One Well Coming Off The Confidential List; ENB Reports Earnings; IEA Warns OPEC+ May Come Up Short -- February 11, 2022

Enbridge earnings:

• Enbridge press release, by the numbers;
• huge profit, great numbers but missed on both top and bottom lines;
• safest energy company Canada has to offer;
• ENB ticker today after earnings reported: up 1.49%; up 64 cents; trading at $43.52

Free cash flow:

• link here;
• 4Q21, $37 billion for the five supermajors
• Exxon, Shell, Chevron Total, and BP
• generated more free cashflow than at any point over a decade;
• highest since the 2008 mega-spike and with prices still a far cry from those levels;

AMD:

• the merger;
• the merger set to close Valentine's Day, 2022;

MSFT:

• article over at SeekingAlpha;

"The Market": hasn't looked this cheap in nearly two years -- WSJ;

• the year's top-performing S&P 500 sectors are those that ended 2021 with the lowest P/E ratios.

WTI at $91: we've been here before;

• back in 2014: WTI above $100;
• just one week ago: $93 on February 4, 2022

XeroHedge: don't forget to scan through the ZeroHedge headlines today. 

Canadian oil:

• Canadian oil exported from US Gulf coast hit record numbers; Reuters;
• why Canadian producers are not sending more oi to the US; link to Charles Kennedy;

OPEC+ short supply may drive prices higher: source? IEA.

• how long have we been saying this?
• IEA must be reading the blog;

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

Active rigs:

$91.08	2/11/2022	02/11/2021	02/11/2020	02/11/2019	02/11/2018
Active Rigs	33	15	55	63	58

Friday, February 11, 2022: 25 for the month, 80 for the quarter, 80 for the year

• 38061, conf, Hess, GO-Braaten-156-97-2833H-3,

RBN Energy: decarbonizing the Scotch whisky industry. 

It’s been heard in many a pub: “Liquor may not be the answer, but it’s worth a shot.” You could make the same argument for hydrogen. While many question whether it will ever make economic sense to use hydrogen as a supplement to — or replacement for — natural gas on a large scale, others insist that hydrogen has a great future as a climate-friendly fuel, assuming it receives sufficient developmental support from government and ESG-minded industry. As it turns out, an early test of hydrogen’s potential is coming from the liquor industry itself, or more specifically, the maker of a renowned single-malt scotch on the Isle of Islay, off Scotland’s western coast. In today’s RBN blog, we discuss the distiller’s hydrogen production and combustion project and the broader plan by members of the Scotch Whisky Association and Scotland itself to achieve net-zero carbon emissions within a generation, largely through the expanded use of hydrogen.

Not everyone likes the energy transition, and it may not happen nearly as fast as some hope, but the world is in the early stages of a shift to lower-carbon energy sources that is likely to have a massive impact on the oil and gas industry. Given this expectation, we’ve been blogging with increasing frequency about the low- or zero-carbon energy alternatives being implemented and explored. We’re doing this not only to discuss the challenges inherent in switching from energy sources that have driven extraordinary economic growth over the past 100 years but to highlight the opportunities that the energy transition may present to savvy companies within the oil and gas sector who, after all, know a thing or two about efficiently producing large volumes of energy commodities and transporting them to where they are needed.