Tuesday, August 25, 2026

Three New Permits; Two DUCs Reported As Completed -- August 25, 2026

Locator: 51547B..

Nuclear change agent: Trump exploring ways to let Saudi Arabia become a nuclear country. Turkey next?

From oilprice today, Simon Watkins: CVX and COP -- 

SPR: from Julianne Geiger over at oilprice -- 

For the week ending August 21, another 3.7 million barrels left the SPR to aid commercial inventories, bringing the new total inventory held in the SPR to 289.7 million barrels—a level that is 442 million barrels shy of maximum capacity. 

That puts the SPR at or near the minimal operational limit as suggested by many (no one really knows the minimal operational limit).

Like the strait, it certainly seems the SPR is something very few, if anybody, really cares about. Despite this news, WTI was down again today, betting that Iran would keep its word.   

*********************************
Back to the Bakken

WTI: $81.14 --> $80.58. Later this evening.

Active rigs: 36. Wow. A new recent high.

Three new permits, #43250 - #43252, inclusive --

  • Operator: Formentera Operations
  • Field:Bluffton (Divide County)
  • Comments:
    • Formentera Operations has permits for three The High Road wells, lot 2, section 4-161-97, 
      • to be sited 527 FNL and 2169 / 2239 FEL.

Two producing wells (DUCs) reported as completed today:

  • 41820, 1,346, BR, Rolla 6H, McKenzie County;
  • 41821, 1,996, BR, Rolla 6I, McKenzie County;

Starbase, Louisiana; CIA Director With Surprise Visit To Mosco -- August 25, 2026

Locator: 51546STARBASE.

Thought for the day: folks who do not understand the valuation of tech companies and the valuation of professional sports teams are not thinking hard enough. Hint: read Stanley Druckenmiller again and Geiger Capital, you don't own enough hard assets. Someday your $1 million IRA will be worth .... $10,000 in today's buying power.

Breaking today: Starbase, Louisiana. $100+ billion space port with 10+ launch pads.

Probably not there for lunch. This would be huge news no matter when this visit took place, but under President Trump it takes on much more interest:

*******************************
Picking Up Granddaughter Olivia
After Completing AF ROTC Field Training


This was a really special day for me on so many levels. Sophia, Olivia's 12-year-old sister took the photo.

Dolly Parton's Passing Announced -- August 25, 2026

Locator: 51545PARTON.

In a final interview shared days prior to her passing, Parton noted she had faced "hard times" with her health following the March 2025 death of Carl Thomas Dean, her husband of nearly 60 years.

From The September, 2026, Hearing Dockets -- Corral Creek -- August 26, 2026

Locator: 51544B.

Thursday, September 23, 2026
Link here.
12 pages.

Remember, these are cases, not permits:  

  • 33188, XTO, Bear Creek-Bakken and/or Corral Creek-Bakken, Dunn County, establish a 2560-acre unit; 15 wells; terminate two existing 1280-acre unit but authorize the drilling of a well on each existing 1280-acre unit, this doesn't make sense to me. I must be missing something.


 

A neighboring well:

  • 18797, 1,743, XTO, TAT State Federal 14X-36F, t3/12; cum 448K 6/26: huge jump in production in 2017; a real steady Eddy, but now down to less than 500 bbls/month.

Morgan Stanley Moving To Dallas -- August 25, 2026

Locator: 51543DALLAS.

Sent to me by a reader: thank you very much. This is a huge development for so many reasons. 

Speaks volumes about Dallas becoming the nation's second financial hub after Wall Street.  

Link here

Morgan Stanley has reportedly picked Dallas over Alpharetta, Georgia, for a phased operational hub involving more than $1.3 billion in planned company and developer spending that city records say could support 4,800 jobs by 2039.

The New York-based financial giant chose Dallas after months of competition between the two cities, the New York Post reported Thursday. Morgan Stanley has not announced the decision publicly.

The reported selection advances a project The Dallas Express covered in June after the Dallas City Council unanimously approved up to $18.5 million in grants plus 90% business personal property tax abatements. The abatements run for five years at the temporary site and 10 years at the permanent site under the city agreement.

