Eleven (11) New Permits -- The Williston Basin, North Dakota, USA; Whiting With A Nice Well

Active rigs:

	2/24/2014	02/24/2013	02/24/2012	02/24/2011	02/24/2010
Active Rigs	187	181	204	168	97

Eleven (11) new permits --

• Operators: Oasis (5), Newfield (3), XTO (2), MRO
• Fields: Tyrone (Williams), Cow Creek (Williams), Sandrocks (McKenzie), Corral Creek (Dunn), MRO (Dunn)
• Comments:

Wells coming off confidential list were posted earlier; see sidebar at the right.

Wells coming off confidential list Tuesday:

• 24822, 1,284, Whiting, Kjelstrup Federal 11-19-1PH, Roosevelt, t8/13; cum 31K 12/13;
• 25208, drl, HRC, Fort Berthold 148-95-22c-15-4H, Eagle Nest, no production data,
• 25579, 1,303, Whiting, Asbeck 34-7-1H, Harding, t8/13; cum 41K 12/13;
• 25602, drl, KOG, P Scanlan 153-98-16-9-5-5H, Truax, no production data,
• 25783, 2,485, BR, CCU William 14-20MBH, Corral Creek, t2/14; cum --
• 25824, 1,248, Newfield, Holm 150-98-17-20-4, Siverston, t12/13; cum 5K 12/13;
• 26083, 245, CLR, Alamo 1-34H, Burg, t10/13; cum 12K 12/13;

Magnum Hunter Resources Reports Earnings

Press release:

• oil and gas revenues increased 64% to $59.4 million for the fourth quarter of 2013, compared with revenues of $36.1 million for the fourth quarter of 2012 
• midstream and marketing revenues increased 595% to $18.2 million for the fourth quarter of 2013, compared with revenues of $2.6 million for the fourth quarter of 2012 
• adjusted EBITDAX (a) for the fourth quarter of 2013 and full year 2013 were $37.0 million and $112.4 million, an increase of 54% and 48%, respectively 
• adjusted net loss (a) of ($0.14) per diluted share is reported for the fourth quarter of 2013

EOG Earnings Beat Expectations; Sets Stock Split

EOG beats by 6 cents. Link here. Yahoo!Finance is reporting:

EOG Resources Inc reported a better-than-expected fourth-quarter profit on Monday as the U.S. oil and natural gas company pumped more crude oil from fields such as the Eagle Ford in Texas.

EOG, which said it expects higher spending of $8.1 billion to $8.3 billion this year, has invested heavily in North American shales that produce higher-return oil, a strategy that helped push the company's crude and condensate output up 50 percent in the fourth quarter.

Shares of EOG rose to $184 per share in post-market trading on Monday, up 2 percent from the New York Stock Exchange close of $180.40.

The Houston-based company had a profit of $580 million, or $2.12 per share, compared with a loss of $505 million, or $1.88 per share when EOG wrote down the value of some Canadian assets.

Excluding one-time items, EOG had a fourth-quarter profit of $2.00 per share. Analysts polled by Thomson Reuters I/B/E/S had expected a profit of $1.94 per share.

Its board of directors approved a two-for-one stock split in the form of a stock dividend that is payable to shareholders of record as of March 17.

For Investors Only

I'm traveling, so I can't predict when I will post again today.

Natural gas to $10? -- Gartman. I think Gartman is a bit "behind the 8-ball" as they say; now trying to catch up with the obvious.

WTI crude above $100/bbl for the 11th day -- Bloomberg. 

West Texas Intermediate crude traded above $100 a barrel for an 11th day on speculation that inventories at Cushing, Oklahoma, fell. The price of Brent rose.

WTI gained as much as 1.2 percent. Supplies at the delivery point for WTI futures probably slid for a fourth time last week, three analysts forecast, as the southern leg of TransCanada Corp.’s (TRP) Keystone XL pipeline moved oil to Texas. Prices also increased as the Standard & Poor’s 500 index reached a record. The Brent-WTI spread shrank to as narrow as $7.05 a barrel.

“We should see some further declines in Cushing inventories,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy.

“With the stock market charging higher, we are getting some overall support there. The rally is mostly spread-related.”

For investors only. Market opened strong, and oil is up slightly.

KOG already trading at new highs. [Mid-day trading: some of the Bakken operators are surging.]

Disclaimer: this is not an investment site. Don't make any investment decisions based on anything you read here or what you think you may have read here. I don't own any shares in KOG. I did at one time; I have no plans to reinvest in KOG. 

18 companies announce increased dividends or distributions, including previously announced ARII with a huge bump from 25 cents to 40 cents, plus additional announcements at original post.

Coca-Cola is also increasing its dividend.

Chesapeake Energy announces it is pursuing strategic alternatives for its Oilfield Services Division: Co announces that it is pursuing strategic alternatives for its oilfield services division, Chesapeake Oilfield Services, including a potential spin-off to Chesapeake shareholders or an outright sale. COS' operations are currently conducted through Chesapeake's wholly owned subsidiary, Chesapeake Oilfield Operating. COS had revenues in 2013 of ~$2.2 billion, and its service offerings include drilling, hydraulic fracturing, oilfield rentals, rig relocation, and fluid handling and disposal.

 SRE trading near all-time highs; MDU, also trading near all-time highs.

EOG should report earnings after market close today. Forecast: $1.94.

Kentucky Natural Gas Pipeline (Williams Partners) Delayed Until 2016

PennEnergy is reporting:

The construction of a planned natural gas pipeline in Kentucky has been delayed until 2016, The Associated Press reported. Alan Armstrong, president and chief executive officer of Williams Partners L.P., announced the decision in the company's 2013 financial report. The natural gas processing and transportation firm said the Bluegrass Pipeline project was pushed back to mid- to late-2016 in order to accommodate producer needs.

"The new timeframe is more consistent with evolving market conditions," a statement by the company said.

Once completed by Williams Co. and Houston-based Boardwalk Pipeline Partners, the pipeline will transport natural gas from northern to central Kentucky through 500 miles of pipeline.

The delayed construction of the Bluegrass Pipeline project is expected to lower Williams Co.'s capital expenditures by $1.4 billion over the next two years, Kentucky newspaper The State Journal reported.