DAPL "Approved" -- A Decade In Place -- May 22, 2026

Locator: 50847B.

Market: futures surging. BRKB might appreciate 5 cents today. 

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Back to the Bakken 

DAPL: US govt approves DAPL.

WTI: $97.61.

New wells reporting:

• Sunday, May 24, 2026: 52 for the month, 152 for the quarter, 309 for the year, 
• None.
• Saturday, May 23, 2026: 52 for the month, 152 for the quarter, 309 for the year, 
• 41752, conf, KODA Resources, Stout 1301-3BH, 
• 41590, conf, Hess, EN-Trout-157-93-3130H-4, 
• Friday, May 22, 2026: 50 for the month, 150 for the quarter, 307 for the year, 
• 41453, conf, Devon Energy, Wagenman 33-28 XE 1H, 

RBN Energy:  oil and gas prices supercharge 1H26 E&P results. Link here. Archived.

Oil and gas markets don’t stay quiet for long. Just as upstream producers settled into a lower-growth, shareholder-return-focused era, a geopolitical shock in the Middle East and one of the coldest Eastern winters in years sent commodity prices sharply higher during Q1 2026. WTI crude surged on fears surrounding the Iran conflict, while Appalachian natural gas prices briefly spiked into double digits as freezing temperatures tightened supply across key consuming markets. In today’s blog, we chronicle a massive rebound in profitability and cash flow from a dismal Q4 2025 for the 38 E&P companies we cover.

Crude oil prices soared during Q1 2026, but only in the last month of the quarter, so higher realizations tell only part of the earnings story. At the same time, commodity markets strengthened while producers continued to grind down operating costs, cut impairment charges and maintain disciplined spending — allowing much of the price upside to flow directly to their bottom line. The quarter also reinforced how structurally different today’s upstream sector has become compared with prior commodity upcycles, with producers now far more focused on returns and balance-sheet durability than on rapid production growth. Importantly, most producers resisted the temptation to materially accelerate drilling activity, continuing the capital discipline that has defined the sector since 2021. The result was one of the strongest quarters for upstream profitability since the post-pandemic recovery, with Gas-Weighted E&Ps briefly taking center stage before what already appears to be another shift in momentum heading into Q2 2026.

We made several changes to our peer-group composition during Q1 2026 to better reflect the evolving strategic profiles of the companies in our universe. ConocoPhillips was moved into the Oil-Weighted peer group, while EOG Resources was reclassified into the Diversified E&Ps because of its increasingly balanced commodity mix and broader operating footprint. In addition, Diversified Energy and SandRidge Energy were added to the list, expanding our coverage of mature asset and natural gas-focused operating strategies.

The 38 E&P companies covered in this analysis saw profits surge in Q1 2026 as oil prices (gray line and right axis in Figure 1 below) climbed following the Iran conflict and Appalachian natural gas prices — a pivotal benchmark for our Gas-Weighted E&Ps — spiked during an unusually cold winter across the eastern half of the U.S. At the same time, the companies in our universe reduced overall costs by more than $1/boe. Pre-tax profits (blue bars and left axis) more than doubled from Q4 2025 to $13.67/boe in Q1 2026, the second-highest result since mid-2023. Realized prices increased 24% to $38.15/boe, while total costs fell 4% to $24.28/boe. 

Figure 1. E&P Financial Results, 2014-Q1 2026. 
Source: Oil & Gas Financial Analytics LLC

Whoo-Hoo! Another Story Not Found On Bluesky -- Judge James Boasberg Dismisses DAPL Lawsuit -- March 29, 2025

Locator: 48389DAPL.

Prescient: this was posted early last evening, well before this story broke -- at least before I learned of the DAPL - Judge Boasberg story! Nailed it!

Who's the real president? 

• the real president? Trump? Stay tuned; JD Vance? Nope. Elon Musk? Nope.
• more and more it looks like the real president of the US right now is a federal judge -- and specifically it's Judge James Boasberg
  
• setting immigration policy
• setting deportation policy
• setting domestic spending policy
• setting international aid policy
• setting in-state pipeline policy 
• setting Gulf of America drilling policy
  

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DAPL: Free At Last! Free At Last!!

Link here.

