Two of the MRO Tyler wildcat wells come off the confidential list Monday (April 28, 2014); no production data reported yet; I track these wells here. [Later: I am being told by a reader/good source that the Powell well comes off the confidential list June 25th, not tomorrow as reported on the NDIC website.]On Monday, April 28, 2014, I updated the original post to report the wells coming off the confidential list. I was able to access the file report for the Powell report, suggesting that it had indeed come off the confidential list:
Sunday afternoon my friend and I drove out to the Powell well and the Rundle trust well. At the Powell well, nothing has changed in three (3 )months ... ten (10) frac trucks setting on site, along with tanks and a oil/water separator.
The bonds were sold with yields ranging from 1.07 per cent for $1.5bn in three-year securities to 4.49 per cent for the $1bn 30-year tranche. The $2.5bn notes maturing in 10 years were sold at 3.46 per cent.These bonds were heavily subscribed, according to the linked source: 1.07% to 4.49%. How incredible is that? One point oh seven percent for three year bonds. Apple is getting some really "cheap" money.
The train was traveling from Chicago. It was unclear where the crude shipment was headed, but there is one oil train terminal in Virginia. The Yorktown, Va., storage and shipping site owned by Plains All American Pipeline LP began receiving shipments of crude by rail in December, according to a securities filing. Bakken oil produced in North Dakota is railed to Yorktown where it can be loaded on barges and shipped north to East Coast refineries, one expert said. Plains didn't return calls for comment.Irony? hopefully there were no injuries in the crude oil derailment. Four were killed when a small private plane flies into "wind farm windmill." It was noted that this story -- a most unusual story to say the least -- was not picked up by the mainstream media.
This is not the first time a plane has crashed into a wind farm--in 2008 near southeast Minnesota, poor weather caused the pilot of a 1948 Cessna 140 to lose control while trying to fly around wind turbines.
| 4/30/2014 | 04/30/2013 | 04/30/2012 | 04/30/2011 | 04/30/2010 | |
|---|---|---|---|---|---|
| Active Rigs | 187 | 185 | 210 | 173 | 112 |
| 4/30/2014 | 04/30/2013 | 04/30/2012 | 04/30/2011 | 04/30/2010 | |
|---|---|---|---|---|---|
| Active Rigs | 187 | 185 | 210 | 173 | 112 |
The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies.
The US has been the global leader since overtaking the UK in 1872. Most economists previously thought China would pull ahead in 2019.Stagflation? MyWay is reporting (it will be interesting to see how Reuters spins this story; I assume the White House is helping Reuters re-write the story):
The U.S. economy slowed drastically in the first three months of the year as a harsh winter exacted a toll on business activity.
The slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer weather.
Growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, the Commerce Department said Wednesday. That was the weakest pace since the end of 2012 and was down from a 2.6 percent rate in the previous quarter.What is the definition of a recession, again?
Phillips 66, the second-largest independent U.S. oil refiner, reported a higher-than-expected quarterly profit on Wednesday, helped by a big gain from a share exchange and its chemicals and midstream businesses.
Crude oil and natural gas pumped from shale formations in the United States have lowered feedstock costs for companies such as Phillips, which is expanding its network of pipelines and processing facilities for increasing onshore output.
Phillips, based in Houston, had a first-quarter profit of $1.6 billion, or $2.67 per share, compared with $1.41 billion, or $2.23 a share, in the same quarter of 2013.
Excluding a one-time gain of $706 million primarily related to Berkshire Hathaway Inc's deal to swap its Phillips 66 shares for ownership of the company's specialty products unit, Phillips 66 earned $1.47 per share.
Analysts, on average, had expected a profit of $1.34 per share, according to Thomson Reuters I/B/E/S.Trading at 52-week highs: AAPL, BRK.B, HES, OKE.
There was no immediate information about where the train was coming from or where it was heading. Most East Coast refineries are far to the north. One of the only crude oil facilities to the east of Lynchburg is a converted refinery in Yorktown, which is now a storage depot run by Plains All American. Officials said there were no reports of injuries.
Saudi Arabia will probably have to sustain production above 10 million barrels a day for the longest period in more than 30 years as it meets the summer surge in domestic demand and compensates for production losses in Libya.This should come as no surprise to regular readers. The surprise will come whether Saudi Arabia is able to keep up on a prolonged basis. Both Brent and WTI are trading lower today; obviously no one thinks this is a very big deal.
Competition from natural gas combined with increasing environmental regulations has made casualties of many of the nation’s aging coal-fired power plants, including Salem Harbor Power Station and Brayton Point in Somerset.
By 2020, about 60 gigawatts of coal-fired electric-generating capacity — enough to power an estimated 48.5 million homes — is expected to disappear, at least partly due to the expense of meeting federal rules to cut pollution from power plants, according to the Energy Department.Don't let anyone fool you. Natural gas played a role but this is all about the war on coal, nothing else, regardless of how one wants to spin it. Don't believe me? Read the next two paragraphs:
“For an existing coal plant to basically stay in operation, it would have to install some sort of pollution control apparatus, such as a scrubber,” said Elias Johnson, an energy analyst with the Energy Information Administration. “The problem is that these technologies are not cheap.”
The consequences are likely an even greater reliance on natural gas, which despite booming production, is experiencing upward pressures on prices. That in turn could mean higher heating and electrical costs for New England consumers.