Week 22: May 24, 2020 -- May 30, 2020

Most under-reported story all week: for the first time ever, the percentage of SUVs to total car sales hit 40%. 

Top of the list:

• Mexico says "no" to renewable energy;
• Vern Whitting photography coffee-table book;
• Minneapolis burning: no links; story everywhere;
• The corona virus story is dead; fake news; here; here; here; and, here;
• There won't be enough COVID-19 cases on which to adequately test the vaccines;
• AAPL valuation exceeds $1.3 trillion; matches Microsoft;
• The US stock market is back;
• NASCAR is back;

Top story of the week:

• Minneapolis burning

Top energy story of the week:

• US imports record amount of crude oil in recent memory;

Favorite video:

• Sophia after the storm;

Best news all week:

• EVs: the harsh reality -- KPMG; and, here;
• SUV sales exceed 40% of global car sales for first time ever; 
• EVs: unsafe at any speed;

Biggest non-story of the entire week:

• US GDP contracts 5%;

Top international non-energy story:

Top international energy story:

• US imports of Saudi crude oil surge; averaging one VLCC/day; 
• Dutch natural gas flows to Germany at record highs;

Top national non-energy story:

• Saudi Arabia transfers $40 billion to back sovereign wealth fund's spending spree;

Top national energy story:

• Crude oil inventory increases by a whopping 7 million bbls; US imports record amount of crude oil; 
• The best we can do? $40-oil by the end of the year?

Top North Dakota non-energy story:

• Bismarck not burning;

Top North Dakota energy story:

• NDARC trending toward ten;
• NDIC hearing dockets: not one interesting case;

Geoff Simon's top North Dakota stories:

• Steep drop in wind farm output after ten years suggests wind dependent on subsidies -- study; here;
• Court rejects bid to revive cancelled US pipeline program
• Oasis halts production through May, 2020
• Governor Burgum waives budget reserve limit for school districts
• New Williston Basin International Airport nearing completion of final projects
• Federal Court in Montana strikes down 440 oil and gas leases across the western US

Operators:

• OXY cuts dividend to one cent; massive debt;

Operations:

Advantaged oil:

• Oasis Nordeng well with 10-fold jump in production;
• CLR Simmental;

500K wells:

• Rimrock Moccasin Creek;
• An XTO Lost Bridge well;
• A WPX Van Hook well;

Natural gas:

• Rigs don't matter; production keeps rising; 

Commentary:

• CAPEX as an issue;
• "Loners" going offline: how does that affect the lease?
• Why the Bakken will come back stronger than ever;
• The rule, not the exception, in the Bakken;