Two huge wins for ET and the oil sector in North Dakota and US Big Oil in past month -- first 100 days of the Trump administration.

DAPL, Greenpeace, And $700-Million In Damages -- March 19, 2025

Greenpeace held liable for $700 million damages against Energy Transfer and DAPL. 

Locator: 48533DAPL.

Link here.

Jurors reached a unanimous decision in the Energy Transfer and Greenpeace civil lawsuit over the 2016 Dakota Access Pipeline protests.

After two and a half days of deliberation, jurors unanimously found Greenpeace and its counterparts liable for damages against Energy Transfer in a historic North Dakota lawsuit.

Greenpeace was ordered to pay Energy Transfer and Dakota Access nearly $700 million in damages. Greenpeace was found liable for damages caused by trespassing onto Energy Transfer and Dakota Access' land, and for defaming them, creating a nuisance, conspiring against them, committing tortious interference and more.

This story has been on the periphery of my radar scope for the past two years. 

Social media comments over at x: link here.

 

DAPL Update -- US Army Corps Of Engineers -- Preliminary Report -- Reuters -- September 9, 2023

Locator: 45583ND.
Locator: 45583DAPL.

Link here. 

Another day, another report. 

With all the oil sloshing around, the DAPL looks like low-hanging fruit if Joe Biden wants to weigh in.

From Geoff Simon:

Update On The Second Largest (?) Pipeline In The Bakken -- September 21, 2021

I track the Tesoro High Plains pipeline story here. 

I can't say for sure if this is the second largest pipeline in the Bakken but certainly the DAPL is number one. The Tesoro High Plains carries about a third of all Bakken oil which suggests it must be the second largest pipeline. But I could be wrong.  

I'm not following this case very closely; if it's important to you go to the source. The blog often has content and typographical errors.

I can't recall if I posted this update, from The Williston Herald, about six days ago, updated by the Herald on September 20:

The legal battle will continue for Andeavor’s Tesoro High Plains crude oil system for the foreseeable future, after the Eighth Circuit Court of Appeals reversed a lower court decision dismissing a class action suit filed by landowners over claims of trespass.

The High Plains system carries about one-third of the Bakken’s crude oil to a refinery in Mandan, and it has been embroiled in a legal quagmire since 2013, when negotiations to renew its right of way leases fell apart.

On Monday, the U.S. Court of Appeals reversed a lower court decision in the 2018 class action suit, which seeks both compensatory and punitive damages for ongoing trespass and injunctive relief requiring the pipeline to be dismantled.

The Eighth Circuit agreed that the outcome of the Bureau of Indian Affairs administrative process would be an important turning point for the case, but disagreed that it lacked jurisdiction until after that administrative process is completely exhausted, especially given the back and forth in the Bureau’s decisions with new administrations coming on board. Instead of a dismissal, they granted a stay, to give the BIA more time to finish its current administrative process under the Biden administration. It also remanded the case back to the lower court for further consideration in light of its ruling.

Individual landowners control 66 of the 90 acres in question for the pipeline’s right of way, and the MHA Nation controls 24. The individual landowners rejected their offers after learning that MHA Nation had been offered substantially more per acre than they had been. They filed suit to try and force the pipeline to pay them more per acre or sun down.

Marathon had partially shut the system down in 2020, after an order from the Bureau of Indian Affairs, amid claims that the pipeline has been trespassing on Native American land for seven years. Marathon was also fined $187 million in damages in connection with the BIA order under the Obama administration. The Trump administration later reduced that to $4 million.

More at the link. 

Tribes Ask For Extension -- DAPL Update -- August 31, 2021

Re-posting:

Tribes ask for six-month extension: the US Army Corps of Engineers has decided to extend its timeframe for completing a court-ordered environmental study on the DAPL, according to information posted on the federal agency's Dakota Access project page. Link here.  Link to Williston Herald. 

According to court records, the Corps had been asked by tribes to extend the schedule by six months, and the federal agency said then it was considering granting the request. The decision will put publication of the Dakota Access pipeline’s final EIS somewhere around September of next year.

The outcome of the study will be a deciding factor in whether the U.S. Army Corps of Engineers reissues the easement for the Lake Oahe crossing, which was revoked last year.

