Really?
Sweden is banning extracting coal, oil, and natural gas as well as tightening rules on extraction from alum shale as of July 1, 2022.
According to a statement by the Swedish government, it will be an important step in the process of transitioning to a fossil-free society.
And then this:
“The green and digital transitions will create more jobs and require more metals and minerals."
Exactly how do "they" think they will "come up" with those metals and minerals.
These people are nuts.
I always thought Greta was an outlier in her own country. It turns out she was just the tip of an Arctic iceberg.
The UN should help Sweden: ban all energy imports into Sweden.
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Country Share Of Global GDP
2021.
Global economy: $94 trillion.
Sweden: $0.62 trillion
Most amazing fossil fuel story today: after all that hyperbole about natural gas and the mishap at the Freeport LNG export terminal, natural gas is back to trading above $9. In the big scheme of things, the "explosion" at Freeport is a non-story. Chill.
NDIC interactive map: link here, update.
WTI: stable at $121 or thereabouts.
Active rigs in North Dakota: 40 or thereabouts
New permits: none.
Five permits renewed:
First things first:
Jobless claims:
Devon:
European auto industry:
F-150:
Apple:
How they do it:
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The Book Page
Only due to lack of time, I am not ordering this book (yet).
Geography Is Destiny: Britain and the World: A 10,000-Year History by Ian Morris, c. 2022.
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The Book Page
I've read a few books over the years. I've particularly enjoyed the anthologies in which editors select the best literature. Gilgamesh and Beowulf are always in those anthologies but after all I've read over the years, I don't ever recalling "original" literature regarding the Dead Sea Scrolls.
I'm now reading Edmund Wilson's The Dead Sea Scrolls, c. 1955, 1967, 1969.
Absolutely fascinating.
A must read for all those interested in the history of Judaism and/or Christianity. Easy to get a hardback for less than $10, including shipping.
I will keep notes at this post.
Many of the wells came off line 4/22 suggesting fracking activity in the area. The NDIC interactive map is not up and running so I cannot see what might be going on.
The wells:
Two wells that just went off line and subtle increase in production in a third well suggests fracking activity in the area. The NDIC interactive map is not up and running so I cannot see what might be going on.
The wells:
I try to consolidate stories to minimize excess blogs. I wanted to post this with other stories, but it's a huge story. Remember: the Australians just voted in a new ultra-liberal, green government, running on a platform to kill coal and natural gas and then reality struck home:
Name change? Different division?
I don't know but maybe 400+ Ovintiv wells have new owner. Operator for the Ovintiv wells in North Dakota has changed from ... drum roll ... Ovintiv Production, Inc. to Ovintiv USA, Inc.
Ovintiv is the old Encana, a Canadian company, so perhaps re-aligning for investors who don't want to pay Canadian taxes? I don't know. Just maintaining the original spirit of the blog to generate discussion.
Other stuff in the report:
Default: two largest platinum and palladium refiners in Russia are beginning to default on payments. Link here.
Five Below: US discount retailer stumbles after cut to full-year guidance. Link here.
TGT: to increase dividend by 20%.
INTC: problems have not gone away and may be getting worse -- Barron's. I track semiconductors here.
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Back to the Bakken
Far Side: link here.
McKenzie County Farmer: now part of Fargo-based media conglomerate. Link here.
Data center: Kevin O'Leary announces a second data center in as many days. New data center will be in Montana. I bet he likes Montana's tax structure better than that of North Dakota.
Flathead Lake, yesterday, June 8, 2022: spring thaw -- very cold glacier water from Glacier National Park running into Flathead lake:
WTI: $122.10.
Active rigs: 40 or thereabouts.
Wednesday, June 8, 2022: 11 for the month, 148 for the quarter, 308 for the year
RBN Energy: western midstream presses Permian advantages to offset declines.
We’ve written a lot lately about how U.S. E&Ps, whipsawed over the last decade by extreme price volatility and negative investor sentiment, have adopted a new fiscal discipline that de-emphasizes production growth and prioritizes generation of free cash flow to reduce debt and reward shareholders.
But what about midstreamers? They too have been buffeted in recent years by volatile commodity prices, eroding investor support, shifting upstream investment patterns, and finally, a global pandemic. Midstream companies face a different set of challenges than oil and gas producers in repairing their balance sheet and restoring investor confidence, however, mostly because midstream investment decisions are determined both by downstream market changes and by E&Ps’ development and production activity — including producers’ ever-increasing focus on the Permian at the expense of other basins.
In today’s RBN blog, we discuss highlights from RBN and East Daley’s Spotlight Report on Western Midstream Partners and how the master limited partnership has been working to reduce its debt and make the most of its strong base in the Permian’s Delaware Basin.
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Initial Production
The well:
| Pool | Date | Days | BBLS Oil | Runs | BBLS Water | MCF Prod | MCF Sold | Vent/Flare |
|---|---|---|---|---|---|---|---|---|
| BAKKEN | 4-2022 | 28 | 20108 | 20350 | 17076 | 50860 | 41302 | 9489 |
| BAKKEN | 3-2022 | 31 | 34649 | 34517 | 26142 | 74498 | 61255 | 13166 |
| BAKKEN | 2-2022 | 28 | 31785 | 31770 | 25515 | 56360 | 44399 | 11891 |
| BAKKEN | 1-2022 | 31 | 34185 | 34147 | 29753 | 49593 | 29241 | 20275 |
| BAKKEN | 12-2021 | 13 | 15411 | 15000 | 18544 | 17349 | 8835 | 8462 |
| BAKKEN | 11-2021 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
NIO: meanwhile, over in China, NIO beats.
BYD: Warren Buffett's favorite EV maker will "soon" supply batteries for Tesla.
