Notes From All Over, Part 2 -- December 12, 2019

Santa Claus rally: all three major indices hit new all-time highs. 

Canada:Chevron's LNG exit adds to Canada's energy struggles -- Bloomberg. Canada: closed for business. I'm not being snarky about this but what can one say, when Bloomberg writes this: The move comes after several large multinational energy companies have either left or reduced their presence in Canada in recent years. From the linked article:

Abundant natural gas resources, an all-electric plant and just a nine-day hop to energy-hungry Asian markets were not enough to convince Chevron Corp. to pursue its Kitimat gas export project in western Canada, marking a further blow to the country’s beleaguered fossil fuel industry.

The U.S. oil giant called time on the liquefied natural gas plant on Wednesday, saying it plans to sell its 50 percent stake and that the project “will not be funded by Chevron and may be of higher value to another company.” Woodside Petroleum Ltd., its partner, is also seeking to sell a share in the project.

For Chevron, it’s a decision to write off years of planning as the global LNG industry gets crowded, gas prices keep slumping and the San Ramon, California-based company focuses on areas like the Permian Basin in Texas. But for Canada, it’s a bigger hit: billions of dollars of potential investment, and a much-needed long-term outlet for its gas to foreign markets.

The move comes after several large multinational energy companies have either left or reduced their presence in Canada in recent years, including Norway’s Equinor ASA, France’s Total SA and ConocoPhillips. Independent producers such as Devon Energy Corp., Apache Corp. and Marathon Oil Corp., as well as pipeline giant Kinder Morgan Inc., have gotten in on the act, too. Even Encana Corp., a Canadian company born out of the nation’s 19th-century railway boom, plans a move to the U.S.

San Ramon, CA: by the way, when does Chevron announce it's exiting California altogether. Do a google search. Chevron moved from out of San Francisco to San Ramone back in 1999 or thereabouts. Since then, Chevron has moved more and more operations to Houston. They are about to complete (it may be completed) one of the tallest buildings in Houston -- it will be the first 50-floor building in Houston built in many, many years. Thirty years? I don't recall. But do a google search. Chevron's California footprint continues to get smaller while it grows in Texas.

CNBC: we've talked about this before. In real time, incredibly fast-moving day today. Dow up almost 300 points. And yet, CNBC is sticking to their "agenda." Producers set the "theme for the day" about two weeks in advance; start lining up interviews. About a week later, last major tweaking. Day of production: almost impossible to change "theme." We won't hear about thoughts on the market moving today until late in the day.

Case in point: extended interview with WeWork founder right now 9:49 a.m., December 12, 2019, on a day when the Dow popped almost 300 points. WeWork: already an old story. Interview, story lined up a week ago.

Clearing the in-box:

• Feds collect record taxes through November, but still record second-highest spending in nation's history.
• If the shoe fits, wear it: Fox host "lambasts" Trump over 'most sustained assault on press freedom in US history.' If the shoe fits, wear it. Perhaps an analysis of why Trump tweets might be helpful.