Putting Things Into Perspective; Early Wednesday Morning News, Links, And Views

EOG: it will be interesting to see where EOG's share price opens this morning. It closed at $153 yesterday, but then surged to $160 in after-hours trading. Futures for the DOW are down this morning, and oil is down slightly, pretty much flat at $105. [8:18 a.m. EDT: futures now put EOG at $160.] [EOG at the open hits a new 52-week high: $161.47; pulls back slightly.]

KOG: hit a new 52-week high today at $10.02, but then pulled back a bit. 

California oil: This will put things into perspective. Rigzone is reporting that a small company is looking at a 35-year, 30-well project onshore in California. So, what's so special about that, other than it's in an urban setting. This is what makes it special. The 30 wells will be sited on a1.3 acres. Repeat: 1.3 acres. Compare that to 8 wells in 1280-acre spacing in the Bakken. Just saying.

RBN Energy: from the Marcellus --

Natural gas from the Deep Panuke field off Nova Scotia will start flowing any day now. But it is arriving three years late, and a lot has changed since 2010. Most important for Repsol, the exclusive marketer of Deep Panuke gas, the New England market that was supposed to be the primary buyer is being courted by sellers of now-abundant Marcellus gas. And Spectra Energy, Kinder Morgan and others are building and planning the pipeline capacity needed to reliably deliver large volumes of gas to New England from the Marcellus. Today we conclude our two part  analysis of the impact that this new supply will have on the region.

A couple notes from The Wall Street Journal (no links -- this is from the print edition; since moving into our new apartment, the newspaper has been delivered twice in two weeks).

First headline: Tesla's stock is outrunning its superfast electric car. The company is expected to announce a loss of 17 cents; it delivered only 1,400 Model S electric sedans in July (or about 1% of Ford's sales for the same month); and it's share price has more than quadrupled in the past year. At least it has a product to sell.

Second headline: Disney says it will take a large loss on "The Lone Ranger," marking the second year in a row that a would-be blockbuster bit the dust, joining the dubious ranks of "John Carter." Disney expects to lose between $160 million and $190 million on the film in the current quarter.

And finally, the third headline, which is on page B3 (we've talked about page B3 in the past): GE ends solar-panel push; sells technology to First Solar. GE is abandoning plans to manufacture solar panels amid a market glut and sold the technology it has built up over the last half decade to First Solar. Meanwhile, as reported yesterday, First Solar reported a 70% drop in profit and cuts its forecast for the year as two large sales were delayed, sending its shares sharply loser in late trading yesterday. When I reported this yesterday, I mentioned there might be more to the story than was being reported by First Solar. Yesterday the blurb:

First Solar Inc on Tuesday reported quarterly earnings and revenue well short of expectations and slashed its outlook for the year due to construction delays for a large project and a decision to sell two projects only after they are finished.  

Today, the note said that two large sales were delayed. It's possible the writers were referring to different issues, but a delay in construction and a delay in the sale of a new project are two very different things.