October 1, 2024 -- And So The Fourth Quarter -- 4Q24 -- Begins

Locator: 48456ARCHIVES.

The Streaming Page: link here. Background.

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The Book Page

Several selections from the current issue of The New York Review of  Books, October 17, 2024:

• "Music and Memory. Time's Echo: The Second World War, the Holocaust, and the Music of Remembrance," by Jeremy Eicher. Essay / review by  Peter E. Gordon.
• "The Fact Man: The Oxford Handbook of Daniel Defoe," edited by Nicholas Seager and J. A. Downie. Essay / review by Clare Bucknell. The “handbook” is 710 pages long!
• "A Constitution Nowhere and Everywhere: The Cambridge Constitutional History of the United Kingdom," edited by Peter Cane and H. Kumarasingham. Essay / review by Linda Colley.
• "Grant vs. the Klan. Soldier of Destiny: Slavery, Secession, and the Redemption of Ulysses S. Grant," by John Reeves. Essay / review by David S. Reynolds.

Reviewers / essayists:

• Peter E. Gordon: the Amabel B. James Professor of History and a Faculty Affiliate in the Department of Philosophy at Harvard.
• Clare Bucknell: a Fellow of All Souls College, Oxford.
• Linda Colley: the Shelby M. C. Davis 1958 Professor of History at Princeton.
• David S. Reynolds: a Distinguished Professor at the CUNY Graduate Center, author of sixteen books, including Walt Whitman's America; John Brown, Abolitionist; and, Abe: Abraham Lincoln in His Times. 

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Reading Comprehension Exercises

Corky.

Tesla Superchargers Can Now Accommodate GM Vehicles -- October 1, 2024

Locator: 48455EVS.

I track the status of "EV charging" at this site. It appears I need to update the site with the GM announcement.

From The Verge.

From the linked article:

General Motors says it has updated the software in its electric vehicles so its customers can finally use Tesla’s Supercharging network.

To gain immediate access, owners of electric Chevy, Cadillac, and GMC vehicles will need to purchase “GM approved” Tesla adapters through each brand’s smartphone app for $225.

Future GM vehicles will come with Tesla’s charging port natively installed.

The announcement comes more than 15 months after GM first announced it would adopt Tesla’s EV charging plug for its vehicles. The automaker had originally said it expected to complete the software coordination with Tesla by “early spring” 2024, but production bottlenecks and layoffs at Tesla have delayed the process. 

Folks may recall that Elon Musk cut "most" of the staff at the "supercharging" division. That was some time ago. 

Four New Permits; One Permit Renewed; Four DUCs Reported As Completed -- October 1, 2024

Locator: 48454B.

Second night Lebanon War:

• Israel continues operations inside Lebanon
• second consecutive night Iran launches ballistic missiles over Israel
• this time, over all of Israel, not just Tel Aviv, Jerusalem as it was last night

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Back to the Bakken

WTI: $70.78. Lebanon War intensifies. Iran launches 180 ballistic missiles toward Israel overnight.

Active rigs: 36.

Four new permits, #41191 - $41194, inclusive:

• Operators: Grayson Mill (2); Hess, Oasis;
• Fields: Tobacco Garden (McKenzie); Elk (McKenzie); and Beaver Lodge (Williams)
• Comments:
• Hess has a permit for a BL-Mortenson well, SWSE 15-156-95; 
• to be sited 902 FSL and 2568 FEL;
• Oasis has a permit for a Hoehn well, SWSW 24-152-102; 
• to be sited 666 FSL and 965 FWL;
• Grayson Mill has permits for two Eide wells, SEW 31-151-99; 
• to be sited 1003 FSL and 1805 FWL; and, 1003 FSL and 1835 FWL; spacing units for both wells: sections 6 / 7 -150-99;

One permit renewed:

• 34097,  Formentera Operations, Ranger 3328-3TFH, Divide County, Blooming Prairie;

Four producing wells (DUCs) reported as completed:

• 40162, 6,385, MRO, Tartar USA 13-20H,
• 40166, 6,385 (sic), MRO, Harrison USA 12-20H,
• 40255, 1,641, CLR, Chase 2-18HSL,
• 40435, 1,464, Enerplus, Gallant 150-94-06A-18H,

Federal Taxes -- October 1, 2024

Locator: 48453TAXES.

