Ethanol margins at multiyear lows: rising corn prices and oversupply of ethanol. Link at EIA.
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China: crude oil imports jump 14% in July. Headline.
Chevron: warns that earnings could be hurt due to "developments" in Venezuela. Too many eggs in one basket? Venezuela likely (?) to nationalize the company's assets. No link. Story everywhere.
China: could start slowing imports of crude oil from USA. No link. Story everywhere.
Cheenazuela: and then look at this -- where would China get that oil if it doesn't come from US? From Venezuela. It doesn't take a rocket scientist to connect the Chevron-Maduro-China dots.
Oasis earnings, 2Q19: I missed this -- reported earlier this week -- a reader reminded me -- press release (some numbers rounded):
- net cash: $214 million
- adjusted EBITDA: $250 million
- production: 85,000 boepd, an increase of 6.3% from 2Q18
- July, 2019, production averaged: almost 90,000 boepd
- Permian (Delaware) well costs targeted at almost $10 million -- 10,000-foot laterals
- LOE: $7.32/boe
- EPS: 3 cents/share beating consensus of 2 cents/share; compares to 10 cents / share a year ago
- shares drop 29% on updated guidance, Motley Fool
- transcript at SeekingAlpha -- items specificd to the Bakken --
- Bakken well costs average just less than $8 million; a path toward $7 million by end of 2019
- the Wild Basin (in the Bakken) will become less strategic to Oasis going forward
And that was it.
Oasis shares trading under $3.00.
That which does not kill us makes us stronger.