- still no dividend;
- to boost spending on electric vehicles by 30%; link here;
- on news, GM is up almost 2% in pre-market trading: up $1.14; trading pre-market at $62
- P/E: 9.82
- trending near 52-week high
Chip shortage: more and more talk that the semi shortage is being managed; some suggest there is more to this story than we are being told. If GM's CEO's optimism is well placed it suggests GM has its act together with regard to chips. Ford? I don't know.
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Clothing sales are soaring. Link here. Intuitively that makes sense. Was anyone buying clothes in 2020?
Missed this one: BBVA USA is now part of PNC.
Keystone XL? See RBN Energy blog today. Linked below.
Back to the Bakken
Two wells coming off confidential list -- Wednesday, June 16, 2021: 66 for the month, 90 for the quarter, 168 for the year:
- 37774, drl/NC, MRO, Odell USA 41-6H, Reunion Bay, no production data,
- 37396, drl/NC, CLR, Rodney 11-29H1, Cedar Coulee, no production data; see graphics at this post, from February 27, 2021;
It’s been a mantra in the energy industry for a few years now: more Canadian and Lower-48 crude oil needs to move to the Gulf Coast, with its bounty of refineries and export docks. And that’s been happening, thanks to a slew of new and expanded pipelines and new tankage.
Similarly, new export capacity has been developed, and a number of refineries in Texas and Louisiana revised their crude slates to take advantage of what looked like an ever-rising supply of North American crude.
Yet another piece of the puzzle will slide into place in January 2022, when crude oil — most of it heavy Western Canadian — will start flowing south on the newly reversed, large-bore Capline pipeline from the Patoka hub in Illinois to the impressive collection of terminals in St. James, LA. Today, we continue our series on the market impacts of Capline’s upcoming reversal on St. James, Louisiana refineries and crude exports.