Fascinating, Fascinating Power Article From Bloomberg -- Exxon, Renewable Energy And Denmark -- The Market, Energy, And Political Page, Part 5, T+23 -- November 29, 2018

Updates

Later, 3:32 p.m. CT: I made a huge mistake in the original post suggesting that Exxon had the opportunity to partner with GE on a large wind farm in Texas but chose to go with a foreign company. A reader correctly pointed out that GE does not "build/manage" wind farms. GE provides components for the wind turbines. In this case, it is still possible that GE will be involved with the wind farm in Texas as a subcontractor or partner with Orsted. This was a big mistake on my part. Sorry. I stand corrected.

Original Post 

Fascinating story from Bloomberg. Excellent use of renewable energy. Exxon will build a wind farm and a solar farm to help electrify their operations in the Permian. The story is fascinating on many levels, but I was mostly interested in this one data point. This gives one an idea of how incredibly big the Permian shale sector is:

One area of the Permian, called the Delaware Basin, consumed the equivalent of 350 megawatts this summer, tripling its load from 2015. That’s enough to power about 280,000 U.S. homes. Providers say demand is likely to triple again by 2022.

Think about that: just "one" area of the Permian consumed the equivalent of 350 MW this summer, tripling its load from 2015; enough to power almost 300,000 US homes; and it is likely that electricity demand will triple again by 2022.

Do I need to repeat that? Nah, but I will archive the article.

Update: the rest of this post is "off-base" (see update above).

What's the biggest takeaway from the article?

This link will give you a clue.

GE to focus on aviation, power and renewable energy. ... GE aims to strengthen its balance sheet by reducing Industrial net debt by about USD 25 billion (EUR 21.4bn) by 2020. The company is continuing with efforts to shrink GE Capital and targets sales of USD 25 billion in energy and industrial finance assets by 2020 -- June 26, 2018.

Exxon partnered with a Danish company to provide its electricity power needs. Exxon did not partner with GE. Say what? Under 12-year agreements with Denmark’s Orsted, Exxon will buy 500 megawatts of wind and solar power in the Permian Basin, the fastest growing U.S. oil field. It is the largest ever renewable power contract signed by an oil company. Terms weren’t disclosed.
I think that's the biggest takeaway from this article. Partnering with a Danish company, not an American company.

It says a lot about what a company like Exxon thinks of GE right now. 

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Washington State Refinery With Ties To Bakken -- New Owners

From MarketWatch, data points:

• the US Oil & Refining Co with a 42,000 bpd refinery in Tacoma, WA, sold to Par Pacific Holding
• $358 million
• entire deal connects existing assets in Hawaii, Pacific Northwest, and the Rockies to create an integrated downstream network
• cites potential ties to Canadian and Bakken crude oil
• in addition to refinery:
• a marine terminal
• a unit train-capable rail loading terminal
• 2.9 million bbls of refined product and crude oil storage

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Bad Timing?

Marc Lamont Hill was fired by Fox News back in 2007.

Apparently he's been fired again, today by CNN. The story does not appear to have been published in The Washington Post  based on a google search but conservative outlets are posting the story.

It was probably "the straw that broke the camel's back" as they say, but it seems the firing comes at an interesting moment, just as Jim Acosta arrives back at his post in the White House press pool.