If You Can't Build A Pipeline, Buy One; No Wells Coming Off Confidential List; WTI Reverses Losses -- July 7, 2021

Does anyone really believe Congress will break up big tech? Nancy Pelosi's husband buys $56 million worth of Amazon and Amazon surges 5%. Apple trending toward new highs.

Does anyone really believe Bloomberg is worried about global warming warming? Sixteen houses and flies by private jet. Link here.

Does anyone really believe France is serious about global warming: French senate votes against any more "global warming" regulations.

Does anyone really believe "business reporters" know what they are talking about? Brian Sozzi, "anchor, editor-at-large" -- repeating "editor at large" over at Yahoo!Finance has lead article on "ten great stocks to own because oil prices have surged: Goldman Sachs." First stock mentioned is OCY (Occidental). I can't make this stuff up. 

Does anyone really believe Bloomberg pays any taxes? LOL. Link here. 

Does anyone really believe Joe Biden is concerned about high gasoline prices or if he is, can do anything about them? Shuts down the Keystone XL and bans fracking on federal land and bans the US from drilling in the Arctic.

Does anyone really believe UAE wants to see lower oil prices? LOL.

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Back to the Bakken

Active rigs:

$74.75	7/7/2021	07/07/2020	07/07/2019	07/07/2018	07/07/2017
Active Rigs	22	10	58	64	56

No wells coming off the confidential list. 

RBN energy: Pembina and Inter Pipeline merger could create Canada's largest midstreamer. 

Financial pain, increasing regulatory scrutiny, and rising environmental mandates have been keenly felt across the entire energy industry in the past few years. When times are tough and companies are struggling to regain their footing, corporate mergers often increase in frequency. One recently announced merger between two large Canadian midstream providers, Pembina Pipeline and Inter Pipeline, has grabbed headlines and is also turning into a corporate dogfight with a prominent third party trying to scuttle the merger and take control of Inter Pipeline. Today, we examine the two companies and what the combined entity might look like and what it might mean for the energy industry in Canada.

The midstream sector provides many valuable functions for the oil and natural gas industries: gathering, long-haul, and distribution pipelines; other forms of energy transportation such as barges and trucking; gas processing plants; oil batteries; fractionation plants; and energy storage (gas and oil), to name just a few. And there are at least half a dozen midstream players of size in Canada whose footprints for such services overlap, especially regarding gathering pipes, fractionation, and gas processing. Two such companies, Pembina Pipeline Corp. and Inter Pipeline Ltd. announced June 1 that they had agreed to combine their operations in a deal that, if consummated, would create Canada’s largest energy midstream company. Although the transaction is described as a friendly merger, it is effectively an agreed-upon corporate takeover of Inter Pipeline by Pembina.