Kraken Resources Will Acquire / Has Acquired Crescent Point Energy Assets In North Dakota -- October 16, 2023

Locator: 45798B. 

A huge "thank you" to a reader who alerted me to this. I completely missed it (or if I posted this before, I've completely forgotten).

Link here.

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The Book Page

Available now from University of Toronto Press: None Is Too Many: Canada and the Jews of Europe, 1933 - 1948, Irving Abella & Harold Troper.

From wiki:

This is the kind of book we would find in the Harvard Book Store located on Cambridge's (Massachusetts) Harvard Square. Wow, we loved that book store when we lived in Belmont, Massachusetts just a few years ago.

[Speaking of Belmont, that's where General Mark Milley played ice hockey, Belmont High School, before going to Princeton. From wiki:

Milley attended a Catholic grammar school where he played hockey. Good grades and athletic ability led to him being recruited to Belmont Hill School, and afterwards to Princeton University where he played varsity ice hockey.

There, he joined the Reserve Officers' Training Corps (ROTC) and in 1980 graduated with a Bachelor of Arts degree in politics after completing a 185-page-long senior thesis titled "A Critical Analysis of Revolutionary Guerrilla Organization in Theory and Practice".

Milley also holds a Master of International Affairs degree from the School of International & Public Affairs (SIPA) at Columbia University and another Master of Arts degree in national security and strategic studies from the Naval War College.

He is also an attendee of the MIT Center for International Studies Seminar XXI National Security Studies Program.

Milley earned his commission as an armor officer through Princeton's Army Reserve Officers' Training Corps program in 1980. Milley's career has included assignments with the 82nd Airborne Division, 5th Special Forces Group, 7th Infantry Division, 2nd Infantry Division, Joint Readiness Training Center, 25th Infantry Division, Operations Staff of the Joint Staff, and a posting as Military Assistant to the Secretary of Defense.]

And, then of course, we have a US senator, a retired football coach, who is successfully blocking the promotions of flag and general officers.  

But I digress. Back to bookstores.

On my shortlist of favorite book stores is the Half-Priced Book Store on Broadway in San Antonio, TX. Great memories. I guess the reason I quit going to Half-Price Book Stores is simply because I couldn't leave without several books and we had simply run out of shelf space. 

Best, of course, is Powell's Books in Portland, Oregon. 

But time to move on.

Five New Permits; Three Permits Renewed; Two DUCs Reported As Completed -- October 16, 2023

Locator: 45797B. 

Active rigs: 38.

WTI: $86.66

Five new permits, #40263 - #40267, inclusive:

• Operators: Liberty Resources (3); Stephens Williston (DBA SEG Williston) (2)
• Fields: Cottonwood (Mountrail); Stanley (Mountrail)
• Comments:
• Liberty Resources has permits for three wells, lot 3 section 18-158-92, UT (Utah), CO (Colorado), and NM (New Mexico), 
• to be sited 348 FNL and between 271 FWL and 486 FWL;
• SEG Williston has two Cabot permits, SWSW 12-155-91, 
• to be sited 666 FSL and 727 FWL, and 360 FSL and 310 FEL;

Three permits renewed:

• BR: three Parrish permits, Pershing oil field, McKenzie County;

Two producing wells (DUCs) reported as completed:

• 39259, 777, SEG Williston, Greenbrier 15591W-0211-7HSL, Mountrail,
• 39556, 1,756, CLR, fuuller 9-2H1, Dunn County,

Dashboards -- October, 2023

Locator: 45796B. 

The dashboards have just posted.

Bakken is #1 in 5 of 6 metrics.

EIA dashboards:

• EIA pdf, Bakken: https://www.eia.gov/petroleum/drilling/pdf/bakken.pdf
• EIA, pdf, Permian: https://www.eia.gov/petroleum/drilling/pdf/permian.pdf
• EIA, pdf, Eagle Ford: https://www.eia.gov/petroleum/drilling/pdf/eagleford.pdf

October, 2023:

• 1781 -- the Bakken
• 1150 -- the Permian
• 1507 -- the Eagle Ford

Change, month / month (crude oil):

• 35 / 1746 = 0.0200 = 2.00% -- the Bakken
  
• 26 / 1124 = 0.0231 = 2.31% -- the Permian
  
• 15 / 1492 = 0.0101 = 1.49% -- the Eagle Ford
  

UAW Update — October 16, 2023

Locator: 45795UAW. 

Updates 

Re-posting:  

October 16, 2023: Bill Ford gets it, but is it too late? The fact that Bill Ford is now weighing in on this strike in the public forum speaks volumes. Link here.

October 16, 2023: UAW going for the jugular and now it's getting personal:

October 16, 2023: Ford CEO — unprecedented — pleads with UAW — becoming an existential issue. 

• the CEO would not have made this speech without board support
• is the CEO on the ropes; or,
• has Fain overplayed his hand?
  
