Let's Go, Bakken; Two New Permits; BR Renews Eleven Permits -- October 20, 2021

Jim Cramer:

• coined the acronym, "FANG" or "FAANG"
• tonight he coins the term TAN: three companies that billionaire bears said would "go to zero"; he was fired up tonight;
  
• Tesla
• Amazon
• Netflix

IBM: missing on revenue; barely beats EPS

• EPS: $2.52 vs $2.50
• revenue: $17.62 vs $17.77
• growth in cloud much slower than expected
• shares down about 4% after-hours;

CSX: beats; link here;

• EPS: 43 cents vs 38 cents
• earnings: $968 million vs $736 million in same period last year;

On tap, next: Tesla earnings. Forecast: $1.59 / share. Earnings should be announced momentarily, any time after 3:00 p.m. CT. Conference call not until 4:30 p.m. CT -- in other words, the "after-market" has ninety minutes to react to earnings prior to conference call. Link here.

Chip shortage or not, it looks like Tesla’s Q3 results are going to be quite impressive despite some supply chain issues that are pervasive in the market.

Tesla is set to report after the bell on Wednesday, and expectations are for $1.3 billion in profit for Q3—up from the paltry $331 million that the electronic vehicle manufacturer reported in Q3 2020.

Tesla’s Q3 revenue is expected to hit between $13.6 billion and $14.116 billion, up from $8.8 billion in Q3.

Tesla already reported at the beginning of October that even though the carmaker had supply chain challenges, it managed to deliver a record number of vehicles for the quarter. At 241,300 vehicles delivered, this is a record for Tesla, and it surpassed most analysts’ expectations, representing a 20% increase quarter on quarter.

Elon Musk had anticipated a 50% increase in the number of cars delivered in 2021 by more than 50% over last year’s half a million. And it looks like Tesla will easily beat that, delivering 627,000 in the first nine months of the year.

Tesla, actual: huge beat -- record revenue, record earnings --

• revenue; $13.76 billion vs $13.63 billion
• EPS: $1.86 vs $1.59
• automotive gross margins: 28.8% vs 24.7
• shares up very little after hours; flat; now a bit negative after hours; maybe investors were looking for better revenue numbers?
  

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Let's Go, Bakken

Active rigs:

$84.25	10/20/2021	10/20/2020	10/20/2019	10/20/2018	10/20/2017
Active Rigs	28	15	61	71	54

Two new permits:

• Operators: MRO, Summit Carbon Solutions
• Fields: Bailey (Dunn); Wildcat (Mercer)
• Comments:
• Summit Carbon Solutions has a permit, #38622, for an Archie Erickson 2 well, to be sited in SWSW 12-142-88, a wildcat, to be sited 902 FSL and 794 FWL; for more on Summit Carbon Solutions, see this post.
  
• MRO has a permit, #38621, for a Fallstrom well to be sited in NENW 30-146-93, to be sited 505 FNL and 623 FEL

Eleven permits renewed:

• BR: five Carlsbad permits; two Boxstone permits; one Boxer permit; and one Parrish permit, all in McKenzie County; in addition, permit for a Mancord permit in Dunn County