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Wednesday, January 20, 2021

Rigs, DUCs, And Managing Assets -- The Bakken -- January 20, 2021

An earlier post has been updated to include a link to an EIA pdf that was inadvertently omitted. The link to a pdf: https://www.eia.gov/petroleum/drilling/pdf/January_2021_Supplement.pdf.

Screenshot of the title page (archived): 


 From the report:

After June 2020, crude oil production in North Dakota has been recovering, but it is still about 20% lower than the historical high in October 2019. 
Although the base production (production from wells more than one year old) has fully recovered, the swing production (production from wells less than a year old) has not because a lower rate of new well completions has resulted in fewer new wells.

Say What? -- January 20, 2021

Japan has secured enough vaccines to inoculate all of its population, though none has yet received local regulatory approval and the country hasn’t started vaccinations.  Say what?

Previously posted. 

Slow Covid vaccine distribution adds to Tokyo Olympics woes, The WSJ

Organizers of the Tokyo Olympics face a long list of obstacles as they attempt to carry off the postponed Games in six months—and the alarming rise in Covid cases around the world recently is only one of them. 

Potentially bigger hurdles include the need to speed up Covid-19 vaccinations globally and in the U.S. and convincing a skeptical Japanese public to accept vaccines and welcome thousands of visitors from around the globe. 

The International Olympic Committee and organizers in Japan last March delayed the Games from 2020 to 2021, a move that came about four months before the event was set to begin. They are now closing in on the same decision-making window for 2021, with last year’s problems still in play and a few new ones that have surfaced as the pandemic has continued.

Vaccinations—for the hosts, athletes and spectators—are a big topic.

Although Olympic organizers have said they won’t require vaccines for fans and athletes coming to the Games, Japanese Prime Minister Yoshihide Suga has said he wants almost everyone in Japan vaccinated by the Olympics’ July 23 start. Japan has secured enough vaccines to inoculate all of its population, though none has yet received local regulatory approval and the country hasn’t started vaccinations.

Apple Shifting From Lower Margin iPhone 12 Mini To Higher Margin iPhone 12 Pro To Make More Money -- January 20, 2021

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

Earnings announcements tomorrow:

  • Intel Corp
  • Costco
  • UNP
  • IBM
  • Intuit
  • CSX
  • BHI

Parting gift: Apple CEO Tim Cook gifted former US president Trump with the first 2019 Mac Pro that came off the assembly line in Austin, Texas. "‌Mac Pro‌ Computer, the first created at the Flex Factory in Austin, Texas," reads the entry, which values the machine at $5,999, the base price for a ‌Mac Pro‌.

Apple
: Apple is shifting some production from iPhone 12 mini to iPhone 12 Pro to meet demand. Think about that. Data points:

  • apparently cutting production of the iPhone 12 mini by two million units;
  • made the switch in 1Q20 in an effort to combat continuing lead times for the more popular iPhone 12 Pro
  • iPhone 12 Pro lead times remain extended far beyond any model launched in the past four years at ten days
  • lead times decreased from 22 days to 24 days with recent switch in production
  • the non-Pro ‌iPhone 12‌ models are believed to be performing better in China than in the United States. In China, the ‌iPhone 12‌ is believed to have gained a 20.3 percent market share, which is a new 18 month high. The device is also said to have achieved the largest install base of any ‌iPhone‌ launched in China over the past four years through the first full month after being launched.
  • as for me: it's difficult to wait until January 27, one week from today, for Apple's earnings report.

Apple: wow! LG considering to exit from smartphone business.

Notes From All Over -- The Proud Grandfather Edition -- January 20, 2021

Pipeline permits: I obviously don't know the particulars but the headlines say that the new CEO/CIC has revoked the permit for the Keystone XL pipeline to cross the US/Canadian border (as expected). Wouldn't this be a hoot: continue with the Keystone XL south of the border and fill it with Montana and North Dakota oil and ship it south to US refineries and terminals. LOL. If the DAPL is shutdown, which is likely to be the next shoe to drop, then the Bakken can go to Plan B: Keystone XL south. LOL. 

