If you commute to work ...
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Speaking Of Killing
The 56-year-old-ready-to-retire Alabama jail official has died of a self-inflicted gunshot. Her "accomplice" (for lack of a better word) will be returning home, none the worse for wear as far as I know.
Russia, post Putin's War
Russia said to be unable to manufacture tanks to replace the ones it has lost. Link here.
Export controls ban companies from sending crucial products like semiconductors to Russia with the goal of gradually starving its economy. But a top Biden administration official told Yahoo Finance on Monday that certain export controls may hurt Vladimir Putin’s army in the immediate future.
“Because of the export controls we’ve already put in place, Russia’s top two manufacturers of tanks are no longer in business,” Deputy Secretary of the Treasury Wally Adeyemo said Monday. “Russia today has far fewer tanks than they had going into this invasion, and they can't make more because of the action that we're taking with sanctions.”
The White House says the controls have left Russia’s two major tank plants — the Uralvagonzavod Corporation and Chelyabinsk Tractor Plant — idle due to a lack of foreign components. And observers noticed fewer tanks than normal at the annual military parade on Moscow’s Red Square on Monday.
Is Russia "short" tanks or trained personnel to operate them?
It's not worth the aggravation.
I've removed all ads. We're back to an ad-free blog. Whoo-hoo!
But the blog will remain down as long as the NDIC site remains down starting after midnight tonight, May 9 - 10, 2022.
I've notified the North Dakota governor's office at this link.
Highlights:
Financial highlights:
First quarter 2022 financial and operating results:
Locator: 10001OVV.
As of May 9, 2022, Ovintiv is now tracked here.
Updates
June 3, 2023: Ovintiv to be added to S&P indices this month. Sold all of its Bakken assets to Grayson Mill.
June 3, 2023: 1Q23 results.
June 3, 2023: divests all of the Bakken assets.
July 6, 2022: Ovintiv to sell some Bakken assets; increase shareholder returns.
1Q22: link here.
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Original Post
Ovintiv Production, Inc (see Encana below):
Ovintiv Inc. will update investors Wednesday on its progress for the shale oil assets in Oklahoma it amassed after the $5.5 billion acquisition of Newfield Exploration Co. in 2018. The Stack and Scoop fields in the Anadarko Basin have faced investor scrutiny and operational challenges that sent a handful of small explorers into bankruptcy. -- January 30, 2020
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Original Encana Post
Encana:
Richmond, CA: something tells me CVX might be looking at selling a refinery. Do they really need all this grief? Workers went on strike March 21, 2022, and no meetings were held last week.
Big names reporting:
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The Things One Finds
On The Way To Looking For Something Else
The proper name for the tumbler?
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Back to the Bakken
DNIC oil and gas site down.
I'm outta here.
See you next week.
Not likely to be back up for several weeks based on past history. The site was "compromised" about a year ago and has never recovered.
Wells coming off confidential list: NDIC: "service unavailable." We'll come back to this later.
And with that, I'm off the net for a few hours. Good luck to all.
Later: looks like more than a few hours. Based on past history, the NDIC site could be down for a year.
Rivian is tracked here.
Barron's: why Rivian is tanking. Rivian doesn't need cash like many other EV start-ups.
RIVN is down 20% today, down almost $6 / share, trading at $23 / share.
Ford sold a very small amount -- a very small amount -- of its overall holdings of RIVN. It seems you either "believe" in your partner or you don't. But selling a small amount of RIVN speaks volumes.
You need to know when to hold 'em, when to fold 'em.
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.
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Toyota
Barron's: Toyota is trying to catch up in the EV race. It may be too late. Link here.
LOL.
I've been wondering about Toyota myself but something suggests Toyota knows exactly what they're doing. Perhaps Apple, Inc., is re-thinking all of this.
Re-posting:
US shale swings from losses to record cash flows: previously posted, link to Tsvetana Paraskova.
Fitzsimmons on EOG, link here:
WTI: sharp drop early Monday morning -- down 2.04%; down $2.24; trading at $107.50.
US shale swings from losses to record cash flows: previously posted, link to Tsvetana Paraskova.
Fitzsimmons on EOG, link here:
SPR release: IEA calling "foul." Archived.
Putin's War: more and more stories of major fires inside Russia. This has been going on for some time now. Today, reports that Ukraine is pushing back (or advancing) to the Russian border. We've talked about this before. Those Russian fires:
Favorite cartoon from Powerline over the weekend:
On tap today:
On tap Tuesday, link here:
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Back to the Bakken
Active rigs:
| $107.50 | 5/9/2022 | 05/09/2021 | 05/09/2020 | 05/09/2019 | 05/09/2018 |
|---|---|---|---|---|---|
| Active Rigs | 39 | 16 | 19 | 66 | 61 |
Monday, May 9, 2022: 28 for the month, 93 for the quarter, 253 for one year
Sunday, May 8, 2022: 25 for the month, 90 for the quarter, 250 for one year
RBN Energy: what's driving US refiners' sky-high crack spreads?
Over the past few weeks, many U.S. refiners reported even-stronger-than-expected first-quarter results, and it’s likely their good fortune will continue. Why? Despite the skyrocketing price of crude oil — refiners’ primary feedstock — the prices of the gasoline and diesel they produce have risen even more. And it’s that now-yawning gap between crude oil and refined-products prices that’s been driving refining margins — and refiners’ profits — to near-historic levels. Refining margins, like the character and capabilities of thoroughbreds like “Rich Strike” in Saturday’s amazing Kentucky Derby, are unique to each refinery because of their different sizes, equipment and crude slates (among other things), but there’s a tried-and-true way to estimate the refining sector’s general profitability, as we discuss in today’s blog on U.S. refiners’ sky-high crack spreads.
These warnings come even before we see any significant EV penetration. And all that malarkey about about cheaper electricity at night when folks charge their EVs is just that: malarkey.
First of all, most folks, out of habit, will plug in their EVs as soon as they get home from work, just whe evening rates are spiking. Non-working spouses will plug their cars in during the day (there is a great Chevy Bolt television ad that shows exactly that).
Re-posting.
California energy officials on Friday issued a sober forecast for the state's electrical grid, saying it lacks sufficient capacity to keep the lights on this summer and beyond if heatwaves, wildfires or other extreme events take their toll.
The update from leaders from three state agencies and the office of Governor Gavin Newsom comes in response to a string of challenges with the ambitious transition away from fossil fuels, including rolling blackouts during a summer heat wave in 2020.
This is the "real" story regarding that Bloomberg / Rigzone article linked above:
I don't recall when I first started following ISO NE but it was when all the stories were coming out of New England that folks there refused to put in natural gas pipelines from Pennsylvania. I was curious how this would play out.
It took about two years, but finally it's being noted on my twitter feed.
Very rarely does electricity in New England reflect low prices (1st - 3rd decile) once associated with coal and natural gas. Invariably never lower than 4th decile and generally much higher.
I'm sure it happens often but I just don't catch it but when the marginal fuel is hydro, electricity gets very expensive very fast. This morning at 4:00 a.m. ET:
Links:
California energy officials on Friday issued a sober forecast for the state's electrical grid, saying it lacks sufficient capacity to keep the lights on this summer and beyond if heatwaves, wildfires or other extreme events take their toll.
The update from leaders from three state agencies and the office of Governor Gavin Newsom comes in response to a string of challenges with the ambitious transition away from fossil fuels, including rolling blackouts during a summer heat wave in 2020.
This is the "real" story regarding that Bloomberg / Rigzone article linked above:
