Another Williiston Basin WPX Well Goes Over 500K Bbls Crude Oil Cumulative -- September 10, 2022

These wells are tracked here.

The well:

• 36820, drl/A-->F/A, WPX, Omaha Woman 24-13-12HC, Squaw Creek, t--; cum 82K over 28 days extrapolates to 88,198 bbls over 30 days; fracked 8/1/20 - 8/22/20; 8.9 million gallons of water; 84.5% water by mass; five wells on this pad; and look at that, no natural gas vented or flared; good for them; cum 497K 5/22; cum 509K 7/22;
  

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	7-2022	31	6345	6362	6019	27234	25951	111
BAKKEN	6-2022	30	5746	5811	6613	27106	26005	19
BAKKEN	5-2022	31	7633	7609	8230	30214	28972	14
BAKKEN	4-2022	30	6601	6581	7366	24946	23872	0
BAKKEN	3-2022	31	6736	6776	8125	25330	24119	0
BAKKEN	2-2022	28	7557	7445	8553	35702	34743	0
BAKKEN	1-2022	31	11931	12208	12399	48372	47302	0
BAKKEN	12-2021	31	15338	15256	14644	54144	53074	0
BAKKEN	11-2021	30	10898	10813	10844	28825	26224	1738
BAKKEN	10-2021	31	9809	9810	9690	30507	30367	0
BAKKEN	9-2021	30	12185	12247	12253	38122	37967	0
BAKKEN	8-2021	31	15285	15374	13115	41739	41578	0
BAKKEN	7-2021	31	18166	18037	14036	40890	40733	0
BAKKEN	6-2021	30	20918	20788	14347	40998	24501	14109
BAKKEN	5-2021	21	10590	10774	9727	20757	10602	8922
BAKKEN	4-2021	30	24721	24706	17932	36463	26336	7326
BAKKEN	3-2021	31	30057	30136	20112	44335	22865	18099
BAKKEN	2-2021	28	37650	37403	26118	55532	31215	20152
BAKKEN	1-2021	27	34886	34888	24518	51455	26865	20731
BAKKEN	12-2020	31	59662	59668	39381	73265	44955	21771
BAKKEN	11-2020	30	73776	73960	55275	90596	50894	31658
BAKKEN	10-2020	28	82318	81951	58511	62518	53575	0
BAKKEN	9-2020	0	0	0	0	0	0	0
BAKKEN	8-2020	0	0	0	0	0	0	0

Texas Tax Revenue Surges -- 2022; High-Earning Californians Fleeing The State -- September 10, 2022

Link here.

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California

As long as we're talking about taxes, this from California:

After 170 years of population growth — occasionally explosive growth — California is now experiencing population loss for the first time. As foreign immigration and birth rates declined, they no longer offset net losses in state-to-state migration. Since 2010, 7.5 million people have left California while 5.9 million people have come from other states.

That gives rise to a question: Who is leaving California and why?

There is, however, a less obvious subset of those who leave California — high-income families seeking relief from the state’s notoriously high taxes. 

The San Francisco Chronicle shed some light on that phenomenon when one of its reporters dove into Internal Revenue Service data that revealed favorite destinations of high-income former San Franciscans.

The newspaper found that 39,000 San Franciscans who had filed federal tax returns for 2018 had moved out of the city before filing 2019 returns. Collectively, they took $10.6 billion in income with them while people who moved to the city during that period reported just $3.8 billion in income.

“The county that saw the wealthiest movers from San Francisco on average was Teton County, Wyoming, home to Jackson Hole and its famed ski resorts,” the Chronicle reported.

“The data showed that 40 different families, comprising 63 people total, filed their 2019 taxes in San Francisco and then filed their 2020 taxes in Teton County, accounting for a total of $37 million in income moving from San Francisco to Teton. That is an average of $586,000 per person, according to the IRS data.”

Two other ski resort-heavy counties made the top 10 destinations of San Francisco’s wealthiest movers. Washoe County, Nevada, which includes Lake Tahoe’s Incline Village, was No. 2 while Summit County, Utah, site of the Park City ski resort, was No. 6. Palm Beach, Florida, was No. 3.

While the Chronicle article cited the popularity of resorts as a destination for wealthy expatriates, the more glaring fact is that their favored new homes are often in states that levy little or no personal income taxes. No-tax states include Wyoming, Nevada, Washington, Texas and Florida. Utah has a flat 4.85% rate.