From CNBC, September, 2024:

Bottom 50% of Americans pay no federal income tax, and, in fact, get a small return in income from the American government. 

From the taxfoundation.org, a 2023 update:

We Should Be Glad Biden's In Charge -- October 1, 2024

Locator: 48452ARCHIVES.

Earlier note:

Israel: begins ground operations into Lebanon. 

This is absolutely fascinating. And one gets the feeling Netanyahu's timing could not have been more fortuitous. The US military backs Israel to the hilt. The US president, probably ambivalent, is more than a lame duck. His vice president, incredibly ambivalent but knows not why, won't take a stand with only 30-some days left before the election. Netanyahu's window of opportunity has opened and will remain open until January 20, 2025. 

It looks like geopolitics and Mother Nature finally caught up to the Biden administration. Two shooting wars -- Ukraine and Israel -- and a bigger concern, China? The latter just fired a ballistic missile into the Pacific -- the first such public test in decades.

And, then, of course, the clean-up from Hurricane Helene will easily carry us through the election -- with every incumbent from Florida to Ohio at risk if the federal and state response goes badly. Rick Scott, Florida, looks particularly vulnerable.

A port strike on the east coast stretching down to Texas? 

One can only imagine what Rocket Man (Kim Jong Un) might be thinking.

Today (October 1, 2024): US has indications that Iran is preparing to launch a ballistic missile attack again Israel. [And Iran did launch 200 ballistic missiles. Will be fact-checked over the next few days.]

Oil (WTI): surges.

US equity markets: plunge. But recover.

Energy Costs For Electrifying America During The Fourth Industrial Revolution -- October 1, 2024

Locator: 48451ENERGYCOST.

As we start going down the road for increased energy requirements for electrifying America, time to try to get an idea on dollars and numbers involved. 

Texas:

• natural gas-fueled power plants
• 10 gigawatts, on-demand (10,000 megawatts)
• $18 billion (almost a doubling of initial estimate less than a year ago)
  
• 2 million homes during peak demand
• $/home = $9,000
• $/megawatt = $9,000 / megawatt
• ratepayer: $10.8 billion price tag --> an extra cost of less than $4 / month for residential customers

Wyoming:

• small nuclear reactor
• 345 megawatts
• $4 billion: half to be provided by private financing; half to be provided by taxpayers;
• 250,000 homes
• $/home = $16,000
• $/megawatt = $16,000

Seven Best Small Company Stocks In Which To Invest -- Insider Monkey -- October 1, 2024

Locator: 48450CHORD.

Website is miserable -- cluttered with ads, pop-ups, etc. Whatever.

Of the thousands, tens of thousands of companies from which to choose, Chord Energy makes the top seven? Whoo-hoo. 

Link here. From the linked article:

The company has been actively strengthening its business as it seeks to improve revenue streams. It completed the acquisition of Enerplus, which was first announced in February, solidifying its presence in the Bakken region. This merger, valued at ~$11 billion, is expected to deliver increased annual synergies and enhance free cash flow. The transaction received shareholder approvals in mid-May, closing the deal officially at the end of May.

The revenue generated in the second quarter of 2024 was $1.26 billion, up 38.22% year-over-year. Integration is progressing well, exceeding synergy targets. By combining best practices and leveraging increased scale, management is confident in achieving synergies exceeding $200 million. The Williston Basin remains attractive due to its high oil cut, the company’s expertise, favorable conditions, and improved oil takeaway.

From this post:

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Disclaimer
Brief Reminder 

• NOTE: content and typographical errors may increase due to a number of factors. I correct them when I find them. But if something seems wrong or doesn't make sense, it's likely to be a typographical error as anything else. (Updated: September 28, 2024).
  
• I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• See disclaimer. This is not an investment site. 
• 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. 
• Reminder: I am inappropriately exuberant about the US economy and the US market.
• I am also inappropriately exuberant about all things Apple. 
• And now, Nvidia, also. I am also inappropriately exuberant about all things Nvidia.  

Old, Old News -- Somehow I Missed It -- Phillips 66 Announces Increase In Quarterly Dividend -- October 1, 2024

Locator: 48449PSX.

Somehow I forgot to post this, as far as I can tell, unless the note was buried somewhere. Whatever.

From the company:

The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of $1.15 per share on Phillips 66 common stock, representing a 10% increase. The dividend is payable on June 3, 2024, to shareholders of record as of the close of business on May 20, 2024.