Earnings reported today:

  • Bank of New York Mellon: plunged after missing expectations.
  • KMI: beats 4Q20 earnings and revenue estimates; 27 cents vs 24 cents; and $3.12 billion; beats estimates by almost 2%. Only once in the last four quarters has KMI beat estimates.
  • UAL: shares drop about 3% after reporting record loss; CNBC tried to put a good face on this, but did not convince me; bullish analysts are counting on a Biden miracle;
  • AA: shares drop a bit despite beating estimates; guidance not not assuring;
  • PG: slips slightly after earnings; same ol' same ol';

**********************************
Hope Springs Eternal

Not gonna happen ... but if it happens ... wow ... think of the carbon footprint ... LOL .. and, of course ... the market ... I'm lovin' it.

Slow Covid vaccine distribution adds to Tokyo Olympics woes, The WSJ

Organizers of the Tokyo Olympics face a long list of obstacles as they attempt to carry off the postponed Games in six months—and the alarming rise in Covid cases around the world recently is only one of them. 

Potentially bigger hurdles include the need to speed up Covid-19 vaccinations globally and in the U.S. and convincing a skeptical Japanese public to accept vaccines and welcome thousands of visitors from around the globe. 

The International Olympic Committee and organizers in Japan last March delayed the Games from 2020 to 2021, a move that came about four months before the event was set to begin. They are now closing in on the same decision-making window for 2021, with last year’s problems still in play and a few new ones that have surfaced as the pandemic has continued.

Vaccinations—for the hosts, athletes and spectators—are a big topic.

Although Olympic organizers have said they won’t require vaccines for fans and athletes coming to the Games, Japanese Prime Minister Yoshihide Suga has said he wants almost everyone in Japan vaccinated by the Olympics’ July 23 start. Japan has secured enough vaccines to inoculate all of its population, though none has yet received local regulatory approval and the country hasn’t started vaccinations.

******************************************
Contests

The grandchildren never cease to amaze me.

Tonight in passing, our middle granddaughter, a freshman in high school, who is best known in the family for her scholastic achievements, artistic ability, and especially for her soccer playing, mentioned that she had just been notified by e-mail that she was a finalist in The New York Times photography contest. 

The link is to the "A Special Multimedia Contest for Teenagers in the US." 

So, we'll see.

Notes From All Over -- The Early Evening Edition -- January 20, 2021

Tesla: wow! 4Q20 California registrations jumped 63%, compared to same quarter last year, largely due to Model Y. Tesla, California, recovered from 16,200 deliveries in 3Q20 to 22,117 vehicles in 4Q20.

At about 11,417, registrations in the state for Tesla's Model Y compact crossover utility vehicle surpassed those for the Model 3. California registrations for Tesla's Model 3 mass-market sedan fell 34% on a yearly basis to 7,044.

Total fourth-quarter vehicle registrations in the 23 states, where data was collected, stood at 44,749, with Model Y accounting for nearly half the registrations.

Tesla is expected to report earnings on January 27.

Jim Cramer's financial haiku today:

  • defying the Wall Street critics;
  • Netflix, Tesla, Amazon, Apple;
  • the customer is always right. 

Wow, it's great to be home again, but I do miss the twins. LOL.

But it's great to be back to TCM

Futures: right after the close, the futures were slightly negative. I assumed it was a bit of profit-taking. But here we are, 6:03 p.m. CT and futures for all three major indices have turned positive. Wow. KMI up 3% and F up 2.5%.

Equinor: raised its dividend today.  11 cents, record date, 2/12/21. Previous two quarters, 9 cents.

BK: shares plunge in price after profit miss. Dropped 75, enough to pace the S&P 500's decliners.

*********************************
Metrics

This is what I will be tracking at one year, two years, three years, and four years:

Easy metrics to follow:

  • China flu:
    • cases / million / trend
    • vaccinations given
    • in round numbers, on day of inauguration:
    • total doses distributed: 40 million
    • total number of doses given: 17 million
  • three major indices; all three set all-time records on day he was inaugurated; closing:
    • Dow:
    • S&P 500:
    • NASDAQ:
  • atmospheric CO2:
    • December, 2020: 413.95
  • price of gasoline, using EIA data at this link:
    • 1/18/21: $2.464 / gallon
  • MacDonald's, as tracked at this link:
    • Big Mac: $3.99
  • Misc (suggestions?)
    • the average rent for an apartment in Albany, NY, at this link; $1,299 (last updated Jan 2021)

Ovintiv With One New Permit -- January 20, 2021

Interesting:

