WTI Plummets -- Back To $95 -- Two Wells Coming Off Confidential List -- July 21, 2022

Earnings season: 103 companies report earnings today, including ATT (T) before market open.

• T: down 1.54% yesterday; down 2.4% pre-market today; trading at $20.00; yields, 5.3%
• earnings:
• T added more wireless postpaid phone subscribers
• lowered its full-year free cash flow outlook
• earnings excluded WarnerMedia, spun off in early April, and DirecTV (the latter spun off to TPG Capital in August, 2021)
• EPS: 65 cents vs forecast of 61 cents (nice beat)
• revenue: $29.6 billion vs forecast of $29.5 billion (a beat is a beat, as they say)
• but look at this, holy mackerel, new postpaid wireless phone customers (these are phone additions)
  
• actual: 813,000
• forecast: 562,000
• delta: that's a 45% miss by analysts (kudos to ATT)
• in all, T added about 1.1 million more customers, of which 813,000 included a phone
  
• wireless service revenue climbed 5.2% to $19.9 billion vs estimate of $19.7 billion (a beat is a beat, as they say)

It's hitting the fan: a few weeks (or months) ago, I suggested that, with regard to global energy and geopolitical events, the sh*t would hit the fan in July, 2022. First bit of that brown stuff:

The first "other" companies: the German automotive and truck manufacturers Mercedes auto, Daimler trucks, Volkswagen/ 

Housing bubble: I know house prices are falling quickly. This is the third post in about as many days from multiple sources. I'm not sure this chart is particularly accurate but I think all agree the "sentiment" is accurate. Link here

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Back to the Bakken

Far Side: link here.

WTI: $95.17; falls almost 5%.

Natural gas: $7.658, jumps 4.4%

Active rigs: 41 or thereabouts.

Thursday, July 21, 2022: 18 for the month, 18 for the quarter, 357 for the year

• 38674, conf, CLR, Bang 7-4H1,
• 32111, conf, Slawson, Armada Federal 4-14-13TFH, 

RBN Energy: startup of western Canada's heartland petchem complex to tighten propane balances. 

Western Canada’s propane market has been rapidly evolving in the past few years. Rising Canadian demand for propane and direct exports to Asia from British Columbia’s (BC) two export terminals have been jockeying for supremacy with railed propane exports to the U.S. Those exports to Asia and the U.S. will soon be facing another challenge: the pending startup of Inter Pipeline’s Heartland Petrochemical Complex, which will increase propane demand in Western Canada by a hefty 22 Mb/d in the coming weeks. In today’s RBN blog, we look at what it could mean for propane exports to the U.S., which has traditionally depended on an assist from Canadian volumes.