Compare my utility bill (below) with that of a similar-size apartment in northern California.
My wife and I are taking no extraordinary measures to save energy, using whatever we want.
The "December polar vortex / cyclone bomb" did affect this bill.
Egypt: currency crisis. Link here.
And some folks think JPow is being too aggressive.
Germany, 2022: oil imports rose eleven percent; crude oil import bill doubles. Link to Julianne Geiger.
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Back to the Bakken
Active rigs: 44.
WTI: $79.98.
Natural gas: $3.109
Eight new permits, #39605 - #39612, inclusive:
Three permits canceled:
Six producing wells (DUCs) reported as completed:
The single best story:
Top story:
Top international non-energy story:
Top international energy story:
Top national non-energy story:
Top national energy story:
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:
Compare my utility bill (below) with that of a similar-size apartment in northern California.
My wife and I are taking no extraordinary measures to save energy, using whatever we want.
The "December polar vortex / cyclone bomb" did affect this bill.
With one day less in the period, y/y: the electricity usage was absolutely identical, at 802 kwh. Simply an observation. Nothing else.
From the February, 2023, NDIC hearing dockets.
The cases. These are cases, not permits:
The map:
From the February, 2023, NDIC hearing dockets.
This is a case, not a permit
The cases. These are cases, not permits:
Jordan Exploration has ten North Dakota permits. Link here.
From the NDIC docket for Thursday, February 23, 2023, this case, not a permit:
Barnes and Noble, in-store: $20.
Amazon, free delivery, same day: $15.
It would require a coin flip and I would hope that Dylan would win but would gladly accept the Beatles.
Compare my utility bill (below) with that of a similar-size apartment in northern California.
My wife and I are taking no extraordinary measures to save energy, using whatever we want.
The "December polar vortex / cyclone bomb" did affect this bill.
With one day less in the period, y/y: the electricity usage was absolutely identical, at 802 kwh. Simply an observation. Nothing else.
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For The Archives
I haven't had a barbershop haircut since February, 2020. All haircuts since then have been done by Sophia, age eight.
Pants by Nejos, Incirlik, Turkey.
Shirt by Kalaheo. Clearly the finest Hawaiian shirt I've ever had. A gift from Sophia this past Christmas.
The Far Side: link here.
Active rigs: 44.
WTI: $80.54.
Natural gas: $2.886.
Monday, January 30, 2023: 69 for the month; 69 for the quarter, 69 for the year
None.
Sunday, January 29, 2023: 69 for the month; 69 for the quarter, 69 for the year
39044, conf, CLR, Kelling 4-4H,
38163, conf, Hess, BB-Budahn-N-150-95-0506H-1,
Saturday, January 28, 2023: 67 for the month; 67 for the quarter, 67 for the year
39045, conf, CLR, Kelling 5-4H1,
38351, conf, Resonance Exploration, Resonance Wilmot 8-27H,
Friday, January 27, 2023: 65 for the month; 65 for the quarter, 65 for the year
39046, conf, CLR, Kelling 6-4H,
38917, conf, Rampart Energy, Coteau 3
38731, conf, Hess, EN-Neset-LW-156-94-0706H-1,
38162, conf, Hess, BB-Budahn A-LN-150-95-0403H-1,
RBN Energy: It's Time To Make RNG.
We can’t conjure up a more old-school, more intrinsically American industry than whiskey-making, or more iconic whiskey names than Jack Daniel’s and Jim Beam — the latter, of course, being a bourbon, a particular type of whiskey. The recipes for both “Jack” and “Jim” have remained unchanged for generations and their distillers in Tennessee and Kentucky, respectively, are traditionalists to their core. That doesn’t mean, though, that they’re unaware of the need to reduce their greenhouse gas (GHG) emissions — or are blind to the opportunities that decarbonization may present. Now, as we discuss in today’s RBN blog, both Jack Daniel’s and Jim Beam are all-in on producing renewable natural gas (RNG) from spent grains.
Will raise dividend 15%.
Remember: we're in a recession.
*****************************
Recession Talk
Link here. This is Yahoo!Finance
And, all the Legacy car companies -- GM, F -- are up today. As is Tesla. People are spending money.
See my parting shots last night:
Random comment:
At our monthly Schwab luncheon today I saw a lot of financial slides.
It seemed every slide had at least one item that caught my eye but an item which the speaker did not address.
The question on everyone's mind was the question of "recession": are we already in a recession? If not, what is the likelihood of a recession? And when? And how severe? And how long?
The last recession was 2Q20 and lasted one month (various sources; here's one source).
Looking at all the graphs today, one thing jumped out at me. It certainly appears that the average American consumer is a) a whole lot better off; and, b) a whole lot better prepared going into 2023 than when that same average American consumer woke up on March 13, 2020.
One example: even when the "emergencies" were declared in early 2020, it took a long time to get stimulus money distributed, and the stimulus money fell well short of what was needed, and the stimulus money ended before the need for the aid ended. On the other hand, just as one example, pay for military retirees and social security recipients jumped 8.7% -- which will continue "forever," and likely increase again in 2024.
Another example, Americans placed a lot of cash in their savings accounts during the lock down. They are going into 2023 with a huge amount of cash in savings and already prices are coming down.
I think it's pretty much agreed that the Fed is more likely to overshoot than undershoot its target. But unlike what was going on in late 2019 / early 2020, the American consumer and the entire American economic system is so much better prepared for what comes next. Way better.
And, then I can't forget this story, from the other day:
Port of New York: new threshold for empty container fee on ocean containers.
Ports of Los Angeles: container dwell fee put on hold through November 18, 2022. New program announced October 25, 2021.
US supply chain congestion eases: carriers seek cargo. January 25, 2023:
Turning to the US west coast, they commented that: “The picture is not as bright in Los Angeles (LA) and Long Beach (LB), where transit times increased by 41.7% and 24.5%, respectively, in December compared to November. That sets LAX back to a congestion level similar to last April, and LB to last June's levels. Oakland improved its average transit times by 26.4%. Vessels arriving from China and other parts of Asia were quicker to berth in Oakland than they were in LA/LB.”
Ports post strong volume: despite December drop-off. January 25, 2023.
Despite a significant slowdown in the second half of 2022, two major West Coast ports approached the record-setting pace they had in 2021.
Port of Los Angeles officials said the facility still finished as the nation’s busiest container port for the 23rd consecutive year, processing 9,911,158 20-foot-equivalent units, down nearly 7.2% from 2021’s 10,677,609.
For December the port processed 728,871 containers, down 7.3% to 786,588 year-over-year.
Demand for industrial space? At the ports. January 19, 2023. What's driving that need for space? Cars. The report showed that the automotive industry has seen its demand increase by more than 156% since 2021 to servee an influx of electric vehicles. This correlates with huge numbers from first reading GDP -- see above.
The report showed that the automotive industry has seen its demand increase by more than 156% since 2021 to serve an influx of electric vehicle and battery manufacturing endeavors across the country. [Reminder: we're in a recession.]
And demand for construction, machinery and materials companies grew by more than 41% this year because of the oversized pipeline of commercial and residential demand for housing. [Reminder: we're in a recession.]
JLL added that with companies reevaluating their existing operations and addressing the COVID-induced supply chain disruptions, demand will continue to increase for manufacturing and automotive users. [Reminder: we're in a recession.]
From a macro perspective, supply chain woes continue to create backlogs at the ports. The concept and practice of reshoring have come into play, and many occupiers have placed this at the forefront of their business operations. [Reminder: we're in a recession.]
Tight availability, high rents, and port congestion along the West Coast have pushed many occupiers to the Southeast region and to ports along the East Coast, such as Savannah and Charleston, which are seeing record TEU volumes. [Reminder: we're in a recession.]
And don't forget about the third leg of this three-legged stool: New Orleans.
NEW ORLEANS — The pandemic-era collapse of supply chains spurred speculation that globalization was on the decline, as companies vowed to become less reliant on foreign providers of goods and services.
But if New Orleans is any example, the world is headed for less of a retreat from global trade and more of an overhaul to how it operates.
A critical gateway between the Mississippi River and global oceans, New Orleans has been an entry and exit point for the United States since before the Louisiana Purchase. The city is now betting that position will continue — and even deepen — as the world enters a new era of global integration.
The New Orleans port is one of the nation’s busiest for agricultural exports like soybeans and corn. But it has struggled to compete for the lucrative imports that are ferried on huge ships from Asia, in part because those vessels cannot fit under a local bridge. As global supply chains rearrange in the pandemic’s wake, New Orleans’ proximity to Mexico and its position on the Mississippi River could help make it a crucial stop in what many expect to be a more resilient supply chain of the future.
Executives at the New Orleans port are wagering on that transformation: They recently unveiled a plan to spend $1.8 billion on expanding the port to a new site that can handle more trade and accommodate bigger boats. That optimism about the future of trade breaks with some of the worst fears of the past few years, as pandemic-related supply chain disruptions, COVID lockdowns in China and Russia’s war with Ukraine shook confidence in the global trading system.
Policymakers and company executives vowed to become less reliant on China and to locate supply chains closer to home. That prompted predictions that the world was headed for a period of “de-globalization,” in which the trade and financial ties that have brought countries closer in recent decades would spin into reverse. So far, economic data shows few signs of such a sharp retreat. [Reminder: we're in a recession.]
Anyway, do your own google search -- us ports los angeles news. I'm moving on. Remember: we're in a recession.
Wrong horse:
Big question(s):
Ticker:
From January 21, 2023, last week:
Reposting from January 21, 2023:
Disclaimer: this is not an investment
site. Do not make any investment, financial, job, career, travel, or
relationship decisions based on what you read here or think you may have
read here.