Active rigs:

$53.24
1/20/202101/20/202001/20/201901/20/201801/20/2017
Active Rigs1256685838

One new permit, #38082 --

  • Operator: Ovintiv (formerly known as Encana)
  • Field: Westberg (McKenzie)
  • Comment:
    • Ovintiv has a permit for a Rolla well in lot 4 sectio 1-152-97; 465' FNL and 462" FWL

Three permits renewed:

  • MRO: one Elizabeth Felix USA permit; one Felix USA permit; and, one Smith USA permit, all in Dunn County, all in WNE section 17-146-92;

Chinese Flu Watch -- Metrics To Follow -- January 20, 2021

Metrics to follow: vaccinations, cases. 

Leading indicator, 100% in the hands of the administration:

Lagging indicator, many, many variables:

*************************
All Metrics

Easy metrics to follow:

  • China flu:
    • cases / million / trend
    • vaccinations given
    • in round numbers, on day of inauguration:
    • total doses distributed: 40 million
    • total number of doses given: 17 million
  • three major indices; all three set all-time records on day he was inaugurated; closing:
    • Dow: 31,188
    • S&P 500: 3,852
    • NASDAQ: 13,457
  • atmospheric CO2:
    • December, 2020: 413.95
  • price of gasoline, using EIA data at this link:
    • 1/18/21: $2.464 / gallon
  • MacDonald's, as tracked at this link:
    • Big Mac: $3.99
  • Misc

************************************


 

From Vern Whitten -- How Well Did Keystone Pipeline Operator Do With 2019 Oil Spill? January 20, 2021

Interestingly enough the mainstream media never thought this story interesting enough to post it. But Vern Whitten out of Fargo did. Huge thanks for his update. Wow.



Plus, without question, they reimbursed the surface owners for losses.

Also, without question, Mr Whitten would love to hear from you.

Vern Whitten Photography

More On That Report Of That Ethane Shipment -- Staggering -- January 20, 2021

See this recent post re: ethane exports. That post begins:

Ethane: largest single shipment of ethane heads to China after loading at US export facility. S&P Global Platts.Data points:

  • 911,000 bbls of ethane
  • VLEC Seri Everest on maiden voyage
  • Panama Canal
  • loaded at Energy Transfer's terminal in Nederland, TX
  • VLEC: very large ethane carrier
  • will reach destination by mid-February
  • ET's Marcus Hook facility in Pennsylvania is also capable of handling VLECs

Now, this from a reader providing the significance of this article. I knew none of this and reinforces the importance of readers. Thank you very, very much.

From the reader who knows this industry very, very well:

I did a double take when you posted that story about the inaugural shipment from the Orbit Terminal on the maiden voyage of the Seri Everest. 
That ~900 thousand barrels capacity is almost four times larger than the initial 'Dragon Ships'  ethane carriers that were launched just five years ago.  
Prior to that 2016 lifting of ethane from Marcus Hook, there was virtually NO 'industry' of seaborne transport of ethane except for small, infrequent barge transfers in the Baltic region.

The explosive growth of both ethane and propane production from US shales has prompted ...
1. Big build out of new steam crackers and Propane Dehydrogenation  Units (PDHs) in India, Europe, and China to process ethane/propane as making products from these raw materials is MUCH cheaper than using naptha, the historical supply which is generally obtained from oil. 
2. An entirely new 'industry'  has emerged in the building and launching of ships designed for the express purpose of transporting liquified ethane and propane, something never before even contemplated.

There are now 'virtual pipelines'  ferrying these products to Indian, Chinese, and European plants. A huge  Propane Dehydrogenation Plant is opening next year in Belgium and a massive cracker/PDH complex  in Antwerp is set to come online in 2024.

US shale is expected to provide virtually all the raw products.

Amongst other ripple effects, the value of ethane and propane should continue to increase.

More on "Dragon Ships" here.  

This was from 2016

A new fleet of so-called dragon-class ships are creating a virtual pipeline across the Atlantic, carrying ethane, a derivative of natural gas and the basic building block of common plastics, from Houston to European petrochemical companies. The shipments, which began Sept. ... They also are shipping to Asia.

More at this post, and this was from June 15, 2015, suggesting just how old this story is and how I completely missed it. Link here.  

