Saudi Arabia increased production from 10.40 million bpd in July to 10.48 million bpd in August.10.48. Not 10.47 or 10.49, but 10.48. "False precision."
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2019 | 16667 | 16938 |
| 7-2019 | 35151 | 37249 |
| 6-2019 | 15671 | 13588 |
| 5-2019 | 749 | 0 |
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2019 | 12405 | 13546 |
| 7-2019 | 32671 | 35290 |
| 6-2019 | 24910 | 22248 |
| 5-2019 | 495 | 0 |
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2019 | 13298 | 15878 |
| 7-2019 | 31082 | 33839 |
| 6-2019 | 14554 | 12805 |
| 5-2019 | 879 | 0 |
| 4-2019 | 9 | 0 |
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2019 | 28624 | 31214 |
| 7-2019 | 24246 | 24248 |
| 6-2019 | 35503 | 21080 |
| 5-2019 | 16500 | 0 |
| 4-2019 | 271 | 0 |
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2019 | 21929 | 25860 |
| 7-2019 | 34351 | 38531 |
| 6-2019 | 42083 | 23728 |
| 5-2019 | 17426 | 0 |
| 4-2019 | 1238 | 0 |
| Date | Oil Runs | MCF Sold |
|---|---|---|
| 8-2019 | 20900 | 24127 |
| 7-2019 | 13444 | 14203 |
| 6-2019 | 8231 | 5459 |
| 5-2019 | 240 | 0 |
| 4-2019 | 1152 | 0 |
One debate centered on "form factor." Apparently Apple will come out with a "bigger" iPhone -- panelists not sure consumers would like a larger format. If Apple comes up with a multi-phone / one telesphone number solution, this would be huge. Technically Apple is there with a pocket-size iPhone and a super-size iPad but convert that iPad to an iPhone with the same telephone number as the pocket-size iPhone -- you have instant "Schwab office of the future / Cisco Telepresence."
Another debate centered on hardware. The CNBC analysts appeared not to understand the Chinese market.
Another debate centered on the Apple ecosystem with one CNBC analyst actually saying that "the Apple ecosystem seems pretty good."
One almost gets the feeling that these CNBC analysts hold a lot of GE stock. GE is the parent company of Apple competitor Microsoft and is the parent company of NBC and CNBC. I would assume CNBC employees all use Microsoft products.The rollout, as rumored, here.
Bryson DeChambeau; Dustin Johnson, Justin Thomas, Bubba Watson, Jason Day, Justin Rose, Phil Mickelson, Francesco Molinari, Rory McIlroy, and that's about it. (Note again: Tiger Woods, at this moment in time, is #31, "on the bubble," as they say.It will be interesting to see how that changes by Monday evening.
Our universe of 44 E&P companies earned $10 billion more and generated nearly $7 billion in additional cash flow in the second quarter of 2018 compared with a year earlier.
All but one producer were in the black for the period; EQT Resources reported the sole loss because of write-downs related to the closing of its acquisition of Rice Energy.
The primary determinate of the improved peer group profitability was the $5.77/boe in additional revenue the peer group received ($34.29/boe vs. $28.52/boe) due to stronger oil prices.
However, a near $5/boe reduction in write-downs provided a significant uplift to second-quarter pre-tax operating income.
Reductions in normal depreciation, depletion and amortization ($0.37/boe) and exploration expenses ($0.42/boe) also added to the bottom line.
Lifting costs — $0.94/boe higher — were the only expense that impaired profitability: production costs were $0.50/boe higher, while oil and gas price-influenced production taxes added another $0.44/boe to lifting costs. All this resulted in pre-tax operating profits of $9.86/boe and $23.30/boe in cash flow.
In the first half of 2018, the U.S. E&P sector continued to reap the benefits of its dramatic evolution from decades of “boom or bust” exploration to large-scale, manufacturing-style exploitation of premier resource plays. Upstream companies halved their break-evens and reserve replacement costs through technological innovation, financial discipline, and ruthless portfolio paring, which allowed them to generate record domestic oil production in 2018 on half the capital outlays expended in 2014.
As a result, the 44 E&Ps we track reported $21 billion in pre-tax operating profits in the first half of 2018, up from $6.2 billion in the first six months of 2017, and over $50 billion in operating cash flow, up from $39 billion a year ago. Most notably, these companies are on pace to garner an astonishing $30 billion in free cash flow. Today, we discuss the ongoing effort by leading E&Ps to maintain financial discipline in a period of strong oil and gas prices.
This has not been a good week for Justin Trudeau.
It began with a surprise U.S.-Mexico trade pact that excluded Canada from a Nafta rewrite, sending the prime minister’s negotiating team scrambling to strike a deal ahead of the Trump administration’s deadline.
Then a key pipeline he spent billions to nationalize got sideswiped by a court decision, and the most important ally in his climate change plan abandoned him. And now the White House has informed Congress of its intent to sign an new agreement with or without the northern nation.