• over the weekend: Ford’s best and final offer
• shares holding up well
• agree to disagree: back to work without a contract while negotiations continue? 
• has Faun over-promised; was 40% pie-in-the-sky — could Fain deliver incredible contract but comeu up short of “promises”; Fain accepts; members won’t?
• what happens if Fain can’t control his union? Remember — very few union members have participated in strike action; based on human psychology and reporting in the news, majority of workers want opportunity to show solidarity, show anger, vent, get it out of their system 
• parallels with Asteroid City when protagonist burned his hand; the protagonists in this movie are the rank-and-file members
• by the way: what are the salaries and benefits of the union leadership and has their pay and benefits increased over the past five years?

October 15, 2023: there now appears to be a race to see who can idle the most workers the fastest: management (layoffs); union (strike) — for management, idling workers may be better than risking the consequences of not taking preemptive action.

October 11, 2023: egos getting in the way of serious negotiations? Link here.

Original Post

From earlier today.

Now, today, from Barron's. 

The United Auto Workers strike against the Detroit-Three auto makers just entered a new phase Wednesday. It means more uncertainty for investors. It also means the auto makers and the union are still far apart on a couple of key issues.

Tuesday evening, UAW workers walked out at Ford’s Kentucky Truck Plant . It’s a move designed to inflict serious financial pain on the auto maker. 

With nearly 9,000 workers, Kentucky is Ford’s largest plant in the world. F-series super duty is built there. That’s an important profit generator for Ford’s commercial business, Ford Pro. The Lincoln Navigator and Ford Expedition are built there, too. Overall, Kentucky generates about $25 billion in sales annually. Ford is expected to generate $173 billion in sales in 2023, according to FactSet. 

Ford stock has fallen 1% in after-hours trading.

Now about 17,000 Ford workers are on strike, bringing the total at all three auto makers to about 33,000. Total UAW employment at the Detroit-Three is about 145,000 workers. 

Ford says it has the best economic offer of the three auto makers on the table. It was unwilling to make a new offer, yesterday, Wednesday, October 11, 2023.

Since then, we've come to that space between a rock and a hard place:

Catching Up Or Preparing For The Future? October 16, 2023

Locator: 45794CHINA.

Link here.

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Flashback

Link here. How the Biden economy stacks up with previous presidents.

TSM, Apple, And Arizona -- Barron's -- October 16, 2023

Locator: 45793TECH.

Unfortunately this is behind a paywall, but Barron's has a very, very long article on TSMC and its move into Arizona.

Link here.

I might come back to this article later. 

It's not necessarily a good news story for TSM.

If it weren't for Biden's inflation reduction act, TSM likely would not be moving into Arizona.

Pop poll: in the graphic above, what do you find most interesting? I see three things.

Six Wells Coming Off Confidential List Over Weekend, Monday -- October 16, 2023

Locator: 45792B. 

Old news: for the archives.

• XOM shoots to #1 in the Permian
• US domestic production hits all-time record in August: 13.2 million bopd
• production record hit one month earlier than Rystad Energy predicted a few months ago

UAW: did someone blink?

• link here --
• the 40% was a bridge too far;
• now: to convince rank and file members, "we" got a great deal
• Ford: last and best offer on the table

Schwab earnings: BTE. 77 cents vs 74 cents forecast.

• but outflow still continues

Entirely predictable: quiet cutting. 

One woman show!

• highest-grossing domestic concert film ever; link here.
• the stats at The WSJ staggering
• outsold most 2023 Hollywood releases its opening weekend
• 70% of all tickets for all movies -- for Taylor Swift

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Back to the Bakken

Locator: 45792B. 

WTI: $87.67.

Tuesday, October 17, 2023: 38 for the month; 38 for the quarter, 608 for the year
39684, conf, Crescent Point Energy, CPEUSC Farthing 3-30-31-158N-100W-MBH,
39283, conf, Oasis, Kestrel 5401 43-22 5BX,
36780, conf, BR, George 1C TFH,

Monday, October 16, 2023: 35 for the month; 35 for the quarter, 605 for the year
39331, conf, CLR, Arthur 9-12H1,

Sunday, October 15, 2023: 34 for the month; 34 for the quarter, 604 for the year
39685, conf, Crescent Point Energy, CPEUSC Clermont 3-19-18-158N-100W-MBH,
39332, conf, CLR, Arthur 10-12H,
38922, conf, Oasis, Kestrel 5401 43-22 2B,

Saturday, October 14, 2023: 31 for the month; 31 for the quarter, 601 for the year
39429, conf, Petro-Hunt, Dean Wormer 149-102-33D-28-4H,
38275, conf, Hess, BB-Olson-150-95-09H-3,

RBN Energy: ExxonMobil soars to #1 in the Permian in largest ever US upstream deal.

Sometimes, courtship is better the second time around. After some previous rumors and flirting with a deal in the spring of 2023, ExxonMobil, the largest international integrated oil company, reached an agreement to acquire Pioneer Natural Resources, the largest pure-play Permian producer, for $64.5 billion, the largest-ever U.S. upstream transaction. In today’s blog, we analyze the deal that would make ExxonMobil the top Permian producer, including shifts in the focus and depth of its upstream portfolio, the integration with its existing midstream and downstream infrastructure, and its energy transition goals.