Hess announces culmination of transformation Into a E&P company; HES anticipates achieving a five year compound average annual production growth rate of 5 to 8%: Co announced several initiatives marking the culmination of its multi-year strategic transformation into a pure play exploration and production company.Second story from Yahoo! In-Play:
Hess issues letter to shareholders; responds to Elliott Management's flawed recommendations : Co letter stated "Indeed, now more than halfway through our transformation, the market has been recognizing our progress. Hess shares significantly outperformed the peer index, rising from $43.93 to $58.90 per share, an increase of 34% in the period between our mid-year strategy update on July 25, 2012 and the January 28, 2013 announcement of our planned terminals sale. On Friday, March 1, our shares closed at $66.54 per share. Operating performance has also been strong. 2012 cash flow from operations was the highest in our 80 year history and 2012 net income was our third highest....In the first phase of our transformation, we invested significantly in our most promising assets, substantially increasing our leadership in the Bakken oil shale, and entering the Utica shale, while acquiring an additional ownership stake in the Valhall Field (Norway).The letter goes on.
Third story: Hess will sell retail business; focus on oil. Shares surge.
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A Letter to the Granddaughters
A Letter to the Granddaughters
It is so amazing what one finds in the most unexpected places. This from one of Sylvia Plath's journals as recorded in Elizabeth Winder's Pain, Parties, Work: Sylvia Plath in New York, Summer 1953:
I am no longer the crackpot idealist who will eat red beans in a tenement all her life. I like theater, books, paintings, travel, all which costs more than intangible dreams can buy ... To learn that you can't be a revolutionary. To learn that while you dream and believe in utopia you will scratch and scrabble for your daily bread in your hometown and will be damn glad if there's butter on it. To learn that money makes life smooth in some ways, and to feel how tight and threadbare life is if you don't. -- p. 148[Some punctuation added to the excerpt.]
And then this, same source, p. 182:
Sylvia turned to Margaret: "Do Mormons believe in life after death?"
"Yes, the soul continues to progress and evolve," explained Margaret.
"Oh, good," Sylvia seemed mildly relieved. "Otherwise it'd be such a waste." Then she slipped out early for a data at Café de la Paix.
Bruce,
ReplyDeleteMy mom was born and raised in Williston until, when in her teens, her family (sister, brother and mom) moved to Butte Montana. She turns 76 this week. (I am 49 with a wife, 5 children and 3 grandchildren) My mom’s grandparents homesteaded and established farms in a few places near Williston. Many years ago her grandpa counseled the family to never sell their mineral rights. Our large family is now benefiting from his sage advice. The rights are divided equally among many, so none of us are becoming wealthy from it, but it is just somewhat of nice supplement to our personal incomes. The real blessing in all this is that it has drawn the family closer and has added the desire of all to learn more of our heritage, especially of those from North Dakota.
I find it amusing in the post above to your granddaughters, that what you cited makes a brief reference to Mormons and their belief in the afterlife. Ironically, my mom and her family were baptized Mormon when she was in her early teens living in North Dakota, this after about 10 years of seeing the missionaries. All of us from my grandma’s family all hold to the Mormon faith and the curse/blessing (LOL) all started in North Dakota.
I have been accessing this blog for over a year now and enjoy your personal musings as well as your insights into the North Dakota economy and oil industry.
Regards,
LT
The above came in as a comment, suggesting I could post it. If you did not mean for it to be posted, let me know, and I will delete it.
DeleteIn response:
Thank you for your very kind words.
I always feel guilty when I get such nice notes from folks like you and then have to apologize for all the rants and ravings I put on the "Bakken" blog. I know a lot of folks get irritated with non-Bakken postings, but (unfortunately) writing about just the Bakken would get boring.
I am always surprised by what folks write when I post something completely unrelated to the Bakken. I post references to books I'm reading for any number of reasons, but mostly to remind folks there's more to life than just money, or the Bakken, or investing....
Anyway, rambling. Thank you for telling me a bit of your background. It helps keep me balanced with regard to the Bakken. I'm so glad that your grandparents did not sell their minerals.
I particularly love the note about your mom/family being baptized as Mormons. I have a couple of great books on ethnicity of North Dakotans, religion, etc., and I can relate.
Thank you for taking time to comment. [I'm glad the mineral rights have brought your family together, not torn it apart. That is not universally true.]