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Bakken is arguably (one of) the marginal basins in the US. Quick recap on what the industry is seeing and saying for Bakken outlook (spoiler one of these things is not like the other)
$HES
- Went to 1 rig from 6 by May
- Plan to continue to operate 1 rig in Bakken
- 2Q prod 194 kboed. 3Q guide 185 kboed
- Exit '20 170-175 kboed
- Deferring turnaround at Tioga Gas Plant from 3Q into 2021. COVID concerns
- Went to 1 rig from 6 by May
- Plan to continue to operate 1 rig in Bakken
- 2Q prod 194 kboed. 3Q guide 185 kboed
- Exit '20 170-175 kboed
- Deferring turnaround at Tioga Gas Plant from 3Q into 2021. COVID concerns
$HES
- Could hold production flat in '21 on 2 rigs. Want to see WTI ~$50 to increase from 1 rig plan
- '21 Bakken capex will be less than '20
- DAPL: 55kbd FT. Would move to other outlets & rail if DAPL shutdown. "a few dollars per barrel" incremental cost
- Could hold production flat in '21 on 2 rigs. Want to see WTI ~$50 to increase from 1 rig plan
- '21 Bakken capex will be less than '20
- DAPL: 55kbd FT. Would move to other outlets & rail if DAPL shutdown. "a few dollars per barrel" incremental cost
$WPX
- Bakken prod 63.3 Mboe/d 2Q20 vs 79.5 Mboe/d 1Q20
- Mitigating exposure to DAPL w/ fixed price deals, 1-year rail contract & add'l pipe agreements. Widens Bakken diff by $1/bbl
- Bakken prod 63.3 Mboe/d 2Q20 vs 79.5 Mboe/d 1Q20
- Mitigating exposure to DAPL w/ fixed price deals, 1-year rail contract & add'l pipe agreements. Widens Bakken diff by $1/bbl
$WPX
- Released all 4 of its completion crews in 2Q. In July, redeployed one crew in the Delaware Basin and one in the Williston Basin.
- Plans to add 1 more frac crew in the Delaware Basin near the end of August. So... 1 crew in Bakken 2H20
- Released all 4 of its completion crews in 2Q. In July, redeployed one crew in the Delaware Basin and one in the Williston Basin.
- Plans to add 1 more frac crew in the Delaware Basin near the end of August. So... 1 crew in Bakken 2H20
$OKE
- "Williston Basin volumes have also strengthened significantly off the lows experienced in May."
- Rockies NGL vol up 50% from May lows. Nat gas up 35% from June lows
- 10 rigs in basin, with about (?) half on OKE dedicated acreage
- "Williston Basin volumes have also strengthened significantly off the lows experienced in May."
- Rockies NGL vol up 50% from May lows. Nat gas up 35% from June lows
- 10 rigs in basin, with about (?) half on OKE dedicated acreage
$OKE
- Customers "have communicated their position to resume activity as commodity prices and the demand
outlook improves." (??)
- 125 of 220 mmcfd flared in basin on OKE ded acreage - providing volume uplift oppty
- Customers "have communicated their position to resume activity as commodity prices and the demand
outlook improves." (??)
- 125 of 220 mmcfd flared in basin on OKE ded acreage - providing volume uplift oppty
$OKE
- If DAPL shuts "there will be enough other pipeline capacity and rail transportation to handle the volumes that are currently being curtailed" (??)
- DUCs are currently being completed in Q3 & line of sight to Q4 with additional completions
- If DAPL shuts "there will be enough other pipeline capacity and rail transportation to handle the volumes that are currently being curtailed" (??)
- DUCs are currently being completed in Q3 & line of sight to Q4 with additional completions
$OKE
- and what producers have told us as they want to complete these wells before winter in anticipation of more demand. (?? the usual year-end rush to spend capex by E&Ps??)
- 30-40 completions per month (from where?) should be able to offset base declines (??)
- and what producers have told us as they want to complete these wells before winter in anticipation of more demand. (?? the usual year-end rush to spend capex by E&Ps??)
- 30-40 completions per month (from where?) should be able to offset base declines (??)
$OKE
- 1Q20 volume of about 1.1 bcfd in the Bakken. As you think about 2021, that number we expect to grow as we move throughout the year and it's a function of capturing that 1.5 bcfd of the deliverability that's already there. (??)
- 1Q20 volume of about 1.1 bcfd in the Bakken. As you think about 2021, that number we expect to grow as we move throughout the year and it's a function of capturing that 1.5 bcfd of the deliverability that's already there. (??)
