From MDU press release:
MDU Resources Group, Inc. announced today that the Dakota Prairie refinery initiated diesel product sales to the market on May 15. The 20,000 barrels-per-day refinery is the first greenfield fuels refinery built in the U.S. since 1976 and is co-owned and operated with Calumet Specialty Products Partners.From Seeking Alpha, DOE approves more LNG exports from Alaska terminal:
- Exxon Mobil says it received authorization from the U.S. Energy Department to export liquefied natural gas to non-free trade agreement countries from its proposed Alaska LNG terminal.
- The project includes a liquefaction facility, an 800-mile pipeline, up to eight natural gas compression stations and at least five take-off points for in-state gas delivery, as well as a gas treatment plant on Alaska's North Slope, where XOM already has operations at Prudhoe Bay and Point Tomson.
- Other participants in the Alaska LNG project include BP, TransCanada, and ConocoPhillips
RBN Energy: School of Energy now on-line.
Odds and Ends
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US consumer spending in April weakest in 3 months, blamed on three things: wintery weather; people saving their money; and, global warming.
Ford Motor Company will release May, 2015, US sales Tuesday but here's a preview: Ford will have a better second half. This is very, very interesting: GM has been forced to discount prices on full-size trucks by at least 13% due to demand for Ford’s redesigned F-Series. The initial success of the all-new aluminum body F-Series is undeniable. The F-Series is generating increased revenue, with average transaction prices around $42,500, up $3,200 from a year ago.
- EFS Midstream provides gas gathering, treating, compression and condensate processing services in the Eagle Ford Shale.
- The EFS Midstream system includes approximately 460 miles of natural gas gathering pipelines, 10 central gathering plants, 780 million cubic feet per day of natural gas treating capacity and 119 thousand barrels per day of condensate stabilization capacity.
Market Not So Efficient? Eh?
Yahoo!Finance asks the question: why are investors willing to pay so much for equity these days? I assume the writer does not subscribe the efficient market theory. Goldman's answer:
American stocks are definitely pricey, with the median stock carrying a higher valuation than 98% of the time in the last 40 years, says Goldman Sachs. While low interest rates and inflation help explain this, they don’t make equities a bargain for anyone looking for future returns.
One reason that folks are paying up for richly priced stocks is that money – for many – is not much of an object right now. U.S. companies have issued some $700 billion in new debt so far this year. That’s ahead of the all-time record pace set last year – and is enough to pay off the total national debt of Greece two times over.
Companies, through their own profits and all that debt raised, are acting as if no price is too high to buy their own stock. Share repurchases are on track to exceed $600 billion this year.