Apple -- Mac Mini, Mac Studio, AI Update -- M5 And M6 Are Here --- Also The "Chinese Chip" - "The Open Claw" Effect -- The Edge Vs The Cloud -- August 25, 2026

Locator: 51542AAPL.

Updates

Later, 5:58 p.m. CT:

Later, 2:01 p.m. CT: link here. In the earlier links, specifically "Open Claw" was mentioned in passing. Here's more of the story. It begins here.


 

Welp, according to Bloomberg’s Mark Gurman, Apple may have just taken a stab at reaching sup 

ply demand balance by plotting to release a surprise run of newly updated Mac Minis. As is often the case, Gurman’s reporting comes from “people familiar with the matter,” who “asked not to be identified because the plan isn’t public.” 

Interestingly, these alleged new Mac Minis, which Gurman says have been tested with M5 and M6 chips, may come out, “as soon as the coming days,” which would mean before Apple’s big expected September event, when new iPhones will likely be announced.

And the current line of Mac Minis, if you can find one, are M4-powered, meaning this is a big update either way

If Gurman is right about there being an M6 version, by my reckoning that would be the very first M6 product released by Apple

This AI hardware rumor coincides with a big AI software rumor: Meta will release its Hatch agentic platform in a matter of weeks, according to the Information. So if you’re planning to get onboard with Zuck, and, uh, join the Hatch revolution(?) Apple may have your hardware needs covered for that.

Query

So, if I'm reading that correctly, Apple is incredibly secure (Edge technology) whereas Meta's Hatch is massive cloud distribution?

Reply:

Query: It certainly appears Apple made the decision to announce the Mac Mini ahead of Meta's Hatch?

Reply


At last: Aha! We've come full circle. The dots all connect. Thank you so much.

Reply, from Gemini: It is incredibly satisfying when the big picture clicks together like that! Seeing Apple anchor the physical hardware right as Meta plays its cloud hand shows exactly how the "Age of Agentic AI" is being fought at the highest strategic levels.

Edge (Apple) vs the Cloud (everyone else). 

Original Notes  

Everything suggest 2026 - 2028 are going to be huge hardware updates for Apple. This is just the beginning. 

Tag: Apple. 

Chips are tracked here

TWSJ: link here

The Mac Mini with an all-new M6 chip starts at $899, and one with an M5 Pro starts at $1,699—both prices $100 higher than the previous M4 and M4 Pro Minis. The Mac Studio with an M5 Max starts at $2,499 while one with the M5 Ultra starts at $5,499, a $200 jump from the previous M3 Ultra model. Apple says the new chips boast artificial-intelligence performance that’s at least four times faster than predecessors while graphics performance is at least two times faster. Apple is releasing new models of its AI-friendly desktop machines—the Mac Mini and Studio—after the previous generations became sleeper hits, and vanished from shelves.

While the next-generation hardware looks identical to previous models, it packs faster, pricier chips, not to mention higher price tags. But can Apple build enough to meet demand.

Demand has exceeded supply for the previous Mac Mini and Studio. Apple even removed the largest memory options earlier this year—but now the company is once again offering those higher tiers and more: The Mac Studio supports a whopping 512 gigabytes of RAM, a configuration that will ship late October.

The new models ship on September 22, 2026.

These screenless aluminum blocks went viral as cost-effective machines for AI power users. Macs offer what’s called a unified memory architecture, where the main computer processor, aka CPU, and the graphics processor, aka GPU, share the same pool of memory on the same chip. This enables local large language models to process prompts and generate responses even faster.

So, after OpenClaw and other processor-intensive on-device AI agents blew up, so too did Apple’s Mac Mini, which typically makes up only about 3% of Apple’s Mac unit sales in the U.S. 

In an April earnings call, Chief Executive Tim Cook warned that supply would be tight for months. Between the AI boom and global memory-chip shortage, certain configurations saw weekslong or even monthslong wait times. 

Apple pulled the entry-level Mac Mini from shelves, then brought it back at $799—up from $599. In June, Cook told The Wall Street Journal that “price increases are unavoidable” due to the surging costs of memory and storage chips. 

The prices for portable MacBooks went up too, and the company has been struggling to keep higher-memory variations of the MacBook Air in stock. Apple isn’t saying whether it has enough manufacturing capacity to meet the unprecedented demand. 

