The Market, Energy, And Political Page, Part 2, T+57 -- April 26, 2018 -- COP Crushes Expectatioins

Wow! "ConocoPhillips crushes earnings views ahead of Exxon, Chevron results." Link here. Wow, wow, wow ... this will please Warren -- transcript here --

• COP easily beat 1Q18 profit forecasts
• estimates:
• estimates: earnings of 76 cents vs a loss of 2 cents/share a year ago
• estimates: revenue up 11% to $8.6 billion
• actual:
• EPS: 95 cents (vs 76 cents) -- wow, wow, wow
• revenue: $8.98 billion
• production:
• from the Eagle Ford, Bakken, and the Delaware (Permian) jumped 20%
• but total output dropped to 1.22 million boe (1Q18)
• forecast: slightly less in 2Q18 )1.17 million to 1.21 million boepd
• full-year production at 1.2 million bopd is higher than previous estimate of 1.95 million boepd
• pricing:
• boe jumped to $50.49 vs $36.18/bbl year-over-year

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Don't get fooled by the headline: BP admits it underestimated renewable energy growth. Near the end of the story --

China’s solar race could start sputtering some time in the future. This should be a safe enough prediction: sooner or later the local energy market will become saturated with solar power capacity.

TSLA: continues to fall (even on an "up" day for the market). Now trading at $280. 52-week high -- $390. TSLA has fallen almost 30% off it's 52-week high.

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The Opium Wars

I've finished The Opium Wars, Hanes, c. 2002.

Truly amazing what our high school history textbooks left out. It would be hard to find a period in British history that would be worse than what the Brits did to China in the first half of the 19th century. Not to be taken out of context, but the Holocaust comes to mind.

Kodachrome, Paul Simon