A major European petrochemical manufacturer is taking steps to begin importing ethane from the United States this year. Over the past several years, ethane production in the United States has been increasing, from 869,000 barrels per day (b/d) 2010, to 1,081,000 b/d in March 2015. In addition, U.S. ethane prices have declined compared with other fuels. In recent years, the growth in production has spurred ethane pipeline exports to Canada and investment in the domestic petrochemical industry. And now, one of Europe’s largest petrochemical companies, Ineos Olefins & Polymers, headquartered in Switzerland, is close to completing the first transoceanic ethane shipment from the United States.

On May 28, Ineos Olefins & Polymers Europe, with ethylene cracker operations in Scotland and Norway, and its partner Evergas, a company specializing in seaborne petrochemical and liquid gas transportation, took delivery of the first ship in a planned eight-vessel fleet of Large Gas Carriers (LGC). These vessels will primarily transport ethane produced in the Marcellus and Utica shale plays to Europe from the Mariner East project/Marcus Hook Industrial Center in Pennsylvania, under a 15-year contract between Ineos-Europe and Evergas. Though designed and constructed for transoceanic shipment of ethane, the ships will be capable of transporting other hydrocarbon gas liquids (HGL), as well as liquefied natural gas (LNG).

These ships measure 591 feet (ft) long, 87 ft wide, and have a draft of 30 ft. They are the largest ethane carriers in production to date and have a rated capacity of 971,162 cubic feet, or 175,000 barrels. These ships are designated as the Dragon class, and are identified by Evergas as among the most technologically advanced liquid gas carriers on the seas today. Manufactured by Sinopacific Offshore & Engineering, a shipyard in China, these LGCs use LNG for propulsion and cargo handling, systems supplied by Wärtsilä Marine, a Finnish manufacturer, to optimize performance for ship’s systems and cargo management.

Ineos Europe was the first European company to contract for ethane feedstock from the United States. In 2012, Ineos contracted with a Marcellus-based supplier, Range Resources, for ethane, and with Sunoco Logistics for the associated transportation capacity on the Mariner East project that would move the ethane east from the Appalachian Basin for transatlantic shipment. As an anchor shipper, Range Resources has firm transportation of 40,000 b/d (20,000 b/d ethane, 20,000 b/d propane), and will have storage capability for both ethane and propane at Marcus Hook.

When I see those numbers I wonder if the writer of the original got "cubic feet" mixed up with bbls.  

More from hydrocarbonprocessing:

More than 911,000 barrels of ethane bound for Lianyungang, China on world’s largest VLEC 1/20/2021 Dallas-based Energy Transfer LP announced the first Very Large Ethane Carrier (VLEC) has been loaded under its previously announced joint venture with Satellite Petrochemical USA Corp., Orbit Gulf Coast NGL Exports, LLC (Orbit).

The Seri Everest, the world’s largest VLEC, departed from Orbit’s newly constructed export facilities at Energy Transfer’s Nederland Terminal in Nederland, Texas, on Jan. 17, 2021, to complete its maiden voyage. The vessel was loaded with more than 911,000 barrels of ethane destined for Satellite’s Lianyungang ethane cracker in northeastern Jiangsu Province, China, the largest single shipment of ethane to date. Its anticipated arrival at Lianyungang Port is mid-February 2021.

Orbit’s export terminal at Nederland, one of only three U.S. ethane export terminals, includes a 1.2 million barrel ethane storage tank and an estimated 180,000 barrel per day ethane refrigeration facility. Energy Transfer’s Marcus Hook facility in Pennsylvania is also capable of handling VLECs. The combination of the two terminals represent over 50 percent of the U.S. waterborne export capacity. Under the joint venture with Satellite, Energy Transfer is the operator of Orbit’s assets, which also include a newly constructed 20-inch pipeline originating at Energy Transfer’s fractionation and storage facilities in Mont Belvieu, Texas, for ethane deliveries to the Nederland export terminal as well as domestic markets in the region. In association with Orbit, Energy Transfer also completed its build-out of wholly owned infrastructure at Mont Belvieu to supply ethane to Orbit’s pipeline, and at Nederland to load the ethane onto VLECs. Under separate agreements, Energy Transfer will provide Satellite with approximately 150,000 barrels per day of ethane under a long-term, demand-based agreement, along with storage and marketing services.