Judge James Boasberg ruled that due to its controversial nature, NEPA required the Corps to complete the longer Environmental Impact Statement instead of the shorter Environmental Assessment when evaluating the pipeline’s easement to cross 90 feet below Lake Oahe.

Someone's Head Just Exploded -- August 3, 2021

Link here. Or go direct to Argus Media.

"For Now" -- The Operative Words -- But, "For Now" -- Dancin' In The Streets -- June 23, 2021

Updates 

June 25, 2021: for more reaction. 

Original

"Judge dismisses tribe's case against DAPL, closing the books for now."

Link here. 

Judge James Boasberg dismissed all outstanding counts in the case and said the Army Corps would not have to file status updates to the court on the progress of their environmental review. The move marks the end of a winding, years-long chapter in the DAPL dispute, though future legal challenges are likely.

Article published at The Jamestown Sun, 7:08 p.m., June 22, 2021. 

In a brief order, U.S. District Judge James Boasberg dismissed all outstanding counts in the case and said the U.S. Army Corps of Engineers would not have to file status reports to the court on the progress of their environmental review. The judge said the Standing Rock Sioux Tribe, which has opposed Dakota Access since its construction began near their North Dakota reservation in 2016, can request for the case to be reopened if there is a violation of prior court orders.

Also at The Williston Herald.  

• D.C. Circuit Judge James Boasberg agreed with Dakota Access and the Corps and dismissed the SRS Tribe’s case without prejudice.

By the way, it is the "tribe's" case, or is it the "tribes'" case? I've long forgotten. 

From a reader:

• plaintiffs: Standing Rock Sioux Tribe, et al;
• plaintiffs: Cheyene River Sioux Tribe, et al;
• there initially four tribes but two, the Yankton and the Oglala, took their marbles and went home;

When we last visited this story, it was said the judge was still "working on" the issue. The seemingly suddenness and the fact it was a "brief order," suggests to me the judge simply got tired of the whining. How many pipelines already run through this area? In addition, this one is clearly the "safest" of them all, and most highly monitored, and any leak is going to have to defy gravity and flow to the surface.

And we move on. For now.

From a reader, the "full docket text":

MINUTE ORDER: Having considered the parties' [608]-[611] Status Reports, the Court ORDERS that: 1) In light of the Corps' monthly public updates and Plaintiffs' cooperating agency arrangements, the Court will not require independent updates or status reports; 2) All remaining outstanding counts are DISMISSED WITHOUT PREJUDICE, given Plaintiffs' lack of objection; 3) The Clerk shall TERMINATE this matter, but Plaintiffs may move to have it reopened in the event, for example, of a violation of the Court's prior Orders; and 4) Plaintiffs shall file a separate action if they wish to challenge the forthcoming EIS, which action they may mark as related to this one so that it will be assigned to this Court. So ORDERED by Judge James E. Boasberg on 6/22/2021. (lcjeb1)

The reader follows legal proceedings very, very closely over many years, particularly as they pertain to North Dakota. 

The reader says this "order" is incredibly short. The reader has written grocery lists that are longer.

DAPL: Is The EIS Even Required Any More? Has The EIS Become Moot? -- May 25, 2021

This story is tracked elsewhere.

From SeekingAlpha this morning: bombshell if I'm reading this correctly -- the lack of action by the US Army Corps of Engineers suggests to one contributor to SeekingAlpha that the EPA reassessment may not be needed, assuming I am reading this correctly.  

Read the fourth bullet closely:

• DAPL can continue to ship oil.
• The court basically admitted that the law limited the options while raising an extremely high bar for an injunction.
• The Army Corps has refused to rule on the trespass of the pipeline.
• The lack of the Corps' action may result in an outgrant without the necessary NEPA requirements.
• Plaintiffs now have a very limited (if any) set of options.
• This idea was discussed in more depth with members of my private investing community, Oil & Gas Value Research. 

At the linked article, note the incredible forest in the Bakken. I had no idea. 

Back to the EIS issue, from the liked article:

The problem here is that the EIS is due to be completed by March, so there is not much time and the completion of the EIS may make such a process moot. This is something the plaintiff attorneys will have to examine among any other items that they feel they still have.

