Wednesday, June 18, 2025

Six New Permits — June 18, 2025

Locator: 48769B.

Markets closed tomorrow.

WTI: $74.83. Trump says he's close to making the  "go/no-go" decision.

Active rigs: 30.

Six new permits, #42025 - #42030, inclusive:

  • Operators: Oasis (4); Kraken (2);
  • Fields: Indian Hill (McKenzie); Antelope Creek (McKenzie)
  • Comments:
    • Kraken has permits for two wells, a Steen well and a Dwyer East well, both family names I know well; NENE 11-149-101; 
      • to be sited 615 FNL and 465 / 498 FEL;
    • Oasis has permits for four Milkweed wells, NENE 36-153-102, 
      • to be sited 300 FNL and 941 / 1040 FEL.

Ten permits canceled:

  • Kaiser-Francis (7): Stark County -- Hushka, Agnes, Albert, Solo, Lady4, Ecko and Diesel.
  • BR (3): a Demicks Lake well and two Clemens wells, McKenzie County;

One producing well (a DUC) reported as completed:

  • 40753, 1,480, CLR, Rutledge 4-11H, Dunn County;

Most-Watched A/C On FlightRadar24 Right Now -- 4:33 P.M. CT -- Wednesday, June 18, 2025

Locator: 48768NATO.

Originating out of Konya, Turkey. Tracking over eastern Turkey, north of Syria, west of Batman, Turkey.

Konya Air Base in Turkey is used by both the Turkish Air Force and NATO. It serves as a forward operating base (FOB) for NATO's Airborne Early Warning & Control Force (NAEW&CF) (AWACS). The base is also the location of the Anatolian Eagle exercise, a major Turkish Air Force exercise that includes international participation from NATO and other nations.

 

US Supreme Court Rules On Tennessee Transgender Treatment Law -- 6 - 3 Ruling -- Tennessee Ruling Stays In Effect -- June 18, 2025

Locator: 48767TRANSGENDER.

From ChatGPT:

In plain language, the U.S. Supreme Court ruling means this:
The Court allowed Tennessee’s law to stay in effect for now, which means that the state can continue enforcing its ban on gender-transition treatments for minors, including puberty blockers, hormone therapy, and surgeries.

The ruling did not decide whether the law is ultimately constitutional. Instead, it simply said that lower court rulings upholding the ban can remain in place while the legal fight continues.

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Obama

I assume this speech is being covered elsewhere but I was unable to find it quickly. Oh, here it is, over at The New York Times. Link here.

Link here: https://www.foxnews.com/media/obama-swipes-affluent-liberals-during-rare-public-remarks-says-all-us-going-tested. 

His concern: the wealthy may not have enough disposable income to remodel their kitchen in their home in the Hamptons.

I know the reporting is incredibly biased but the quoted material does sound like something the former president would say.

President Obama says things have changed:

"You could still make a lot of money. You could still hang out in Aspen and Milan and travel and have a house in the Hamptons and still think of yourself as a progressive," Obama said, according to the Times. "We now have a situation in which all of us are going to be tested in some way, and we are going to have to decide what our commitments will be."

"Now things are a little different," he said. "You might lose some of your donors if you’re a university and if you’re a law firm, your billings might drop a little bit, which means you cannot remodel that kitchen in your house in the Hamptons this summer."

I had to read this a couple of times to understand what he was saying. But to the average person who takes this out of context, it certainly sounds like he is tone deaf. 

Tech -- Wednesday, June 18, 2025

Locator: 48766TECH.

Link here

The social media comments at this link are hilarious. It sounds like those commenting have no clue.

Most important note: to be invested in two states -- Utah and Texas.

The story:

Texas Instruments  said on Wednesday it would invest more than $60 billion to build and expand seven semiconductor factories in Texas and Utah.
The investment in foundational or legacy semiconductors will create more than 60,000 jobs in the United States, the company said.

My Favorite Chart -- MMFs -- May, 2025, Data -- Posted June 18, 2025

Locator: 48765MMFS.

My favorite chart.

