Bakken DUC Update-- May 17, 2024

Locator: 47173DUCS.

From a reader. Huge thanks.

	Bakken
	Drilled	Completed	DUC
Dec-13	--	--	603
Jan-14	174	143	634
Feb-14	214	158	690
Mar-14	216	218	688
Apr-14	220	207	701
May-14	216	208	709
Jun-14	237	225	721
Jul-14	257	243	735
Aug-14	229	207	757
Sep-14	250	232	775
Oct-14	186	243	718
Nov-14	209	202	725
Dec-14	224	194	755
Jan-15	198	193	760
Feb-15	230	151	839
Mar-15	183	170	852
Apr-15	143	127	868
May-15	125	139	854
Jun-15	110	135	829
Jul-15	103	124	808
Aug-15	111	101	818
Sep-15	99	92	825
Oct-15	118	84	859
Nov-15	100	89	870
Dec-15	98	78	890
Jan-16	71	80	881
Feb-16	61	41	901
Mar-16	68	45	924
Apr-16	43	39	928
May-16	47	59	916
Jun-16	42	54	904
Jul-16	45	56	893
Aug-16	53	82	864
Sep-16	49	66	847
Oct-16	59	85	821
Nov-16	61	86	796
Dec-16	53	49	800
Jan-17	62	52	810
Feb-17	51	58	803
Mar-17	78	71	810
Apr-17	78	104	784
May-17	94	82	796
Jun-17	76	105	767
Jul-17	95	103	759
Aug-17	99	110	748
Sep-17	98	97	749
Oct-17	105	110	744
Nov-17	93	86	751
Dec-17	77	65	763
Jan-18	107	72	798
Feb-18	74	74	798
Mar-18	95	90	803
Apr-18	109	110	802
May-18	125	131	796
Jun-18	108	118	786
Jul-18	134	155	765
Aug-18	108	138	735
Sep-18	108	122	721
Oct-18	121	118	724
Nov-18	110	99	735
Dec-18	108	70	773
Jan-19	121	71	823
Feb-19	108	56	875
Mar-19	111	110	876
Apr-19	118	112	882
May-19	127	127	882
Jun-19	118	149	851
Jul-19	123	122	852
Aug-19	123	144	831
Sep-19	110	88	853
Oct-19	116	108	861
Nov-19	96	88	869
Dec-19	94	86	877
Jan-20	99	98	878
Feb-20	94	100	872
Mar-20	94	108	858
Apr-20	69	33	894
May-20	33	14	913
Jun-20	18	11	920
Jul-20	18	22	916
Aug-20	19	27	908
Sep-20	18	51	875
Oct-20	19	41	853
Nov-20	20	31	842
Dec-20	20	51	811
Jan-21	20	41	790
Feb-21	19	24	785
Mar-21	25	45	765
Apr-21	27	47	745
May-21	29	62	712
Jun-21	31	33	710
Jul-21	32	66	676
Aug-21	39	69	646
Sep-21	42	79	609
Oct-21	43	78	574
Nov-21	47	68	553
Dec-21	52	50	555
Jan-22	53	35	573
Feb-22	64	49	588
Mar-22	67	68	587
Apr-22	58	39	606
May-22	75	61	620
Jun-22	75	81	614
Jul-22	75	89	600
Aug-22	76	93	583
Sep-22	78	82	579
Oct-22	77	95	561
Nov-22	79	78	562
Dec-22	80	40	602
Jan-23	80	89	593
Feb-23	80	83	590
Mar-23	80	86	584
Apr-23	79	100	563
May-23	74	102	535
Jun-23	70	113	492
Jul-23	70	114	448
Aug-23	68	111	405
Sep-23	64	95	374
Oct-23	67	80	361
Nov-23	67	93	335
Dec-23	66	85	316
Jan-24	68	65	319
Feb-24	69	70	318
Mar-24	69	65	322
Apr-24	69	63	328

 

Director's Cut -- March, 2024, Data -- WTI Breaks Through $80

Locator: 47172INV.

Link here.

Data:

• March, 2024: 1,229,156 bopd, down 2% from February, 2024
• February, 2024: 1,252,102 bopd

ND Light Sweet (WTI):

• today: $71.75 ($79.23)
• March: $70.53 ($77.25)
• February: $66.56 ($76.61)

Natural gas production:

• March, 2024: 3,388,482, MCF/day, all-time high; up 7% from February, 2024
• February, 2024: 3,365,395 MCF/day
• 95% capture

********************************
Today's Daily Activity Report

WTI: $80.06

Active rigs: 36.

Six new permits, #40762 - #40767, inclusive:

• Operators: XTO Energy, Oasis (3), Enerplus (2)
• Fields: Hofflund (Williams), Crazy Man Creek (Williams), Little Knife (Dunn),
• Comments:
• XTO has a permit for an HBU Shoshoni well, NWNW 15-154-95, 
• to be sited 565 FNL and 560 FWL
• Oasis has permits for three Olson State Federal wells, SWSW 9-153-99, 
• all three to be sited on/about 310 FWL with one well 310 FSL; the second well 277 FSL; and, the third well, 376 FSL
• Enerplus has permits for two Olson wells, SWSW 34-147-97; 
• one to be sited 562 FSL and 359 FWL; and the other to be sited 550 FSL and 386 FWL;

Four producing wells (DUCs) reported to be completed:

• 34525, 870, Slawson, Armada Federal 7-14-18H, Mountrail,
• 40069, 3,024, MRO, Graves 11-1H, Dunn,
• 40070, 2,383, MRO, Simpson 11-1TFH, Dunn,
• 40071, 1,077, MRO, Roscoe 21-1H, Dunn, 

***********************
From March 4, 2024: 

Locator: 46675B.

