Hess With Five New Permits; CLR With Three DUCs Reported Completed -- April 12, 2023

Locator: 44379B.

Active rigs: 44.

WTI: $83.06.

Natural gas: $2.093.

Five new permits, #39815 - #39189, inclusive:

• Operator: Hess
• Field: Ross (Mountrail)
• Comments:
• Hess has permits for three RS-Flickertail wells and two RS-Nelson Farms wells, SWSW 8-156-91; 
• to be sited, 335 FSL and between 360 FWL and 492 FWL.

Three producing wells (DUCs) reported as completed (of interest, the "FIU" has been dropped):

• 38170, no IP test, CLR, LCU Foster Federal 7-28H, the Long Creek Unit is tracked here;
  
• 38172, no IP test, CLR, LCU Foster Federal 9-28H, the Long Creek Unit is tracked here;
• 38173, no IP test, CLR, LCU Foster Federal 10-28H1, the Long Creek Unit is tracked here;
  

Previously, names were: 

• 38170, conf-->drl, CLR, LCU Foster FIU 7-28H, no production data,
• 38172, conf-->drl, CLR, LCU Foster FIU 9-28H, no production data,
• 38173, conf-->drl, CLR, LCU Foster FIU 10-28H1, no production data,

WBD Merges HBO Max & Discovery Into A New Streaming Service -- April 12, 2023

Locator: 44378B.

Streaming wars: link here.

New streaming service.

HBO Max to be renamed: "Max." Pricing here. WBD's flagship streaming service.

The 900-lb gorilla still in the room: what does Bob Iger plan to do with Hulu?

This Story Could Have Legs -- April 12, 2023

Locator: 44377B.

QCOM Raises Its Quarterly Dividend -- April 12, 2023

Locator: 44376B.

WTI: $83.50. And SecEnergy Jen “clueless” Granholm is talking about refilling the SPR later this year “if it’s in the best interest of the American taxpayer.” Link here.

Harry: to attend coronation alone. Pretty easy to figure out who won, who lost but 9 out of 10 Americans will get it wrong. Meanwhile:

• Harry and Meghan's son Archie will celebrate his birthday same day as the coronation!
• four-year birthday will be celebrated without his dad!
• dad will be gone for a week!
• Harry will easily feel like the spare tire at all formal events;
• expect an American television network extravaganza for the four-year-old's birthday
• with the time difference, the four-year-old's birthday party at 2:00 p.m. will coincide with ballroom dances at 8:00 p.m. in London.
• I can't even begin to imagine how much fun Meghan will be having hosting a birthday party for Archie without his dad there. 
• but he's a military man and sometimes service / duty comes before family -- even if one is the spare?
  

Locator: 44376B.

This absolutely does not matter one bit but it's always nice to see.

Earlier today, sticking to my investment plan, I added to my QCOM position, for no other reason than it was "part of the plan."

Now, moments ago, it's being reported that QCOM has announced that it is raising its quarterly dividend from 75 cents to 80 cents, payable I assume on / about 6/23/2023. A 6.7% pay raise.

************************
Investing

Based on historical data, "we" still have another year of accumulating US equities "on sale."

Historical data suggests the Dow won't be back to previous highs until the summer of 2024.

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. 

Again, all my posts are done quickly. There will be typographical and content errors in all my posts. If any of my posts are important to you, go to the source.

Weekly EIA Petroleum Report -- Great Report; WTI Jumps Second Day In A Row; Gains 2% Today; Gasoline Demand Breaks 9.1 Million Bbls Per Day -- April 12. 2023

Locator: 44375B. 

EIA weekly petroleum report: link here:

• US crude oil in commercial storage increased by 0.6 million bbls
• recall that there was an SPR release last week of over one million bbls
• US crude oil in storage is 3% above the five-year average, at 470.5 million bbls
• at 6.2 million bops, imports were down almost one million bopd
• refiners are operating at 89.3% of their capacity
• distillate fuel inventories deceased by 0.6 million bbls last week
• distillate fuel in storage is 11% below the five-year average
• jet fuel supplied was up 1.5% 

Following the report, WTI jumped another $1.06 today after a jump yesterday and is now trading at $82.59.

Wow, talk about a great report, and a great response for WTI.

Gasoline demand, link here:

We're still in a "Goldilocks" economy.

China needs coal and lots of it as it converts from a crude-oil-sourced-ICE economy, to a coal-sourced EV economy.

Whoo-hoo! Let's Go Brandon -- Time To Head Out To The Pool -- April 12, 2023

Locator: 44374B. 

From CNBC, pre-market, Wednesday, April 12, 2023. Traders, movers and shakers obviously got an early copy of JPow's comments and/or the most recent inflation numbers.

There's only one company in which I'm interested today.

Because this is not an investment site, I can't add anything more on the advice of my editor and publisher. 

Not out of the woods yet, but ....

India -- Bloomberg -- April 12, 2023

Locator: 44373B. 

From Bloomberg today.

