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

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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.

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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:

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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.

Busy Day In The Bakken -- Seven New Permits -- Seven DUCs Reported As Completed -- MRO With Another Big Well -- May 16, 2024

Locator: 47170B.

WMT, link here: 

“The Walmart experience is better than it used to be, but it’s still not a premium experience. Walmart is built on convenience, cost and assortment. Not on service,” he told CNBC’s “Fast Money” on Thursday.

“As the economic challenges abate... service will become more important than convenience and price. And, we’ll see a shift back of some of the consumers. That’s the bubble.”

His warning comes with Walmart stock hitting all-time highs going back to August 1972, when it began trading on the New York Stock Exchange.

Shares surged almost 7% on Thursday after the discount retailer’s fiscal first-quarter adjusted earnings and revenue beat estimates. Walmart reported high-income consumers helped drive profits particularly in its grocery business.

Comment: There's an incredibly good data point that was not mentioned in the article that will continue to make Walmart do very well.

Comment: see this story, also. Walmart matching Amazon's delivery times.

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

WTI: $79.41.

Active rigs: 36.

Seven new permits, #40755 - #40761, inclusive:

• Operators: Rockport Energy, Neptune Operating (3), Slawson Exploration, Hunt Oil (2)
• Fields: Ranch Coulee (McKenzie); Ragged Butte (McKenzie), Big Bend (Mounrail), Thompson Lake (Burke)
• Comments:
• Rockport has a permit for a Chandler well, SWNE 15-146-98, 
• to be sited 1485 FNL and 2053 FEL;
• Neptune Operating has permits for three wells, SESW 17-151-101, 
• to be sited 1675 FWL and between 423 FSL and 324 FSL;
• Slawson has a permit for a Fish Finder well, SWSE 21-152-92, 
• to be sited 877 FSL and 2316 FEL; and, finally,
• Hunt Oil has permits for two Kandiyohi wells, lot 1, section 6-159-90, 
• both to be wited 360 FNL with one 324 FEL and the other 354 FEL

Seven producing wells (DUCs) reported as completed:

• 34526, 739, Slawson, Armada Federal 6-14-18TFH, Mountrail County,
• 36578, 902, XTO Energy, Tong 34X-9E, Williams County,
• 39548, 582, Petro-Hunt, Terres 144-98-13B-24-1H, Billings County,
• 39905, 474, Oasis, George Federal 5304 12-24 2BX, Williams,
• 39906, 208, Oasis, George Federal 5304 12-24 3B, Williams,
• 39907, 784, Oasis, George Federal 5304 12-24 4B, Williams,
• 40068, 3,700, MRO, Frye 41-2TFH, Dunn County,
• with regard to this MRO Frey well, watch the Stroh wells
  

Russia Foreign Exchange Reserves -- April, 2024, Data

Locator: 47169RUSSIA.

Link here.