The company recently showed off a Mac Mini assembly line in Houston that will start producing machines later this year. 

**** Our granddaughter recently bought a new MacBook Air but the wait for delivery was one month.

CNBC: link here

Barron's: link here

From MacRumors:


It's interesting that wiki does not include Apple's M5 chips. See links below.

***************************
An Update Of CPUs

Since the previous update:

The Chinese chip

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

Amgen -- Chart Of The Day -- August 25, 2026

Locator: 51541BIOTECH.

Ticker AMGN

Some months ago, I pivoted from AI to biotech/health for new money.

NDIC Hearing Dockets -- September, 2026

Locator: 51540DOCKETS. 

Hearing dockets are found here at the NDIC.

Note: typographical and content errors are still present. Proceed at hour own risk.

September, 2026, hearing dockets.  

As usual this is done very quickly and using shorthand for my benefit. There will be factual and typographical errors on this page. Do not quote me on any of this. It's for my personal use to help me better understand the Bakken. Do not read it. If you do happen to read it, do not make any investment, financial, job, relationship, or travel plans based on anything you read here or think you may have read here. If this stuff is important to you, and I doubt that it is, but if it is, go to the source. These are cases to be considered by the NDIC, not permits. If approved by the NDIC, then operators can go ahead and submit permits to drill wells within the parameters of the cases that were passed.  

Thursday, September 23, 2026
Link here.
12 pages.

Remember, these are cases, not permits:  

  • 33188, XTO, Bear Creek-Bakken and/or Corral Creek-Bakken, Dunn County, establish a 2560-acre unit; 15 wells; terminate two existing 1280-acre unit but authorize the drilling of a well on each existing 1280-acre unit, this doesn't make sense to me. I must be missing something.
  • 33189, EOG, Parshall-Bakken, Mountrail County, establish an overlapping 1920-acre unit; one well.
  • 33190, a very, very long case, EOG, Parshall-Bakken, Mountrail County, establish one overlapping 3530-acre unit; one well; establish one overlapping 2880-acre unit, one well; establish one overlapping 3520-acre unit; one well.
  • 33191, similarly long, EOG, Parshall-Bakken, Mountrail County; establish one overlapping 2240-acre unit; one well; establish one overlapping 2240-acre unit; one well; establish one overlapping 1280-acre unit; one well.
  • 33192, EOG, Clarks Creek-Bakken, McKenzie County; establish an overlapping 1280-acre unit; one well; establish an overlapping 3840-acre unit; one well.
  • 33193, EOG, Alger-Bakken, Mountrail County; well bottom hole setback rules.
  • 33194, EOG, Clarks Creek-Bakken; McKenzie County; setback rules.
  • 33195, CLR, Stoneview-Bakken, Burke, Divide counties; setback rules; one well.
  • 33196, Hunt Oil, Smoky Butte-Bakken; Divide County; field rules; 1920-acre unit; two wells.
  • 33197, SOGC, Lone Butte-Bakken; McKenzie County; establish an overlapping 1920-acre; five well;s establish an overlapping 2240-acre unit; five wells.
  • 33198, Remuda Energy, Litle Missouri-Pierre, Bowman County; all wells. rule exception.
  • 33199, Phoenix Operating, Stanley-Bakken, Mountrail; establish a laydown 1280-acre unit; four wells.
  • 33200, Phoenix Operating, Stanley-Bakken, Mountrail County; establish a standup 1920-acre unit; four wells.
  • 33201, Phoenix Operating, Cinnamon Creek-Bakken, McKenzie; establish a standup 1920-acre unit; four wells.
  • 33202, Phoenix Operating, Lone Butte-Bakken, McKenzie, establish a standup 1920-acre unit; four wells.
  • 33203, Phoenix Operating, Lone Butte/Ranch Creek-Bakken, McKenzie County; establish a standup 2880-acre unit; four wells.
  • 33204, KODA Resources, Divide County; revoking permits. 
  • 33205, KODA Resources, Divide County; revoking permits.
  • 33206, Rockport Energy, McKenzie County, revoking permits.
  • 33207, CLR, pooling.
  • 33208, CLR, pooling.
  • 33209, Hunt Oil, pooling.
  • 33210, EOG, commingling.
  • 33211, EOG, commingling.
  • 33212, Formentera, commingling.
  • 33213, SOGC, pooling.
  • 33214, SOGC, pooling. 
  • 33215, Phoenix Operating, commingling.
  • 33216, Phoenix Operating, SWD.
  • 33217, Dakota Fluid Solutions, SWD.
  • 33218, Formentera, SWD.
  • 33219, Formentera, SWD.
  • 33220, KODA Resources, SWD, 
  • 33221, KODA Resources, SWD.  

