Apple Surges -- WTI Down -- Another Win For Trump -- NOG In The News -- Manic Monday -- July 15, 2024

Locator: 48137B.

One day only: MSNBC pulls "Morning Joe" off the air for one day, to "cool down" the rhetoric. 

Win for Trump: jude dismisses Trump's classified documents case. Will likely be appealed; will likely end up before US Supreme Court.

Apple: personal thoughts, flashback, March 22, 2024. Link here.

• AAPL share price:
• March 22, 2024: $172
• April 19, 2024: $165
• today, July 15, 2024: $235.60

BRK-B:  

• BRK-B share price:
• March 22, 2024: $412
• April 19, 2024: $405
• today, July 15, 2024: $432

Winner today -- CNBC flash: Netflix -- up almost $17; up 2.5%.

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July 15, 2024

WTI: $81.91.

Tuesday, July 16, 2024: 30 for the month; 30 for the quarter, 356 for the year
40430, conf, Neptune Operating, Gustafson 5-8 5H,
39637, conf, Hess, TI-State-158-95-3635H-3,

Monday, July 15, 2024: 28 for the month; 28 for the quarter, 354 for the year
None.

Sunday, July 14, 2024: 28 for the month; 28 for the quarter, 354 for the year
None.

Saturday, July 13, 2024: 28 for the month; 28 for the quarter, 354 for the year
None.

RBN Energy: Uinta's prolific waxy crude drives SM Energy / Norther O&G Purchase Of XCL. Archived.

The Uinta Basin is no Permian when it comes to drilling activity and production volumes, but the folks behind what may be the biggest M&A deal in Uinta history say the oil-production economics in parts of the quirky-as-heck play in northeastern Utah compare very favorably with the best of the Permian’s Delaware and Midland basins. And where else will an astounding 85%-plus of the produced hydrocarbons come out of the ground as high-quality waxy crude? In today’s RBN blog, we discuss the recently announced plan by SM Energy and non-op specialist Northern Oil & Gas (NOG) to acquire XCL Resources in a pair of deals valued at $2.55 billion. 

That brings us to SM Energy and NOG’s recently announced agreements to acquire Uinta Basin producer XCL Resources, with SM Energy to purchase an undivided 80% interest in XCL for $2.04 billion (a combination of cash and debt) and NOG to buy the other 20% for $510 million (also a cash-and-debt combo). The deals — the largest ever for both SM Energy and NOG — are expected to close early this fall, subject to customary closing conditions. SM Energy will operate the assets the companies will  acquire from XCL, with NOG assuming its familiar role as a “non-op E&P.”

The agreements provide the acquiring companies with a total of 46,500 net acres in the over-pressured oil window in the Uinta (37,200 net acres to SM Energy and 9,300 net acres to NOG; see black-outlined area in Figure 1) and production of 53.5 Mboe/d (43 Mboe/d to SM Energy and 10.5 Mboe/d to NOG). Astonishingly, more than 85% of that production comes in the form of crude oil — and high-quality waxy crude at that, with an API gravity range of 36 to 43 degrees and the low-sulfur, low-TAN, low-metals and low-nitrogen benefits we cited above. (An over-pressured oil window is a geologic condition that favors higher levels of oil formation and production.)