All my posts are done quickly:
there will be content and typographical errors. If anything on any of
my posts is important to you, go to the source. If/when I find
typographical / content errors, I will correct them.
Note: very brief notes, but this is where I will put notes on Chip War: The Fight for the World's Most Critical Technology, Chris Miller, c. 2022.
Intel job cuts:
Back in October, 2022, Intel was one of the first to announce huge cuts, starting with an announcement of cutting 20,000 jobs in late 2022. Previously posted.
With very little fanfare, more cuts were announced two days ago, in California:
Last year, Intel announced a new facility for Hillsboro, Oregon, but , announced January 20, 2023 (yesterday).
With regard to Biden's "chip bill" Intel is going to do very, very well.
The United States recently passed the chip bill – the “Chip and Science Act”. Analysis of the chip bill points out that American semiconductor manufacturers will be the main beneficiaries. Furthermore, analysts believe that Intel will take the largest share of the subsidies. However, it is still difficult to shake the current wafer foundry competition. In the U.S. chip bill, $39 billion will be to subsidize fab expansion. Also, $11 billion will be for advanced process research and development, and $2 billion will for defence programs.
Of the $39 billion in fab subsidies, Intel should receive no less than 32 per cent. Furthermore, Micron will get 31 per cent while Texas Instruments, Samsung and TSMC will get 14 per cent, 13 per cent and 10 per cent respectively. This means that about 1/3 of TSMC’s $12 billion investment in Arizona will be subsidized by the United States. This can ease the cost pressure of setting up factories there. Unless the United States continues to subsidize, it will still face costs in the medium and long term.
The agency also claims that Intel should receive the most subsidies in this bill. This will help it expand in the foundry field, but TSMC still has advantages in three key aspects: business execution capabilities, technology, and customer relationships. Therefore, although this plan will help the United States increase its share in the foundry market, it is still difficult to return to the market share level of the 1990s. Also, it will not significantly change the current competitive landscape of fabs. TSMC is currently 1-2 generations ahead of Intel.
According to Jon Peddie, an analyst at Jon Peddie Research (JPR), a market research agency, a recent article analyzed Intel’s GPU business. He believes Intel has invested about $3.5 billion in its discrete GPU development — investments that have yet to pay off. Intel’s AXG (Accelerated Computing and Graphics division) has lost $2.1 billion since its official launch in the first quarter of 2021. Given Intel CEO Pat Gelsinger’s track record, JPR thinks Intel will cancel the AXG division. Since early 2021, Pat Gelsinger has cancelled six “underperforming” businesses.
Meanwwhile, over at eetimes,
The U.S. Department of Defense (DoD) is Intel Foundry Services’ (IFS’s) “No. 1” customer, IFS president Randhir Thakur told EE Times, noting that IFS plans to be part of the DoD state-of-the-art heterogeneous integrated packaging (SHIP) program. That program will necessitate deep knowledge of gate-all-around (GAA) technology facilitating high-transistor–density 3D chips.
Intel’s new foundry unit has an initial $250 million contract with the DoD to provide chip design and development. The next step, for a much larger and unnamed dollar figure, will include manufacturing if IFS can meet certain national security criteria, Thakur said in an interview on the sidelines of Intel’s latest fab project in Columbus, Ohio.
“They [the DoD] produce a few chips, but boy, they better work and be secure,” Thakur said. If IFS hits the stringent quality targets of the DoD, other customers will feel much more relaxed, he said.
Sounds like a cozy relationship.
By the way, the "chips bill" probably saved the new Intel facility in Ohio. Back in August, 2022, Intel questioned the project because the government "was dragging its feet."
Meanwhile, in Germany, "Intel delays construction for an $18 billion
German chip fab as it angles foor more government funding." Link here, December 19, 2022 -- just last month.
Intel is using TSMC foundries to produce its 4 nm chips. I've long lost the bubble, but some time ago it was reported that Intel had to farm out its smaller chips to TSMC when Intel was having trouble with its 10 nm and 7 nm chips.
Disclaimer: this is not an investment
site. Do not make any investment, financial, job, career, travel, or
relationship decisions based on what you read here or think you may have
read here.
All my posts are done quickly:
there will be content and typographical errors. If anything on any of
my posts is important to you, go to the source. If/when I find
typographical / content errors, I will correct them.
******************
TSMC
Following the "chip bill" announcement, Forbes reported that TSMC will triple its Arizona investment to $40 billion, among the largest foreign outlays in US history, link here.
******************
The Chip War
Intel is nowhere to be found on the wiki graph with regard to new chips. See here, here, and, here. Wiki has updated the chart to 2023 (the new Apple M2 Pro and Max chips (5 nm) and 4 nm (2022). Apple will start shipping hardware with 3nm chips in late 2023.
The last time Intel showed up on the wiki scoresheet was in 2017, 14 nm. Holy mackerel.
