RE:RE:RE:RE:RE:OBE the only stock moving today in the oil patchThink the earliest will be this friday for any type of January numbers....
I am scared sh*tless by the permain...truly is that incredible.
Production growth is going to be 271,000 barrels from Jan 2022 to end of March 2022....that is not sustainable for OPEC to sit and watch......
Ironic part is in the past Russia was the one that was scared of USA growth. Be interesting if Putin backs off soon and lowers Geoplotical risk he is causing.
Not just crude growth that is the issue...NGL"s are also massively skyrocketring.
Continental Resources...which is more Bakken then Permain announced a share buybacks, divy increase and they are incresing crude from 160k per day in 20221 to 200k in 2022......
Insane growth...and they are Bakken side.
Drilling rigs and frac crews have obviously increased productivity in last 2 years.
Latest EIA numbers was 5200 barrels per day per month per rig in Permain....nuts....
Very possible growth only gets harder as it is all a function of wells tied in.
One are the upwards cyle of the threadmill grow fast.
Kramerkarma wrote:
kavern any updates from petro ninja on wells? For price and oil supply. 1)Opec short again 2)demand higher than expected 3)USA supply less than expected. North Dakota is 55k boe lower than 1 yr ago. Is $95 oil not enough? Permian has a treadmill of 273K bbl /day monthly decline. Also lost 89 ducs (still less rigs than frac crews... again at $95 oil) if they don't add thoes rigs you think 89 wells do 71k boe/d? ... Permian growthbwould be halted in its tracks. And again the other fields are in decline. Call eagleford a mini Permian. So same theory. So my question is what then Kavern? What if Permian EF and opec stall... $300o oil? We have millions of demand ready to go this summer . Travel cruse toys ... oh and less than 1B people own the 1.3B cars on this rock of close to 8B souls ... so demand grows 1.5M bbl yr.