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Sunday, August 1, 2021

Notes From All Over -- Clearing Off The Energy Editor's Desk -- July 31, 2021

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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