Another Texas Natural Gas Pipeline -- November 21, 2025

Locator: 49774EPD.

Link here. 

Ticker EPD:

Note: OKE is down 40% for the year; down 13% over the last six months.

***************************
The Book Page

The notes for this book at this site. 

Book for the weekend. Just arrived. Amazon. Published 2023. 

Author's bio. Something tells me this will be a history of Palo Alto of which few are aware. LOL. 

The author appears to be a bit farther to the left than Nancy Pelosi, and a bit crazier than Hunter S Thompson. This should be fun! 

And Some Still Call It A Bubble -- November 21, 2025

Locator: 49773BUBBLE.

Tag: AMD, Intel, INTC 

Beth, link here, AMD outpaces Intel chip sales:

Wall Street Engine, link here.

• Moore's Law: every two years;
• Google's Law: every six months.

Trillion-dollar club:

• Alphabet (GOOG) just surpassed MSFT as the world's third largest company (market valley).

**************************
So, What's Going On Here?

Link here. 

First of all, it's genuine. 

Trump simply likes winners. And he likes a mensch. And Mamdani is both.

Two New Permits; One Permit Renewed; Four DUCs Reported As Completed; Some Monster Wells Being Reported; Halo Effect Noted -- November 21, 2025

Locator: 49774B. 

WTI: $58.06.

Active rigs: 28.

Two new permits, #42504 and #42504:

• Operator: Oasis
• Field: Heart Butte (Dunn County)
• Comments:
• Oasis has permits for two MHA pike 4991 wells, SWSW 4-149-91, 
• to be sited 340 / 366 FSL and 838 / 858 FWL.

One permit renewed:

• 20119, XTO, GBU Janice 31X-2F, Grinnell, Williams County;

Four producing wells (DUCs) reported as completed:

• 40734, 1,235, Kraken, Steen 13-24 6H, McKenzie County;
• 40735, 1,313, Kraken, Steen 13-24 5H, McKenzie County;
• 41421, 815, EOG, Liberty LR 131-3633H, Mountrail County;
• 42422, 1,049, EOG, Liberty LR 73-3633H, Mountrail County;
• wells of interest:
• 19919, 1,648/IA, EOG, Liberty LR 21-36H, Van Hook, t7/11; cum 3/25;  
• 18828, 1.066/A, EOG, Liberty LR 16-36H, Van Hook, t2/11; cum 474K 9/25; just came back on line after being off-line since 6/25; 

To the north of the two EOG Liberty wells above, please note the chronologic number of these wells; we discussed nomenclature of EOG wells years (decades?) ago:

• 40340, A/drl, EOG, Liberty LR 74-2629H, Parshall, first few months of production:

BAKKEN	2-2025	28	19835	19875	23423	13557	13413	144
BAKKEN	1-2025	31	23958	23879	31962	17781	17608	173
BAKKEN	12-2024	31	27585	27560	38732	20094	19897	197
BAKKEN	11-2024	29	31548	31657	48105	23326	23105	221
BAKKEN	10-2024	29	49392	49171	54109	28112	27904	208
BAKKEN	9-2024	30	29403	29257	69614	21741	21437	300

 

• 40342, A/drl, EOG, Liberty LR 134-2629H, Parshall, first four months of production:

BAKKEN	1-2025	31	21690	21646	35915	16657	16493	164
BAKKEN	12-2024	31	27608	27591	44092	21120	20914	206
BAKKEN	11-2024	30	32719	32633	56170	23885	23643	242
BAKKEN	10-2024	30	24393	24418	75973	28713	28414	299
BAKKEN	9-2024	30	41473	41267	101276	34245	33929	312

 Jump in production, to the north:

• 20255, 892, EOG, Liberty LR 15-26H, Parshall, t4/12; cum 457K 9/25;

Alison Ritter's Quick Connects -- November 21, 2025

Locator: 49773B. 

Quick connects:

• Hennen: North Dakota's energy has worked hard, and the luck is lining up -- InForum

• North Dakota coal industry prepares to seize opportunity for growth -- North Dakota Monitor

• Utility regulators to consider state's first-ever battery storage sites -- North Dakota Monitor

• Tesla sues North Dakota car dealership law after DOT blocks applications -- Dickinson Press

• Preliminary findings show fatigue crack caused Keystone Pipeline spill in North Dakota -- Bismarck Tribune

• North Dakota utilities praise federal coal changes but still 'all-of-the-above' on energy -- Bismarck Tribune

• Bridger Pipeline to acquire 210 miles of Caliber Midstream assets in Williston Basin -- Pipeline & Gas Journal

• From AI data centers to natural gas, summit explores North Dakota energy scene -- Dickinson Press

• BLM announces oil and gas lease sale for January; to include 20 parcels across Montana, ND -- KX News

• Driving an EV across North Dakota? Thank the Standing Rock Tribe for their chargers. -- New York Times

• Viral oilfield artist from Oklahoma made a special visit to North Dakota; lands 'Landman' cameo -- KX News

• North Dakota regulators open route permit hearings for controversial JETx power line -- Bismarck Tribune

• Billions of Legacy Fund dollars shielded from public disclosure, considered confidential -- Grand Forks Herald

• Gov. issues executive order establishing Interagency Council on Homelessness -- Office of the Governor

• Change means North Dakotans may see unclaimed property checks in mailboxes -- North Dakota Monitor

• Tough turkey Ruben belligerently gobbles his way through annual pardoning ceremony -- Dickinson Press

• Ethics Commissioner does not have the support to keep serving, governor argues -- North Dakota Monitor

• ND250 Commission awards five community grants totaling $48,199 for 250th celebration -- Minot Daily News

• Stark County approves $13.9M general fund budget for 2026; $1.8M increase over 2025 -- Dickinson Press

• Popular Magical Medora Christmas tour is coming to Watford City December 3 -- McKenzie County Farmer

• Assistant Chief of Operations Corey Johnson appointed interim fire chief for Williston -- Supertalk1270

• New lodging development The Ranch brings visitors closer to Bully Pulpit Golf Course -- Dickinson Press

• Pantry helps fill shutdown gap; shelves are stocked thanks to state funds, local donations -- The Journal

• Employee bonuses, pay adjustment, hiring new officer top Tioga Commission agenda -- Williston Herald

• Dickinson approves rezone request in southwest Dickinson despite community opposition -- Dickinson Press

• District 6 GOP party censures legislator over vote during 2025 legislative assembly -- Minot Daily News

• Child care looks to innovate in North Dakota; increased collaboration could ease issues -- Dickinson Press

• North Dakota ballot measure being drafted that would require the state to pay for school meals -- WZFG

• We must strengthen and protect North Dakota's public schools during American Education Week -- InForum

• Increasing freshmen enrollment highlights growth at North Dakota colleges and universities -- KFYR-TV

• Williston State College receives $20,000 grant from TC Energy's Build Strong program -- Williston Herald

• NDSU president shares what he's most proud of as he prepares to leave for Iowa State -- Dickinson Press

• Divide seeks boost for math scores; administrators reviewing possible curriculum updates -- The Journal

• Lt. Governor, North Dakota lawmakers learn about unique education model at Williston Schools -- KFYR-TV

• US Department of Education announces restructuring, will not impact North Dakota schools -- KX News

• Dickinson State, Williston State presidents discuss 4 year business degree offerings in Williston -- KFYR-TV

• Board of Regents mandates 'climate' curricula as NY kids still struggle with math and reading -- NY Post

• EPA proposes narrowed new rules for WOTUS protected the under Clean Water Act -- North Dakota Monitor

• US oil and gas drilling activity has continued to decline even as production reaches record highs -- Reuters

• Coal is in a fight for its life and industry supporters better step up. Passivity does not work. -- Coal Zoom

• Interior finalizes rule to open up about half of National Petroleum Reserve-Alaska to drilling -- E&E News

• Big Oil companies are still reporting robust profits despite prices being below recent highs -- Yahoo Finance

• Trump is leading the charge to address the nation's alarming mineral import reliance -- RealClearEnergy

• A trend break? EIA sees jump in Alaska oil production in 2026, the first in nearly a decade -- Oil Price

• Global oil demand jumped in September by 1.8M bpd from a year earlier, 1.4M bpd over August -- Oil Price

• US Department of Energy closes on $1B loan to restart nuclear reactor at Three Mile Island -- E&E News

• EPA cutting the legs out from under US oil and gas competitiveness in int'l markets -- RealClearEnergy

• Dark money network that's funding climate lawsuits against energy faces IRS scrutiny -- Energy in Depth

• Unelected UN bureaucrats are threatening global economic growth with carbon tax push -- Daily Caller

• Five harsh energy realities are shattering the religious "climate change" orthodoxy -- American Greatness

CAT: Becoming A Mini-Energy Company! November 21, 2025

Locator: 49772CAT.

