Four Wells Coming Off Confidential List -- WTI Holding -- February 7, 2023

OTTR: increased its dividends by two pennies. Link here.

Outages: Microsoft Outlook, starting last evening; most resolved but still a problem.

BP: back to petroleum; ditches the "Beyond Petroleum" marketing theme. 

US debt ceiling, and presidential deficits: trending on twitter.

Russian deficit: link here.

Apple iPads: the new ones are coming down in price. 

Remember, the new iPads do not support the second generation Pencil. That's a deal-killer for me. The older iPads are just as good and support the the second generation Pencil. 

INTC: prepare for a dividend cut. If not, Intel simply redistributing cash from a government bailout.

EVs: from Reuters this morning.

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Back to the Bakken

Active rigs: 46.

Peter Zeihan newsletter.

WTI: $75.57.

Natural gas: $2.578.

Wednesday, February 8, 2023: 22 for the month; 92 for the quarter, 92 for the year
39020, conf, CLR, Rhonda 6-28H1,
38916, conf, Rampart Energy, Coteau 2,
38466, conf, Crescent Point, CPEUSC Riley Anne 8-36-156N-98W-TFH,
38465, conf, Crescent Point, CPEUSC Riley Anne 9-36-156N-98W-MBH,

Tuesday, February 7, 2023: 18 for the month; 88 for the quarter, 88 for the year
None.

RBN Energy; new White House guidance might have a limited effect on FERC. Alphabet soup.

The National Environmental Policy Act was created to ensure federal agencies consider the environmental impacts of their actions and decisions, but it is the Council on Environmental Quality (CEQ), which serves as the White House’s environmental policy arm, that provides guidance as to how those agencies should evaluate the projects subject to their review. Energy and environmental policy have shifted under President Biden, and interim guidance recently submitted by the CEQ extends efforts to prioritize the administration’s commitment toward lowering greenhouse gas (GHG) emissions. Still, it’s not easy to swiftly change policy, for a variety of reasons. In today’s RBN blog, we look at the CEQ’s interim guidance and why the real-world impact on energy and environmental policy might be hard to quantify for a variety of reasons, at least in the short term.

The CLR Bonney Wells

The wells:

• 38898, conf, CLR, Bonney 8-3H, Jim Creek, no production,
  
• 38897, conf, CLR, Bonney 7-3HSL1, Jim Creek, no production,
  
• 38894, 960, CLR, Bonney 9-3H, Jim Creek, t--; no production; some flaring;
• 38895, 1,187, CLR, Bonney 10-3HSL1, Jim Creek, t--; no production; some flaring;
  
• 38896, 1,470, CLR, Bonney 11-3HSL, Jim Creek, t--; minimal production, 12/22;
  
• 31195, 306, CLR, Bonney 6-3H, Jim Creek, t10/15; cum 235K 8/22; offline as of 9/22;
  
• 25110, 1.143, CLR, Bonney 3-3H1, Jim Creek, t6/14; cum 260K 10/22; offline as of 10/22;
• 25109, 995, CLR, Bonney 4-3H, Jim Creek, t6/14; cum 275K 8/22; offline as of 9/22;
  
• 25108, 946, CLR, Bonney 5-3H1, Jim Creek, t6/14; cum 106K 9/22; offline as of 10/22;
  
• 18795, 1,074, CLR, Bonney 2-3M, Jim Creek, t8/10; cum 438K 10/22; offline as of 10/22;
  
• 17135, 143, CLR, Bonney 34-3H, Jim Creek, t9/08; cum 322K 7/22; offline as of 8/22;
  

The graphics:

One New Permit, Four Permits Renewed; And, Four DUCs Reported As Completed -- February 6, 2023

Natural gas: the road to California.

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Back to the Bakken

Active rigs: 46.

WTI: $74.74.

Natural gas: $2.492.