Canoo: Update -- October 1, 2024

Locator: 48448CANOO.

Link here.

• previously reported: Canoo, Inc, has moved its headquarters form California to Justin, TX, a suburb of sorts north-northwest of Ft Worth, TX;
• HQ staff had already been in Justin since 2021;
• Canoo has now announced that its engineering workforce will move to Oklahoma: Oklahoma City and Pryor
• Pryor, population, 9,000, is about an hour east-northeast of Tulsa
• Tulsa is about an hour and a half east of Oklahoma City
• the move should be complete by the end of the 4Q24
• about 137 engineering positions will relocate from California to Texas and Oklahoma; majority of roles will be based in Oklahoma

Canoo: market cap -- $90 million

Four Wells Coming Off Confidential List Today -- October 1, 2024

Locator: 48447B.

WTI: $67.17.

Thursday, October 3, 2024: 7 for the month; 7 for the quarter, 521 for the year
40622, conf, Oasis, Iceman Federal 5601 34-05 2B,
40579, conf, Oasis, Iceman Federal 5601 34-05 3B,
37823, conf, Enerplus, Sly 149-93-10B-15H,

Wednesday, October 2, 2024: 4 for the month; 4 for the quarter, 518 for the year
None.

Tuesday, October 1, 2024: 4 for the month; 4 for the quarter, 518 for the year
40330, conf, Hess, EN-Lonetree Farm-LW-156-94-0805H-1,
38260, conf, Hess, BB-Olson-150-95-0817H-6,
37824, conf, Enerplus, Vulpes 149-93-10A-15H,
37819, conf, Enerplus, Troop 149-93-10B-15H-LL,

RBN Energy: EPIC crude pipeline running at capacity, spurring talk about a possible expansion.

Hundreds of miles separate the Permian Basin from the U.S. Gulf Coast, but in the Shale Era traversing that span has become increasingly important to Permian producers. Billions of dollars have been invested to expand capacity to move Permian production — crude, natural gas or NGLs — to the Gulf Coast to take advantage of surging export markets. In today’s RBN blog, we’ll focus our attention on EPIC Midstream and its EPIC Crude Pipeline, which has operated above its nameplate capacity for much of this year. 

Autos -- The Big Story This Year -- But Not For Good Reasons -- September 30, 2024

Locator: 48446EVS.

Autos: yesterday CNBC had a long interview with Mark Fields, former Ford president and CEO, on American autos --- Ford has / had the wrong answer .... maybe we'll come back to this later. Hint: the Chinese are marketing a $10,000 EV.

Stellantis: well, this doesn't look good --

Why Stellantis stock crashed yesterday, according to Motley Fool:

Automobile maker Stellantis is struggling with a combination of weak demand and higher operating costs.

Well, duh. That doesn't quite qualify for a Geico Rock Award nomination but it comes close.

Pre-market: looks like it will be in the red again today.

Jeep recalls almost 200,000 plug-in hybrids; battery fire risks, link here:

• company admits they have no idea why batteries are catching fire;
• advises owners to park outside and away from structures;
• model years all the way back to 2020 through 2024
• risk of fire is reduced when the "battery charge is depleted":
• okay: drive your car to the local Target parking lot; park way away from the Target store; run the battery down to zero; put a huge sign on your car that it may spontaneously ignite at any moment; and, then walk home. Well, that sounds like a solution.

But there's more: "a similar recall was issued last year for 44,000 Jeep Wrangler 4xe plug-in hybrids worldwide. Same thing

• all eight fires: all cars were parked and turned off
• six were connected to chargers when their batteries caught fire
• in that case, a software upgrade fixed the problem; in others the entire battery pack had to be replaced

Ford F-150 Lightning, Mustang Mach-E: new buyers get free home charger and installation, link here.

• can cost as much as $10,000 per installation
• let's see: they're offering huge package for their best-selling vehicles
• speaks volumes

Response to China low-cost EVs:

• former Ford CEO said Ford needs to compete on cost (LOL):
• Volvo says they won't play that game -- "waves the flag on cheap EVs" -- link here.

GM EVs now have access to Tesla superchargers. Link here.

• GM EVs often have to take up two or three EV parking slots to gain access to the chargers
• hard to fit a square peg into a round hole