One Well Coming Off Confidential List Today -- February 16, 2023

PPI: numbers look bad. Dow futures down.

Liesman: first look — energy prices up but really hard to explain this “bad” number. Liesman trying to suggest things aren’t that bad but suggests it’s now very slightly more likely 50 basis points next Fed rate increase. 

Me: These numbers will be forgotten by noon but right now, now good. 

Paramount: earnings miss; shares plunge;

• revenue: $8.13 billion vs $8.17 forecast
• EPS: holy mackerel -- 8 cents vs 24 cents forecast
• subscribers, net additions: 9.9 million vs 10 million
• PARA: one of only three companies that BRK increased holdings most recent quarter;
• pre-market: PARA down 7%
• 52-week high: around $38
• pre-market: around $23
• I have no idea what Warren Buffett was thinking.
• Streaming: link here. Streaming wars. PARA not even mentioned.
• The Hollywood Reporter.

LPX: up slightly

AAPL: down slightly. Pays dividend today.

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Back to the Bakken

Active rigs: 45.

Peter Zeihan newsletter. 

WTI: $78.68.

Natural gas: $2.542.

Friday, February 17, 2023: 43, for the month; 114 for the quarter, 114 for the year
39005, conf, CLR, Rhonda 3-28H,
38426, conf, Hess, HA-Dahl-152-95-0706H-9,

Thursday, February 16, 2023: 42 for the month; 112 for the quarter, 112 for the year
38883, conf, WPX, Palo Pinnto 20-17-8HY,

RBN Energy: the crude oil pipelines to Corpus Christi are filling up. What happens then?

It’s been an awesome run for the Port of Corpus Christi’s crude oil export business, which captured about 60% of total U.S. volumes in 2022, up from only 28% in early 2018. But the rate of increase has slowed way down, even though shipping economics give Corpus a distinct advantage. The problem? Pipeline capacity, or more accurately, a lack thereof. The pipelines from the Permian to Corpus that were the driving force behind the Corpus export success story are filling up. The only questions are, how much time is left before the pipes are truly maxed out and what is likely to be done about it? In today’s RBN blog, we examine the data to see what it reveals about the looming capacity constraints.