Friday, June 25, 2021

Friday Close: $74.05: No New Permits; Three DUCs Reported As Completed -- June 25, 2021

But not the Keystone XL: nineteen US oil and gas pipelines moving to completion this year. Link to Charles Kennedy

  • this year, 2021
    • crude oil projects: 12
    • hydrocarbon gas liquids projects: 6
    • new pipelines: 10
    • expansions/extensions of existing pipelines: 7
    • conversions: 2
  • the year before, 2020: 
    • crude oil projects: 11
    • hydrocarbon gas liquids projects: 24
    • new pipelines: 11
    • expansions/extensions of existing pipelines: 11
  • 2014, record year
    • 35 projects
  • 2019:
    • 30 projects

Back to the Bakken

Active rigs:

Active Rigs2010626558

No new permits but two Bruin FB Belford wells approved for confidential status.

One permit renewed:

  • XTO: a Ruby State Federal permit in McKenzie County.

Three producing wells (DUCs) reported as completed:

  • 36471, drl/A, Slawson, Periscope Federal 2-10-11-12H, Big Bend, no production data,
  • 37535, loc/A, CLR, Kennedy 15-31HSL, Dimmick Lake, minimal production,
  • 37056, drl/A, CLR, Angus Federa 11-9H2, Elm Tree, minimal production,

Here Runneth The DAPL, With Apologies To Burma Shave -- June 25, 2021

For those old enough to remember the old Burma Shave signs, these could be placed along the North Dakota portion of US-83:

The DAPL suit
Is at an end
How much did
Your lawyers spend?

Here runneth the DAPL

Spent millions on
the DAPL suit
Judge dismissed it
What a hoot

Here runneth the DAPL
Oofta. DAPL
was all the rage
until the lawyers
were put in cage

Here runneth the DAPL
The complete post has been moved to this site.

TGIF -- Part 1 -- June 25, 2021

A tectonic split, a marriage not made in heaven: Buffett exits the Gates Foundation; Warren apparently didn't like the narrative.

Happy Birthday, global warming! Climate change at thirty-three. One June 23, 1988, NASA scientist James Hansen testified that "the greenhouse effect" had been identified. And, wow, how quickly things moved after that. 

Coal is dead! Long live coal: the US saw 16% more coal-fired electricity generation in December, 2020, and January, 2021, than it did in the corresponding months one year earlier, as coal displaced natural gas-fired generation in some markets. Link here. EIA link here. And that was despite a global pandemic / economic catastrophe.

Economic catastrophe! What catastrophe! New York state coffers swell, riding Covid-19 recovery. Wow, that didn't take long. Wall Street Journal link here. This should end the meme that North Dakota gets more federal aid per capita than New York. But it won't (end the meme).

China - Saudi: oil imports plunge 21% in May, 2021, from a year earlier. Link here. Reuters link here

China's EV sales: hit all-time high. But Tesla is losing market share. Link here.

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.

Midstream dividends: link here.  ENB, EPD, KMI, and TC Energy.

Oil: prices hit 3-year high on "draining inventories." Meanwhile the Biden team has proposed draining the SPR to pay for EV charging stations. I can't make this stuff up. Draining the entire SPR would bring in $45 billion at current prices, about 5% of the $1 trillion infrastructure program. If anyone thinks this through -- at the same time there would be a mandate to re-fill that SPR -- 

Chevron: will stay the course. Link to Charles Kennedy. At least there are a few adults left in the room.

Panic-sonic: Panasonic unloads entire Tesla stake. Link here. Sort of like Oasis leaving the Bakken for the Permian?

Panasonic Corp., which jointly owns a battery factory with Tesla Inc., sold the entirety of its stake in the electric vehicle maker for around 400 billion yen ($3.6 billion).

The Japanese company held some $730 million of Tesla shares as of March last year and that stake had been reduced to zero by the end of this March, Panasonic disclosed in a filing Friday. Tesla’s stock appreciated more than fivefold over the 12-month period.

Panasonic sold its entire stake in key battery customer Tesla -- a holding worth around 400 billion yen ($3.6 billion) -- last fiscal year, Nikkei learned Friday.

The move gives the Japanese company billions of dollars to fund new strategic investments, such as the $7.1 billion purchase of U.S. software company Blue Yonder.

Panasonic has notified Tesla about the share sale and will continue to supply electric-vehicle batteries to the U.S. automaker. "Our relationship with Tesla as a business partner will not change going forward," a Panasonic executive said.

No Wells Coming Off The Confidential List -- June 25, 2021

Active rigs:

Active Rigs2010626558

No wells coming off the confidential list between now and Monday.

RBN Energy: wind generation has a lot of fans.

Hydrocarbons — mostly natural gas and coal — are still the energy source behind the lion’s share of electric power generation in the U.S. However, renewables like wind and solar are now the frontrunners when it comes to scheduled capacity additions. In fact, renewables account for about 70% of the total 37.9 gigawatts (GW) of new generating capacity under construction in 2021. Recent announcements such as final federal approval for the mammoth Vineyard Wind 1 project — by far the largest permitted offshore wind project in the U.S. to date — only bolster the view that wind power’s role in U.S. power generation will continue to grow through the 2020s. Today, we look at the surge in construction of onshore and offshore wind farms and what it means for the overall power generation mix.