The Army Corps presented a rather unique position of its enforcement options:

The Corps additionally maintained - without citing any authority - that it was under no obligation "to take any particular action to cure an encroachment within a specified time period" or even "to ultimately cure the encroachment at all.

Source: District Court Decision Dated May 21, 2021.

This statement threw a monkey wrench into how the original Appeals Court Decision figured things would work. The Appeals Court originally assumed that the Army Corps would make a decision on the encroachment in a prompt manner.

[T]he Court of Appeals emphasized that it "would expect [the agency] to decide promptly. To do otherwise would be to issue a de facto outgrant without engaging in the NEPA analysis that the Corps concedes such an action requires.

Source: District Court Decision Dated May 21, 2021.

Now that the Army Corps has delayed the decision, the question before the district court was whether or not the now voided easement was enough to shut down the pipeline. The court's reasoning was that the vacated easement was not reason enough to shut down the pipeline.

That decision was properly the decision of the Army Corps of Engineers. This same Corps is now doing an EIS as the court ordered back in 2020.

Now, about the possibility of a leak "getting to the sacred waters":

Some insights as to likely conclusions were given by the court in its decision. First, there is the fact that the pipeline is a good 90 feet below the lakebed. Any leak would have to be substantial enough to (and move in the right direction) to cover that 90 feet. That would be quite a leak.

Secondly, there appears to be some natural layers between the pipeline and the lake that would inhibit liquids from making it through to the lake bed to begin a pollution-type event.

The biggest thing is that DAPL is a new pipeline with some of the latest safety measures and monitoring equipment available. Most new pipelines have relatively good track records (as does DAPL). Therefore, the court had to conclude that a damaging leak itself was not a realistic possibility because the court classified it as remote (at best).

Even the operating record of Energy Transfer submitted to the court could not overcome the inherent safety of a new pipeline. So any attempt by the plaintiffs to mention damage as a reason for an injunction failed.

Response To The DAPL Decision -- May 22, 2021

This story is tracked elsewhere.

Updates today.

• the decision: https://earthjustice.org/sites/default/files/files/dapl-denial-of-injunction.pdf. 
• social media response:  as good a commentary as we will see this weekend.
  

DAPL Keeps Flowing -- Sources -- May 21, 2021

May 25, 2021: is the US Army Corps of Engineers' EIS even needed any more? Did the judge's decision make that issue moot?

May 22, 2021: updates today.

• the decision: https://earthjustice.org/sites/default/files/files/dapl-denial-of-injunction.pdf. 
• social media response: as good a commentary as we will see this weekend.

Later, 8:28 p.m. CT: From Geoff Simon:

A federal judge today issued an order rejecting the request of the Standing Rock Sioux Tribe for an injunction that would have shut down the Dakota Access Pipeline while an environmental review is conducted.

Judge James Boasberg, who had previously ruled the initial environmental analysis was inadequate thereby invalidating DAPL's easement to cross the Missouri River, issued a ruling today that the tribe had failed to demonstrate a likelihood of irreparable injury from the pipeline's continued operation. The judge's 31-page opinion expressed frustration with the Corps of Engineers' inaction, despite the fact that, as Boasberg put it, "the pipeline was ... an unlawful encroachment on federal land."

"Even though this Court vacated the easement for DAPL to cross beneath Lake Oahe, and even though the D.C. Circuit affirmed such vacatur, the pipeline has maintained operations as if none of these developments had occurred," Boasberg wrote. "Those seeking an explanation for the persistence of this surprising state of affairs over the past ten-odd months need look no further than the Defendant in this case: the Corps."

At a previous hearing on the tribe's request for the injunction, Boasberg was visibly annoyed by the Corps' reluctance to take a position on shutting down the pipeline. It's apparent from his ruling today the judge is still irked by the Corps' unwillingness to order that the flow of oil in the pipeline be stopped.

"Ever since this Court’s vacatur order in July 2020, and across two presidential administrations, the Corps has conspicuously declined to adopt a conclusive position regarding the pipeline’s continued operation, despite repeated prodding from this Court and the Court of Appeals to do so."

