- global refining measured in global crude distillation units (CDUs)
- global CDUs will grow 15% over next four years
- from 102 million bpd to 117 million bpd (2022)
- those refineries will need oil -- well, duh -- but sometimes the obvious needs point out
- corresponds with latest figures that global demand for oil is now at/near 100 million bpd
- continent with greatest CDU increase: Asia, specifically China
- reason: transportation
- for all that talk about EVs, 15% growth in CDUs seems pretty impressive
- China will have to import more oil
- this is the data point not mentioned at the report: will China lean toward refineries optimized for heavy oil (Mideast) or for refineries optimized for light oil (US)
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Earnings Reports From Yesterday (Some From Earlier In The Week)
PSX (Phillips 66): beats on earnings;misses on revenue;
- $3.10/share; $28.91 billion
- forecast: $2.37; $29.10 billion
- same period last year: $1.66; $25.88 billion
- reported a loss of 12 cents (I have never invested in BBW; and have notplans to ever do so; just curious)
- $0.94/share; revenue of $689 million; earnings miss; Wall Street expected, $1.07
- backlog grows to $3.0 billion
- earnings performance third best in Greenbrier history
CARBO Ceramics: 3Q18 earnings loss and misses revenue estimates; it's been my impression that Bakken fracks are almost 100% sand these days;
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I Hit A Wall
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