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Friday, January 13, 2023

Week 2: January 8, 2023 -- January 14, 2023

The single best story:

  • Biden administration considers banning "gas" stoves.

Top story:

  • Joe Biden is still president; stores classified documents in garage next to his prized Corvette

Top international non-energy story:

  • Russian-Ukraine war continues

Top international energy story


Top national non-energy story:

  • Tesla cuts prices

Top national energy story

  • huge increase in US crude oil inventories; WTI rises, anyway
Javier Blas:

Focus on fracking: most recent edition.

Top North Dakota non-energy story:


Top North Dakota energy story:


Geoff Simon's top North Dakota energy stories:

Bakken economy:

Commentary:

Entertainment:

A Very Old Inactive Well Permitted For Re-Entry -- January 13, 2023

From the daily activity report, January 13, 2023:

Permitted for recompletion:

  • 13203, Rocky Top Energy, J. W. Law 2, SWSE 9-148-102; Boxcar Butte:

No production since 2014:

BIRDBEAR7-2014308419444320200
DUPEROW7-20143071534220
RED RIVER7-2014303889205990
BIRDBEAR6-2014301181427091271270
DUPEROW6-2014309115510100
RED RIVER6-201430546632759590
BIRDBEAR5-20141104019190
DUPEROW5-20141003110
RED RIVER5-201411018990
BIRDBEAR4-20142036047394940
DUPEROW4-2014203036770
RED RIVER4-20142017021843430
BIRDBEAR3-2014255079073730
DUPEROW3-2014250061660

 Initial production:

RED RIVER1-1999314532445526545228452280
RED RIVER12-1998315761569623356024560240
RED RIVER11-1998309077939822264441644410
RED RIVER10-19987232618010536753670
RED RIVER9-19980000000
RED RIVER8-19985129212920000

Five New Permits; One Well Permitted For Recompletion; Twelve Permits Renewed -- January 13 2023

Active rigs: link here.

WTI: $79.86.

Natural gas: $3.419.

Five new permits, #39563 - #39567, inclusive:

  • Operators: Kraken (4); CLR
  • Fields: Oliver (Williams); Little Knife (Dunn)
  • Comments:
    • CLR has a permit for an Edward well, SWSE 23-146-97;
      • to be sited 400 FSL and 2580 FEL;
    • Kraken has permits for two Blaine and two Cass wells, lot 4, 157N-98W; 
      • to be sited 420 FNL and between 1127 FWL; the Blaine wells will terminate in NWNW 28-158-98; and thee Cass wells will terminate in SWSW 9-157-98;

Permitted for recompletion:

  • 13203, Rocky Top Energy, J. W. Law 2, SWSE 9-148-102; Boxcar Butte

Twelve permits renewed:

  • CLR (4): four Durham permits in North Tobacco Garden, McKenzie County;
  • Oasis (3): three MHA permits in Heart Butte, Dunn County;
  • Lime Rock Resources III-A (3): three Mariner permits in Dimond oil field, Burke County;
  • Liberty Resources: a Tucson permit in White Earth, Mountrail County
  • XTO: one Hartel weell in Siverston, McKenzie County;

One producing well (a DUC) reported as completed:

  • 38628, 1,086, Whiting, Kannianen 11-4HU,

OMG -- I Can't Believe This Is A Headline Story -- What Next? Talk Of Banning Natural Gas Appliances? Probably! January 13, 2023

OMG: Chevron sold Venezuela oil to Phillips 66 to be refined in a refinery.

That's the breathless headline on a Friday night. 

Not only that, but Ms Geiger is quoting "anonymous" sources.

Anonymous sources.

Chevron Corp recently sold 500,000 barrels of heavy Hamaca to U.S. refiner Phillips 66 to be used in its Sweeny, Texas refinery, the sources told Bloomberg. It would be the first such sale since the United States sanctioned Venezuela’s crude oil.

Not only that, but it was heavy Hamaca oil.  

This is truly out of control. 

And to think folks were concerned about Bakken oil.

Greta must be going nuts.

Wow, imagine that. One oil company selling oil to be refined to another oil company. And it was heavy oil. High in emissions. 

I wonder how western Canadian oil compares with Venezuela oil?

Start here

You're on your own from here.

I'm still shocked that Chevron sold Venezuelan oil to Phillips. Or rather that this was a headline. I wonder if we can get a quote from Zelenskyy?

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The Lego Page

RIP -- Another One I Missed -- And Another Star Who Used A Natural Gas Appliance -- January 13, 2023

Jody Miller, passed away October 6, 2022.

Link

The beginning, a little like Nancy Sinatra?

Gas appliances at 1:40.

A Grammy for this one.

************************
Off The Grid Way Too Long

Ginny Reese has been off the grid way too long. 