Boasberg's decision allows the pipeline to continue to operate because the tribe's arguments didn't pass the traditional four-factor test for a plaintiff: (1) that it has suffered an irreparable injury; (2) that remedies available at law, such as monetary damages, are inadequate to compensate for that injury; (3) that, considering the balance of hardships between the plaintiff and defendant, a remedy in equity is warranted; and (4) that the public interest would not be disserved by a permanent injunction.

Senator Kevin Cramer praised the ruling, noting that “once again, reason prevails over political pressure."

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Original Post

Paywall. Will look to find another source also. 

https://www.inforum.com/business/energy-and-mining/7039507-Standing-Rock-loses-federal-court-ruling-on-DAPL-judge-allows-pipeline-to-keep-flowing

This was critical for Oasis and many others. 

 

Link to SeekingAlpha here. I have not yet read the article.

I'm tempted to move to Bakken_5.0 but we will see where we are a few months from now. 

I wish I had the numbers just prior to the decision, but let's see where some Bakken operators finished:

• Oasis: up an astounding 7.01%; up $5.61; closed at $85.61
• CLR: up 1.76%, up 53 cents; closed at #30.58
• WLL: up 2.43%;  up almost a buck; closed at $41.23
• HES: flat; trading at $81.94
• NOG: flat at $16.82; choppy all day
• MNRL: down 0.35; down 5 cents; closed at $17.87; yields 7.16%;
  

• BRK-B (CBR): up 0.4%; up $1.07; closed at $287.74
• UNP (CBR): flat; closed at $221.52.
  

• KMI: up 0.11%; up 2 cents; closed at $18.72; pays 5.77%
• ENB: flat; closed at $38.61; pays 7.11%
• EPD: down 0.4%; down 10 cents; closed at $23.71; pays 7.59%

Who owns/operates DAPL?

Energy Transfer (ET): up almost 2%; up 19 cents; closed at $10.19; pays almost 6%;

From SeekingAlpha, link above:

Energy Transfer (ET +1.7%) shares spike higher before calming down following a favorable court ruling for its Dakota Access Pipeline. 

The U.S. District Court for the District of Columbia rules the pipeline may remain in service even though it lacks a valid federal easement for a water crossing in North Dakota. 

The Army Corps of Engineers has said it expects to finish a court-ordered environmental impact statement for the project in spring 2022, and today's ruling appears to mean DAPL will not have to shut down while the analysis is conducted. 

Energy Transfer is "dramatically undervalued" over the longer term based on its continued free cash flow strength, The Value Portfolio writes in a bullish analysis newly posted on Seeking Alpha.

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. 

I lost a huge bet on this one. 

How in the world could the judge rule this way when the pipeline lacks a valid federal easement?

Will the US Supreme Court step in? 

The Colonial Pipeline fiasco is probably on everyone's mind.

On a completely different note, Oasis cut their losses quickly and share price surges; ATT dilly-dallied around for years; finally cut their losses (?) as well as its  dividend and share price plunges. 

And, still, farther afield, my earlier opinion regarding Saudi Arabia's PIF: selling Suncor and buying video game companies -- I've changed my mind. Saudi doing the right thing. Back to this later, perhaps.

Here Comes Da Judge -- DAPL Update -- April 9, 2021; 9:14 a.m. CT

Link here.

Bakken crude to be re-routed every which way if DAPL shut down, link here:

If the Energy Transfer-operated pipeline is ordered shut, energy analysts believe drastic measures will not become necessary so long as the closure is temporary only through the back half of the year. The US Army Corps of Engineers' court-ordered Environmental Impact Statement study could put DAPL back into good legal standing by the end of 2021 or early 2022, although an unprecedented permanent closure would have much bigger long-term impacts.

With Bakken crude production and activity already diminished from the ongoing coronavirus pandemic and, to a lesser extent, DAPL uncertainty, a temporary closure would keep projected Bakken production growth from occurring, but it would not trigger substantial reductions in volumes, analysts said.

"The industry had a lot of time to consider alternate routes," said Colton Bean, midstream analyst for Tudor, Pickering, Holt & Co. "Is it going to be a disaster scenario? No. It's more of a cap on growth than a big impact on existing production."

Liberty Pipeline Project Killed; Follows The Cancellation Of The Red Oak Pipeline -- Implications For The Bakken? -- April 8, 2021

Wow, this story has so many story lines. I'm too exhausted to to through them tonight but I will link / post the story and see what comes of it over the next few days. 

The story: another pipeline is dead. Philliops 66 pulls out of deferred Liberty Pipeline project. This is NOT good news -- if the DAPL is shutdown .....

From the linked S&P Global Platts article: 

Phillips 66 Partners is officially pulling out of the long-deferred Liberty Pipeline project that was designed to move 350,000 b/d of crude oil from the Rockies and Bakken Shale to the benchmark Cushing, Oklahoma, hub, the company said.

The Phillips 66 Partners-led pipeline project was put on indefinite hold more than a year ago when the pandemic crushed global crude oil demand and, since then, the US energy sector has kept tight reins on capital spending.

Phillips 66 Partners will record an estimated impairment of between $180 million and $210 million in the first quarter for pulling the plug on the long-dormant project, it said in a statement April 5. The pipeline would have stretched 700 miles from Guernsey, Wyoming, to Cushing, including a connection to a previously proposed Platteville, Colorado, terminal.

Phillips 66 Partners' joint-venture partner Bridger Pipeline and its parent, True Companies, did not respond to requests for comment, but Bridger already is exploring pipeline alternatives with new partner Tallgrass Energy through recently launched open seasons.

The decision on the Liberty Pipeline is not surprising considering that Phillips 66 in October canceled the planned Red Oak Pipeline from Cushing to the Texas Gulf Coast. Red Oak and Liberty were both proposed and, subsequently, deferred at the same times. So, when Red Oak was killed, it seemed like a similar result for Liberty could follow.

Both the Red Oak and Liberty pipelines were originally scheduled to be in service in the first quarter of 2021.

From a June 11, 2019, post: 

A new Bakken pipeline. Details:

• Liberty Pipeline, a joint venture between two companies:
• Phillips 66
• Bridger Pipeline
• The project:
• origin: the Bakken; southwest corner of North Dakota
• via: Guernsey, WY
• terminal: Cushing, Oklahoma
• route not yet clear
• proposed capacity: 200,000 bbls
• cost: $1.6 billion
• in-service date: as early as 1Q21 (hope springs eternal)

700-mile pipeline project; at $1.6 billion, that works out to $2.3 million / mile. I've been using a back-of-the-envelope figure of one million dollars / mile pipeline all these years -- it looks like that figure is obsolete, at least for longer pipelines which would also need pumping stations, other infrastructure support much shorter pipelines might not require. I don't know. But $2.3 million / mile is eye-catching. 

Maybe I'm missing something but killing a pipeline that would serve both the Powder River Basin and the Bakken is very, very interesting. Others have the same thought.

Finally, Native American Tribes Most Affected By DAPL Weigh In -- April 1, 2021

From The Williston Herald:

Native American tribes have been the driving force behind efforts to shut down the Dakota Access pipeline, but now a Native American tribe has come forward in support of continuing its operation.

Chairman Mark Fox of the Mandan, Hidatsa, and Arikara Nation has sent a letter to the U.S. Army Corps of Engineers asking for single-tribe consultation on continuity of operations for the Dakota Access Pipeline.

In the letter, Fox notes that half of the oil produced on the MHA’s reservation is taken to market through Dakota Access.

“We seek immediate consultation on the alternatives being considered by the Corps regarding continuity of operations of the Dakota Access Pipeline or alternative delivery systems while any NEPA-related or other federal review of DAPL is conducted,” Fox wrote.

Geoff Simon's Factoid Of The Week -- March 26, 2021

The Dakota Access Pipeline has not impacted groundwater in any of the four states where it is located since going into service in June 2017. It crosses under the Missouri River at a minimum depth of 95 feet below the riverbed. The disputed area between Morton and Emmons County that could potentially shut down the entire length of the 1,172 mile pipeline is just over 1,000 feet of the path, and is controlled by the U.S. Army Corps of Engineers.

Flashback, July 29, 2019 -- Is The Bakken At Risk For A Pipeline Overbuild -- RBN Energy

Link here.

