Thursday, October 20, 2022

Nice Jump In Production -- An Old MRO Well -- Some Confusion In Which Oil Fielld -- October 20, 2022

From a year ago:

  • 37245, conf-->loc/A, MRO, Armstrong 14-34H, Dunn County, Bailey, first production, 12/21; t--; cum 181K 5/22; see #18135;

So, let's take a look at #18135, a short lateral, a single section, 640-acres:

  • 18135, 599, WPX, Pennington 16-15H, Van Hook, t9/09; cum 274K 8/22; scout ticket incorrect? clearly in Big Bend, according to the map

Recent production:

PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN8-202231335132491095251824470
BAKKEN7-202231377239101386304829770
BAKKEN6-202230349034661354261125420
BAKKEN5-202231315930011199152314530
BAKKEN4-202230257727081148301602951
BAKKEN3-202231207020624353180
BAKKEN2-20220000000
BAKKEN1-20220000000
BAKKEN12-20210000000
BAKKEN11-20210000000
BAKKEN10-20210000000
BAKKEN9-20210000000
BAKKEN8-20210000000
BAKKEN7-20210000000
BAKKEN6-20210000000
BAKKEN5-20210000000
BAKKEN4-20211100000
BAKKEN3-20213000016500
BAKKEN2-20210000000
BAKKEN1-20210000000
BAKKEN12-20200000000
BAKKEN11-20200000000
BAKKEN10-2020002380000
BAKKEN9-20200000000
BAKKEN8-20200000000
BAKKEN7-20200000000
BAKKEN6-20200000000
BAKKEN5-202010012000
BAKKEN4-20200000000
BAKKEN3-20200000000
BAKKEN2-20200000000
BAKKEN1-20200000000
BAKKEN12-20190000000
BAKKEN11-20190000000
BAKKEN10-201919031140
BAKKEN9-201930915749891699997439
BAKKEN8-20193197596510218091035509
BAKKEN7-2019318869071131648908475
BAKKEN6-201930843778801564421267
BAKKEN5-201931871960781620395961
BAKKEN4-2019308568238615903201013
BAKKEN3-2019318791013731632527840
BAKKEN2-201926785773701456632601
BAKKEN1-2019278607681221597790569
BAKKEN12-2018319039878416773961014
BAKKEN11-201830882753841636351342

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The Biden Effect -- October 20, 2022

I remember the stock market falling -- sometimes plummeting -- every time Obama held an unscheduled press conference.

President Biden? Just the opposite, at least for WTI. Yesterday, while announcing yet another release from the SPR, WTI surged, up almost 5% or something like that, probably a bit less.

This morning, pre-market trading, WTI moves up another %, up $1.66 and trading again at $87.21.

Oil cos? Pre-market --

  • DVN: up 1.3%
  • CVX: up 0.9%
  • EOG: up 1.3%

Headline: China easing Covid-19 restrictions.

SLB reports tomorrow. Anticipation:

SLB shares have soared in 2022 amid the boom in energy, up more than 50% and coming nowhere near the general market’s performance. 
Over the last three months, the story visibly remains the same; SLB shares have tacked on more than 30% in value, crushing the general market’s decline of nearly 6%. 
Top-line estimates are also notably strong – the Zacks Consensus Sales Estimate of $7.1 billion suggests Y/Y revenue growth of a double-digit 22%. 
SLB has been on a strong earnings streak as of late, exceeding revenue and earnings estimates in each of its last three quarters. Just in its latest print, Schlumberger penciled in a sizable 25% EPS beat and an 8% revenue beat.

BlackRock: won't invest in oil; loves that 6% market decline. Missed out on a 30% gain by SBL. Needs to be fact-checked. Another open-book test for investors.

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Shortest Recession Ever? October 20, 2022


*********************
Meanwhile In Britain, Shortest "Reign" Ever?

Liz Truss resigns as UK PM after just 44 days. 

Shortest serving prime minister in history -- headline. I don't know if that is just for UK or also includes Italy. LOL. Yesterday, Liz said she was a "fighter, not a quitter." Not much of a fighter.

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When You Want The Very Best -- October 20, 2022

Link here.


*********************
Dak Prescott Better Win

Coming back this weekend.

In fact, it better be a blowout.

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First Things First -- Next Local Coin Show -- SLB Tomorrow -- October 20, 2022

Silver

Link here for price of silver.

Trending around $20 / ounce. Down from $35 about eighteen months ago and $64 in 2011.

Reminder:

Next local coin show:

  • Grapevine, TX
  • November 4 - 6, 2022

SLB: on tap for tomorrow. 

ISO NY: ? -- nice autumn weather -- demand for heating - a/c should be low and yet, AOC's backyard is experiencing a small jump in price of electricity. Link here. 

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

The Far Side: link here.

Active rigs: 43.

WTI: $86.98. Up 1.7% overnight; up $1.43.

Natural gas: $5.503.

Friday, October 21, 2022: 26 for the month, 26 for the quarter, 471 for the year.
38603, conf, WPX, Samuel Packineau 8HW,

Thursday, October 20, 2022: 26 for the month, 26 for the quarter, 471 for the year.
38858, conf, WPX, Samuel Packineau 8HIL,

RBN Energy: Permian crude leads growth, but will gas processing capacity keep up, part 2. Archived.

Permian crude oil production has climbed ~30% since the lows of 2020 to about 5.2 MMb/d this summer and helped keep crude oil — and gasoline — prices in check as market balances tightened. With that has come a lot of gross gas, which surged by over 40% to 21.3 Bcf/d on average this summer, up from the 2020 low of just under 15 Bcf/d. 
If unconstrained by infrastructure, RBN expects that to grow another 30%, or more than 6 Bcf/d, in the next three years, but only if there is adequate midstream capacity — everything from gathering lines to processing plants and, ultimately, gas and liquids transportation lines to deliver the products to consuming markets on the Gulf Coast. 
While there’s been a significant midstream build-out over the past two years, and more expansions are in the works, there are major outstanding questions about whether it will get built in time and in the right places to prevent prolonged bottlenecks.  In today’s RBN blog, we continue our series focusing this time on upcoming expansions and how total processing capacity stacks up against RBN’s Mid-Case production outlook over the next several years.

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