Total assets increased in most recent data after a one-month interruption. Previous month's slight decrease was the first decrease since April, 2024, and that slight decrease was almost negligible in the big scheme of things. 

A reminder: the data is through May 31, 2025. Israel attacked Iran on June 2, 2025. And to the best of my recollection, there was no general indication that the Israeli attack was imminent, imminent defined as within 72 hours.

Link here


Iran Says It's Ready To Negotiate -- Sunoco -- Big Leap Forward -- RBN Energy; Only One Well Coming Off Confidential List Over Next Two Days -- June 18, 2025

Locator: 48764B.

Equity markets are closed tomorrow, Thursday, but open again on Friday.

Iran: says it's ready to negotiate. As long as Tehran continues to target downtown Tel Aviv (non-military targets) and not targeting strictly military targets, Iran doesn't impress folks as being serious about negotiating.

Trump's opening gambit: no, we're not negotiating. It's an "unconditional surrender." Which I'm sure will go nowhere, but it will delay things long enough to let Israel take out a few more targets. I'm sure negotiations will include unfettered movement and access to all facilities for international inspectors.

Massive draw: of course this is a non-story, but it sure got a huge headline. Link here.

Air India 171 air crash: preliminary -- identical to what CaptainSteeeve (sic) first noticed a few days ago -- simultaneously all (two) engines shut down without explanation; RAT deployed; only three ways all engines shut down simultaneously:

  • fuel flow switch shut off: CaptainSteeve (sic) won't even consider this as a possibility.
  • contaminated fuel: all those planes flying in India that day receiving the same fuel had no problems.  But, having said that, this remains the most likely explanation. I don't buy it.
  • vapor lock: theoretical possibility but most aviation experts agree -- has never occurred in modern jet plans.

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Back to the Bakken 

WTI: after being slightly in the red all night, WTI is now up half a percent overnight. 

Lots of speculation that the US will use a bunker buster. Can penetrate maybe 300 feet; more likely 200 feet. Iran's key nuclear facility, Fordow, is probably 1,000 inside a mountain. Apparently the only bomber that can carry the MOP (bunker buster) -- the B-2 -- has departed Diego Garcia and has returned to its home base, Whiteman AFB, Missouri, leaving only B-52s in Diego Garcia. The B-2s can "easily" return but it wouldn't be unreported.

New wells:

  • Thursday, June 19, 2025: 47 for the month, 200 for the quarter, 414 for the year,
    • None.
  • Wednesday, June 18, 2025: 47 for the month, 200 for the quarter, 414 for the year,
    • 41287, conf, CLR, Peterson 9-29H,

RBN Energy: Sunoco's acquisition of Parkland will give it fueling stations, termials and a refinery.

U.S. fuel supplier Sunoco announced in May that it has inked a US$9.1-billion agreement to buy Canada-based Parkland Corp., a move that would create the Americas’ largest independent fuel distributor. Sunoco would gain control of Parkland’s fleet of fueling stations and its valuable Burnaby refinery near Vancouver, BC. The deal is supported by Parkland’s largest shareholder and is slated to be voted on June 24. In today’s RBN blog, we’ll discuss this deal and what it means for Canada’s only West Coast refiner.

Under terms of the proposed transaction, whose total value includes debt, Parkland shareholders will receive C$19.80 in cash and 0.295 shares in a new, publicly traded entity called SUNCorp. Parkland shareholders can also choose to receive C$44.00 in cash or 0.536 Sunoco units per share. The deal includes a C$2.65 billion bridge loan for Sunoco.

The planned acquisition was approved unanimously by Parkland’s board of directors in early May and is supported by Parkland’s largest shareholder, Simpson Oil, which believes it provides the potential for enhanced operations and opportunities under Sunoco’s experienced management. Dallas-based Sunoco, a master limited partnership (MLP) whose general partner is controlled by Energy Transfer, first expressed interest in Parkland in 2023 and made an offer, but it was turned down, according to published reports.

Combined Assets of Sunoco and Parkland

Figure 1. Combined Assets of Sunoco and Parkland. Source: Sunoco

Figure 1. Combined Assets of Sunoco and Parkland. Source: Sunoco