Texas grew from a city to a country to a state -- Six Flags Over Texas -- in a generation or two. 

I wonder if Ginny has running water?

Did Anyone Else Notice? It’s “Friday The Thirteenth” — I’m Staying In Bed All Day — January 13, 2023 — Friday

Triskaidekaphobia. From a reader.

On another note: 

In the Texas state high school soccer tournament, Olivia’s team just recorded their second win, 3 - 1.

Now, in the tournament, two wins, no losses.

TTE -- France -- To Become One Of Germany's Main LNG Suppliers -- January 13, 2023

Link here. As I'm typing this WTI continues to melt up despite all the talk about recession and demand destruction.


WTI: up over a buck; up 1.3%; trading at $79.40.

************************
Canada

Meanwhile, if folks are paying attention ...

Canada's current prime minister has shoved the country's LNG sector under the bus and ceded the fossil fuel story to America.

Link here.

In The Middle Of The Night -- January 13, 2023


FAA:
  • the glitch; the backstory here;
  • the good news: the shutdown only lasted a few hours; and in the middle of the night;
  • Buttigieg: "these glitches happen all the time" -- say what! 
    • Buttigieg completely owns it; he will never be held accountable; 
    • he will run for president
  • and by the weekend, three days later, it's all forgotten

The Hess EN-Rehak Wells In Alger Oil Field / Alkali Creek / Manitou

The Rehak wells in Alger oil field :

  • 18674, 436, Hess, EN-Rehak-155-93-0718H-1, Alger, t7/10; cum 327K 11/22;
  • 22795, 1,016, Hess, EN-Rehak-155-93-0718H-2, Alger, t9/12; cum 337K 11/22;
  • 22796, 972, Hess, EN-Rehak-155-93-0718H-3, Alger, t9/12; cum 291K 11/22;
  • 28466, 686, Hess, EN-Rehak-155-93-0718H-5, Alger, t4/15; cum 142K 11/22;
  • 28467, 217, Hess, EN-Rehak-155-93-0718H-6, Alger, t4/15; cum 190K 10/19;
  • 28468, AB/660, Hess, EN-Rehak-155-93-0718H-7, Alger, t4/15; cum 131K 10/19;
  • 28469, 458, Hess, EN-Rehak-155-93-0718H-8, Alger, t4/15; cum 150K 11/22;
  • 32498, 866, Hess, EN-Rehak-LE-155-93-0718H-1, Alger, t12/17; cum 156K 11/22; 
  • 38199, drl/A, Hess, EN-Rehak A-155-94-1423H-4, Manitou, t--; cum 131K 12/22:
  • 38195,
  • 38196,
  • 38197,
  • 38198,
  • 38200,

Well of interest:

  • 18262, 714, Hess, EN-Rice-155-94-0211H-1, Manitou, t12/09; cum 307K 12/22; small halo effect;

Initial production:

  • 38199, drl/A, Hess, EN-Rehak A-155-94-1423H-4, Manitou, t--;um 131K 12/22:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN12-2022311155311543122842121720914303
BAKKEN11-20223014117141151231422475195122963
BAKKEN10-20223116937169301659325814222633551
BAKKEN9-20223019583195862208329324276551669
BAKKEN8-2022281938119365239652765327233420
BAKKEN7-202231372313718034212788154964429171
BAKKEN6-20227223422071965119801198

The Rehak well in Alkali Creek oil field

  • 38195, conf, Hess, EN-Rehak A-LW-155-94-1423H-1, Alkali Creek;
DateOil RunsMCF Sold
11-20221668328148
10-20222216031344
9-20222620639639
8-20222703139901
7-20222973915872

Banks, Toys And Music -- Nothing About The Bakken -- January 13, 2023

Laser-Focused On Dividends


Investing 


*************************
Toys

Lego

  • "we" own the top two pirate ships in the entire Lego collection
  • these are expensive, and hard to find; and we got 'em!
  • Ships.  
  • More ships.

Stuntz:

  • on another Lego note, I'm having trouble sorting out "Stuntz."
  • I first saw "Stuntz" a couple of years ago in a Lego store in a Nashville, TN, mall. I thought the sets were quite clever, but last night, looking at the retired Lego products, I was surprised to see so many "Stuntz" sets retired, and yet, I don't think "Stuntz" have been out all all that long. 
  • is Lego closing out "Stuntz"? Was the concept a dud? I don't know, but I do see Lego still coming out with new "Stuntz" sets.

Cars, Pixar, Disney:

Target -- the retail store -- has some interesting "Metal" Pixar / Disney car sets -- a Pixar car with a small accessory -- compared to $1.00 Hot Wheel cars, these Pixar / Disney car sets are incredibly expensive at $7.99 and I've been unable to find the same sets on Amazon.