India’s consumption of refined oil products rose to a record in the 12 months to March 31, 2023, beating its pre-pandemic high.

Demand gained 10% — the fastest pace of growth in seven years — to 222 million tons, equal to about 4.9 million barrels a day, according to government data.

The South Asian nation’s consumption is expected to climb even more this year, albeit at a slower rate, to about 234 million tons. To feed this growth, India has become the biggest importer of Russian crude.

The inflow of discounted barrels shunned by Moscow’s traditional buyers in Europe is also pulling down prices charged by some of India’s Middle Eastern suppliers.

E-Car Sales Collapse -- April 12, 2023

Locator: 44371B. 

Link here. 

COP: 10-Year Plan -- April 12, 2023

Re-posting.

Locator: 44370B.

COP: link here.

• ConocoPhillips unveiled a 10-year plan Wednesday, April 12, 2023, that envisions more than $115B of free cash flow available for distributions and capital spending averaging ~$10B annually, resulting in a 4%-5% production compound annual growth rate at an average reinvestment rate of ~50%. 
• The plan foresees durable cash flow growth with projected cash from operations and FCF compounded annual growth rate of ~6% and 11%, respectively, and return on capital employed increasing at least one percentage point annually. 
• Conoco said it will seek a resource base of 20B boe at less than $40/bbl WTI, representing a resource life of more than 30 years at current production levels. 
• The company also pledged to speed up its greenhouse gas intensity reduction target through 2030 by 10% to a range of 50%-60% using a 2016 baseline. 
• ConocoPhillips (COP) is expected to provide shareholders with almost 5% in annualized dividends and share buybacks, generating strong shareholder returns

 See this post on the blog before the above-story was posted today.

For oil companies to attract 'mom-and-pop" traders / investors from ESG 'mojo' stocks, oil companies are going to have to make their shares irresistible.

COP, link here.

April 14, regular dividend pay-date:

• last year: 30 cents / share;
• this year, that has been doubled to 60 cents / share;

Through, April 14, COP has paid:

• calendar year, 2022: 96 cents
• calendar year, 2023: $1.81

Russia, Saudi Update -- April 12, 2023

These stories / links are all being re-posted.

Locator: 44368B. 

Russia crude oil exports collapse: link here.

Russian cash: link here.

Saudi surplus shrinking: link here.

Saudi can't afford a price war: link here to Bloomberg: 

How OPEC+ punished the short sellers: link here.

Russia, Saudi Updates; Two Wells Coming Off Confidential List -- April 12, 2023

Locator: 44367B. 

COP: link here.

• ConocoPhillips unveiled a 10-year plan Wednesday, April 12, 2023, that envisions more than $115B of free cash flow available for distributions and capital spending averaging ~$10B annually, resulting in a 4%-5% production compound annual growth rate at an average reinvestment rate of ~50%. 
• The plan foresees durable cash flow growth with projected cash from operations and FCF compounded annual growth rate of ~6% and 11%, respectively, and return on capital employed increasing at least one percentage point annually. 
• Conoco said it will seek a resource base of 20B boe at less than $40/bbl WTI, representing a resource life of more than 30 years at current production levels. 
• The company also pledged to speed up its greenhouse gas intensity reduction target through 2030 by 10% to a range of 50%-60% using a 2016 baseline. 
• ConocoPhillips (COP) is expected to provide shareholders with almost 5% in annualized dividends and share buybacks, generating strong shareholder returns

"E-Car" sales collapse. Op-ed link here.

Russia crude oil exports collapse: link here.

Russian cash: link here.

Saudi surplus shrinking: link here.

Saudi can't afford a price war: link here to Bloomberg: 

How OPEC+ punished the short sellers: link here.

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

Active rigs: 42.

WTI: $81.44.

Natural gas: $2.201.

Peter Zeihan newsletter.

Thursday, April 13, 2023: 26 for the month; 26 for the quarter, 281 for the year
None.

Wednesday, April 12, 2023: 26 for the month; 26 for the quarter, 281 for the year
39184, conf, Ragnar Exploration, Galt 1-22H,
38875, conf, Ovintiv, Clear Creek Federal 152-97-36-25-8H,

RBN Energy: a revolution in UUS cruude ooil and petroleum product expoort markets. Link here. Archived. 

Crude oil exports are hitting record volumes. Geopolitical dislocations, regional capacity constraints, and transport cost aberrations are upending global trade flows. These developments have a direct impact on U.S. export grades, prices, and the utilization of pipelines and terminals. Petroleum product exports have an equally formidable set of challenges. U.S. surpluses of refined products are growing as domestic demand falls and biofuel penetration increases. The impact will translate directly into shifts in flows between PADDs, the repurposing of infrastructure, and more exports from the Gulf Coast. We’ll be exploring these and many more developments at our upcoming conference, xPortCon-Oil 2023, to be held in Houston on June 8, 2023. In this blatantly advertorial blog, we will introduce the major topics to be covered at the conference, who will be participating, and why we believe this will be the most important industry gathering for crude and products markets this year.