Wednesday, September 23, 2026 
Link here.
9 pages.

Remember, these are cases, not permits: 

  • 33152, Petro-Hunt, MonDak-Bakken, McKenzie County, establish an overlapping standup 1280-acre unit; two wells.
  • 33153, Petro-Hunt, MonDak-Bakken, McKenzie County, terminate an existing 1280-acre unit; establish two overlapping laydown 1920-acre units; four wells on each unit.
  • 33154, Petro-Hunt, MonDak-Bakken. McKenzie County, establish an overlapping standup 1920-acre unit; four wells.
  • 33155, Petro-Hunt, MonDak-Bakken, McKenzie County; establish an overlapping standup 2560-acre unit; four wells.
  • 33156, Petro-Hunt, MonDak-Bakken, McKenzie County; establish two overlapping standup 2560-acre units, authorize four well on each unit.
  • 33157, Petro-Hune, Pierre Creek-Bakken, McKenzie County; establish an overlapping standup 2560-acre unit; four wells.
  • 33158, Petro-Hunt, Pierre Creek-Bakken, McKenzie County; establish an overlapping 2560-acre unit; four wells.
  • 33159, Petro-Hunt, Pierre Creek and/or Flat Top Butte-Bakken, McKenzie County; terminate two existing 1280-acre units; establish two overlapping standup 1920-acre units; four wells on each unit.
  • 33160, Petro-Hunt, Pierre Creek and/or Cinnamon Creek-Bakken, McKenzie County; terminate an existing 1280-acre unit; establish an overlapping standup 1920-acre unit; four wells.
  • 33161, Hess, Wheelock-Bakken; Williams; establish an overlapping standup 2560-acre unit; two wells. 
  • 33162, Murex, Alexandria-Bakken; Divide; establish an overlapping standup 1920-acre unit; five wells.
  • 33163, Devon Energy, Squires-Bakken; Williams County; establish an overlapping standup 2560-acre unit; four wells.
  • 33164, Kraken, Foreman Butte and/or Boxcar Butte-Bakken; McKenzie, establish an overlapping standup 2560-acre unit; four wells.
  • 33165, Foundation Energy, McKenzie; #23260; Tyler formation; exception to statewide well location rules. 
  • 33166, Enerplus, Otter-Bakken, Williams; establish two overlapping standup 1920-acre units; one well in each.
  • 33167, Oasis; Elk-Bakken; McKenzie, injection wells, pilot project.
  • 33168, MRO, Bailey-Bakken, Dunn County; establish a overlapping 2560-acre unit; one well.
  • 33169, MRO, Bailey and/or Lake Ilo-Bakken; Dunn County; establish an overlapping 2560-acre unit; one well.
  • 33170, MRO, Bailey and/or Lake Ilo-Bakken, Dunn County; one well.
  • 33171, MRO, Bailey-Bakken, Dunn County; pooling.
  • 33172, MRO, pooling.
  • 33173, MRO, pooling.
  • 33174, Cornerstone Natural Resources, Northeast Foothills, Coteau, and/or South Coteau-Bakken, Burke County; establish one overlapping standup 2560-acre unit, four wells.
  • 33175, Cornerstone Natural Resources, Little Butte and/or Clayton-Bakken, Burke County; establish one overlapping standup 1920-acre; four wells; establish an overlapping standup 2560-acre unit, four wells.
  • 33176, Hess, pooling.
  • 33177, Kraken, pooling.
  • 33178, Kraken, pooling.
  • 33179, Kraken, pooling.
  • 33180, Kraken, pooling.
  • 33181, Kraken, pooling.
  • 33182, Kraken, pooling.
  • 33183, Kraken, pooling.
  • 33184, MRO, Bailey-Bakken, Dunn County; two wells.
  • 33185, Moonracer Resources, Dry Creek-Madison, Renville County/ pooling. 
  • 33186, Devon Energy, SWD.
  • 33187, Heberdev Operating, SWD.

TACO Tuesday -- August 25, 2026

Locator: 51539B. 

Dick's: worst day in its history, stock drops 25%; it will be interesting to hear what's going on.  They have incredibly high prices; big box Walmart and online Amazon can easily beat them. 

Iran: says it will retaliate. WTI falls. Okay. The strait? NOC.  

Iran: Strait of Hormuz -- all mines cleared, August 25, 2026; 4:25 p.m. Mideast time. Day-by-day. But in the end, irrelevant, at least for oil. The strait has become irrelevant. US watching by satellite pixel-by-pixed, mine laying in the strait and activity in/near Pickaxe Mountain. Link here.

Iran: it appears Iran and Oman are preparing to monetize the strait. Good luck. NOC. WTI still solidly above $82. It will be a cold day in Hell when Saudi Arabia pays Iran to use international waters. LOL.

Iran: how many years have "they" been saying that the world needs more oil from the Mideast? 

Turkey: David Farber on Turkey -- completely missed Cramer's point on Cramer's first hour. Cramer's right. 

Thought for the day

  • DSA rising -- increased entitlements -- no one will dare vote no --
  • Druckenmiller -- TWSJ -- this is going to end badly -- link here.
  • short term: DSA wins
  • long term: we'll see.

NVDA: earnings today.

We profiled this yesterday -- it was a huge story -- I didn't realize it would be this huge -- 


 The USAF just can't get away from manned a/c. Barron's story link here.

Boeing defense and space margins:  $210 million in first-half operating profit and sales of $15.2 billion. Do the math. Pathetic.

******************************
Back to the Bakken 

WTI: $82.21. Dropping fast. The strait is irrelevant. 

New wells reporting;

  • Wednesday, August 26, 2026: 52 for the month, 93 for the quarter, 437 for the year,
    • 41971, conf, Devon Energy, Thunderbolt 10-12 2H, 
    • 40937, conf, Zavanna Energy, Hereford 13-36 2TFH
    • 21562, conf, Devon Energy, Borsheim Trust 32-28 2H, 
  • Tuesday, August 25, 2026: 49 for the month, 90 for the quarter, 434 for the year,
    • 42429, conf, Oasis, Prestwick Federal 5602 12-23 3B,

RBN Energy: West Coast LPG export capacity set to jump next year and beyond. Link here. Archived.

The startup of two propane export terminals in British Columbia since 2019 has helped drive significant growth of Western Canadian LPG exports to Asia over the past several years, averaging nearly 150 Mb/d last year. With limited opportunities for expansions at those two terminals, as well as one in Washington state, AltaGas and partner Vopak have been busy building the first phase of what they hope will eventually become a 200-Mb/d (or larger) LPG export facility. The Ridley Island Energy Export Facility (REEF) will also be Canada’s first marine facility to move butane. In today’s RBN blog, the second of this short series, we’ll go over industry plans to more than double LPG export capacity on North America’s west coast over the next several years.

As we said in Part 1, AltaGas recently announced a short delay to the planned startup of its 56-Mb/d REEF project on the northwestern coast of British Columbia (BC) from year-end 2026 to March 2027. Phase 1 of REEF is expected to be the first of several planned projects to add LPG export capacity along the BC coast over the next few years. That is coming at the same time that more LNG export capacity is also being built (see our Shut Up and Drive mini-series), and more crude oil pipeline capacity to the west coast is also in the works, as industry and governments in Canada look to expand hydrocarbon exports and further diversify customer bases.

Total LPG marine export capacity from the area is currently about 180 Mb/d, comprised of 85 Mb/d of propane capacity at AltaGas and Vopak’s Ridley Island Propane Export Terminal (RIPET; orange diamond in Figure 1 below) near Prince Rupert, BC; 25 Mb/d of propane capacity at Pembina Pipeline’s Prince Rupert Terminal (PRT; blue diamond) about a mile east of RIPET; and 70 Mb/d of propane/butane capacity at AltaGas’s Ferndale facility (dark-green diamond) in Washington state. Japan, South Korea, and increasingly China have bought the vast majority of west coast LPG exports in recent years.