****************************
Music

So, Wednesday night, church night in Texas. 

I'm watching The Who -- Tommy documentary for the first time -- Amazon Prime Video.

First question, when?

Over at another ad-free, subscription-free, password-free blog, I argue that 1969 was the best year ever for music. Period. Dot. I was reminded of that when I ran across yet another 1969 song that I had not posted (as far as I can remember) on that post of 1969 songs.

From that post:

The top 100 songs of 1969.

There was an 18-month-period, from late 1968 through mid-1970 that clearly had some of the best music ever.  This was the year of Woodstock. The Beatles were still going strong, but touring less, and would soon stop completely.  Led Zeppelin's first two albums, Zeppelin I and Zeppelin II, were released in 1969. The era of "free love" and the uncertainties of the Vietnam War probably contributed to some of this really incredible music.
Speaking of the Vietnam war, I turned 18 in 1969. My lottery draft was July 1, 1970; my lottery number was 103. The highest lottery number called for this group was 125; all men assigned that lottery number or any lower number, and who were classified as available for military service, were called to report for possible induction. I would have been deferred by virtue of being enrolled in college. I was worried that I would be called up before I graduated from college. I was convinced, but wrong, that the war would still be going on when I graduated from college.

So, Tommy, from wiki:

Tommy is the fourth studio album by the English rock band The Who, a double album first released on 17 May 1969. The album was mostly composed by guitarist Pete Townshend, and is a rock opera that tells the story of Tommy Walker.
Tommy is traumatized from witnessing his father murder his mother's lover. Tommy's parents compound his trauma by denying the experience. In reaction, Tommy becomes dissociative ("deaf, dumb and blind"). Tommy then experiences the trauma of being sexually abused. As a way of coping with his trauma, Tommy dissociates further through playing pinball. He gains a following because of his skill at playing pinball. After numerous misguided attempts to heal Tommy, a doctor prescribes him a mirror so he can confront himself and his experience. Instead, Tommy becomes self-absorbed and comes to think of himself as a messianic figure. When the mirror is eventually broken, Tommy comes out of his dissociative state. Tommy then tries to lead his followers to believe that the only path to healing is through him. His followers eventually reject him and his teachings.

Townshend came up with the concept of Tommy after being introduced to the work of Meher Baba, and attempted to translate Baba's teachings into music. Recording on the album began in September 1968, but took six months to complete as material needed to be arranged and re-recorded in the studio.
Tommy was acclaimed upon its release by critics, who hailed it as The Who's breakthrough.

1969.

Covid-19 Update -- January 13, 2023

CDC? Not CDC. Sorry. Not soorry.

*************************

Original Post 

This was a no-brainer and I assume the president spent less than ten seconds thinking about it. 

Investors -- January 13, 2023

I'm in such a great mood, I woke up early just to watch CNBC, the first time in maybe a year that I've tuned into "Squawk Box." I've watched occasional snippets of CNBC over the past year when there was breaking news, but for the most part, I quit watching CNBC. I plan to watch forty-five minutes of it today, with the volume muted, just watching the crawler.

The big story: the US economy hitting on all cylinders. 

The banks are beginning to report this morning and things look great.

Warren Buffett should be smiling. Bank of America blew through EPS estimates. Wells Fargo missed. 

Whether the market surges, collapses, or remains flat today, it's gonna be a great day to buy ... something.

Delta Airlines: blew through EPS estimates. Recession? What recession? And the flying season is yet to begin. More and more companies requiring workers to now report back to "the office." Business traffic is about to soar.

************************
Genmab

Themes.

Themes: 2023.

  • Global energy: the 21st century is America's century.
  • Medicine: it's all about CRISPR, mRNA
  • Information: it's all about semi-conductors, automation, robotics. 

One word: Genmab. 

There you have it; your list for 2023.

Wiki.


*******************
Pinduoduo

If this site is "for real" -- this is quite incredible. 

Fastest growing e-tail site?

Egg frying pan:

  • Amazon: $28
  • Temu: $14

And that's just the start. 

5-piece Morandi color series gel pens:

  • Amazon: impossible to find, but 5-piece Fiover -- $8.99
  • Temu: $1.99

The problem: "free shipping on first order."

What We'll Be Talking About Today -- January 13, 2023

Updates

Friday, January 13, 2023: link here -- agree, 1,000% --

Original Post

This isn't supposed to happen:

Links later

  • FAA: this isn't supposed to happen either; the backstory here;
    • the good news: the shutdown only lasted a few hours; and in the middle of the night;
    • Buttigieg: "these glitches happen all the time" -- say what! Buttigieg completely owns it; he will never be held accountable; 
    • he will run for president

****************************
Back to the Bakken

The Far Side: link here.

Active rigs: link here.

