Shale: two more with announced layoffs -- Parsley and Pioneer Natural Resources -- link here --
- both darlings of Wall Street
- both Permian-focused
- Pioneer Natural Resources recently subject of long Texas Monthly article
Fluff: Saudi prince responsible for boosting OPEC+ compliance.
Is Argentina's shale too expensive to drill? One could ask the same question of the Permian. Link here.
Vaca Muerta was Argentina’s hope for energy independence and even international success as an exporter of oil and gas. But that was before the oil price crash and before yet another financial crisis in the South American country that slowed energy investments. Nevertheless, Big Oil is not leaving Argentina, suggesting that there are still benefits to be reaped from a presence in the Dead Cow formation.
Exxon was earlier this month granted an exploration license for a block in Vaca Muerta by the Neuquen provincial government. The news is important as the license comes amid an industry-wide shift from growth to retrenchment, with costs getting cut everywhere they can be cut, projects getting delayed—especially exploration projects—and capex plans getting radically revised.
The license Exxon scored is a long-term one, for 35 years. As part of the deal, Exxon will drill and complete two wells over the next four years. If these yield positive results, the supermajor will then drill as many as 44 wells.
Iraqi pilots and F-16s: not gonna happen. I could have told you that years ago. Link here: https://www.foxnews.com/world/billions-wasted-iraqi-pilots-claim-pricey-f-16-program-falling-apart.
Nine years ago, just before the Obama administration pulled the plug on a troop presence in Iraq, Baghdad signed a landmark $4.3 billion, U.S.-backed Lockheed Martin deal to bolster its burgeoning air force with its very own fleet of F-16 fighter jets.
The first batch arrived three years later, under the guise that the force would stand on its own two feet.
But billions of dollars and almost a decade later some pilots say that there is little left of their investment and they fear few pilots are combat-ready to take on another ISIS wave or emerging threat.
So, what is going on?
Even before the global coronavirus pandemic swept through the beleaguered country, the Iraqi military was on high alert after the Jan. 3 U.S. assassination of Iran's top commander, Gen. Qassem Soleimani, as he touched down in Baghdad.
Retaliatory missile strikes against two U.S. bases resulted in the U.S. withdrawing some contractors and troops from an array of locations -- including the F-16 homestead, Balad Airbase, just north of the capital.Lockheed Martin contractors withdrew from the base between Jan. 4 and 8, after enduring indirect rocket fire from Iran-backed militias, the Pentagon confirmed at the time.
But according to two Iraqi Air Force pilots, who spoke on the condition of anonymity as they were not authorized to speak on the record, issues have emerged over the past months.
"The issue is Lockheed withdrew its employees. However, all these planes [F-16s] need to be serviced and supervised," one source said. "But because of a lack of parts, the Iraqi defense ministry started making its own parts and things, which is not allowed and effectively voids the warranty on them. In one case, a tool was left inside one of the engines."
Mis-spoke: I quit reading the article as soon as I read "misspoke." Sure. FDA head acknowledges he misspoke about convalescent plasma. And other fake news. Link here.
AAPL: AAPL is cheaper than Clorox. Finally, someone talks about P/Es and growth. Link here.
Hurricane: Hurricane Laura is being compared to Hurricane Rita back in 2005.
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