Energy Transfer (via Sunoco Logistics) was the first company to export ethane out of the U.S. by pipeline. Its Mariner West pipeline first transported ethane to Canada in January of 2013. Energy Transfer was also the first to export ethane out of the U.S. via ship in March of 2016 from its Marcus Hook Terminal in Pennsylvania.

NASDAQ, S&P 500 Both Hit New All-Time Records -- New CEO/CIC Sworn In -- January 20, 2021

Updates

Later, 5:59 p.m. CT: Jim Cramer's summary monologue today --

  • defying the Wall Street critics;
  • Netflix, Tesla, Amazon, Apple;
  • the customer is always right. 

Original Post 

Some time ago, I suggested that it's very counterintuitive but Covid-19 was NOT the "black swan" many think it is. 

Most importantly, the "pandemic" telescoped 2020 - 2035 into 2020 - 2025. We see that in technology, education, work, and leisure time. What would have taken fifteen to twenty years will now take five to ten years.

Perhaps more importantly, it provided a "trial run" for managing a pandemic or a national emergency in which the enemy is unknown or cannot be seen. The system / bureaucracy experienced a "real-world" exercise. Incredibly important. We saw how quickly life-saving vaccines and medications could be brought to the market if there was a political will to do so. Now we will get a chance to see another CEO -- the new president -- see how quickly he can get those vaccines into the arms of every American citizen. 

With regard to Covid-19, the new metric to follow is the percent of folks vaccinated. So far, from what I can tell, most states have not even been able to vaccinate group one in Phase 1a. And there is phase 1a, phase 1b, and phase 1c, before we get to phase 2. And amazingly, phase 2 does not include all Americans, only "those that are recommended to get the vaccine."

And, finally, it telescoped the "market." The NASDAQ, S&P 500, and the Dow would have eventually hit these all-time highs but it would have taken a few more years. These all-time highs arrived five to ten years early. 

At the moment:

I'm lovin' it and thrilled to see that the new administration and the mainstream media appear to love free market capitalism and a surging market as much as I do.

At the close:

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CNBC

I didn't watch any of the Washington, DC, proceedings. I kept checking for CNBC to get back to financial news and it appears they finally got back to financial news at 3:15 p.m. CT. I guess I saw the VP walking down some street to some building.

First question from CNBC talking head: when will there be a pullback? Then, their next concern, the 10-year Treasury. The CNBC said the 10-year Treasury was slightly above 1%. I see it at 1.08% and down 1.2 basis points for the day. Link here.

The talking head, Soctt Minerd, from Guggenheim pretty much shut the CNBC talking heads down with that silly talk

He doesn't expect any meaningful pullback -- there's another stimulus round yet to be seen. He is also fairly confident we won't see 1.5% on the 10-year for any meaningful period of time. He says there is so much money out there, we're not going to see huge jump in interest rates. In addition, he said the Fed does not want to hurt the housing market. Pent-up savings; a lot of money going to folks that don't need it. The dollar will be stronger, not weaker. He did not elaborate. International equities? Minerd thinks the foreign markets have lagged so much they are bound to catch up. Near the end, he said "a weakening" dollar so he either misspoke or I misunderstood. But earlier, when asked directly about a weakening dollar he emphatically shot that suggestion down.
Bottom line: Scott Minerd extremely bullish and sees more upside.

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here.

Ethane Shipment Record Set; LPG Export Udpate -- January 20, 2021

See update here

Ethane: largest single shipment of ethane heads to China after loading at US export facility. S&P Global Platts.Data points:

  • 911,000 bbls of ethane
  • VLEC Seri Everest on maiden voyage
  • Panama Canal
  • loaded at Energy Transfer's terminal in Nederland, TX
  • VLEC: very large ethane carrier
  • will reach destination by mid-February
  • ET's Marcus Hook facility in Pennsylvania is also capable of handling VLECs
  • en route to Satellite Petrochemical's Lianyungang ethane cracker in Jiangsu Province, China
  • the export facility is operated by Energy Transfer under a joint venture with Satellite;
  • the achievement follows the loading of the first VLGC powered by liquefied petroleum gas at Enterprise Products Partners' hydrocarbon terminal on the Houston Ship Channel in December.
  • US Gulf Coast ethane climbed to the highest level in more than 20 weeks Jan. 15, at 25 cents/gal, amid increased demand for ethane as a viable alternative to normal butane and propane for the petrochemical sector. Prior to that, January barrels of LPG had been on an upward trajectory, spurring the demand for ethane.
  • Stripping ethane and propane from the natural gas produced at the wellhead creates two more revenue streams in addition to the dry gas that remains. US exports of NGLs and their byproducts to Asia have flourished in recent years. Producers in key US shale basins where increasing amounts of associated gas are being lifted with oil, including the prolific Permian Basin in West Texas, rely on those outlets for their supplies. 
  • For 2021, global NGL supply is expected to retract by 1% compared with 2020 as production curtailments hit the US, according to Platts Analytics. Ultimately, global NGL supply is not expected to return to 2019 annual levels until 2023.      