One new permit, #39641:

• Operator: CLR
• Field: Haystack Butte (Dunn)
• Comments:
• CLR has a permit for a Gordon Federal well inn Haystack Butte, SWNW 8-148-97, 
• to be sited 2327 FNL and 553 FWL.

Four permits renewed:

• Liberty Resources (3): a permit for a Thronson well, Mountrail County; an Orris well; and, a Dolores well, both in Burke County;
• Murex: a Barreeett Leigh permit in Williams County;

Four producing wells (DUCs) reported as completed:

• 39012, 1,061, Kraken, Wilhelm 16-21 4H,
• 38894, 960, CLR, Bonney 9-3H,
• 38895, 1,187, CLR, Bonney 10-3HSL1,
• 38896, 1,470, CLR, Bonney 11-3HSL, 

The CLR Bonney wells are tracked here.

Potpourri -- Portland, Oregon -- February 6, 2023

Updates

February 7, 2023: Mark Hulbert -- of course, it would -- 

February 7, 2023: back in 1982 --

Last year the Biden administration did the right thing by collecting 1% on stock buybacks -- charged to the company -- and ultimately paid for by the shareholders -- as far as I'm concerned the practice of stock buybacks should be illegal -- who was president in 1982?

Yeah, Ronald Reagan. The dots are starting to connect. 

From wiki:

In most countries, a corporation can repurchase its own stock by distributing cash to existing shareholders in exchange for a fraction of the company's outstanding equity [is that what "we" do now?].  Cash is exchanged for a reduction in the number of shares outstanding. The company either retires the repurchased shares or keeps them as treasury stock, available for re-issuance.

Biden will get a chance to see how much pain the market / Wall Street is willing to accept. I'll be disappointed in any politico protesting this initiative. 

Original Post

Investing. Link here. 

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Investing In Fossil Fuel Energy

Shares of oil companies will never do as well as they should simply because there's too much "negativity" and "baggage" associated with him. They will never benefit from MOJO or FOMO.

The only way these companies can reward their shareholders? Dividends. Even buybacks are worthless if shares don't appreciate. 

Link here.

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Shopping In Portland, OR Today

Sherpas on sale: BOGO free. Two for the price of one.

 

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Lunch

Helping support the Russian seafood economy.

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The Book Page

Three books bought at Powell's Bookstore:

• The Rise and Reign of the Mammals: A New History, From the Shadow of the Dinosaurs to US, Steve Brusatte, c. 2022.
• Lady Almina and the Real Downton Abbey: The Lost Legacy of Highclere Castle, The Countess of Carnarvon, 2011.
• The Lord of the Rings, J. R. R. Tolkien, deluxe edition, 2004. Notes on the text: Douglas A. Anderson, May, 2004

The BR Ivan / Sanvan Wells

Ivan update, 2019: link here.

Halo effect in Elidah? Link here. 

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The Wells

The Ivan wells:

• 19712, 372, BR, Ivan 1-29H, Elidah, t3/11; cum 230K 9/21; offline;
  
• 21542, 2,978, BR, Ivan 11-29TFH, Elidah, t7/12; cum 315K 9/21;
• 31771, 77, BR, Sanvan 8-1-29UTFH-ULW, t11/18; cum 174K 12/22; recently offline;
• 31772, 19, BR, Ivan 7-1-29MBH, t11/18; cum 288K 12/22;
• 31773, 268, BR, Ivan 6-1-29UTFH, t10/18; cum 289K 12/22; recently offline;
  
• 31767, conf, BR, Ivan 2-1-29MBH, Elidah,
• 31768, conf, BR, Ivan 3-1-29UTFH, Elidah,
• 31769, conf, BR, Ivan 4-1-29MBH, Elidah,
• 31770, conf, BR, Ivan 5-1-29UTFH, Elidah, 
• 34146, 50, BR, Sanvan 1A-MBH-ULW; t11/18; cum 288K 12/22; 

The graphics: