I think folks continue to underestimate the Chinese market for American products.
On the same day that GM reported that it sold more cars in China than they did in the US, there's another report that a Chinese businessman is going to build and export to China $5 billion (with a "b") worth of recreational vehicles. Winston Chung bought a Riverside, California, RV manufacturing company last week to build 10,000 tour-bus style and 20,000 smaller recreational vehicles.
The company currently has 500 employees, and now expects to add 1,200.
[That 1,200 figure is interesting. That's about the same number of workers being laid off in California by Boeing due to decreased orders for one of its military cargo planes. There's some irony here, but I won't ramble.]
This is not a fly-by-night entrepreneur. That same Chinese businessman just donated $10 million to the University of California - Riverside campus. That is the largest gift in the school's history.
Monday, January 24, 2011
Billings High School Freshman To Attend State of the Union Address -- Billings, Montana
This is an incredible story. Everyone needs to read it. Unfortunately it is linked to a regional newspaper and the link will be broken soon.
A Billings high school freshman will be a guest of Ms Michelle Obama, sitting next to her at the State of the Union address tonight.
The story begins last April (2010) when she and her Billings middle school team won the top design award for a super-light mini electric race car. Her interview on Discovery Channel was caught by the White House.
That led to an invitation to the White House to participate in the White House Science Fair last October where Ms Nelson explained to the president how the car worked.
For the whole story, go to the link. It may be the best story you read today. Okay, this year.
A Billings high school freshman will be a guest of Ms Michelle Obama, sitting next to her at the State of the Union address tonight.
Mikayla Nelson, a freshman at Billings Central Catholic High School, was leaving class last week to pick up her little brother from school when her phone buzzed.It's a most interesting story and I hate to do it disservice by encapsulating it in small data points, when the original story is so much better. But because the link will be broken, I don't have much choice.
In what she describes as one of the most surreal moments of her young life, Nelson answered and found a representative from the White House on the other end.
He told her she was invited to the State of the Union address Tuesday by Michelle Obama. "I was essentially speechless," Nelson said.
The story begins last April (2010) when she and her Billings middle school team won the top design award for a super-light mini electric race car. Her interview on Discovery Channel was caught by the White House.
That led to an invitation to the White House to participate in the White House Science Fair last October where Ms Nelson explained to the president how the car worked.
It would be an unlikely journey for most teenagers, but for Nelson it's simply remarkable. The First Lady's box at the State of the Union address is a long way from the mobile home on Billings' South Side where Nelson lives.
Money's tight; her mother is on disability and can't work. When Nelson graduated from Will James last spring, she decided she wanted to attend Central High instead of West, knowing she would have to be the one to pay for it.
So she worked odd jobs all summer, eventually landing a steady gig with Central Hobbies. She has saved up and with help from Central, she's been able to cover her tuition.She gives much credit to her mentor and her middle school science teacher, who started mentoring her in sixth grade.
For the whole story, go to the link. It may be the best story you read today. Okay, this year.
Student Workers Being Brought Up From South America To Help Fill Jobs -- North Dakota, USA
This is a great story. The link will be broken soon because it is to a regional newspaper.
Students are being brought up from South America to fill job vacancies in Williston and Minot, North Dakota.
Students are being brought up from South America to fill job vacancies in Williston and Minot, North Dakota.
College students from South America have been working at a number of Williston businesses since December. They are in town via a work program run by Maryland-based company United Work and Travel.I remember going through Wall, South Dakota, some years ago, and visiting Wall Drug. While there, I met a number of student workers who were there during the summer, in a similar program. The student workers at Wall Drug at that time were from Eastern Europe, shortly after the "wall" had come down. Words cannot express how happy they were to experience the United States. It was a very rewarding experience. For me and for them.
Most of the students are from the countries of Peru, Brazil, Argentina and Columbia.
About half of the 90 students are in Williston, the rest are in Minot and Dickinson. The students will be working until March.
Is EOG Throwing in the Towel on the Spearfish? -- North Dakota, USA
Update
It should be noted that EOG has canceled all Scandia-named well permits or let them expire. There are no Scandia wells being drilled by EOG, and it's my impression that EOG has blown off the Spearfish for the time being.
Since the original post was posted, several exciting developments have occurred in the Spearfish formation in Bottineau County, northern North Dakota, along the Canadian border. Surge Energy (Canada) has made a huge investment in the area and two large acquisitions. Read the post below for history / archival purposes, but click on the "Spearfish" label at the bottom of the blog to go to newer posts and find out how much is going on in the Spearfish/Bottineau County. -- April 8, 2011
Original Post
I was one of the most excited about this new formation, but after some disappointing wells, there was some chatter that EOG was re-thinking its strategy on going after the Spearfish wells along the North Dakota border with Canada.
More evidence the EOG might be throwing in the towel: in today's NDIC daily activity report, it was noted that EOG canceled permit 18720, Scandia 2-26H, Lot 1 26-164N-78W, Bottineau County.
[Update: see comments below. I thought it strange that EOG would go to the bother of canceling one permit even if they were putting the Spearfish on the back burner. It is very, very seldom that one sees a single canceled permit like this in the daily activity reports.]
According to Legacy Oil and Gas presentation of January, 2011, EOG has drilled ten (10) Spearfish wells in this area.
A First: GM Car Sales in China Surpass Those in US -- Not a Bakken Story
GM car sales in China surpass those of GM car sales in US for first time. And I bet most of those cars run on gasoline. Coal-powered cars are probably a bit too expensive.
Price of Oil Continues to Fall: Saudi Arabia Hints it May Increase Production
The reason for fall in oil prices: Saudi Arabia hints that it may increase production to step rise in price of oil. This will be interesting to follow, to see if Saudi can follow through on this. There are four issues: their wilingness to do so; their ability to do so; the necessary infrastructure in place to accomodate increased production at the wellhead; and, refining capacity. I am sure there is more than enough refining capacity but it will put pressure on heavy oils since refiners prefer lighter oils like the Bakken and the Saudi's oil. That comes to mind in light of the TransCanada Keystone LX story below.
ObamaCare Unraveling -- Not a Bakken Story
[Update: holy mackerel -- the number of waivers is now up to 733. Many of them Obama's friends. This is absolutely nuts. January 26, 2011.]
Countless corporations have received waivers from ObamaCare -- I think the number is well above 300 now. Yes, as of December 3, 2010, there were 222 "entities" with approved waivers. [I find it interesting that the update is more than a month old. Most businesses would update their data on a daily basis.]
Today, from the DrudgeReport, we learn that three Service Employees International Union (SEIU) locals, including the Chicago chapter, have been given waivers from the ObamaCare requirement. The SEIU political action committee gave $27 million to support ObamaCare.
Every large corporation who has asked for a waiver has been given one to the best of my knowledge.
With 33 states taking their case to the Supreme Court to also request the opportunity to opt out of ObamaCare, this plan is unraveling faster than an old sweater.
It will be interesting to see how the 33 senators who are up for re-election in 2012 vote on this. Repeal of ObamaCare has already passed the House of Representatives.
Countless corporations have received waivers from ObamaCare -- I think the number is well above 300 now. Yes, as of December 3, 2010, there were 222 "entities" with approved waivers. [I find it interesting that the update is more than a month old. Most businesses would update their data on a daily basis.]
Today, from the DrudgeReport, we learn that three Service Employees International Union (SEIU) locals, including the Chicago chapter, have been given waivers from the ObamaCare requirement. The SEIU political action committee gave $27 million to support ObamaCare.
Every large corporation who has asked for a waiver has been given one to the best of my knowledge.
With 33 states taking their case to the Supreme Court to also request the opportunity to opt out of ObamaCare, this plan is unraveling faster than an old sweater.
It will be interesting to see how the 33 senators who are up for re-election in 2012 vote on this. Repeal of ObamaCare has already passed the House of Representatives.
TransCanada Keystone XL Pipeline: Problems and Updates
Updates
October 27, 2011: As predicted, the Obama administration will delay decision on Keystone XL until after the election.
September 7, 2011: Hope spring eternal. TransCanada buying land in South Dakota for Keystone XL.
A remote 160-acre plot of rolling rangeland in the far northeast corner of Butte County was bought at auction Tuesday for $48,000 by representatives of the TransCanada Keystone XL Pipeline.February 21, 2011: Environmentalists release impact statement showing pipelines carrying corrosive heavy sands oil are 16 times more susceptible to safety incidents.
The land had been taken over by the county in 1993. Since it lies in the route of the proposed pipeline from Canada to the Gulf of Mexico, the county decided to offer the land for sale to the pipeline company rather than negotiating an easement.
The auction Tuesday had a minimum bid of $300 per acre. TransCanada was the sole bidder.
February 4, 2011: The official recommendation from the commission appointed by President Obama to study the Keystone XL issue: the 1,900 mile pipeline carrying heavy oil from Canadian oil sands to refineries in Texas would be beneficial to the US. The results of the study was released December 23, 2010. The "XL" would bring TransCanada's total capacity to 1.1 million barrels/day.
A proposed oil pipeline from Canada to the U.S. Gulf Coast could substantially reduce U.S. dependency on oil from the Middle East and other regions, according to a report commissioned by the Obama administration.
The study suggests the 1,900-mile pipeline, coupled with a reduction in overall U.S. oil demand, "could essentially eliminate Middle East crude imports longer term." The $7 billion project would carry crude oil extracted from tar sands in Alberta, Canada, to refineries in Texas.
The report, prepared by a Massachusetts firm at the request of the U.S. Energy Department, was completed Dec. 23 and made public this week, as President Barack Obama prepares to meet with Canadian Prime Minister Stephen Harper on Friday at the White House.
Original Post
Good news for Enbridge: Texas doesn't want the TransCanada Keystone XL Pipeline -- the landowners don't want it and even if it goes in, it sounds like the refiners don't want it. I have no dog in this fight.
******
Another Keystone XL note, nothing to do with the above story. Bismarck Tribune reports that TransCanada says Bakken oil will go up about $3/bbl when the Keystone XL comes on-line. Right now, without the XL pipeline, there is an oversupply of oil in the Midwest, thus decreasing price of a barrel of oil (for both Bakken oil and heavy sands oil).With the XL pipeline, heavy sands oil will go to the gulf, lessening the over-supply in the Midwest, and bringing up the price of oil in the Midwest, about $3/barrel.
Oasis: Several News Stories -- North Dakota, USA
Oasis to raise $300 million via senior notes.
Oasis tripled reserves in 2010. Has more than 1,000 gross drilling locations; drilled 26 gross wells in 2010. Lots of work to be done.
This link includes a 4Q10 operations update. Some data points (some figures rounded):
2,458 potential gross drilling locations -- and in 2010, a very busy year, they only drilled 166 -- yeah, there's a lot of work to be done!
Oasis tripled reserves in 2010. Has more than 1,000 gross drilling locations; drilled 26 gross wells in 2010. Lots of work to be done.
This link includes a 4Q10 operations update. Some data points (some figures rounded):
- Proved reserves tripled in 2010 to 40 million, up from 13 million boe
- Completed 26 gross operated wells in the Williston Basin in 2010
- Operated and non-operated basis: 116 gross (29 net) wells
- Average production increased by 155 percent, from 3K boepd to almost 8K boepd
- 303,231 net acres in the Williston Basin
- Oasis estimates it has 1,303 gross drilling operations
- East Nesson inventory: three wells per spacing unit (excluding previously drilled wells)
- Sanish (more mature): up to 3 Bakken and 2 TF wells per spacing unit (excluding previous wells)
- Assuming 3 TF wells/spacing unit, this would add an additional 1,155 potential gross TF wells
- In all, the company believes it has an aggregate of 2,458 gross potential drilling locations targeting these two formations
2,458 potential gross drilling locations -- and in 2010, a very busy year, they only drilled 166 -- yeah, there's a lot of work to be done!
Eight (8) New Permits -- North Dakota, USA
Producers: Samson Resources (2), Petro-Hunt (2), BEXP, Whiting, Newfield, BR
Fields: Siverston, Sand Creek, Cherry Creek, Kittleson Slough, Stockyard Creek, Ambrose, Charlson.
The two Samson Resources wells are on a single pad. The two Petro-Hunt wells are in different fields.
Some nice wells being reported in today's activity report:
Fields: Siverston, Sand Creek, Cherry Creek, Kittleson Slough, Stockyard Creek, Ambrose, Charlson.
The two Samson Resources wells are on a single pad. The two Petro-Hunt wells are in different fields.
Some nice wells being reported in today's activity report:
- 17939, 1,878, WLL, Roggenbuck 14-25H (this permit was granted back in 2008)
- 19131, 1,050, Oasis, Somerset 5602 12-17H (Bull Butte oil field)
- 18814, 1,754, SM, Wilson 8-20H (Charlson -- historically, a nice field)
- 19030, 2,707, Oasis, Kjorstad 5300 24-33H (a wildcat, reported elsewhere)
Oasis Reports a Nice Well -- A Wildcat -- Bakken, North Dakota, USA
19030, 2,707, Oasis, Kjorstad 5300 24-22H, Wildcat, Bakken.
This was a wildcat.
And it's in a relatively quiet area. This is nice to see.
The well is a two-section (long) lateral running directly east to west, about half of it runs under the water (although that is a trivial matter). The well is located about seven miles southeast of Williston, north (or east) of the river. Except for local farmers, it is unlikely anyone would be in this area. One would go east out of Williston on "1804" about three miles and then find a county road to go south about six miles. There is no activity in this area; there are two CLR wells on the confidential list a few miles to the east: Bud 1-19H and Stangeland 1-18H.
This was a wildcat.
And it's in a relatively quiet area. This is nice to see.
The well is a two-section (long) lateral running directly east to west, about half of it runs under the water (although that is a trivial matter). The well is located about seven miles southeast of Williston, north (or east) of the river. Except for local farmers, it is unlikely anyone would be in this area. One would go east out of Williston on "1804" about three miles and then find a county road to go south about six miles. There is no activity in this area; there are two CLR wells on the confidential list a few miles to the east: Bud 1-19H and Stangeland 1-18H.
Monday's Links. HAL's profits double. Good News for Enbridge. Oasis Tripled Reserves in 2010.
I will be teaching today, so won't get back to these stories until later tonight. But as I get them today, I will link them here, and do stand-alone posts where indicated later. [Update: most, if not all, of these stories not have a stand-alone post for the day.]
The reason for fall in oil prices: Saudi Arabia hints that it may increase production to step rise in price of oil. This will be interesting to follow, to see if Saudi can follow through on this. There are four issues: their wilingness to do so; their ability to do so; the necessary infrastructure in place to accomodate increased production at the wellhead; and, refining capacity. I am sure there is more than enough refining capacity but it will put pressure on heavy oils since refiners prefer lighter oils like the Bakken and the Saudi's oil. That comes to mind in light of the TransCanada Keystone LX story below.
GM car sales in China surpass those of GM car sales in US for first time. And I bet most of those cars run on gasoline. Coal-powered cars are probably a bit too expensive.
JC Penney to close catalogue business, six stores and two call centers.
Oasis to raise $300 million via senior notes.
Oasis tripled reserves in 2010. Has more than 1,000 gross drilling locations; drilled 26 gross wells in 2010. Lots of work to be done.
Good news for Enbridge: Texas doesn't want the TransCanada Keystone XL Pipeline -- the landowners don't want it and even if it goes in, it sounds like the refiners don't want it. I have no dog in this fight.
HAL reports earnings today. Profit more than doubles on North American rebound. The Bakken. Beat estimates. You can manipulate earnings, but revenues are revenues. Revenues are up 40 percent.
Countless corporations have received waivers from ObamaCare -- I think the number is well above 300 now. Yes, as of December 3, 2010, there were 222 "entities" with approved waivers. [I find it interesting that the update is more than a month old. Most businesses would update their data on a daily basis.] Today, from the DrudgeReport, we learn that three Service Employees International Union (SEIU) locals, including the Chicago chapter, have been given waivers from the ObamaCare requirement. The SEIU political action committee gave $27 million to support ObamaCare. Every large corporation who has asked for a waiver has been given one to the best of my knowledge. With 33 states taking their case to the Supreme Court to also request the opportunity to opt out of ObamaCare, this plan is unraveling faster than an old sweater. It will be interesting to see how the 33 senators who are up for re-election in 2012 vote on this. Repeal of ObamaCare has already passed the House of Representatives.
The reason for fall in oil prices: Saudi Arabia hints that it may increase production to step rise in price of oil. This will be interesting to follow, to see if Saudi can follow through on this. There are four issues: their wilingness to do so; their ability to do so; the necessary infrastructure in place to accomodate increased production at the wellhead; and, refining capacity. I am sure there is more than enough refining capacity but it will put pressure on heavy oils since refiners prefer lighter oils like the Bakken and the Saudi's oil. That comes to mind in light of the TransCanada Keystone LX story below.
GM car sales in China surpass those of GM car sales in US for first time. And I bet most of those cars run on gasoline. Coal-powered cars are probably a bit too expensive.
JC Penney to close catalogue business, six stores and two call centers.
Oasis to raise $300 million via senior notes.
Oasis tripled reserves in 2010. Has more than 1,000 gross drilling locations; drilled 26 gross wells in 2010. Lots of work to be done.
Good news for Enbridge: Texas doesn't want the TransCanada Keystone XL Pipeline -- the landowners don't want it and even if it goes in, it sounds like the refiners don't want it. I have no dog in this fight.
HAL reports earnings today. Profit more than doubles on North American rebound. The Bakken. Beat estimates. You can manipulate earnings, but revenues are revenues. Revenues are up 40 percent.
Countless corporations have received waivers from ObamaCare -- I think the number is well above 300 now. Yes, as of December 3, 2010, there were 222 "entities" with approved waivers. [I find it interesting that the update is more than a month old. Most businesses would update their data on a daily basis.] Today, from the DrudgeReport, we learn that three Service Employees International Union (SEIU) locals, including the Chicago chapter, have been given waivers from the ObamaCare requirement. The SEIU political action committee gave $27 million to support ObamaCare. Every large corporation who has asked for a waiver has been given one to the best of my knowledge. With 33 states taking their case to the Supreme Court to also request the opportunity to opt out of ObamaCare, this plan is unraveling faster than an old sweater. It will be interesting to see how the 33 senators who are up for re-election in 2012 vote on this. Repeal of ObamaCare has already passed the House of Representatives.
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