Thursday, July 29, 2010
142
140 active rigs this morning, and now, tonight, July 29, 2010, 142 active rigs in North Dakota. Another record.
EPA Update
Congress says "no" to federal fracking rules. (For now.)
EPA continues study which is due out not later than 2012.
This link may be broken and require a password/subscription to search archives.
UPDATE: Williston Herald has article on same. July 30, 2010.
EPA continues study which is due out not later than 2012.
This link may be broken and require a password/subscription to search archives.
UPDATE: Williston Herald has article on same. July 30, 2010.
Enbridge Response to Spill
I posted several positive notes about Enbridge and Enbridge Energy Partners recently.
I thought it necessary to link Enbridge's website response to the oil spill, even though it did not occur in North Dakota, in light of those postings.
This is the front page of their response. These are the updates.
I hold ENB and trade in and out of EEP for the dividend. I still hold both.
[Update, September 24, 2010: ENB expects to have line 6B opened by Monday, a couple days from now.]
I thought it necessary to link Enbridge's website response to the oil spill, even though it did not occur in North Dakota, in light of those postings.
This is the front page of their response. These are the updates.
I hold ENB and trade in and out of EEP for the dividend. I still hold both.
[Update, September 24, 2010: ENB expects to have line 6B opened by Monday, a couple days from now.]
XOM: Earnings More Than Double
More data that the recession / global downturn is waning: XOM's second quarter income nearly doubled to $7.56 billion.
This is XOM's highest quarterly profit since the $7.82 billion earned in the last three months of 2008.
[XOM's record-setting (and anomalous) quarter was the third quarter of 2008, when it earned $14.84 billion, mostly due to the fact that oil had spiked to nearly $150 per barrel; this quarter, the price of oil ranged from $60 to $80.]
XOM's profits hit a six-year low in the second quarter, 2009, and that explains why the numbers seem so much better this quarter, year-over-year.
XOM said it increased production of oil and natural gas by 8 percent. At first glance that sounds impressive; it is very difficult for a company the size of XOM to increase production and reserves. To do so, they need some large fields. On the other hand, if this "8 percent increase" is year-over-year," that is compared to its 2Q 2009, that doesn't sound all that great. As noted above, 2Q 2009 was a six-year low for XOM.
This is the tie-in to the Bakken: during the period, Exxon completed the acquisition of natural gas producer XTO Energy. The deal, valued at $29 billion, immediately made Exxon the largest natural gas company in the U.S. [XTO, in turn, bought out Headington and Hunt Petroleum, both big players in the Bakken, in 2008.]
This is XOM's highest quarterly profit since the $7.82 billion earned in the last three months of 2008.
[XOM's record-setting (and anomalous) quarter was the third quarter of 2008, when it earned $14.84 billion, mostly due to the fact that oil had spiked to nearly $150 per barrel; this quarter, the price of oil ranged from $60 to $80.]
XOM's profits hit a six-year low in the second quarter, 2009, and that explains why the numbers seem so much better this quarter, year-over-year.
XOM said it increased production of oil and natural gas by 8 percent. At first glance that sounds impressive; it is very difficult for a company the size of XOM to increase production and reserves. To do so, they need some large fields. On the other hand, if this "8 percent increase" is year-over-year," that is compared to its 2Q 2009, that doesn't sound all that great. As noted above, 2Q 2009 was a six-year low for XOM.
This is the tie-in to the Bakken: during the period, Exxon completed the acquisition of natural gas producer XTO Energy. The deal, valued at $29 billion, immediately made Exxon the largest natural gas company in the U.S. [XTO, in turn, bought out Headington and Hunt Petroleum, both big players in the Bakken, in 2008.]
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