Thursday, February 4, 2016

Liberty Resources To Report Three Nice Bakken Wells Friday -- February 4, 2016

No new permits.

Whiting canceled two (2) permits, both were Kummer permits in McKenzie County.

CLR renewed six permits: they were all Sorenson permits in Mountrail County.
Whiting renewed on permit: an Obrigewitch permit in Stark County.

No producing wells were reported as completed.

Wells coming off the confidential list Friday:
  • 29511, 863, Liberty Resources, ND State 158-95-16-9-4MBH, McGregor, t8/15; cum 52K 12/15;
  • 29512, 901, Liberty Resources, ND State 158-95-16-9-3TFH, McGregor, t9/15; cum 51K 12/15;
  • 29513, 953, Liberty Resources, ND State 158-95-16-9-3MBH, McGregor, t8/15; cum 58K 12/15;
  • 29537, SI/NC, Hess, EN-Sorenson B-155-94-3526H-6, Alkali Creek, no production data,
  • 29761, SI/NC, XTO, Homer 14X-32E, Grinnel, no production data,
  • 31142, SI/NC, XTO, Nordeng 34X-23E, Siverston, no production data,
  • 31524, SI/NC, XTO, Stenehjem 31X-28DXA, North Fork, no production data,
  • 31573, SI/NC, Statoil, Samson 29-32 XE 1TFH, Banks, no production data,
  • 31582, 6 (no typo), Resonance Exploration (ND) LLC, Resonance Ballantyne 13-20D, Westhhope, a Spearfish/Madison well, t9/15; cum 817 bbls 12/15;
  • 31668, SI/NC, EOG, Austin 435-3402H, Parshall, no production data,
***********************************

31582, see above, Resonance Exploration (ND) LLC, Resonance Ballantyne 13-20D, Westhhope:

DateOil RunsMCF Sold
12-20151970
11-20152220
10-20153850

29513, see above, Liberty Resources, ND State 158-95-16-9-3MBH, McGregor, producing:

DateOil RunsMCF Sold
12-20151264415382
11-201510360849
10-2015122239375
9-201596015817
8-2015119701677

 29512, see above, Liberty Resources, ND State 158-95-16-9-3TFH, McGregor:

DateOil RunsMCF Sold
12-201599339004
11-201590131007
10-2015133178429
9-2015115586746
8-20156358476

 29511, see above, Liberty Resources, ND State 158-95-16-9-4MBH, McGregor:

DateOil RunsMCF Sold
12-201565414831
11-20157963798
10-2015162519039
9-2015144079165
8-201559841029
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Jobs -- February 4, 2016; John Kemp's Weekly Energy Tweets

Link here.
  • last week revised down by 1,000 to 278,000
  • most recent week, an increase of 8,000, to 285,000
  • four-week moving average increased by 2,000 to 284,750
Analysts' expectations: only to 280,000; in fact, well past that, surges to 285,000 -- coupled with layoffs -- see below -- it's hard not to be concerned about GDP in 2016. 

Meanwhile, CNBC reports "US layoffs surge to 6-month high. I don't know you spin that. But I'm sure Reuters and Bloomberg will find a way.
Layoffs surged in January to the highest levels since July as employers in the retail and energy sectors pulled out the pink slips, according to a private survey out Thursday.
U.S.-based companies announced 75,114 planned job cuts last month, up more than 200 percent from a 15-year low in December, according to global outplacement firm Challenger, Gray & Christmas. That figure was also 42 percent higher from a year ago.
From GDPNow, latest February 1, 2016:
The initial GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2016 is 1.2 percent on February 1. The final model nowcast for fourth-quarter real GDP growth was 1.0 percent, 0.3 percentage points above the advance estimate of 0.7 percent released last Friday by the U.S. Bureau of Economic Analysis.
 ****************************
John Kemp's weekly energy tweets:
  • employment in US oil and gas extraction and support activitiesindustry fell by 87,000 between October, 2014, and November, 2015
  • US oil and gas industry shed 100,000 jobs in slump
  • oil market will remain oversupplied this year, making price recovery unlikely
  • COP cuts dividend; OXY holds firm
  • difference in inventory levels for crude oil 
  • US: 36% higher than 5-year average
  • Cushing: 58% higher
  • total distillate fuel oil: 16% higher
  • total motor gasoline: 8% higher 
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COP Cuts Dividend -- February 4, 2016

COP cuts dividend by 60%.
The company announced that its board of directors approved a reduction in the company’s quarterly dividend to 25 cents per share, compared with the previous quarterly dividend of 74 cents per share. The dividend is payable on March 1, 2016 to stockholders of record at the close of business on Feb. 16, 2016. 
Other data points:
  1. revised 2016 operating plan; CAPEX lowered from $7.7 billion to $6.4 billion
  2. production in 2016 flat compared to 2015
  3. 4Q15 net loss of $2.78/share vs 4Q14 net loss of 3 cents/share
  4. excluding special items, 4Q15 adjusted earnings were 90 cents/share vs 4Q14's 60 cents/share
  5. 2015 full year: net loss of $4.4 billion, $3.58 loss for full year 2015
  6. 2014 full year: net gain of $6.9 bilion, $5.51 gain for full year 2014
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Thursday, February 4, 2016

Active rigs:


2/4/201602/04/201502/04/201402/04/201302/04/2012
Active Rigs44140190184202

RBN Energy: highlighting trends in natural gas markets.
CME/NYMEX Henry Hub gas futures prices are currently struggling to stay above $2.00/MMBtu in the face of milder weather and record high production (closing up slightly at $2.038/MMBtu yesterday February 3, 2016).
The market is on edge and at the mercy of daily weather forecast revisions that may signal further downside for prices. At the same time gas demand from power generation could increase in response to lower prices. To help navigate these volatile market conditions, we’ve teamed up with Criterion Research to develop the daily NATGAS Billboard: Natural Gas Outlook report. In today’s blog, we highlight specific features of the report and what they tell us about the market.
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Wal-Mart To Pump Its Own Gasoline -- February 4, 2016

From WSJ, the lede:
For most of the past 20 years, Wal-Mart has let another company build and operate gas stations in the parking lots of its stores. But last week, Wal-Mart told Murphy USA that going forward it will run its own filling stations.
Retailer’s shift is effort to eke out more profit; decision is blow for Murphy USA.
More:
For most of the past 20 years, Wal-Mart Stores Inc. has let another company build and operate gas stations in the parking lots of its stores. Now, the retailer has decided it wants to pump its own gasoline.

Last week, Wal-Mart executives told Murphy USA Inc. that going forward it will build and operate its own gas stations. Murphy will continue to run the more than 1,000 locations it has already built near Wal-Mart stores.

Although oil prices have tumbled in the past year, forcing companies like BP PLC to slash thousands of jobs and Exxon Mobil Corp. to halt stock buybacks, falling prices at the pump haven’t hurt gas-station owners. While revenue from fuel sales has fallen, so have fuel expenses. Plus, cheaper gasoline leaves more cash in drivers’ pockets to buy cigarettes, snacks and other high-margin merchandise.
Much, much more at the link. 

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