Before we get started:
- DFS (Discover): announces a significant dividend increase;
- was 44 cents; now 50 cents;
- record date: 8/19/21
- payable date: 9/2/21
- 6 / 44 = a fourteen percent increase in the dividend?
- Discover (DFS) came out with quarterly earnings of $5.55 per share, beating the Zacks Consensus Estimate of $3.68 per share. This compares to loss of $1.20 per share a year ago. These figures are adjusted for non-recurring items.
- This quarterly report represents an earnings surprise of 50.82%. A quarter ago, it was expected that this credit card issuer and lender would post earnings of $2.88 per share when it actually produced earnings of $5.04, delivering a surprise of 75%.
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Now, back to regular programming.
Not to be forgotten, posted July 15, 2021:
Money market funds:
- so, money in money market funds had been running at $3 trillion, like forever;
- then, January, 2019, to November, 2019, these funds jumped from $3 trillion to nearly $4 trillion
- but literally, overnight, from December, 2019, to March, 2020, jumped from nearly $4 trillion to solidly over $5 trillion
- that's a lot of money providing zero return when the equity market is paying on average about 3% and appreciating at the same time;
The Dow: in addition to the above, there is another data point, no one is talking about. In the Dow graphic below, there are at least four data points one can point out. One of the four data points has not been addressed today. See if you can guess which data point to which I am referring. Hint: it applies directly to the money market graph above.
Market movers, at the close today, note OKE:
UPS television ad:
- hiring at DFW (Dallas - Ft Worth international airport);
- $19 / hour -- night shift
- $25K college incentive
Back to the Bakken
Bakken production: "flat as a pancake' -- ND regulator. Reason: not enough frack spreads. And that certainly fits the daily reports: "no" newly drilled wells are being completed; when wells come off the confidential list, if they have been drilled, they go to the "drilled, uncompleted" (DUC) list. Meanwhile, on a daily basis, I'm not seeing reports of many DUCs showing production even after being reported as completed.
And as long as fracking is the long pole in the tent, there is no need to add any more rigs in the unconventional oil patch.
Six new permits, #38432 - #38437, inclusive:
- Operator: WPX (5); Denbury Onshore
- Field: McGregory Buttes (Dunn), Cedar Hills (Bowman)
- Denbury Onshore has a CHSU permit in Cedar Hills, to be sited in NWNW 35-131-105,
- the well will be sited 121' FNL and 286' FWL
- WPX has permits for five Wounded Face permits, to be sited in SWSE 15-148-94, McGregory Buttes;
- the wells will be sited 513' FSL and between 1920' FEL and 2040' FEL;
- the wellheads will be sited thirty feet apart
Ten permits renewed:
- Oasis (5): five Slagle permits in McKenzie County, SESW/SWSE/SESE section 12-151-101
- XTO (3): three Prairie Federal permits in McKenzie County
- Whiting (2): two USA Federal permits in McKenzie County
- it appears Slawson has canceled three permits, two Rainmake Federal and one Cougar Federal permits, #30415 - #30417, inclusive, based on name changes for the wells;