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The Fashion Page

Laces. Link here.

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The Food Page

A reader introduced me to hoe cakes / hoecakes.

Link here.

A hoecake is cornbread made minimalist—a thin, unleavened round made from the simplest batter (cornmeal, water, and salt), crisp at the edges, glistening on both sides from the fat it was fried in, golden in patches. Inside, it’s dense but creamy, a foil for its best partners—creamed corn, silky braised greens, honey. 

A hoecake should be sturdy enough to work as a shovel for whatever is on the plate, but delicate enough to be appealing on its own. 

According to a popular story, hoecakes got their name from the slave practice of cooking them on field hoes. If you’ve ever made hoecakes, this sounds like a near impossible task, and the appeal of this origin story is surely its evocation of the industriousness, fortitude, and resilience that defines much early American cooking, particularly African-American cooking. 

But the story’s power as a metaphor is stronger than its case as historical fact. 

Rod Cofield, author of the paper “How the Hoe Cake (Most Likely) Got its Name,” explains: hoe was a colloquial term for griddle dating back to at least the 1600s in parts of England, where baking cakes on boards or griddles was commonplace.

If we're talking 1600s in England, we're talking Shakespeare.

North Dakota Tax Revenue, 1Q22

Link here.

2021 numbers, link here:

Atlantic Tropical Storm Summary -- August, 2022

Link here.

TS Danielle in the north Atlantic has faded away.

TS Earl is the only Atlantic storm at the moment and it is far off to the north. 

Google winds: https://earth.nullschool.net/.

Super-CALI-Fragile-Listic-Ex-Pelos-Audacious -- September 10, 2022

Link here.

Week 36: September 4, 2022 -- September 10, 2022.

 

Top Stories

Top story: 

• Queen Elizabeth II dies, age 96. King Charles III assumes monarchy.
• in the tabloids, Meghan Markle gets more interesting coverage than the monarch

Javier Blas:

Focus on fracking: most recent edition.

Top story of the week:

Top international energy story:

Top national non-energy story:

• the Russians are fleeing. 
• Ukraine has pushed right up to the Russian border
  

Top national energy story:

• SecTreasury Janet Yellen vows to rid the US of oil and gas.
• SecEnergy Jennifer Granholm vows to balance the budget.
  

Top North Dakota non-energy story:

Top North Dakota energy story:

Geoff Simon's top North Dakota energy stories:

• Quick connects.
  

Bakken economy:

Commentary:

Entertainment:

• NFL: Buffalo Bills crush Los Angeles Lakers in season opener.
  

Grayson Mill Reidle Wells In Briar Creek Along The Montana State Line

The wells:

• 39229, Reidle 6-3F 1H, sections 3/4/5/6-151-104; sited in lot 4 section 6-151-104; cement, C3, production liner 1, 27,863; Briar Creek; 2240 acres;
• 39230, Reidle 6-3F 2H, sections 3/4/5/6-151-104; cement, C3, production liner 1, 27,8632; Briar Creek; 2240 acres; bottom hole, 2087 N 150 E section 3-151-104.
• 39231, Reidle 6-3F 3H,
• 39232, Reidle 6-3F 4H,

The graphic:

The Three Most Dangerous People In The Western World Today -- September 10, 2022

Drum roll:

• King Charles III.
• Janet Yellen.
• John Kerry.

They all have one thing in common.

The 23 leaders and bureaucrats in western Europe, as a group, are a close second.

Devon Energy: A Rare Win-Win From Their Acquisition Spree -- SeekingAlpha Contributor -- September 10, 2022

Link here.

• Earlier in 2022, Devon Energy marked a new chapter with a pivot towards dividends, which thus far has been very profitable for their shareholders.
• Unsurprisingly, the first half of 2022 saw extremely strong free cash flow on the back of booming oil and gas prices. They have followed this cash windfall with an acquisition spree, recently announcing two additions.
• This helps lift their free cash flow and thus dividend outlook relatively higher and thus helps offset a degree of the downside if oil prices keep softening.
• As this does not levy too great of a cost upon their financial position, it creates a rare win-win for their shareholders and thus I believe that maintaining my buy rating is appropriate.

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. Full disclaimer at tabbed link.

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.    

