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• Iran Starts Drilling At Oil Field Shared With Saudi Arabia
  Iran will soon begin the development of the Esfandiar oil field, which it shares with...
  Iran will soon begin the development of the Esfandiar oil field, which it shares with Saudi Arabia, which calls it Lulu, Iranian media have reported, citing the managing director of the Iranian Offshore Oil Company.
  
  Production from Esfandiar is expected to begin within the next three years.
  
  Because of U.S. sanctions, Iran is developing its oil and gas resources alone, which might mean they take longer to develop. Yet the country seems determined to develop these resources now that the supply situation is quite tight.
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• Laredo’s Early Leech Well Results A Drain on Permian Production
  Permian Basin pure-play Laredo Petroleum Inc. reported disappointing initial results for a package of...
  Permian Basin pure-play Laredo Petroleum Inc. reported disappointing initial results for a package of wells that went online late in the second quarter, but management expressed a more encouraging outlook for nearby wells.
  
  “In the second quarter, we completed 11 wells and drilled seven wells,” COO Karen Chandler told analysts during the recent earnings call.
  
  Among those wells, Laredo turned into line some Leech wells in the West Texas Spraberry and Wolfcamp formations. The Leech wells comprise “six 15,000-foot wells in our most southeastern unit in Howard County,” said CEO Jason Pigott.
  
  Pigott said the six-well package in the drilling spacing unit (DSU), a departure from the traditional practice of 12 wells/DSU, remained “in the flow-like stage” with the oil production ramp-up taking “much longer than the offset wells” and underperforming the company’s prior forecast.
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• Mewbourne Oil Company Completes Ellis County Well
  Mewbourne Oil Company filed a report on the completion of an Ellis County...
  Mewbourne Oil Company filed a report on the completion of an Ellis County well with production of 534 barrels of oil a day and 1,143 Mcf of natural gas. Located six miles west of Arnett, 16 19N 25W, the Pike 16/21 DM 1H was completed in April at a depth of 19,385 feet in the Cherokee formation following a January 2022 spud date.
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• Oil, gas leasing pause blocked again
  Judge Terry Doughty of the US District Court for the Western District of Louisiana ruled Thursday that...
  Judge Terry Doughty of the US District Court for the Western District of Louisiana ruled Thursday that the Biden administration's pause on oil and natural gas leasing on federal lands in 13 states violates the Mineral Leasing Act and Outer Continental Shelf Lands Act and issued a permanent injunction, just one day after an appeals court lifted a preliminary nationwide injunction Doughty granted in 2021. "This decision is a significant step toward ending the ongoing uncertainty over the future of energy development on federal lands and waters, and we urge the Biden administration to take immediate action to hold onshore lease sales and issue a final five-year program for federal offshore leasing that includes all of the proposed lease sales," said American Petroleum Institute Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola.
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• ☕️Morning Brew: The Week Ahead
  The Fed hits the Grand Tetons: Does anyone know a good spot for après-monetary policy...
  The Fed hits the Grand Tetons: Does anyone know a good spot for après-monetary policy speech in Jackson Hole? On Friday, Fed Chair Jerome Powell will deliver a major talk there as part of the Jackson Hole Economic Symposium, an annual event where finance leaders across the globe chat about economic issues. The No. 1 issue this year, of course, is inflation.
  
  College football is back: It’s once again time to wrap bacon on other types of meat and then grill it because college football returns on Saturday. The biggest game of the week is Northwestern vs. Matty’s beloved Nebraska—a Midwestern matchup that’s actually being played in Dublin, Ireland. The marching bands better do a Hozier set during halftime.
  
  Earnings: Feel like we’ve written “It’s the grand finale of earnings season” for the past three weeks, but this time we actually mean it. With 95% of S&P companies having already reported, names like Nvidia, Peloton, Zoom, Dollar General, and Salesforce will bring down the curtain.
  

  Everything else:

  
  

  
  
  • On Thursday, trigger bans on abortion will go into effect in Idaho, Tennessee, and Texas.
  
  
  • Tesla’s 3–1 stock split goes into effect on Thursday.
  
  
  • Burning Man returns IRL on Sunday after a two-year break
  
  

  
  
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