Locator: 46927B.
Mergers, acquisitions: in my experience, the majority of acquisitions, mergers are initiated / completed because one or both of the companies are in deep trouble. Keep that in mind while thinking about the Chesapeake-Southwester proposed merger; the US regulator trying to de-rail it; and, the Permian natural gas graphic below. I think it's a hoot. Texas is going to win again.
For the archives, link here:
A question Bakken operators must be asking themselves: what's all the excitement about Guyana all about? The Guyana play is estimated to hold 11 billions of crude oil -- estimated -- whereas the Bakken has already produced nearly five billion bbls. And assuming the world needs it, it will eventually produce upwards of 50 billion bbls and that may be on the low end. And, again, assuming the world needs it, the Bakken will still be producing in 2300.
NOVI, Ted Cross, natural gas production in the Permian: link here.
Commentary: There is just so much information out that -- it's amazing.
I started following the Bakken revolution simply because I found it so fascinating, didn't know a thing about it and wanted to learn. But, I've moved on, and now, I continue to follow the Bakken revolution (and post about it) for these reasons, and their relative weights:
- 10%: still learning about the Bakken revolution, intellectual curiosity, simply want to learn for learning's sake;
- 20%: urge to write; to satisfy my journalistic drive; but it had to be in an area that might have some value added for intended audience;
- 5%: to help me with my own investing;
- 65%: if I quit even for a day, I will fall so far behind it will be hard to get caught up;
I don't blog about the Bakken to help me with investing, except as noted at 5% perhaps, but blogging has made me a much better investor, although I can't quantify that.
I guess the real reason: I don't golf and in retirement I need a hobby.
WTI breakevens: The other day, a talking head on CNBC made a comment in passing about the breakeven for US WTI: it's $35 for existing wells in the Permian. Here's one source for that comment.
Production, projection: will recent Permian well performance drops hold up as wells get older? Based on previous well history, the answer is yes. Link here.
********************************
Back to the Bakken
WTI: $86.91.
Active rigs: 34.
Seven new permits, #40644 - #40650, inclusive:
- Operators: SOGC (Sinclair) (5); EOG (2)
- Fields: Lone Butte (McKenzie); Parshall (Mountrail)
- Comments:
- SOGC has permits for five Dry Creek Federal wells, NESW 13-147-98,
- to be sited between 1715 FSL and 1846 FSL and between 2285 FWL and 2410 FWL;
- EOG has permits for two Apricot wells;
- #40644 will be sited 1915 FNL aand 1100 FWL; and#40645 will be sited 1915 FNL and 1140 FWL
********************************
The Book Page
Along with Hunter S Thompson, Graham Greene, and a few others, perhaps Goethe comes to mind, Lord Byron has always fascinated me. Maybe this week, I finally "understand" him. Just arrived, Byron: A Life in Ten Letters, by Andrew Stauffer, published February 22, 2024! Cambridge University Press. Looks awesome.
All of them, 'cepting HST as far as I can tell, had interesting relationships with women. Graham Greene's was well described by his biographer. Byron's was well known to all -- or at least we all have our own myth of Bryon. Wilhelm Goethe, as far as I know -- one needs to read all one can about Goethe, then read between the lines, imagine what was unsaid / unwritten, and then fill in one's own imagined details.
My hunch is at the end of the day, I won't know any more about Byron than I already know, but it should be a great read nonetheless. It looks like a book one can read during during unexpected quiet moments. Reading one essay at time whenever one wants and not necessarily in any particular order. We'll see.
