Tesla, 1Q21 -- Beats Expectations Across The Board; Active Rig Count Drops To Fourteen -- April 26, 2021

Tesla, 1Q21, beat expectations across the board, despite a chip shortage and still facing Covid-19 pandemic headwinds.

• record net income: $438 million
• EPS: 93 cents vs 79 cents forecast; that's a huge beat;
• revenue: $10.39 billion vs $10.29 forecast, up 74% from a year ago; very, very impressive;
• revenue from sales of regulatory credits: $518 million (about 5% of total revenue)
• perhaps that will end the meme -- one that I often posted -- that Tesla made its money off regulatory credits;
• one analyst said: "looks like Tesla lost $80 million in the quarter excluding the massive $518 million regulatory credit sales"; 
• another analyst: "Tesla's revenue declined 3.3% quarter-over-quarter; excluding regulatory credits its revenue declined 4.6% Q/Q;
  
• deliveries, Model 3 and Model Y: 184,800; a record; beating expectations;
• guidance:
• expects more than 50% vehicle delivery growth in 2021, which implies minimum deliveries around 750,000 vehicles this year;
• apparently "no one" can make sense of this earnings report based on comments on social media; one analyst has TSLA ttm P/E 1153x;
  
• from the linked article:
  

The fact the company grew vehicle unit sales by more than 100% year over year but only grew service centers by 28% and its mobile service fleet by 22% explains why some Tesla customers face frustratingly long wait times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.

The WSJ analysis: here.

Definitions: there seems to be some "disagreement" on the definition of "revenue" and "income" in this release.

TSLA: during the day, TSLA had been up n1.2%; up almost $9; trading at $738;
after-hours, profit-taking: TSLA dropped 2%; dropped $15; trading at $723.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

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Scary Headline

Non-story:

• headline: Canadian government halts Trans Mountain pipeline expansion in Burnaby, BC:
• "suspension" will last for four months;
• ruling comes after complaints about construction activity impacting the birds
• "temporary suspension" to last until August 20, 2021, when the hummingbirds said they will be done with their own nesting season;

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Alaska

The Newsom announcement. Yesterday it was California, down to less than 400,000 bopd production. Now, today, EIA on Alaska:

• oil production in Alaska reaches its lowest level in more than 40 years; graphic suggests Alaska's production is down to slightly less than 500,000 bopd.

Link here.

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China Electricity

China's electricity consumption this year (2021) will increase by 7 to 8 percent from 2020 on stronger domestic activity. Source.

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Back to the Bakken

Bakken economy: Basin Electric set to expand grid in area between Tioga, Parshall due to all the growth. Link here. 

Active rigs:

$61.96	4/26/2021	04/26/2020	04/26/2019	04/26/2018	04/26/2017
Active Rigs	14	29	64	63	48

No new permits.

Three permits renewed:

• Lime Rock Resources (2): one Brew permit and one Emerson permit, both in Dunn County.
• Resource Energy Can-Am: one Ranger permit in Divide County;