RBN Energy: Permian pipeline build-out; the Permian is at 1.5 million bopd
Permian Basin crude producers are currently churning out over 1.5 MMb/d of crude from a basin that has produced oil since the 1920’s but is the center of a recent renaissance. With new production comes new demand for takeaway capacity and between January 2013 and the end of 2015, about 1 million barrels of new pipeline has been constructed or will come online directed towards Houston, Nederland and Corpus Christi, TX.
About a dozen new gathering systems are being constructed to help get new production from the wellhead to the larger takeaway pipelines. Today we continue our series on new Permian gathering infrastructure.Earnings to be reported today:
- Enbridge Energy Partners (EEP): expectations, 20 cents; time not supplied;
- Hess: expectations, $1.02; actual -- profit drops from a year ago; results boosted by gain from sale of some properties; net income comes in at $1.20/share (compared to $3.72/share one year ago)
- MDU: expectations, 33 cents; after market close;
- Murphy Oil: expectations, 96 cents; after market close;
- PSX: expectations, $1.34; actual: $1.47/share but without excluding a one-time gain, the actual earnings were $2.23/share.
- Whiting: expectations, 96 cents; after market close
- Williams Companies: expectations, 26 cents; after market close
- Gravel pit near national park ranch resurfaces: US Forest Service says mine would have ‘no significant impact’ on area. Roger Lothspeich of Miles City, Mont., and his partner, Peggy Braunberger, own mineral rights to the land, located near the ranch, about 25 miles north of Medora. The 26th U.S. president spent several years on the ranch during the 1880s. [Update, January 7, 2015: link here.]
The Wall Street Journal
Top story, front page: EPA ruling on coal. Big political win for the Obama administration.
Americans want to pull back from world stage, WSJ poll -- not surprising. I still don't know why"we" are in the Crimean. This will end badly for the US.
Alstom accepts GE's bid for power business -- should be biggest story of the week in the WSJ.
Another old white man interested in buying another NBA basketball team.
Boehner makes amends for GOP immigration gibes. I have no idea why he maintains leadership.
Minimum wage fight, not gaining traction at national level, is being pushed quietly at the local level.
US homeownership rate: lowest since mid-1990s.A reminder that despite two years of recovery thre is still a way to go before the housing market is back to normal.
In drug mergers, there's one sure bet: the layoffs.
Apple returns to the bond market; the company completed its second blockbusgter bond sale in a year, tapping robust investor demand that has propelled corporate debt in 2014 to a larger gain than US stocks.
Dow rose yesterday, but falls shy of record. [Closes at all-time record today.]
The Los Angeles Times
Memo to self: file under "they're all crazy." The Los Angeles Times is reporting:
With paparazzi tracking her every move, V. Stiviano -- friend of sanctioned Clippers owner Donald Sterling -- roller-skated in her driveway Tuesday and said she wanted to be president.
“One day, I will become president of the United States of America and I will change the legislation and laws,” Stiviano said in one of several odd encounters with media camped outside her home. “Modern day history. Civil rights movement.”