Eleven Wells Coming Off Confidential List -- April 22, 2019

For a look at early production numbers for some wells coming off the confidential list later today, click here. 

WTI: jumps 2% in pre-market trading; up $1.35; trading above $65.40; Trump says "no." 
Over at twitter, "did Saudi Arabia over-comply by almost 500,000 bopd with its production quote in anticipation of zero Iran sanction waiver renewals? I am unable to follow the argument here.

Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on anything you read here or think you may have read here.

Wells coming off the confidential list over the long weekend, Monday -- Monday, April 22, 2019: 73 wells for the month; 73 wells for the quarter

• 34949, 373, Kraken, Jefferson 31-30 2H, Corinth, t10/18; cum 100K 2/19;
• 34948, 313, Kraken Operating, Jefferson 31-30 1TFH, Corinth, t11/18; cum 83K 2/19;
• 33875, drl, Crescent Point Energy, CPEUSC David 2-29-32-157N-99W MBH, Lone Tree Lake, no production data,

Sunday, April 21, 2019: 70 wells for the month; 70 wells for the quarter

• 33876, drl, Crescent Point Energy, CPEUSC Bennie 5-20-17-157N-99W TFH, Lone Tree Lake, no production data,
• 34785, 1,083, Nine Point Energy, Missouri 152-103-4-2-3H, Eigthmile, t11/18; 100K 2/19;
• 34461, 1,365, CLR, Peterson 3-29H1, East Fork, t1/19; cum 44K 2/19;

Saturday, April 20, 2019: 67 wells for the month; 67 wells for the quarter

• 34295, SI/NC, Petro-Hunt, USA 154-95-36D_35-3H, Charlson, no production data,
• 33877, drl, Crescent Point Energy, CPEUSC David 6-29-32-157N-99W TFH, Lone Tree Lake, no production data,
• 27666, 1,723, Whiting, Periot 44-20HU, Dollar Joe, t11/18; cum 109K 2/19;

Friday, April 19, 2019: 64 wells for the month; 64 wells for the quarter

• 34460, 1,934, CLR, Peterson 2-29HSL, East Fork, 1/19; cum 55K 2/19;
• 33878, drl, Crescent Point Energy, CPEUSC Bennie-2-20-17-157N-99W MBH, Lone Tree Lake, no production data,

Active rigs:

$65.42	4/22/2019	04/22/2018	04/22/2017	04/22/2016	04/22/2015
Active Rigs	63	59	49	29	88

RBN Energy: the Reliance crude gathering system in the northern Midland Basin, part 2.

Crude oil production in the Permian Basin is now approaching 4 MMb/d, and with more than 2 MMb/d of new pipeline takeaway capacity out of the resource-rich play set to come online over the next 12 months, there soon will be plenty of room for more production growth. To efficiently transport crude to takeaway pipes, however, producers and shippers need ever-growing networks of gathering systems in the Permian’s sweet spots where much of the drilling and completion activity is occurring. Ideally, these systems offer their users a high degree of optionality — that is, interconnections with multiple takeaway pipelines to different markets — so they can capture the best prices for their oil. Today, we continue our review of major gathering networks in the Permian with a look at Reliance Gathering’s nearly 250-mile system in the Midland, TX, area.

Crescent Point Energy, Lone Tree Lake, Northeast of Williston -- April 21, 2019 -- Do I Count 19 Wells All Within A Mile Of Each Other?

The graphic:

The wells (to be updated later):

California, The "Greenest" State In The Union -- April 21, 2019

See this post re: price of gasoline on the west coast. At the link, see first comment. In my replyI had to do some fact checking. Here's the update, from  The Daily Caller, last summer:

More than 56 percent of the crude oil received by California refineries were extracted in foreign countries, according to California Energy Commission data.

California, once the third-largest oil state, is now more reliant than ever on foreign oil. The biggest share of California’s oil imports come from Saudi Arabia, which makes up 29 percent of foreign crude flowing into the state.

More than 70 percent of foreign oil imports to the state come from OPEC members, including Iraq, Kuwait and Ecuador.

California’s share of oil coming from foreign sources has ballooned since the late 1990s. Decades of state policies restricting drilling played a role, as did declining production in Alaska. 

Much more at the link.

The good news: now that Jerry Brown is out of office, replaced by an even more progressive governor, things in California should improve. LOL.

By the way, with all the snow and rain California received this year, California is greener than ever.

Here's an update on California CBR from oilprice earlier this year: California's CBR imports climb to near record in 2018, data points:

• 447,063 bopd, first nine months in 2018
• increased exports from New Mexico, Wyoming, and Canada -- California's three CBR suppliers
• increase most marked in Canadian crude imports
• jumped from 116,000 in 1Q18 to 275,000 in 3Q18
• New Mexico, same time period, from 80,000 bopd to 207,000 bopd
• and look at this: Califronia refines as much oil today as it did back in 1982 -- I thought everyone in California drove EVs now
• back in 1982: most of California's oil came from local (California) fields
• now, more than half comes from abroad -- 56.7% -- vs 31% local California oil in 2017
• biggest supplier for California: Saudi Arabia (and the OPEC basket is about $10/bbl more than WTI
• #2: Ecuador
• #3: Colombia

From the linked article:

Despite its demand for oil, the California government seems to be dead set against any local production.

Last September, Governor Jerry Brown signed into law a bill that aimed to discourage oil companies from taking advantage from the opening up of federal lands in California to drilling by effectively banning infrastructure necessary for offshore drilling, including docks, pipelines, and other onshore installations.

Connecting The Dots: Pigs, Corn, China, Floods, And More -- April 21, 2019

North Dakota.

Global warming.

Midwest braces for long recovery after devastating floods. Link to WSJ article.

Swine flu in China.

UNP.  BNSF (BRK-B).

Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or think you may have read here.

Kroger struggles. This is a long, long article over at The WSJ. One would assume readers of The WSJ would be somewhat bright, smart, sophisticated. Not so fast. Read the article, Kroger struggles. Then read the very first comment, from "harry gallant,"

This country needs a good starvation.  Then perhaps,  they will realize the importance of our farmers.  They are struggling big time.  Doubt any corn will be planted in the midwest this year.

Some years ago I read that due to global warming, and US energy policies set in motion by guys like Obama, North Dakota farmers were gradually switching from wheat to corn, and the corn belt was moving northwest from Iowa toward northeast Montana, So let's see.

US News, April 1, 2019, just a couple of weeks ago:

Back to swine flu in China. What do American pigs (the four-legged kind) eat?

From where does most US corn come?

What states were spared all that spring flooding?

Yeah, the dots all connect.

The neat thing about that screenshot above? From US News, not some North Dakota trade journal. Simply amazing.

I'm in a Lana Del Rey mood and that's what I'm listening but this is the song that better fits this page.

Twist My Sobriety, Tanita Tikaram

Investors Angst -- April 21, 2019

Link to WSJ article. More to follow.