Tag: AMD, Intel, INTC 

Beth, link here, AMD outpaces Intel chip sales:

Wall Street Engine, link here:

Trillion-dollar clubs:

• Alphabet (GOOG) just surpassed MSFT as the world's third largest company (market valley):
• Lily (pharmaceutical) just joined the trillion-dollar club today ($1.01 trillion). 
• AAPL up almost $6 today; still just barely in the four- trillion-dollar club at $4.01 trillion. 

Travel: last week we were told this would be one of the slowest Thanksgiving days ever for air travel. Today, we now being told the airlines anticipate the biggest air travel day in 15 years. In 15 years. And, of course, this is not just a guess. The reservations have already been made and the airlines have to have that data. 

Investing: I "live and breathe" investing. I don't know much about finances and how to invest, but I love mom-and-pop retail investing. Mostly for what one learns.

Today, I learned that CAT is becoming a mini-energy company. CAT has committed to 2.4 GW of energy for AI.

Ticker CAT: 

From AI:

And then get this, Liberty Energy, North America's second largest hydraulic fracturing company, is also becoming a mini-energy company. Truly amazing. Link to Chris Wright. Link to Liberty Energy. Liberty Energy has committed to providing 1.0 GW of energy for AI.

One Big Beautiful Bill -- November 21, 2025

Locator: 49771INV.

Tag: MMF MMFs 

My favorite chart: wow, wow, wow. Haven't seen this very often. A huge decrease in w/w of money market fund deposits, link here: 

The market, end of day:

Chart of the day:

***************************
OBBB

In progress.

Example of OBBB: at the tab at the top of the page. 

Gold:

• GK Gold Project: Laramie, Wyoming. Link here. 

Cooling

• Trane 

 

**************************
The Book Page

I read this book -- or at least parts of it some time ago -- but now I'm re-reading it. Already it's given me an idea for the blog. More to follow.

Like a Rolling Stone: A Memoir, Jann S Wenner, September 13, 2022. Notes will be kept here.

Part One 

Chapter 1

Parents: 

• both served in the US military during WWII; stateside
• m. 1943
• NYC --> San Rafael, CA 
• started incredibly successful company called Baby Formulas

The rest of the notes will be tracked here. 

J -- Nuclear Energy For AI -- November 21, 2025

Locator: 49770J.

Wiki: link here. 

Ticker:

 AI prompt:

Jacobs Solutions (Dallas, TX)  has recently been mentioned in the news with regard to "engineering"  large, conventional nuclear reactors.  What other American companies would be doing similar work that Jacobs Solutions is doing?

How do these compare to Jacobs Solutions?

Please: all the U.S. engineering / EPC firms currently most active in the new-build nuclear space (2025-2035) — basically, who is being bet on for the nuclear renaissance.

AI reply:

Top US EPC and engineering firms (2025 - 2035) --who's being bet on:

• Bechtel
• Fluor
• Holtec International
• Westinghouse Electric (partnered with Brookfield / Cameco)
• BWX Technologies (BWXT)
• Kiewit (Kiewit Nuclear Solutions)
• Jacobs Solutions (J)
• AECOM

Helpful context and why these firms matter

• Two profiles of activity: (a) EPC/build firms (Bechtel, Fluor, Kiewit) handle heavy civil, procurement and on-site construction; (b) technology & systems firms (Westinghouse, Holtec, BWXT) provide reactor designs, components and fuel; Jacobs/AECOM operate across the front end — licensing, site studies, systems engineering and project management (the glue that holds complex projects together).

• Government backing & programs (DOE, NNSA, DOD) and large private partnerships (e.g., Westinghouse + Brookfield/Cameco; TerraPower + Bechtel) are accelerating deployments — and these contracts are directing where EPC work will land over the next decade. 

Quick read-out: who to watch next --

• Bechtel — core builder for Natrium and other flagship projects.

• Fluor — brand name EPC with explicit nuclear market push.

• Holtec — aggressive SMR rollout and site restarts (Palisades).

• Westinghouse / Brookfield / Cameco — centralized reactor vendor partnership for large LWR builds backed by U.S. financing support. 

• BWXT & Kiewit — key players for component manufacturing and construction of micro/SMR projects. 

• Jacobs & AECOM — essential engineering, licensing and program-management partners for getting projects permitted and shovel-ready. 

