Seven Wells Coming Off Confidential List Today; Lori Lightfoot Out As Chicago Mayor -- February 28, 2023

SRE: whoo-hoo -- SRE is up over 4% pre-market -- although that's after a drop yesterday -- this $124-stock is trading for $154

• dividend increase, from $1.145 to $1.19; pays 3.17%; link here.
  

• SRE beat EPS estimates, but revenues fell y/y
• link here:

SRE fourth-quarter 2022 adjusted earnings per share (EPS) came in at $2.35, which beat the Zacks Consensus Estimate of $2.06 by 14.1%. The bottom line also increased 8.8% from $2.16 in the prior-year quarter.

Barring one-time items, the company generated GAAP earnings of $1.39 per share compared with $1.90 in the fourth quarter of 2021.

For 2022, the company reported an adjusted EPS of $9.21, which increased 9.3% year over year. Earnings surpassed the Zacks Consensus Estimate of $8.90 per share by 3.5%.
In the quarter under review, Sempra’s total revenues of $3,455 million decreased 10.1% year over year on lower contributions from Energy-related businesses (down 88.7%) and the Electric business (down 0.8%). Moreover, the top line missed the Zacks Consensus Estimate of $3,815 million by 9.4%

Inflation and the Fed: a really, really nice interview on CNBC this morning with a former Fed governor -- went a long way to explain why inflation was not transitory and why the Fed misunderstood that and why the Fed pivoted and explained why inflation is persistent. The former Fed governor's explanation really does support supply and demand, "too many dollars chasing too few goods."

And other headlines:

Comments:

Watch the US market when the Fed starts to hint that a 4% inflation rate is "perfectly reasonable" to consider. Talking heads today on CNBC seem to be suggesting as much.

Tea leaves: one and done in March. Another 25 basis points and that’s it for the year as long as core inflation continues to trend down.

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Back to the Bakken

Active rigs: 45.

Peter Zeihan newsletter.

WTI: $76.57.

Natural gas: $2.749.

Thursday, March 2, 2023: 10 for the month; 172 for the quarter, 172 for the year
39083, conf, CLR, Woodrow 2-32H,
38747, conf, Ovintiv, Sorenson Federal 153-96-9-4-13H,
38346, conf, Enerplus, Court 149-92-31D-30H,

Wednesday, March 1, 2023: 7 for the month; 169 for the quarter, 169 for the year
39160, conf, Resonance Exploration, Resonance Huber 13-1H,
39085, conf, CLR, Woodrow 4-32H,
39084, conf, CLR, Woodrow 3-32H1,
39056, conf, Lime Rock, Yellowstone 14H,
38746, conf, Ovintiv, Sorenson Federal 153-96-9-4-4H,
38745, conf, Ovintiv, Sorenson Federal 153-96-9-4-12H,
38417, conf, Liberty Resources, AZ W 158-93-13-24-1MBH,

RBN Energy: with sanctions in place, Russia's oil-and-refining sector faces a slow, steady decline. Archived.

Russia’s invasion of Ukraine in February 2022 set off a wave of repercussions in energy markets and economies the world over. The hope of the U.S. and its allies has been that international pressure and mounting sanctions would cause Russia to swiftly end the war — or at least make it very difficult to finance. But while the war rages on and Russia seems to be coping with the short-term impacts reasonably well, the long-term effects on its energy sector could be much more significant. In today’s RBN blog, we look at how Russia’s twin challenges — finding buyers for its crude oil and its refined products — are more different than they might seem and why Russia’s oil-and-refining sector is in the early stages of a sustained slowdown.