Update On Iraqi Oil Field -- March 28, 2017

For background to this story, see this post. 

Now, Reuters has an update, and it's not good news for Genel or its investors.

BR Reports Two Completed DUCs -- Two Zephyr Wells In Corral Creek -- March 28, 2017

Active rigs:

	3/28/2017	03/28/2016	03/28/2015	03/28/2014	03/28/2013
Active Rigs	49	31	97	194	186

No wells coming off confidential list Wednesday.

Two (2) producing wells (DUCs) reported as completed:

• 32001, 361, BR, CCU Zephyr 24-34 TFH, Corral Creek, API 33-025-03018, t2/17; cum --
• 32002, 2,117, BR, CCU Zephyr 34-34 MBH, Corral Creek, API 33-025-03019, t2/17; cum --

Consumer Confidence Exceeds Expectations; Highest In 16 Years -- The Energy And Market Page, T+66 -- March 28, 2017

Saudi: the kingdom put US energy producers to a test -- and the US producers aced it. The best thing about this article is how The WSJ describes it -- "Shale 2.0." Others have used that for quite some time now,. I started using Bakken 2.0 on October 19, 2106, with the announcement of the  Oasis-SM Energy deal.  Bakken 2.0 is a tag at the bottom of the page, and is also linked at the sidebar at the right. It's also at the FAQ page.

82. What do you mean by Bakken 2.0? See this link. Three important data points:

• I set October 19, 2016, as the beginning of Bakken 2.0
• the event that triggered the Bakken 2.0 designation: the SM Energy announcement that it was selling some Bakken acreage/assets to Oasis
• it appears Permian Shale 2.0 began with the WPX, Noble, and XOM announcements regarding acquisitions in the Permian -- late 2016/early 2017

Saudi: Saudi Aramco tax slashed to prepare oil producer for giant IPO. If you can follow this article, you are doing better than I am on this issue. These are the tax rates:

• large oil companies: 50% tax
• medium-size oil companies: 65%
• small oil companies: 75%
• really small oil companies: 85%

The last paragraph of the linked story:

Under the new rates, hydrocarbon companies in Saudi Arabia with capital of more than 375 billion riyals ($100 billion) will pay a tax of 50 percent, according to SPA. Those with capital of between 300 billion and 375 billion riyals will pay an income tax of 65 percent. Companies with capital of between 225 billion and 300 billion riyals will pay 75 percent, and those with capital below 225 billion riyals 85 percent.

Russia: will spend $113 billion on dozens of oil, gas projects. From Rigzone:

• will bring on-line 29 oil and gas projects by 2025
• projected to add 800,000 bopd and 12 billion cfpd
• more than $10 billion is designated for the Sakhalin 3 project; Gazprom is projected to spend $32 billion
• recent production cuts: Russia went from 11.247 million bopd to 11.10 million bopd (147,000 bopd -- absolutely inconsequential)

Consumer confidence: soars to highest reading in 16 years -- two lost decades (George W Bush; and Barack Obama) coming to an end.  Dow up 150 points; NASDAQ up 35 points; and, oil up 1.3%. The Conference Board said its consumer confidence index leapt to 125.6 in March from 116.1 in February, coming in well ahead of the MarketWatch-compiled consensus of 114.1.

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The Apple Page

Disclaimer: this is not an investment site.

Apple closed at record high (again) today.  One influential analyst suggested Apple could trade as high as $200 over the next few years, 40% over its current levels.

The Political Page, T+66 -- March 28, 2017

DAPL: oil is running into pipeline under the Missouri River -- Dickinson Press.

MoCare: now we will see just how serious Ryan was about repealing ObamaCare.

ObamaCare - RyanCare - MoCare - WhoCares? Ted Poe exits House Freedom Caucus.

Polls: Why Trump's approval ratings don't matter -- The New York Post. And, of course, the writer fails to mention the #1 reason why Trump's approval ratings don't matter. Or the #2 reason. Or the #3 reason.

Minnesota minimum wage? Servers in Minneapolis averaging nearly $30/hour.

Consumer confidence: soars to highest reading in 16 years -- two lost decades (George W Bush; and Barack Obama) coming to an end.  Dow up 150 points; NASDAQ up 35 points; and, oil up 1.3%.

Make America Great: Fox News dominates cable news ratings for the 61st consecutive quarter. Let's see, 61/4 = 15 years. Is that correct? Fox News has dominated cable news for more than 15 years! Wow!. In the most recent polling, CNN "was a distant second," and MSNBC trailed CNN and perhaps only because of a cult following at one particular news hour.

Why Midwest Refiners Passed Up Local Bakken Bounty -- RBN Energy -- March 28, 2017

Active rigs:

	3/28/2017	03/28/2016	03/28/2015	03/28/2014	03/28/2013
Active Rigs	48	31	97	194	186

RBN Energy:  why midwest refiners passed up local Bakken bounty. A must-read. Again, it was all about the Keystone XL.

Scott Adams: healthcare startups that lower costs.