While the 46-year-old leader has had plenty of political stumbles during his first mandate, the events of the last few days are among the heaviest blows Trudeau has taken on core economic files. They come just as his Liberal government prepares to reset its parliamentary agenda going into an election year.
“The opposition are going to try and paint this as an example of incompetence,” said Robert Bothwell, a professor of Canadian history and international relations at the Munk School of Global Affairs at the University of Toronto.So much more at the linked article.
Canada’s precarious relationship with its vast oil riches flared up again Thursday after a federal court struck down Prime Minister Justin Trudeau’s approval of a key pipeline, reviving fears about the country’s ability to get its resources to market.
While the government pledged to press ahead with the C$4.5 billion ($3.5 billion) Trans Mountain expansion, the leader of oil-rich Alberta pulled out of Trudeau’s marquee national climate plan in protest after the ruling. Indigenous groups and the City of Vancouver had mounted the challenge, and their success highlights the extraordinary political, legal and social battles that a divided Canada has faced for years in developing the world’s third-largest crude reserves.Note the Bloomberg price: $3.5 billion.Where did that come from. Without the delay, it's a $7.4 billion project; with a delay to 2021, Kinder Morgan estimates a $9.3 billion project. This is the first time I've seen a $3.5 billion price tag.
On May 18, 2013, I wrote:Now this, which I think is a portent of the future:
So, How Did That Renewable Energy Plan Work Out? Europe May Be The Only CONTINENT In The Universe To Depend On Imported Energy.Backtrack to: Europe At A Tipping Point, one of "the big stories" that I have been following since the beginning of the blog.
New claims rose by just 3,000 to a seasonally adjusted 213,000 last week. After three consecutive weeks of declines, economists had forecast a rise to 214,000, according to Bloomberg.
Jobless claims are an indication of layoffs and have been closely watched this year for signs that trade disputes might weigh on the U.S. labor market. So far, there are no signs that tariffs have cost the U.S. economy any jobs.
The four-week moving average of claims, which smooths out weekly volatility and is considered by many economists to be a more reliable gauge of conditions, fell by 1,500 to 212,250. That is the lowest level since December 1969, according to the US Labor Department.Other than one's family, shelter and food, I'm trying to think of one thing that is more important than being employed.
1. I was a bit hasty in suggesting inadequate documentation by the pipeline companies regarding First Nations. You are correct.2. I strongly believe that the judge in this case had her decision made long before the final judgement was published. It was just a matter of framing it (the arguments/conclusions) to fit the decision.3. Legally, I am sure the contract reads that the deal is consummated pending a majority vote by the Kinder Morgan shareholders (that occurred yesterday after the judge's verdict; the timing was coincidental). So, even if money has not traded hands, it's a legally binding contract, I'm sure. But it's a man-made contract (not on two stone tablets) so there would be ways, I assume, to "renegotiate."4. However, Canada needs the pipeline more than anyone is suggesting. They can get the oil out on rail if no other alternatives, but this is a huge sovereign issue -- as I've said, Canada is getting the reputation that a) it's greenness is killing the economy; and, b) "the country can't close a deal."5. I'm sure some cartoonist will come up with a name for the pipeline that Orca killed.6. Speaking of which, Trudeau's second mistake (his first mistake was using the orca to kill the Enbridge pipeline some years earlier): he knew this case was in court and would likely suffer the very same fate (nothing was different between the two cases). He should have published an executive order once Canada bought the pipeline stating clearly that Canada would take all necessary precautions to save the Orca and would donate "X" amount of money to environmental clubs dedicated to saving the whale. The judge only said the company's response was inadequate. An executive order and a tweet by Trudeau would have solved the problem. Assuming, of course, the judge was unbiased going into the case -- a huge, huge assumption.
So, How Did That Renewable Energy Plan Work Out? Europe May Be The Only CONTINENT In The Universe To Depend On Imported Energy.
Backtrack to: Europe At A Tipping Point, one of "the big stories" that I have been following since the beginning of the blog. Back to the oilprice article:New Hampshire? How is renewable energy working out for you? Folks there are paying some of the highest energy bills in the country. Faux environmentalists stopping natural gas pipelines and state government mandating renewable energy. Recipe for disaster. And I thought New Englanders were known for common sense.
For the first time since 1993, Denmark is on track to become a net oil importer this year, as oil production in the Danish part of the North Sea will be lower than the country’s consumption, the Danish Energy Agency said on Thursday, revising down its oil production forecasts.The new forecast by the agency is a change from last year’s assessment and forecasts, which had expected that Denmark would continue to be a net oil exporter for a number of years.Now, the country is expected to be a net oil exporter for a single year, in 2024, when oil production is forecast to exceed consumption due to expected start-up of new developments.Comment: wow.
| $70.07↑ | 8/30/2018 | 08/30/2017 | 08/30/2016 | 08/30/2015 | 08/30/2014 |
|---|---|---|---|---|---|
| Active Rigs | 62 | 54 | 33 | 76 | 194 |
In a letter sent to House Speaker Paul Ryan on Thursday, President Trump announced that a majority of civilian federal employees will not receive pay increases next year, undoing the original 2.1% pay increase that was set to take effect in 2019.