WTI: trending toward $80! Whoo-hoo!

Natural gas: $3.735.

Sunday, January 15, 2023:
38768, conf, Lime Rock Resources, Eleanor Twist 4-3-10H-143-95,
38195, conf, Hess, EN-Rehak A-LW-155-94-1423H-1,
36892, conf, Petroshale, Bowie Federal 3MBH,
27892, conf, CLR, Jersey FU 9-6H,

Saturday, January 14, 2023:
39015, conf, Kraken, Feller 15-22 7H,
38767, conf, Lime Rock Resources, Eleanor Twist 3-3-10H-143-95;

Friday, January 13, 2023:
36891, conf, Petroshale, Carson Federal 21-19A,
36177, conf, BR, George 2E MBH,
27883, conf, CLR, Jersey Federal 21-6H,

RBN Energy: tier 3 gasoline specs can handcuff production, but refiners have options, part 3.

Senior refining executives were called to Washington, DC, in June, around the time U.S. gas prices hit their high-water mark for the year, as the government sought recommendations about how to increase the supply of gasoline. One suggestion made to Secretary of Energy Jennifer Granholm was to relax sulfur specifications on fuels, including the Tier 3 gasoline sulfur specifications. But what is the connection between those rules and the U.S. refining system’s ability to produce gasoline? In today’s RBN blog, we explain how the Tier 3 rules constrain gasoline supply capacity in the U.S. and discuss ways to break free from those chains.

Buffett Is Full Of Crap -- January 13, 2023

Link here.

I hate to be blunt, and crass, but that's a bunch of crap ... or bullshit ... or whatever. In fact, Buffett likes companies whose names start with "A," "B," or "C." He never gets much farther down the alphabet unless the CEO flies to Omaha to beg for help (an "O" company).

Companies whose names start with "A," "B," or "C"accounted for well over 60% of his portfolio until the recent Wall Street bear market. Companies that he owns outright (see way below) at least get to the "X" in the alphabet.

Why in the world does Buffett invest in companies that make up less than 1% of his entire portfolio, which is the vast majority of his holdings -- companies that make up less than 1% of his entire portfolio.

Link here. It took three screenshots to get his entire portfolio, and this does not include the companies he owns outright. 

According to the 2021 annual report:

Warren Buffett, through Berkshire Hathaway Inc owns 65 distinct companies, divided into a complex web of over 260 subsidiaries.

  1. Acme Brick Company
  2. HomeServices of America
  3. Applied Underwriters
  4. International Dairy Queen, Inc.
  5. Ben Bridge Jeweler
  6. IMC International Metalworking Companies
  7. Benjamin Moore & Co.
  8. Johns Manville
  9. Berkshire Hathaway Automotive
  10. Jordan’s Furniture
  11. Berkshire Hathaway Direct Insurance Company (THREE)
  12. Justin Brands
  13. Berkshire Hathaway Energy Company
  14. H. Brown Shoe Group
  15. Berkshire Hathaway GUARD Insurance Companies
  16. Larson-Juhl
  17. Berkshire Hathaway Homestate Companies
  18. LiquidPower Specialty Products Inc. (LSPI)
  19. Berkshire Hathaway Specialty Insurance
  20. Louis – Motorcycle & Leisure
  21. BH Media Group
  22. Lubrizol Corporation
  23. biBERK Business Insurance
  24. Marmon Holdings, Inc.
  25. BoatU.S.
  26. McLane Company
  27. Borsheims Fine Jewelry
  28. MedPro Group
  29. Brooks
  30. MiTek Inc.
  31. Buffalo NEWS, Buffalo NY
  32. MLMIC Insurance Company
  33. BNSF
  34. National Indemnity Company
  35. Business Wire
  36. Nebraska Furniture Mart
  37. Central States Indemnity Company
  38. NetJets®
  39. Charter Brokerage
  40. Oriental Trading Company
  41. Clayton Homes
  42. Pampered Chef®
  43. CORT Business Services
  44. Precision Castparts Corp.
  45. CTB Inc.
  46. Precision Steel Warehouse, Inc.
  47. Duracell
  48. RC Willey Home Furnishings
  49. Fechheimer Brothers Company
  50. Richline Group
  51. FlightSafety
  52. Scott Fetzer Companies
  53. Forest River
  54. See’s Candies
  55. Fruit of the Loom Companies
  56. Shaw Industries
  57. Garan Incorporated
  58. Star Furniture
  59. Gateway Underwriters Agency
  60. TTI, Inc.
  61. GEICO Auto Insurance
  62. United States Liability Insurance Group
  63. General Re
  64. XTRA Corporation
  65. Helzberg Diamonds

As Buffett himself says, "diversification is protection against ignorance."

Didn't Peter Lynch limit himself to ten companies at a time?