US days of crude oil, supply, link here:
Current dividend for SCCO:
One can see dividend history here.
I hope I'm not misreading this. From daily dividend announcements today.
That's a 25% increase in the dividend.
Earnings?
Yahoo!Finance calendar says earning should have been announced at 4:00 p.m. today, May 3, 2022, but I haven't seen them yet. Over at nasdaq.com, the company is to report earnings tomorrow, May 4, 2022, time unannounced. Estimates, EPS of 98 cents; same quarter last year, 99 cents.
So, that's all I know.
Headlines:
Back of the proverbial envelope:
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.
All my posts are done quickly:
there will be content and typographical errors. If anything on any of
my posts is important to you, go to the source. If/when I find
typographical / content errors, I will correct them.
Link here. There will be rolling brownouts. I’ll be swimming.
Invasion: end of February, 2022.
May, 2022: sanctions have barely had time to impact Russia and here we have an update of Russia's destiny with default, link here:
Vladimir Putin has been forced to raid Russia’s dollar reserves to pay creditors in a U-turn that has staved off the country’s first international default since the Bolshevik revolution.
Investors started to receive $650m of late payments on two bonds on Tuesday as part of a last-gasp bid to avoid a formal default before a deadline elapsed on Wednesday.
The interest payments on the bonds have faced intense scrutiny since the Kremlin missed them in early April after the money was caught up in Western sanctions.
Those dollars would be desperately needed to buy "stuff" to keep rigs operating in the oil fields, assuming Russia can even buy western goods. Probably not. But "spending" dollars to meet bond debts suggests how bad things are in Russia.
The bigger risk: no dollars? Not being able to buy wheat if there's a "food crisis."
And it begins:
Energy transition is dead (we just don't know it) -- Peter Zeihan:
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Back to the Bakken
NOG:
The Bakken is back: link here.
Active rigs:
| $103.50 | 5/3/2022 | 05/03/2021 | 05/03/2020 | 05/03/2019 | 05/03/2018 |
|---|---|---|---|---|---|
| Active Rigs | 38 | 16 | 30 | 63 | 62 |
Four new permits, #38922 - #38925, inclusive:
Sixteen permits renewed:
Seven EOG wells were acquired by Prima Exploration, all in Mountrail County:
Earnings
AMD:
PFE: profit, revenue soar on Covid-19 vaccine sales (EUA and Comirnaty).
BAX: increases dividend.
MPC:
Apple: longtime Ford engineer joins Apple car team.
Desi Ujkashevic has been with Ford for over 30 years, and she has expertise in safety systems, engineering design deliverables, body interior engineering, and more.
Apple is said to be aiming for a 2025 launch, but issues with the car development could push the project back to as late as 2028.
It's gonna be a really, really thin car.
Hood: link here.
This is pretty cool.
Vern Whitten has shared a lot of great albums of the Bakken, North Dakota, and Minnesota over the years.
This spring Mr Whitten has done something a bit different: how he can "fix" photos.
This is very, very clever. I was immediately of our photos from our family reunion last summer in Montana -- how they could be improved.
Check this out. Pretty cool.
From Mr Whitten --
Good evening --
Is it possible to get more than 80 people to smile, open their eyes, and pay attention for a photo all at the same time? Welcome to tripod tricks and more, and see for yourself:
https://www.vernwhittenphotography.com/photofix
Got a favorite photo that needs help? Let me know. We fix photos.
Vern would love to hear from you.
There is a tag at the bottom of the post; click on it to see more of Vern's photos of the Bakken.
Mr Whitten would love to hear from you.
Vern Whitten Photography
www.vernwhittenphotography.com
(701) 261-7658
For the archives. I have little interest whether its $4, $8, or $20 (not to be taken out of context). I think the story is fascinating. And the story is only going to get more interesting.
I'm still taken by the irony of all of this. Had the US government killed the natural gas industry like it has killed the crude oil pipeline story, Europe would be in a huge world of pain.