Project map: who's doing what, where -- 

The small print, above, locations reported above --

• Kemmerer (Lincoln County, WY)
• Clinch River site (Oak Ridge, TN)
• Palisades site (Covert Township, MI -- adjacent to Palisades Plant)
• Idaho National Laboratory (INL, ID)
• Seadrift / Texas Gulf Coast (TX)

Update: LDCs -- Amazon's Major Centers -- November 21, 2025

Locator: 49769AWS.

LDCs are tracked here. 
AI is tracked here.

This is how I separate the two:

• LDCs: physical structures, earth is moved by CAT; infrastrucure -- SCCO, GLW, CISCO
• AI: the language models; "software" as it were. 

So, physical structures, the LDC -- the large data centers --  are tracked here. 

 Today's update:
 

************************************

Disclaimer

Brief Reminder

Briefly:

• I am inappropriately exuberant about the Bakken and I am often well out front of my headlights. I am often appropriately accused of hyperbole when it comes to the Bakken.
• 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 something appears wrong, it probably is. Feel free to fact check everything.
• 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. 
• Many posts are not proofread for several days after they've been posted.  
• Reminder: I am inappropriately exuberant about the Bakken, 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. Nvidia is a metonym for AI and/or the sixth industrial revolution.
• I've now added Broadcom to the disclaimer. I am also inappropriately exuberant about all things Broadcom.
• And Oracle. 
• Longer version here.

Amazon's Mississippi Large Data Centers -- November 21, 2025

Locator: 49768AWS.

LDCs are tracked here. 
AI is tracked here.

This is how I separate the two:

• LDCs: physical structures, earth is moved by CAT; infrastrucure -- SCCO, GLW, CISCO
• AI: the language models; "software" as it were. 

So, physical structures, the LDC -- the large data centers --  are tracked here. 

This was announced yesterday (November 20, 2025) on CNBC:

 But there's more. Downloaded today:

A Closer Look At The Phoenix Operating Wells In Divide County -- Random Look -- November 21, 2025

Locator: 49767B.

The initial data -- NDIC dockets, permitting numbers, production data, and costs/well suggest that of all the operators in the Bakken right now, Phoenix is truly pushing the pedal to the metal. They seem to be acting as if this is a new boom. Of course, it isn't but it certainly seems surprising to me how aggressive (in a good way) that Phoenix Operating seems to be. See blog's disclaimer. 

AI prompt:

Oil sector in the Bakken, North Dakota. Phoenix Operating is becoming very, very active in the Bakken. Do we have any data on how much Phoenix Operating is estimating the cost to drill / complete a well in the Bakken?

AI reply was very, very long (as usual, very detailed, and took quite some time to provide an answer). The key points:

For its recently commissioned Willer pad in the Williston Basin Phoenix reports an average drill+complete cost of ≈ $6.3 million per well (about $1.4M below the budget for that pad). 

• Source & quote: Phoenix’s Q3-2025 release (filed with its Form 10-Q / investor materials) states the Willer pad wells “represent the lowest cost per well in our portfolio to date, with an average cost of approximately $6.3 million per well, or $1.4 million below budget,” saving ~$8.6M on that project. 

• Why that matters: Phoenix is running very long laterals (they report 3.75–~4.0 mile laterals on some pads) and very fast drill times — both of which materially change the per-well economics. Their headline $6.3M figure reflects those specific pad designs and the efficiencies they achieved.  

• Bakken context: Industry reporting and operator commentary in recent years have put completed well costs in the Bakken in roughly the $6M–$10M range depending on lateral length, pad design and service costs; several large operators have publicly targeted ~$6M-ish completed well economics in recent cycles. That makes Phoenix’s reported ~$6.3M fully plausible as a competitive, basin-level number.  

The maps:

The wells:

• 42280, conf, Phoenix Operating, SWD,
• 41928, conf, Phoenix Operating, Willer 28-33 1H-ll, Big Stone, number of days of production unknown:

Date	Oil Runs	MCF Sold
9-2025	23257	0

• 41929, conf, Phoenix Operating, Willer 28-33 2H, Big Stone, 

Date	Oil Runs	MCF Sold
9-2025	23243	0

• 41857, conf, Phoenix Operating, Willer 28-33 3H, 
• 41930, conf, Phoenix Operating, Wiler 38-22 4H, Big Stone, 

Date	Oil Runs	MCF Sold
9-2025	23379	0

• 41932, conf, Phoenix Operating, Willer 28-33 5H, Big Stone, 

Date	Oil Runs	MCF Sold
9-2025	26221	0

• 41933, conf, Phoenix Operating, Willer 28-33 6H-LL, Big Stone, npd, 

Random Look At Phoenix Wells And Re-Fracked Devon/Grayson Mill Wells Permitted One Year Ago -- November 21, 2025

Locator: 49766B.