Natural gas:

  • the very large gas carrier BW Gemini departed December 13, 2020, from Enterprise's terminal
  • loaded with 590,000 bbls of LPG, including cargo and fuel
  • January 19, 2021: the vessel was in the north Pacific
  • destination: Japan's port of Chiba

Four Wells Coming Off The Confidential List -- January 20, 2021

Without question, the big story today is Canadian crude oil import story. See RBN Energy below. 

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. 

NASDAQ: wow, has anyone looked at the NASDAQ chart since March 1, 2020? Holy mackerel. We'll post a graphic later, if I remember.

Energy headlines:

  • US net exporter: in 2020, the United States exported more crude oil and petroleum products than it imported on an annual basis for the first time in EIA's data series that dates back to 1949. Link here to EIA. Link here to twitter.
  • Ethane: largest single shipment of ethane heads to China after loading at US export facility. S&P Global Platts.
  • OXY: from the Texas Monthly -- how the most hyped US oil merger in a decade went bust.
  • Got coal? Vietnamese coal imports hit record high in 2020. They'll need more now that Apple's Foxconn is moving there.
  • LNG: oil majors win big as LNG prices soar.
  • Lithium shortage: could hold back the EV revolution. So often reported it's becoming an old story.
  • NFLX: why Netflix stock is going "haywire" after its latest earnings report.
  • Apple: changes to hardware coming.
  • Apple: Apple stock is not a bubble -- Wall Street power player.
  • Keystone XL: to be killed (again). No links; story everywhere. It will be interesting to see how the new administration threads this needle. Otherwise, Trudeau and Biden are going to get off to a very, very rocky start.
  • Antifa effect? The number of homes for sale in Portland, OR, has dropped to an all-time low.
  • American Airlines to resume pilot hiring again.
  • Kaput: how Volkswagen's $50 billion plan to beat Tesla short-circuited. The WSJ.

********************************
Earnings

Earnings to watch today:

  • P&G
  • UnitedHealth
  • Bank of New York Mellon
  • Kinder Morgan Inc
  • United Airlines Holdings
  • Alcoa

********************************
Back to the Bakken

Active rigs: very nice mix of operators right now --

$53.47
1/20/202101/20/202001/20/201901/20/201801/20/2017
Active Rigs1256685838

Four wells coming off the confidential list -- Wednesday, January 20, 2021: 30 for the month, 30 for the quarter, 30 for the year.

  • 37504, loc/NC, CLR, Miles 13-6H2, Dimmick Lake,
  • 37224, loc/drl, XTO, Kulczyk 43X-17F, Alkali Creek, no production data,
  • 37223, loc/NC, XTO, Kulczyk 43X-17EXH, Alkali Creek,
  • 36244, loc/NC, BR, Maverick 2C TFH, Dimmick Lake,

RBN Energy: As more Canadian crude oil flows south, a push to expand pipes. Part 2.

U.S. crude oil imported from Western Canada averaged almost 3.6 MMb/d in the first 10 months of 2020 and accounted for 60% of total imports over the period. That’s some growth! 
Ten years ago, Canada was sending less than 2 MMb/d south and contributing only 21% of total U.S, import volumes. Alberta oil sands producers are planning for more production and export growth through the 2020s, with most of the incremental volumes bound for Midwest and Gulf Coast refineries and export docks. 
If that happens — and there’s no certainty it will — more north-to-south pipeline capacity through the U.S. heartland will be needed. Today, we continue our series on the efforts to expand or reverse crude oil pipelines between the U.S./Canada border and the Gulf of Mexico.