Devon Energy:

• market cap: $45 billion
• p/e: 8.68 (thank you, ESG)
• dividend: 6.8% (would be higher if share price had not appreciated so much -- darn it, all)

Others:

• EOG: $73 billion; 12.7; 2.43% 
• PXD: $57 billion; 9.91; 10.62% 
• CVX: $313 billion; 10.69; 3.55% 
• OXY: $61 billion; 6.45; 0.79% (you can see why Buffett continues to accumulate OXY)
  

My Hunch: There's Going To Be A Lot Of Shortages Before We Get To Copper -- September 10, 2022

Having said that, I continue to accumulate shares in copper-mining companies.Link to ZeroHedge.

“Think of copper as a common carrier, so to speak, of decarbonization. It is literally the wiring that connects the present to the future,” writes Nathaniel Bullard, BloombergNEF's Chief Content Officer. 

While many of us imagine renewable energies to be just that – infinitely renewable, with no use of finite resources – the reality is that solar planes, wind turbines, energy transmission infrastructure, batteries for energy storage, and motors for your electric cars and electric bicycles all rely on metals that are not infinitely sourceable. 

Much lip service has been paid to the extraction and exploitation of lithium to power electric vehicle batteries, but one could argue that copper is even more central to – and therefore potentially threatened by – a large-scale green energy transition.

For the archives.   

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. Full disclaimer at tabbed link.

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.    

These Photos Are No Longer Atypical Or Funny -- September 10, 2022

Okay, they're still funny. Just not as funny as they once were.

Link here.

Laser-Focused On Dividends -- PXD -- September 10, 2022

Link here.

See also this note from earlier:

I don't follow SM Energy. I don't directly invest in SM Energy. I lost interest in SM Energy when it left the Bakken years ago.

The reason for posting: if this doesn't tell you how much money the oil and gas sector is making, nothing will convince you this is unprecedented -- the cash flow and cash being returned to shareholders.

In addition, oil and gas investors will not be happy with those oil and gas companies not aggressively increasing their dividends.

In addition, oil and gas companies are choosing to return all that cash to shareholders rather than drill more oil. In some cases, the oil companies have no choice: the Biden administration is shutting down oil drilling where it can. In addition, not only is the world awash in oil but "everyone" sees demand destruction everywhere.

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. Full disclaimer at tabbed link.

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.    

Laser-Focused On Dividends -- September 10, 2022

SM Energy pays a semi-annual dividend, in the months of April and October.

For years, SM Energy's semi-annual dividend has been one cent.

This month, SM Energy increased its semi-annual dividend by 15x. 

Announcements, September 7, 2022:

Dividend history: 

I don't follow SM Energy. I don't directly invest in SM Energy. I lost interest in SM Energy when it left the Bakken years ago.

The reason for posting: if this doesn't tell you how much money the oil and gas sector is making, nothing will convince you this is unprecedented -- the cash flow and cash being returned to shareholders.

In addition, oil and gas investors will not be happy with those oil and gas companies not aggressively increasing their dividends.

In addition, oil and gas companies are choosing to return all that cash to shareholders rather than drill more oil. In some cases, the oil companies have no choice: the Biden administration is shutting down oil drilling where it can. In addition, not only is the world awash in oil but "everyone" sees demand destruction everywhere.

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. Full disclaimer at tabbed link.

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.    

The US Fed Is Not Happy -- September 10, 2022

Link here.

The Fed: "We're going to slam the US equity market. It's going to be painful."

Wall Street: "Here, hold my beer."

Alternate:

Wall Street: "Double-dog dare you."

Warren Buffett: ESG? What's ESG? September 10, 2022

Updates

September 11, 2022: IBD repeats the story. Link here. 

Berkshire Hathaway now owns 26.8% of Occidental Petroleum, according to a regulatory filing Friday night, September 9, 2022. 

That came exactly one month after Warren Buffett's firm disclosed its OXY stock stake had reached 20.2%. Crossing the 20% ownership level means Berkshire Hathaway can record Occidental earnings on its books.

The Federal Energy Regulatory Commission has given Berkshire Hathaway permission to buy up to 50% of Occidental Petroleum. That's according to an order made public on August 19, 2022. Berkshire made the request on July 11, 2022.

Original Post 

Link here.

There is some question whether this article is "exactly" accurate. It depends on the definition of "stake" -- actual or potential -- "actual ownership" or "actual ownership plus warrants."

See this thread to see where disagreement exists.

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Now That Summer Is Over And The Crowds Have Thinned