This well is tracked here. It looks like this well is about to be fracked.

• 40069, drl, MRO, Graves 11-1H, Killdeer, no production data.

**********************
From March 24, 2024:

Locator: 45674B.
Locator: 40069B.

Updates

March 4, 2024: is this well about to be fracked? If so, will affect a number of other wells on that same pad, as well as neighboring wells.

• Spud date for this well (from sundry form): 8/28/2023.  
• FracFocus has no frack data for this well. 
• From the NDIC file: 

 
In addition, a neighboring horizontal has been taken off line:

• 21959, 1,200, MRO, Elizabethh Strommen 24-12H, Killdeer, t7/12; cum 305K 11/23; recent production:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	1-2024	0	0	0	0	0	0	0
BAKKEN	12-2023	5	175	641	185	168	84	56
BAKKEN	11-2023	30	1038	766	676	1049	632	235
BAKKEN	10-2023	30	737	860	1145	810	401	232
BAKKEN	9-2023	11	312	326	167	332	236	34
BAKKEN	8-2023	31	972	1173	508	1016	715	113
BAKKEN	7-2023	31	980	855	458	1022	736	99
BAKKEN	6-2023	30	957	1016	477	893	713	0
BAKKEN	5-2023	31	999	990	504	1012	572	25

Original Post

• Map of well: 1280-acre spacing, sections 1/12-145-95; drilled north to south; straight south

File report as of October 10, 2023. On "drl" status, confidential.

Spud: 8/28/2023. Big rig, H&P 603.

• surface site: 915 S 641 E section 35-146-95
• kick-off point: 585 S 1133 E section 36-146-95 MD: 10422; TVD: 10316
• proposed bottom hole: 175 S 520 W section 12-145-95 MD:21,385 TVD: 10756

A reader had a question. Here are the pads / wells in question, including 40069:

 ***************************
From July 22, 2023

Locator: 45177B.

Five new MRO permits:

• MRO has permits for Coombs, Taylor, Malloy, Frye, Graves, Simpson, and Roscoe, SESE 35-146-95; 
• to be sited at 914 FLS, 915 FSL and, 916 FSL and betweeen 561 FEL and 801 FEL;
• wells of interest: #34755 (Higgins); #26015 (Rebecca); #26017 (Zimmerman); 19626 (Wardner); 17413 (Wardner); 26726, 26727, 26728, 26729 (Edwards, Herb, Walter, Jakob)

The Graves well, #400069:

*****************************
The Same General Area

These wells won't affect the Graves well but these wells are in the same area. Just to show readers how busy this area is.

Good Morning -- Friday, May 17, 2024

Locator: 47172INV.

Personal investing: added to WMT position, by rule. No recommendation. See disclaimers.

Video of the day: link here.

Bidenomics, link here:

Soft landing, or as I prefer, a successful touch and go, link here:

BofA: no cracks in the economy, link here:  

GDPNow: dropped to 3.6 yesterday (May 16, 2024) from 3.8 the day before. Link here.

Saudi foreign reserve assets fall in April, link here:

Inflation: is the Fed making things worse? Link here.

AMGN, link here. Opens down almost 1% after announcement.

*****************************
CNBC

First Hour With Cramer

Market open: everything green. 

I can't believe the amount of time spend on meme stocks, like GameStop.

AMD: in focus. Up 2%; up $3.50.

WTI: $79.34. 

SCCO; up nicely.

Boring day. Off the net. Back later.

TGIF -- May 17, 2024

Locator: 47171B.

Scottie Scheffler: felony arrest, booked, charges dropped -- resolved within an hour or so. Should be an interesting day in Louisville at the PGA. Update, May 23, 2024, Louisville police have not dropped charges. Second-degree assault of a police officer is a felony in Kentucky, subject to 10 years in prison. I think the issue here, is that with all the confusion, darkness and rain, law enforcement was concerned about the risk of a second fatality.

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

WTI: $79.82.

Sunday, May 19, 2024: 26 for the month; 90 for the quarter, 289 for the year
38144, conf, BR, Ole 9-1-29MBH,

Saturday, May 18, 2024: 25 for the month; 89 for the quarter, 288 for the year
39878, conf, Liberty Resources, Overdorf W 158-96-1-12-2MBH,

Friday, May 17, 2024: 24 for the month; 88 for the quarter, 287 for the year
40235, conf, Empire North Dakota, Chinook 32-5 1H,
39405, conf, Whiting, Olson 31-31-3H,
38145, conf, BR, Olebully 8-1-29TFH-ULW,

RBN Energy: E&P balance sheets remain strong despite challenging economic conditions. 

The transition of U.S. E&Ps to capital discipline has led to historic shareholder returns and won back legions of investors who had virtually abandoned the industry until a few years ago. But while it might be tempting to conclude producers must finally have their financial houses in good order, a lot of us have witnessed a few boom-and-bust cycles in our time and remain hypervigilant for any signs of financial instability, especially considering that commodity prices could weaken at any time. In today’s RBN blog, we analyze the impact of lower price realizations and capital allocation decisions on the balance sheets of the major U.S. independent oil and gas producers.