFH, Killdeer,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	31	27623	27621	44997	20292	18282	127
BAKKEN	11-2021	21	31239	31527	59949	24343	22004	140
BAKKEN	10-2021	12	19685	19148	64033	12162	6444	4364

• 37159, 3,195, MRO, Gustav 44-9TFH, Killdeer,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	27	21364	21364	34128	18373	16874	42
BAKKEN	11-2021	15	24304	24110	35063	15248	13416	222

• 37387, 2,087, MRO, Hausauer 14-22TFH, Killdeer,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	30	21994	22063	50754	15562	12962	1025
BAKKEN	11-2021	25	28203	27924	70459	13917	11636	412

• 37973, 2,767, MRO, Edyth USA 41-4H, McGregory Buttes,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	4	8052	7774	6930	6874	5794	620

• 37315, 3,611, MRO, Gunter 11-15TFH, Killdeer,
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2021	29	27685	27688	42828	19770	17720	160
BAKKEN	11-2021	26	31805	31551	63367	21367	19005	202

Ten DUCs Reported As Completed; No New Permits; WTI Falls Back Below $94 -- February 16, 2022

*********************************
Back to the Bakken

Active rigs:

$93.66	2/16/2022	02/16/2021	02/16/2020	02/16/2019	02/16/2018
Active Rigs	33	15	56	64	56

No new permits.

Four permits renewed:

• Sinclair: two Porcupine permits in Dunn County;
• Petroshale: one Bear chase North permit in McKenzie County;
• Slawson: one Armada Federal permit in Mountrail County;

Two permits canceled:

• Oasis: two Wren Federal permits in Williams County;

Ten producing wells (DUCs) reported as completed:

• 38000, 3,924, MRO, Bowman USA 41-18H, Van Hook,
• 38001, 1,119, MRO, Blackburn USA 41-18TFH, Van Hook,
• 38025, 3,515, MRO, Osking USA 14-12H, Lost Bridge,
• 38026, 2,310, MRO, Goddard USA 41-4TFH, McGregory Buttes,
• 37744, 1,575, MRO, Eugene USA 33-14TFH, Moccasin Creek,
• 37175, 2,905, MRO, Kenyon 41-16TFH, Killdeer,
• 37159, 3,195, MRO, Gustav 44-9TFH, Killdeer,
• 37387, 2,087, MRO, Hausauer 14-22TFH, Killdeer,
• 37973, 2,767, MRO, Edyth USA 41-4H, McGregory Buttes,
• 37315, 3,611, MRO, Gunter 11-15TFH, Killdeer, 

Notes From All Over -- Part 1 -- Dated Brent Trades For $100.80 -- February 26, 2022

For the archives:

Canada: now freezing bank accounts of those trying to fund Canada's Truck Convoy. I have finally lost any emotional interest in Canada, its Keystone XL, and any other pipeline problems it may have in the future. Trudeau's true colors showing. A banana republic pipsqueak. 

GM Bolt: Only 25 cars were sold in the fourth quarter, compared to 6,701 vehicles a year earlier. Posted elsewhere: : 2021 update over at Microsoft News. And, here.

For investors:

• eight high-dividend stocks "everyone" is racing to buy, IBD:
• DVN, WMB, PM, MO, KMI, DOW, OKE, VZ

MRO, link here:

• Capex: $1.2 billion
• at $80 / bbl:
• will result in excess of $3.0 billion of free cash flow at a reinvestment rate of less than 30%

Brent: dated Brent reached $100.80 a barrel on Wednesday for the first time since 2014. Reminder: WTI generally trades one dollar less than Brent right now. 

Gasoline demand, link here:

Berkshire Hathaway -- Quarterly Update -- 4Q21

Link here.

• Berkshire Hathaway's 13F stock portfolio value increased from ~$293B to ~$331B.
• Their largest three holdings are at over two-thirds of the entire portfolio.
• Berkshire Hathaway increased Chevron while reducing AbbVie, Marsh & McLennan, Bristol-Myers Squibb, Visa, and Royalty Pharma during the quarter. They also dropped Teva.

Bank of New York Mellon Corp.: BK is a 1.27% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $62.23. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.4%.

This article concerns only 13F filings. 

Annual report for BRK is expected to be released on/about February 26, 2022.

EIA's Weekly Petroleum Report -- February 16, 2022

Link here.

• US crude oil inventories increased by a paltry 1.1 million bbls; now stands at 411.5 million bbls
• US crude oil inventories are 10% below the five-year average
• it's important to note that the most recent five years has been relatively "fat" compared to earlier reporting periods; despite all this hand-wringing over declining inventories, the US is in great shape; oil supply is not the problem with price of gasoline
• US crude oil imports averaged 5.8 million bbls per day last week; decreased by 0.6 million bopd from previous week. Yawn.
• on average, over last four weeks, crude oil imports average 6.4 million bpd, 9.3% more than same period last year
• think: California; East Coast; and refiners needing heavy oil to balance out glut of light oil
• refiners operating at 85.3% operating capacity which seems to be one of the lowest reported in recent memory; generally expect about 87%, maybe 89% but 85% seems significantly less than expected; spring switchover / maintenance prior to driving season
• production for both gasoline and distillate fuel decreased last week
• distillate fuel inventories decreased by 1.6 million bbls last week; 19% below the five-year average
• jet fuel supplied was up 28% compared with same four-week period last year