Only through serendipity were all those export terminals approved and constructed between 2016 and 2021, and now new projects will pretty much be rushed through the approval process as long as they are not in the backyard of any really important person.
LNG maintenance reduced gas export volumes in April by 8%, according to Refinitiv vessel tracking data, as Sempra (SRE) and Freeport LNG both took trains down for 2-3 weeks of maintenance.
However, as maintenance wraps up in May, export volumes are set to accelerate. Outside the US, Chevron and BP both flagged falling international LNG production volumes in Q2.
Maintenance outside the US is likely to increase reliance Gulf of Mexico exports into Europe during the quarter.
Domestically, it's still early in the earnings season; however, gas producer SM Energy flagged falling Q2 production volumes. Pioneer, Diamondback and Hess's US business all flagged declining Q2 volumes as well. While the latter three are more economically exposed to oil, each company produces a significant portion of associated gas.
Although US natural gas supply growth is curtailed, or declining temporarily, demand is strong. A heat wave has led the Energy Reliability Council of Texas "ERCOT" to forecast record seasonal demand for power this weekend. Meanwhile, alternative fuel sources, namely coal, are becoming increasingly expensive. It's well understood that seaborne thermal coal prices have reached record levels following Russia's invasion of Ukraine; however, US in-basin pricing is also hitting decade highs east of the Mississippi (ARLP) (ARCH).
Getting back to this story that was posted late last night:
Another great article by David Messler. I'll link it now for night owls (is that not redundant), snowy owls and barn owls in time zones different than mine, and will come back to the article tomorrow.
It's a great article, but I do have a pet peeve with one of the sub-themes.
The article was very long; I scanned through it quickly. It came down to three issues:
Of the three, rig count seemed to be the major theme, and in a sense all three were intertwined -- rig count, DUCs, and work force.
Working backwards, lack of work force --> unable to increase drilling rigs --> more reliance on DUCs.
I was going to write more about this, including my pet peeve with articles like this, but I'm getting tired of this. It become tedious. I might come back to this. But not now. Too much to do.
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The Book Page
Christ of Saint John of the Cross.
Link here.
Re-posting; this regards arguably the "most green" country in the world.
Norway: rocky road ahead for Norway's $1.2 trillion wealth fund:
NIO: in trouble. Related to Covid-19 factory shutdowns. Transitory or deeper problems?
EVs, Barron's: combined, the three delivered about 18,000 vehicles in April.
Oil:
Norway: rocky road ahead for Norway's $1.2 trillion wealth fund:
Buffett / CVX: why Buffett bought Chevron.
Buffett / CVX: why Buffett bought Chevron.
Marginal barrel: not likely coming from US in the future.
ISO NE, link here: early Tuesday morning
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Back to the Bakken
Blizzard, aftermath: electricity still out for many in the Bakken.
ND coal plant: stayin' alive!
Active rigs:
| $103.90 | 5/3/2022 | 05/03/2021 | 05/03/2020 | 05/03/2019 | 05/03/2018 |
|---|---|---|---|---|---|
| Active Rigs | 38 | 16 | 30 | 63 | 62 |
Tuesday, May 3, 2022: 10 for the month, 75 for the quarter, 235 for one year
RBN Energy: trio of projects target carbon capture from midwest ethanol plants, part 8.
Carbon-capture projects have been slow to take root in the U.S., but that may be changing as a number of companies are now advancing plans to capture the carbon dioxide that results from ethanol production in the Midwest. Ethanol plants are an obvious choice, given that the CO2 resulting from ethanol fermentation is highly concentrated, which makes capturing it more efficient (and less expensive) compared to many other industrial processes. But while the relative ease and economy of capturing those emissions might seem like a no-brainer, convincing the public to go along with those plans has been more difficult. In today’s RBN blog, we look at what’s being planned.