Of the wells permitted one year ago, I was most interested in:

• Phoenix Operating results; and,
• the re-fracked Devon/Grayson Mill wells in Bear Den.

Phoenix Operating:

• pretty good results considering the location of these wells;

One of several re-fracked Devon / Grayson Mill wells in Bear Den:

• 29658, A/AL, Devon/Grayson Mill, Moberg Federal 149-95-29-32-13HLW, Bear Den, re-frack, t5/24; cum 392K 9/25; initially a high IP and holding fairly well;
• comments: 
• the initial numbers following the re-frack were much, much better. 
• I believe the re-frack stimulation data has not yet been reported at the NDIC site. I could be wrong, but I did not see it. If the production profile continues, it suggests that Devon brought in a "new" well for the cost of fracking.  
• not all will agree with my thoughts; that's fine. 

Full production since the re-frack:

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	9-2025	29	4397	4439	5190	30614	26571	3923
BAKKEN	8-2025	31	4217	4164	4806	18501	17742	639
BAKKEN	7-2025	31	5784	5665	5877	20578	16923	3535
BAKKEN	6-2025	29	6335	6446	6456	43532	40494	2919
BAKKEN	5-2025	31	7797	7651	7194	47328	45883	1321
BAKKEN	4-2025	30	8100	8436	6644	31365	29938	1308
BAKKEN	3-2025	31	10017	10009	8014	38839	38065	650
BAKKEN	2-2025	28	8377	8672	6672	27604	27185	307
BAKKEN	1-2025	24	6776	6433	6290	29699	28548	1055
BAKKEN	12-2024	31	11578	11450	9703	44938	43674	1148
BAKKEN	11-2024	30	12219	12133	9828	43787	33752	9915
BAKKEN	10-2024	31	14771	14924	11653	48786	48098	564
BAKKEN	9-2024	30	17918	17830	14341	52280	51617	543
BAKKEN	8-2024	31	22261	22380	15838	51432	48281	3027
BAKKEN	7-2024	31	24882	24775	19120	43287	40939	2224
BAKKEN	6-2024	30	27543	27458	34051	44565	43545	906
BAKKEN	5-2024	15	18178	18349	28629	23850	14019	9773
BAKKEN	4-2024	0	0	0	0	0	0	0
BAKKEN	3-2024	0	0	0	0	0	0	0
BAKKEN	2-2024	0	0	0	0	0	0	0
BAKKEN	1-2024	0	0	0	0	0	0	0
BAKKEN	12-2023	0	0	0	0	0	0	0
BAKKEN	11-2023	0	0	0	0	0	0	0
BAKKEN	10-2023	7	386	483	162	903	278	625
BAKKEN	9-2023	30	1666	1712	796	4374	4150	224
BAKKEN	8-2023	19	649	723	512	2385	2385	0
BAKKEN	7-2023	31	1423	1213	192	4114	3835	0

Compare those initial production numbers after the re-frack with the original frack back in 2015:

BAKKEN	3-2016	29	6793	6305	1803	8367	7410	721
BAKKEN	2-2016	28	7337	7568	1783	10581	9323	1006
BAKKEN	1-2016	31	7934	7828	1943	8823	3823	4721
BAKKEN	12-2015	31	7527	7422	1679	7570	4599	2692
BAKKEN	11-2015	30	8126	8538	1795	9642	8411	961
BAKKEN	10-2015	31	10318	9862	2286	12979	11702	998
BAKKEN	9-2015	30	13119	13315	2903	17739	16480	989
BAKKEN	8-2015	31	10613	10471	2742	12188	11777	133
BAKKEN	7-2015	31	9777	9879	2399	11254	9382	1594
BAKKEN	6-2015	30	10421	10421	2717	12311	10669	1373
BAKKEN	5-2015	31	14626	14881	4213	15988	8223	7487
BAKKEN	4-2015	30	18796	18590	7255	21796	19284	2241
BAKKEN	3-2015	16	17186	16811	8213	26624	21027	5454

The initial numbers following the re-frack were much, much better. 

I believe the re-frack stimulation data has not yet been reported at the NDIC site. I could be wrong, but I did not see it. If the production profile continues, it suggests that Devon brought in a "new" well for the cost of fracking.