The Million Dollar Way (The Bakken Oil Blog): 07/08/23

Saturday, July 8, 2023

Three New Chord (Oasis) Peregrine Wells In Todd Oil Field -- July 8, 2023

Locator: 45945B.

The usual disclaimer applies.

July 8, 2023: this is a biggie for Williston folks. Three new CHORD (Oasis) wells have just reported first runs in May, 2023. The wells are still confidential. The three wells are on the Peregrine 42-24 pad (#38780, #38781, #38782).

Todd oil field is under the city of Willison, which means a lot of Williston folks (and the city of Williston) have very, very small interests, but no matter how small, it's always exciting when new wells come in.

Recall that Chord Energy is the name for the merger of Oasis with Whiting.

Congratulations to Chord, to Oasis, to Williston old-timers.

The wells are still confidential.

38780, conf, Oasis, Peregrine 5401 42-24 2B, Todd, t--; cum --;

Date	Oil Runs	MCF Sold
5-2023	10057	7986

38781, conf, Oasis, Peregrine 5401 42-24 3B, Todd, t--; cum --;

Date	Oil Runs	MCF Sold
5-2023	3414	2728

38782, conf, Oasis, Peregrine 5401 42-24 4B, Todd, t--; cum --;

Date	Oil Runs	MCF Sold
5-2023	2832	2394

The map:

If Not Now, When? July 8, 2023

Locator: 45944EVS.

This past week the American auto sales for the month of June were reported. There were a lot of posts and a lot of updates.

This was one of the last "updates" I posted:

Locator: 45917AUTOS.

Link here.

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Break, Break

Sometime before that I posted this, July 4, 2023 (and I have posted the "area under the curve" graphic several times in the past three months):

US household "savings" collapsing: "area under the curve" ... graph. Link here.

And, of course, "my favorite chart":

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?

We'll come back to those three separate posts above but let's see if one can guess where I'm going with this?

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The Book Club

From glossary of Hebrew and Yiddish terms, Simon Schama, The Story of Jews, Volume 2: Belonging,1492 - 1900.

Ashkenazi:

In the narrow sense Jews from the Germanic world, but broadened to include those from eastern Europe, in fact anhyone other than those tracing roots to Spain and Portugal, to the Maghreb and Levant. Confusingly, there have been and are plenty of Ashkenazi Jews in Mediterranean countries like Italy but it's safe to say anyone whose mouth waters at the prospect of cold poached minced carp crowned with a little yarmulka of boiled carrot can only be Ashkenazi.

Sephardi:

lit. Jews of Spanish and Portuguese origin, but commonly used to describe any non-Ashkenazi Jews. Latterly, especially, in Israel, Jews from the North African Maghreb, the Middle East (Syria, Iraq, Lebanon, and the Yemen), as well as communities from Ethiopia and India, are called "Mizrachi" ("from the East"). True (i.e. Spanish-Portuguese) Sephardim have a rich literature and oral tradition (including songs) in the Judaeo-Spanish language, Ladino.

Saturday -- July 8, 2023

Locator: 45943ARCH.

101 Days of Summer

Day 42. Summer almost half over.

Items.

"Harr the Spare" -- if he had the wherewithal hecould take up his mother's (Princess Di's) cause: cluster bombs and land mines. The Biden administration has agreed to supply Ukraine with cluster bombs.

From Reuters and Robert MacMillan today:

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The Book Club

The Story of the Jews, Volume 2: Belonging 1492 - 1900, Simon Schama, c. 2017. 909SCH.

Notes.

NBA -- July 8, 2023

Locator: 45942NBA.

I think everyone agrees: NBA's television ratings have dropped off a cliff.

The question is, of course, why?

The answer?

So far, those who have tried to answer that question are coming to very different answers and that's because they are looking for the answer through different lenses, or different filters.

Today, I came across two different views.

The first: I won't link the article, but if you google outkick clay travis nba bud lite backlash you should find it. Clay's argument doesn't hold water.

The second: link here.

With regard to Clay Travis and Outkick at the first link.

With regard to the second link, I think Jon Lewis has it exactly right. And the NFL "proves" it.

If one wants to answer the question, why NBA viewership has dropped, one needs to come up with an argument that addresses the following, with regard to the NBA:

OTT -- July 8, 2023

Locator: 45942OTT.

Link here, streaming wars.

I've been annoyed / frustrated that "streaming" is not the word I always want to use when talking about streaming. How I missed this, I know not, but finally, the answer: OTT.

Link here to wiki.

An over-the-top (OTT) media service is a media service offered directly to viewers via the Internet. OTT bypasses cable, broadcast, and satellite television platforms: the types of companies that have traditionally acted as controllers or distributors of such content. It has also been used to describe no-carrier cellphones, for which all communications are charged as data, avoiding monopolistic competition, or apps for phones that transmit data in this manner, including both those that replace other call methods and those that update software.

The term is most synonymous with subscription-based video on demand (SVoD) services that offer access to film and television content (including existing shows and movies for which rights have been acquired from the content owner, as well as original content produced specifically for the service).

OTT (Over-the-Top) services also include a range of "skinny" television offerings that provide access to live streams of linear specialty channels. These services resemble traditional satellite or cable TV providers, but the content is delivered via the public Internet instead of a closed, private network with exclusive equipment like set-top boxes.

Over-the-top services are typically accessed via websites on personal computers, as well as via apps on mobile devices (such as smartphones and tablets), digital media players (including video game consoles), or televisions with integrated Smart TV platforms.

And more:

The United States Federal Communications Commission (FCC) categorizes the OTT services into two groups: multichannel video programming distributors (MVPDs); and online video distributors (OVDs).

Virtual MVPDs include such varied services as DirecTV Stream, FuboTV, Sling TV, Hulu + Live TV, and YouTube TV.

The FCC defined an OVD as:
any entity that provides video programming by means of the Internet or other Internet Protocol (IP)-based transmission path where the transmission path is provided by a person other than the OVD.

An OVD does not include an MVPD inside its MVPD footprint or an MVPD to the extent it is offering online video programming as a component of an MVPD subscription to customers whose homes are inside its MVPD footprint.

For investors:

Consumers can access OTT content through Internet-connected devices such as smartphones, tablets, smart TVs, set-top boxes, gaming consoles, and desktop and laptop computers. As of 2019, Android and iOS users make up more than 45% of the total OTT content streaming audience, while 39% of users use the web to access OTT content.

Anticipation: XOM -- 2Q23 Earnings -- Some Concerns -- July 8, 2023

Locator: 45941XOM.

Usual disclaimers apply. This is not an investment site.

Link here for history of XOM's quarterly earnings.

Link here.

ExxonMobil expects to book sharply lower second-quarter earnings compared to the same period last year and to the first quarter, due to low natural gas prices and lower refining margins.

For the first quarter this year, Exxon booked record earnings for a first quarter of $11.4 billion, double from the $5.48 billion for the first quarter of 2022 and down from $12.75 billion for the fourth quarter of 2022.

The per-share earnings of $2.79 for the first quarter of 2023 beat The Wall Street Journal consensus estimate of $2.60.

In an SEC filing on Wednesday, July 5, 2023, the U.S. supermajor estimates that its second-quarter earnings would be lower than the $11.4-billion profit for Q1, due to up to $2.2 billion lower earnings in the upstream division because of low U.S. benchmark natural gas prices, and another up to $2.2 billion decline in the energy products division, due to lower industry margins.

Overall, Exxon’s second-quarter earnings are expected at around $7.8 billion, a sharp drop from $11.4 billion for Q1, and an even steeper slump compared to the $17.85 billion earnings for the second quarter of 2022, when oil and natural gas prices soared after the Russian invasion of Ukraine.

Earnings: