Biden, Buttigieg: Asleep At The Wheel, Blood On Their Hands -- WSJ -- January 31, 2025

Locator: 48450BLOOD.

 

CVX -- Knocking It Out Of The Park -- January 31, 2025

Locator: 48449BIGOIL.

For me, the big story: CVX.

But there's also XOM: beat estimates. XOM just raised its dividend also. Link here:

Fourth quarter profit was $7.39 billion. Profit per share was $1.67, beating analyst estimates of $1.56, according to LSEG data.

The No. 1 U.S. oil producer reported total earnings of $33.46 billion for full-year 2024, down from $38.57 billion the year earlier.

The company became the largest oil producer in the Permian basin in 2024, the biggest U.S. oilfield, after closing its acquisition of Pioneer Natural Resources in May.

Exxon’s low production costs in the basin and its lucrative and prolific projects in Guyana have bolstered the company’s profits despite lower oil prices and a decline in profits for making fuel.

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CVX

Before we had Amazon, we had Nvidia. Before we had Nvidia, we had AAPL. Before we had AAPL, we had CVX. Everything else was chaff.

Investors don't look back ... they look forward.

Holy mackerel: look at this dividend. Link here.

Announces hike to $1.71. Previously:

Talk Of The Town: Trump's Tariffs -- January 31, 2025

Locator: 48446B.

Re-posting.

Norway. Link here. Think about it.  Political crisis in Norway due to high electricity prices. One word: EVs. And folks in the US are complaining about the price of eggs. LOL.

CVX? Wow! Did they just increase their dividend. Just after analysts E&Ps don't have the cash to pay current dividends. LOL. Link here.

Only thing I have to say today, link here. What a doofus:

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Back to the Bakken

WTI: $72.66.

New wells:

• Sunday, February 2, 2025: 3 for the month, 49 for the quarter, 49 for the year,
• 40455, conf, Hess, GO-Beck Living Tr-156-98-2017H-5,
• 39316, conf, CLR, Harms East Federal 1-33H,
• Saturday, February 1, 2025: 1 for the month, 47 for the quarter, 47 for the year,
• 39315, conf, CLR, Quale Federal 3-1H2,
• Friday, January 31, 2025: 46 for the month, 46 for the quarter, 46 for the year,
• None.

RBN Energy: Trump's tariffs would hurt Canadian oil producers more than US refiners. Archived.

Tariffs have served as a cornerstone of President Trump’s economic vision. In the campaign, he said he could impose tariffs as high as 25% on all imported goods from Canada — including crude oil — and he could deliver on that promise at any time. This has raised concerns, especially for Canadian producers and U.S. refiners, who depend on the efficient and economical movement of barrels between the trading partners. In today’s RBN blog, we look at how much Canadian crude oil flows to the U.S., how those imports could be affected by tariffs, and how Canadian producers and U.S. refiners would share the financial impact. 

President Trump’s initial wave of executive orders (EOs) included some directly aimed at U.S. energy and trade policy (see Brand New Day). One of his first EOs directed federal agencies to investigate trade practices, including the U.S.-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA) and was signed by Trump in 2020. The president had indicated during the campaign that he could institute a tariff of up to 25% on all imported goods from Canada and Mexico on Day 1 of his administration in response to what he has called the failure of both countries to curb the flow of people and drugs across the border. The tariffs haven’t happened yet, but White House buzz this week suggested they could go into effect as soon as Saturday, February 1, 2025.

RBN Energy: ISO-NE -- outflows of gas from northeast plunged during MLK snowstorm. Link here. Rates surged.

The Northeastern United States was pummeled by frigid weather for the four days starting on Martin Luther King Day (January 20) and ending on January 24. During this period, total Northeast gas demand averaged 37.7 Bcf/d, which is 4.6 Bcf/d higher than the month-to-date average. This is the highest level ever seen for Northeast demand. With such extremely high demand within the region, pipeline outflows fell to much lower than usual levels, as seen in the chart below. During the four days of the snowstorm ouflows from the Northeast averaged 8.1 Bcf/d.

Source: RBN NATGAS Appalachia, Wood Mackenzie

Significant reductions in regional outflow were seen on Transcontinental Pipeline (Transco) and on Texas Eastern Transmission Pipeline (TETCO). Our NATGAS Appalachia report definition of the Northeast includes Virginia, so Northeast outflows on Transco are the flows from Virginia to North Carolina south of Station 165. As Mountain Valley Pipeline flowed near capacity during the winter cold snap, it supplied all of Transco’s flows to the Southeast during the period.