The details: The president explained the change is an effort "to put our Nation on a fiscally sustainable course, and Federal agency budgets cannot sustain such increases." No change has been announced for pay increases of military troops, which are still on track to receive a 2.6% bump according to the Military Times, marking their biggest pay raise since 2009.
The 2019 Cost of Living Adjustment (COLA) is heading towards a 3% increase based on July’s inflation data. July’s CPI-W rose by 3.16% on an adjusted basis over the previous 12-month period. July is the first of three months the does count towards 2019 COLA measurement. COLA increases are based on the inflation measurement period of the 3rd quarter (July, August, and September).
The 2019 COLA is expected be announced in mid-October 2018. There are still two months go but all signs point to the biggest COLA increase in 7 years.One wonders if the decision to scrap the civilian federal employee raise was "necessary" to cover the military? Just rhetorical.
[432] Bearing in mind that the primary focus of the applicants’ concern about the Board’s assessment of Project-related marine shipping is the Board’s assessment of the adverse effects of the Project on Southern resident killer whales, the previous review of the Board’s findings demonstrates that the Board considered the Project’s effects on the Southern resident killer whales, including the environmental effects of malfunctions or accidents that might occur, the significance of those effects and the cumulative effects of the Project on efforts to promote recovery of the species. The Board found the operation of the Project-related tankers was likely to result in significant, adverse effects to the Southern resident killer whale population.
[433] Given the Board’s finding that the Project was likely to result in significant adverse effects on the Southern resident killer whale, and its finding that Project-related marine vessel traffic would further contribute to the total cumulative effects (which were determined to be significant), the Board found that the increase in marine vessel traffic associated with the Project is likely to result in significant adverse effects on the traditional Indigenous use associated with the Southern resident killer whale.
[434] The Board then considered mitigation measures through the limited lens of its regulatory authority. It found there were no direct mitigation measures Trans Mountain could apply to reduce or eliminate potential adverse effects from Project-related tankers.
[435] The Board stated that it considered all reasonable alternatives to Project-related marine shipping that would reduce the impact on SARA-listed species’ critical habitat. This would include the critical habitat of the Southern resident killer whale. As part of this consideration, the Board directed Information Request No. 2 to Trans Mountain. In material part, Trans Mountain responded that the only known potential mitigation measures relevant to the Salish Sea to reduce the risk of marine mammal vessel strikes would be to alter the shipping lanes in order to avoid sensitive habitat (that is areas where whales aggregate), and to set speed restrictions. Trans Mountain advised that shipping lanes and speed restrictions are set at the discretion of Transport Canada.
[436] Thereafter, the Board issued an Information Request to Transport Canada that, among other things, requested Transport Canada to summarize any initiatives it was currently supporting or undertaking that evaluated potential alternative shipping lanes or vessel speed reductions along the southern coast of British Columbia with the intent of reducing impacts on marine mammals from marine shipping. Transport Canada responded that it was“not currently contemplating alternative shipping lanes or vessel speed restrictions for the purpose of reducing impacts on marine mammals from marine shipping in British Columbia”. However, Transport Canada noted it was participating in the Enhancing Cetacean Habitat and Observation Program led by Port Metro Vancouver.
[437 Transport Canada’s statement that it had no current intent to make alterations to shipping lanes or to impose vessel speed restrictions would seem to have pre-empted further consideration of routing alternatives by the Board.
[438] This review of the Board’s report has shown that the Board in its assessment of Project-related marine shipping considered:
The Federal Court of Appeal has quashed Ottawa's approval of the contentious Trans Mountain pipeline expansion.
The decision means the National Energy Board will have to redo its review of Kinder Morgan Canada's project.
In a written decision, the court says the energy board's review was so flawed that the federal government could not rely on it as a basis for its decision to approve the expansion.Wow, what if the new review suggests that the project could do irreparable harm to British Columbia?
| $69.97↑ | 8/30/2018 | 08/30/2017 | 08/30/2016 | 08/30/2015 | 08/30/2014 |
|---|---|---|---|---|---|
| Active Rigs | 63 | 54 | 33 | 76 | 194 |
All information furnished to the director on permits, except the operator name, well name, location, permit date, confidentiality period, spacing or drilling unit description, spud date, rig contractor, central tank battery number, any production runs, or volumes injected into an injection well, shall be kept confidential for not more than six months if requested by the operator in writing. The six-month period shall commence on the date the well is completed or the date the written request is received, whichever is earlier. If the written request accompanies the application for permit to drill or is filed after permitting but prior to spudding, the six-month period shall commence on the date the well is spudded.
My reply, not ready for prime time:Why does a well suddenly go on confidential status?The Kennedy 5-8 and Miles 5-8 are all confidential as of today.
| $69.69↑↑ | 8/29/2018 | 08/29/2017 | 08/29/2016 | 08/29/2015 | 08/29/2014 |
|---|---|---|---|---|---|
| Active Rigs | 61 | 53 | 30 | 76 | 194 |
