Locator: 50179B.
Whoo-hoo! Exxon says it may "move" to Texas. Corporate HQ relocations to Texas tracked here. In 2026:
- Devon Energy -- from Oklahoma City, OK
- Expand Energy -- from Oklahoma City, OK
- EagleNXT -- from Wichita, KS
- HoneyBee -- from San Franscisco
- RelaDyne -- from Cincinnati, OH
Saudi Aramco: beats estimates.
- raises dividends, buybacks
iPhones: 25% now made in India
TSMC: February revenue jumps 30% y/y to $10 billion.
Chaos at TSA: four-hour waits in TSA lines now the norm.
War:
- new leader needs to prove he can be as tough as his dad: "Iran" says it is not looking for easing;
- the war is showing no signs of ending any time soon: Turkey gets new Patriot missiles from US
- both Hegseth and Trump have just said that if Iran does anything to block the strait, the US will hit Iran stronger than ever -- you mean the US has been holding back all this time?
- Trump says "20x harder." I guess that means at least one more a/c carrier to be sent to the region.
- Hegseth says the US will hit Iran harder than ever today (Tuesday)
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Back to the Bakken
WTI: sort of steady at $88.69. [Later: $89.17 at opening today.]
New wells reporting:
- Friday, March 13, 2026: 13 for the month, 119 for the quarter, 119 for the year,
- 42237, conf, BR, Sandie 2C MBH-R,
- 41821, conf, BR, Rolla 6I,
- 41603, conf, BR, Sivertson 6F,
- Thursday, March 12, 2026: 10 for the month, 116 for the quarter, 116 for the year,
- None.
- Wednesday, March 11, 2026: 10 for the month, 116 for the quarter, 116 for the year,
- None.
- Tuesday, March 10, 2026: 10 for the month, 116 for the quarter, 116 for the year,
- 42086, conf, Scout Energy, TNT 1,
RBN Energy: how Canadian crude oil export capacity has struggled to keep upwith production. Link here. Archived.
Canadian crude oil production has nearly doubled over the past decade, with nearly all of those gains coming from the Western Canadian Sedimentary Basin (WCSB). With those volumes continuing to grow, producers, pipeline companies and politicians are discussing options to add export capacity out of the region. In today’s RBN blog, the second of a series, we review the major pipeline projects that have expanded markets for WCSB barrels since 2010 and how the timing of those pipeline capacity additions lined up with WCSB supply growth.
As we said in Part 1, Canadian production recently hit 5.6 MMb/d, and all but 4% of that output comes from the WCSB. The near doubling of production since 2010 is largely attributable to Alberta’s oil sands, as producers invested heavily in both newbuild and expansion projects, especially from the late 2000s through the mid-2010s. So far this decade, Canadian production growth has been driven more by improved capacity utilization at oil-sands projects and growing conventional heavy oil and condensate production than by major oil-sands capacity expansion projects.
Let’s start by looking at the WCSB’s current export pipeline capacity. Figure 1 below shows the six pipeline systems that transport WCSB crude oil to outside markets, along with other key pipeline systems moving Canadian crude within the U.S. The 3.2-MMb/d Enbridge Mainline system (light-pink lines) moves roughly two-thirds of all WCSB export volumes, transporting an average of nearly 3.1 MMb/d across the North Dakota border in H1 2025. The recently expanded, now 890-Mb/d Trans Mountain system (dark-purple line) is the second-largest system; it moved an average of 730 Mb/d to Pacific markets in H1 2025, while South Bow’s 610-Mb/d Keystone Pipeline (medium-blue line) moved 576 Mb/d across the North Dakota border in the same six months. The remaining three pipelines — Enbridge’s 310-Mb/d Express (medium-pink line), Plains Midstream Canada’s 100-Mb/d Rangeland (dark-green line) and Inter Pipeline’s 20-Mb/d Milk River (light-green line) — together moved around 340 Mb/d across the Montana border in H1 2025.
