Seven Wells Coming Off Confidential List Today -- February 28, 2023

CVX buybacks: link here.

• Chevron raises share buyback guidance to $10 billion to $20 billion per year
• reaffirms higher returns, 
• touts lower carbon objectives
  

Buffett's letter: agree completely. His letter pretty much centered around KO dividends. Huge disappointment. 

Every year, investors await Warren Buffett’s annual shareholder letter with excitement, hoping for the insights and flair that make it a must-read. This year’s was a disappointment. Buffett took just two pages of the relatively brief 11-page letter to go over events of the past year and there wasn’t a lot of insight. The eagerly anticipated missive released Saturday didn’t address some key issues, including the slowdown in stock buybacks at Berkshire Hathaway, the troubles at Geico, and succession.

Ghana: link here.

• Russian oil to be stashed in Ghana as pool of buyers shrinks.

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Back to the Bakken

Active rigs: 44.

Peter Zeihan newsletter.

WTI: $77.44. Up nicely.

Natural gas: $2.671.

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,

Tuesday, February 28, 2023: 91 for the month; 162 for the quarter, 162 for the year
39089, conf, CLR, Colette 6-18H,
38934, conf, Kraken, Claire Rose LE 31-30-1H,
38744, conf, Ovintiv, Sorenson Federal 153-96-9-4-3H,
38416, conf, Liberty Resources, AZ W 158-93-13-24 1MBH,
38345, conf, Enerplus, Serve 149-92-31D-30H,
38344, conf, Enerplus, Volley 149-92-31D-30H,
36049, conf, Oasis, Foley Federal 5301 12-13 2B,

RBN Energy: Permian crude oil flows shifting from Corpus Christi to Houston. Archived.

For several years now, almost all the Permian’s incremental crude oil production has moved to export markets along the Gulf Coast. Due to new pipeline capacity and shipping cost advantages, Corpus Christi has enjoyed a disproportionate share of those volumes. But the market is shifting. Pipelines to Corpus are filling up, and that is pushing more oil to Houston for export — and to Beaumont for ExxonMobil’s new 250-Mb/d refinery expansion. Unless the pipes to Corpus expand their capacity, much more oil supply will be targeting Houston, with important implications for pipeline capacity, dock capacity, and regional price differentials. In today’s RBN blog, we explore these issues and what could throw a curveball into the whole Gulf Coast crude oil market.