If DAPL shutdown were to occur:

• CLR says it would not be affected; doesn't ship on the DAPL;
• CLR says it would affect Bakken light sweet by $1 - $2 / bbl:
• operators shipping on the DAPL have contingency plans ready to go, posted yesterday; some operators are already booking CBT (crude by truck) -- a third-world option.
  
• CBR: wow -- again -- CLR says a DAPL shutdown would impact Bakken oil by $1 - $2 / bbl

For me, shutting down the DAPL will be a "psychological / emotional" phenomenon more than anything else.

Most interesting to me:

• DAPL is getting more press than the situation regarding Brent. 
• Brent: trending toward production less than amount of oil that would be carried by DAPL + DAPL expansion.

CBR: look at that capacity. Blows me away.

• look at all the jobs a DAPL shutdown would provide
• reminder: BNSF generates 25% of all Warren Buffett's Berkshire Hathaway's revenue
• I assume there are CBR options for Enbridge pipelines at risk running between Canada and the US;

Phillips 66 And DAPL -- Seeking Alpha -- March 7, 2021

Link here.

Phillips 66. 

DAPL connection.

Meantime, in yet another example of what my followers know I consider a broken MLP model that is heavily skewed in favor of the general partner ("GP"), it appears PSX - the GP of LP Phillips 66 Partners (PSXP) - plans to take advantage of the DAPL pipeline "closing drama" and the severe price weakness in PSXP units, to merge the MLP back into the company (ex-DAPL). 

This will be just awful for PSXP unit-holders, but great for PSX shareholders. 

That is because not only will PSX likely be buying PSXP units at a fire-sale price, but it will be also be adding excellent distributable cash flow back into the company.

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.

According to the 13-D filing, PSX already owns 74.3% of PSXP's units with 25.7% of the units being held by the public. That equates to 58,580,009 shares PSX would have to roll-up and, at the current $3.50/unit annual distribution (11.4% yield), would be an estimated $205 million annual windfall for PSX shareholders. 

But PSXP unit-holders are going to get hosed on a roll-up if it happens anytime soon, just as higher crude oil production will spur US shale production and will increase volumes through PSXP's pipelines. 

And as I mentioned in my last article on PSXP (see PSXP: My Favorite Mistake Is A BUY), it would appear that the worst-case DAPL outcome (i.e. the pipeline is ordered to be closed) is already more than fully priced into the units. Not to mention closure is not even a given. 

Oh well, another MLP bites the dust.

I can relate to this. Years ago I invested in an MLP. Then Canada changed its tax policy and the GP "closed" the MLP. In the short term, I lost a lot of money (all "virtual" money), but in the long term I'm quite happy how it all worked out.  

And something tells me, I'm going to be even happier before this week is over.

About That Black Snake, Someone Speaks With Forked Tongue And It Ain't Who You Think -- February 13, 2021

From this past week:

From five years ago:

DAPL: USACE Asks For Two-Month Delay -- February 9, 2021

Link here.  

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I Have Become Comfortably Numb

My neighbor called the police because I was playing Comfortably Numb too loud. The police arrested my neighbor.

DAPL Update: Energy Transfer's Investor Presentation -- September 9, 2020

A huge "thank you" to a reader for sending this my way.

For the archives, this will download a PDF: Energy Transfer's investor presentation, September, 2020. From a reader:

• page 10 shows that management is buying in.  That's a good sign.  Of course, I'm chagrined to see what a small slice of the pie DAPL is to them
• page 13 shows they think the doubling will be complete by Q3 of 2021

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For The Archives

Up in Minnesota, from a reader, look at these incredible prices for beef. Of course, they are limiting customers to 20 pounds of chicken at a time. LOL. Time to buy another freezer for the garage.

Sirloin tip at $3.99/pound:

Best we can do here, in north Texas, at our neighborhood grocer, a major chain, around $9.99 / pound, though it can quickly get more expensive:

Remember: the five most important foods for a healthy immune system --

• orange juice -- vitamin C
• sunflower seeds -- vitamin E
• Belgian-style beer -- probiotics
• zinc -- steak
• protein -- steak

Exactly what you take out to a day on the lake.  Which also provides a bit of social distancing.

*********************************************
LEGO

And also for the archives.

The retired set for almost $,1000.