It is impossible to keep up with all the earnings reports during earnings season, even during the best of times, but when devoting quality time to a seven-year-old and a ten-year-old, it makes it even more difficult. So, links to earnings will be hit and miss. Let me know if I miss anything really important.
I did miss the new high for the Dow today; I find that incredible. I guess all the speeches by Mr Obama on his plans to help the rich and the poor (while pretty much hammering the middle class) seems to be helping the market. The rich should get a break with the 28% corporate tax and the poor will get ... well, whatever they ever get. I guess in this case, ObamaCare.
And now, even after that news about the Dow today, I see futures are up huge right now. Of course, I doubt that will last, but it is interesting to say the least.
Part of the reason, of course, is because analysts now see the Great Recession was never as bad as the GOP made it out to be. It was actually pretty mild, I guess, as recessions go. Thank goodness for all that stimulus money. And, of course, re-calculating GDP probably helped a lot, also. It's nice to be able to re-write history, especially while history is still being made. There's a great western song with the hook, "a legend in his own time."
But "it's hard to be humble" is even better.
Seriously, back to the Bakken. Have you all seen the incredible wells EOG is reporting? If this is due to their new completion technique, things are going to be changing in the Bakken. Can you say "ceramics"? You may not have to next year.
EOG will report another well with 100,000 bbls of oil in the first three or four months of production. The Oil Drum's last post is supposedly today or tomorrow. Fitting.
People still don't understand the flaring issue in the Bakken. Dry natural gas production in the Bakken is like GM's problem with the Volt. GM loses about $5,000 on every Volt they sell, but they feel good about selling 'em. Bakken operators can sell natural gas for $3.00/unit (whatever a standard unit of natural gas is). Unfortunately it costs an operator $5.00/unit to hook up the natural gas pipeline (running a single pipeline a gazillion miles to a remote well, and then selling it ONEOK for processing before it can be put in the national pipeline, to be sold at a loss (again, we are talking about dry natural gas, not liquids; that's another story. Remember, natural gas cannot simply be put into a pipeline like crude oil can.).
This all reminds me of a great little book that I bought (and read) many years ago: Today I Bailed Some Hay to Feed the Sheep the Coyotes Eat.
I would continue, but I'm at the end of my battery -- I forgot to keep it charged during the day -- and I don't have my charger with me.
Good luck to all. Listen to Mac Davis at the video above.