No Wells Coming Off The Confidential List; Total Reports Huge Loss; Maintains Dividend -- February 9, 2021

Qualcomm is dead! Long live Qualcomm!

• just a few weeks ago, Apple announced it would be transitioning to its own chips, moving away from Qualcomm
• December 10, 2020, Bloomberg: Apple starts work on its own cellular modem;
• component would eventually replace mobile chips from Qualcomm
• oh-oh; the end of Qualcomm as we know it?
• today: Qualcomm debuts world's first 10-gigabit 5G modem, destined for 2022 iPhones; link here; 
• Qualcomm announces the Snapdragon X65, the world's first 10 Gigabit 5G modem and antenna system for smartphones, enabling theoretical data speeds up to 10 gigabits per second. Apple will likely use the Snapdragon X65 in 2022 iPhones.

Total Loss: link here to Charles Kennedy. 

• net loss: $7.2 billion
• 2019: a profit of $11.27 billion
• silver lining: production costs -- as low as $5.10 / boe
• dividend unchanged; 80 cents/share
• on a down day for the market: down 3.6%; lost $1.56; trading at $42

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

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Back to the Bakken

Active rigs:

$57.79	2/9/2021	02/09/2020	02/09/2019	02/09/2018	02/09/2017
Active Rigs	15	54	63	58	36

No wells coming off the confidential list.

RBN Energy: February polar vortex effect puts $3 / MMBtu gas prices back in play.

Weather is the perpetual wildcard in the natural gas market, but it’s been particularly shifty this winter, keeping market participants — and weather forecasters, for that matter — on their toes. Gas futures prices started this season at $3.30-plus/MMBtu, but then endured some of the warmest weather on record (in November and January), including a couple of polar vortex head fakes over the past month or so — weather forecasts at times in January started off much colder but ultimately reversed course. 

Prompt CME/NYMEX Henry Hub futures prices have seesawed as a result. Despite the weather setbacks, however, prices have held on in the $2.40-$2.70/MMBtu range through much of winter and averaged more than $0.60/MMBtu higher year-on-year in January. And, with an Arctic blast set to unfurl across the Lower 48 this week, prices last Friday topped $3/MMBtu again in intraday trading before settling in the high-$2.80s/MMBtu Friday and Monday. 

Today, we examine the supply-demand factors underlying the recent price action, and prospects for sustained $3/MMBtu gas prices.

Kraken Reports Huge Hobart / Black Federal Wells In Oliver Oil Field -- February 8, 2021

 Kraken Hobart / Black Federal wells have come off confidential list; are huge wells; updated here.

MRO Wells Still On Confidential List Will Be Incredibly Huge Wells When Reported -- February 8, 2021

Take a look at the initial production runs on these wells. Incredible. 

These wells are tracked here. These wells are not yet off the confidential list, but look at the updated "run" profiles.

Note something else. These wells were originally not on the confidential list, but are now back on the confidential list. When I first started blogging over a decade ago, I was told that did not happen, that once a well came off the confidential list, it would not go back to confidential status.

• 36922, drl/NC-->conf, MRO, Lang USA 41-8TFH, 33-061-04594, Reunion Bay, first production, 10/20; Reunion Bay, t--; cum --; fracked 9/16/20 - 9/28/20; moderate frack, 9.8 million gallons; but again, note the "low fresh water": 66.3% (no typo) water by mass; extrapolates to 113,832 bbls over 30 days:
  

Date	Oil Runs	MCF Sold
12-2020	55486	70260
11-2020	26539	28983
10-2020	63607	44020

• 36921, drl/NC-->conf, MRO, Vickall USA 41-5H, 33-061-04593, Reunion Bay, first production, 10/20; Reunion Bay, t--; cum --; fracked 9/16/20 - 9/29/20; big frack, 10.4 million gallons; but again, note the "low fresh water": 65.2% (no typo) water by mass but also produced water, 18.3% water by mass; extrapolates to 69,780 bbls over 30 days:

Date	Oil Runs	MCF Sold
12-2020	29618	39272
11-2020	45615	56518

• 36923, drl/NC-->conf, MRO, Thorson USA 41-8H, 33-061-04595, Reunion Bay, first production, 10/20; Reunion Bay, t--; cum --; fracked 9/16/20 - 9/29/20; big frack, 10.5 million gallons; but again, note the "low fresh water": 66.2% (no typo) water by mass; extrapolates to 68,196 bbls over 30 days:

Date	Oil Runs	MCF Sold
12-2020	61982	74423
11-2020	47558	59299
10-2020	21282	18886

• 37323, loc/NC, MRO, Oscar Thorson USA 41-8TFH-2B, 33-061-04659, Reunion Bay, first production, 10/20; Reunion Bay, t--; cum --; fracked 9/16/20 - 9/26/20; moderate frack, 7.5 million gallons; but again, note the "extremely low fresh water": 59.6% (no typo) water by mass; but 25.1% produced brine water by mass; extrapolates to 83,117 bbls over 30 days:

Date	Oil Runs	MCF Sold
12-2020	57961	73471
11-2020	676	0
10-2020	49194	43525

36919, loc/drl-->conf, MRO, Klemstead USA 44-5TFH, Reunion Bay, first production, 10/20, t--; cum --;

Date	Oil Runs	MCF Sold
12-2020	28296	36816
11-2020	39498	51019

• 36918, loc/drl-->conf, MRO, Kolbo USA 34-5H, Reunion Bay, first production, 10/20; 18K; t--; cum --;

Date	Oil Runs	MCF Sold
12-2020	43873	54626
11-2020	54102	64625
10-2020	16949	14901

• 18692, 781, MRO, Jasper L USA 34-5H Reunion Bay, t11/10; cum 368K 3/20; off line 4/20; remains off line 12/20;

• 36920, loc/drl-->conf, MRO, Adonijah USA 44-5TFH-2B, first production, 10/20; Reunion Bay, t--; cum --; fracked 9/30/20 - 10/14/20; 11.1 million gallons of water; 16.2% fresh water by mass; 18.3% produced water by mass;
  

Date	Oil Runs	MCF Sold
12-2020	66320	82551
11-2020	59583	61263

• 18693, 560, MRO, Betty Shobe USA 41-8H, Reunion Bay, 9/10; cum 343K 3/20; off line 1/19; back on line 2/20; off line 4/20; remains off line 12/20;

Directional Legs For Five MRO Wells In The Antelope-Sanish Have Been Drilled -- February 8, 2021

The wells on loc/NC status are now shown as drl/NC, and looking at the NDIC/GIS map server, it appears that these five wells have had the directional legs drilled. According to the GIS map server, there is currently no rig on this pad.

These wells are tracked here.

The wells:

• 37732, loc/PNC, MRO, Carl USA12-26TFH, Antelope,
  
• 37733, loc/NC-->drl/NC, MRO, Kaye USA12-26H, Antelope,
• 37734, loc/NC-->drl/NC, MRO, Larry USA 13-26TFH,
  
• 37735, loc/NC-->drl/NC, MRO, Amsler USA 13-26H, Antelope,
• 37736, loc/NC-->drl/NC, MRO, Iverson USA 14-26TFH, Antelope,
• 37737, loc/NC-->drl/NC, MRO, Redetzke USA 14-26H, Antelope,
• 37738, loc/PNC, MRO, Monson USA 14-26TFH, Antelope,

Tectonic Splits -- February 8, 2021

Link to Charles Kennedy. 

The biggest oil corporations in the Americas, including U.S. supermajors Exxon and Chevron, have not promised to become net-zero emission businesses by 2050, unlike all major oil firms in Europe—BP, Shell, Eni, Equinor, Total, and Repsol, which have raced to announce green strategies over the past year.

In the Americas, Occidental Petroleum became the first major U.S. oil firm to announce a net-zero emissions goal at the end of last year.

This is in contrast with European oil majors, who are building solar and wind power portfolios as they look to capture larger shares of the electricity market.

Chevron’s bet is on carbon utilization technologies, renewable natural gas, and reducing emissions from its operations. Chevron will not be investing in solar and wind power, Wirth told CNN. 

BP screwed: link here.  

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.