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:

• Quick connects.
  

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:

BIRDBEAR	7-2014	30	84	194	443	20	20	0
DUPEROW	7-2014	30	7	15	34	2	2	0
RED RIVER	7-2014	30	38	89	205	9	9	0
BIRDBEAR	6-2014	30	118	142	709	127	127	0
DUPEROW	6-2014	30	9	11	55	10	10	0
RED RIVER	6-2014	30	54	66	327	59	59	0
BIRDBEAR	5-2014	1	1	0	40	19	19	0
DUPEROW	5-2014	1	0	0	3	1	1	0
RED RIVER	5-2014	1	1	0	18	9	9	0
BIRDBEAR	4-2014	20	36	0	473	94	94	0
DUPEROW	4-2014	20	3	0	36	7	7	0
RED RIVER	4-2014	20	17	0	218	43	43	0
BIRDBEAR	3-2014	25	5	0	790	73	73	0
DUPEROW	3-2014	25	0	0	61	6	6	0

 Initial production:

RED RIVER	1-1999	31	4532	4455	265	45228	45228	0
RED RIVER	12-1998	31	5761	5696	233	56024	56024	0
RED RIVER	11-1998	30	9077	9398	222	64441	64441	0
RED RIVER	10-1998	7	2326	1801	0	5367	5367	0
RED RIVER	9-1998	0	0	0	0	0	0	0
RED RIVER	8-1998	5	1292	1292	0	0	0	0

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?

*******************
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:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	12-2022	31	11553	11543	12284	21217	20914	303
BAKKEN	11-2022	30	14117	14115	12314	22475	19512	2963
BAKKEN	10-2022	31	16937	16930	16593	25814	22263	3551
BAKKEN	9-2022	30	19583	19586	22083	29324	27655	1669
BAKKEN	8-2022	28	19381	19365	23965	27653	27233	420
BAKKEN	7-2022	31	37231	37180	34212	78815	49644	29171
BAKKEN	6-2022	7	2234	2207	1965	1198	0	1198

The Rehak well in Alkali Creek oil field

• 38195, conf, Hess, EN-Rehak A-LW-155-94-1423H-1, Alkali Creek;
  

Date	Oil Runs	MCF Sold
11-2022	16683	28148
10-2022	22160	31344
9-2022	26206	39639
8-2022	27031	39901
7-2022	29739	15872

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.

Inflation: Today's Theme -- January 13, 2023

Inflation: 

• excluding the lagged shelter component, inflation has just about normalized;

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

• Rare earths: 
• Sweden just found the mother lode.
  
• EVs:
• sold only 60% of the cars it made in 2022; way too expensive even for rich folks;
• Tesla is massively cutting prices; there goes the margins;
• US deficit:
• the Dems are beating the GOP at their own game: the federal budget deficit came in at $1.4 trillion for CY22; down from $2.6 trillion a year earlier
• Inflation:
• excluding the lagged shelter component, inflation has just about normalized;
• Gaslighting:
• this can't be a coincidence; during this past week I've been using "gaslighting" to describe the Biden administration; now, all of a sudden, that's a PowerLine headline; this ain't coincidence, folks. At least I cite my sources. LOL.
• Trending on the blog:
• "folks who disagree with 'his' decision don't understand politics"
• memo to self: update that post with the most recent Covid-19 data;
• Russia:
• doesn't even have the technology to make its own tires;
• I don't think folks realize how far Russia has fallen; it's worse than a 3rd world country when it comes to manufacturing -- it's not even an emerging nation any more
• I think even Bernie Sanders realizes that
• TSM:
• people thinking out loud: this company might just become the largest company in the world by the end of this decade.
• Lego: 
• "we" own the top two pirate ships in the entire Lego collection
• these are expensive, and hard to find; and we got 'em!
• see this note for links to YouTube.
  

****************************
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?