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Midday, Wednesday, March 12, 2014: surprisingly the oil market is not affecting shares in oil and gas companies all that much. Oil companies can actually have problem if prices get too high (hedging, demand destruction). Berkshire (Warren Buffett) hit a new high; trend continues upward. PSX hit a new high. MDU trading in the green. KOG may have hit a new high (a bit confusing); but it is in the green right now.

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Oil futures sink. Well below $100. Oil glut; most Americans think we are still in recession; too much light oil; oil supplies build.

Congress dithers; corporations prosper:

The largest U.S.-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to.

The multinational companies have accumulated $1.95 trillion outside the U.S., up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg News. Three U.S.-based companies -- Microsoft Corp., Apple Inc. and International Business Machines Corp. -- added $37.5 billion, or 18.2 percent of the total increase.

Genesee & Wyoming reports traffic in Feb 2014 was 142,802 carloads, an increase of 2,602 carloads, or 1.9%, compared with Feb 2013: G&W's traffic in the first quarter of 2014 through Feb was 299,386 carloads, an increase of 3,159 carloads, or 1.1%, compared with the first quarter of 2013 through Feb.

Abraxas Petroleum Corp. provides operational update, divestiture and guidance update; raises 2014 production guidance from 4,900-5,100 boepd to 5,200-5,300 boepd:

• As previously announced, at Abraxas' Jourdanton prospect in Atascosa County, Texas, the Blue Eyes 1H averaged 405 boepd (383 barrels of oil per day, 134 mcf of natural gas per day) over the well's first 30 full days of production flowing naturally. Subsequent to this initial 30 day period, the well was placed on submersible pump. Over the following thirty days on submersible pump, the well averaged 527 boepd (494 barrels of oil per day, 194 mcf of natural gas per day). Total acreage at Jourdanton now consists of ~ 6,150 net acres. Also at Jourdanton, co recently drilled the Snake Eyes 1H to a total depth of 12,668 feet and the well is scheduled to be fracture stimulated with a 19 stage completion later this week. Co is currently drilling the Spanish Eyes 1H at a depth of 7,108 feet and the well is scheduled to be fracture stimulated at the end of March. Next, the co will spud its fourth well at Jourdanton, the Eagle Eyes 1H. Co owns a 100% working interest across the Jourdanton prospect.
• At Abraxas' Dilworth East prospect, in McMullen County, Texas, the co plans to complete the R. Henry 2H with a 19 stage fracture stimulation in April. Abraxas holds a 100% working interest in the R. Henry 2H.