I told the "energy editor" to take the day off. I would clear her desk.
US oil demand, May, 2021, link here:
- 20.094 million bopd -- huge
- compared to 2019: down only 1.4%; only 293,000 bopd less
- compared to last year, 2020, the year of the pandemic: up 25%; up almost four million bopd
- this is huge
New Mexico: oil output rises; signaling a modest shale recovery. Link here.
- headline is lame
- lede: New Mexico's oil production surged to a record in May
- New Mexico produced about 4% more crude m/m to reach a record 1.22 million bopd
- tops North Dakota for the third straight month
- the Permian’s New Mexico is being favored over North Dakota, where higher production costs have historically curbed profits
- U.S. oil production stood at 11.2 million barrels a day in May, nearly a million barrels a day less than the same month in 2019
Chevron: doubles down on returns
- $2 - $3 billion share buyback, FWIW
- raised dividend earlier this year
- EPS: $1.71 vs estimates of $1.60
- Tengiz budget of $42.5 billion unchanged
- demand is almost fully recovered except for jet fuel
Plastics: propelled Exxon to its best quarter in more than two years; earned almost $5 billion
- Exxon's petro-chemical unit: had its best 3-month period ever; delivered $2.3 billion in profits, nearly half the company's total; previously posted;
ENB: strong 2Q21; advances strategic priorities; link here. Beats estimates, link here.
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