Sunday, July 5, 2020

Notes From All Over -- Late Night Edition -- July 5, 2020

"Focus on Fracking" has been posted for the week -- earlier than expected!


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Map of US For Canadian Tourists

Making social media rounds lately.

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Dominion, Duke, Warren Buffett, Natural Gas, And All That Jazz --- July 5, 2020

Three stories.

1. The proposed Atlantic Coast Pipeline project has been scrapped after years of legal challenges and construction delays. Project developers, Dominion Energy and Duke Energy, announced the pipeline's cancellation earlier today, Sunday, July 5, 2020. From USA Today:
The project’s developers, Dominion Energy and Duke Energy, announced the pipeline’s cancellation in a joint statement on Sunday, citing “increasing legal uncertainty” — less than a month after the U.S. Supreme Court approved a critical permit that West Virginia Gov. Jim Justice celebrated as an “exciting” victory.
“This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States,” Dominion CEO Tom Farrell and Duke CEO Lynn Good said in the statement. “Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.”
The 600-mile natural gas project had faced opposition since its 2014 introduction from environmental advocates, landowners and activists who argued that the pipeline would scar pristine landscapes while also questioning its necessity.
The proposed $8 billion pipeline, which would have crossed under the Appalachian Trail and carried natural gas from West Virginia into North Carolina and Virginia, had been touted by supporters as a boost to economic development.
2. Also from USA Today: Warren Buffett / Berkshire Hathaway adds to energy portfolio; buys Dominion Energy as lines in $10 billion deal.
The energy division of Warren Buffett's Berkshire Hathaway will acquire gas lines owned by the power company Dominion Energy in a nearly $10 billion deal, the two companies announced Sunday. 
Dominion has sought to expand its pipelines along the Atlantic Coast for years to take advantage of the nation's fracking boom. However, after a number of regulatory hurdles, the Virginia-based company is abandoning those plans and ceding control of its natural gas and storage network to Berkshire Hathaway. 
Dominion has more than 7 million energy customers across 20 states in the U.S. Berkshire Hathaway Energy provides service to 12 million customers around the world.
In addition to owning 100% of Dominion Energy Transmission, Berkshire Hathaway will also take a 25% stake in Cove Point, a natural gas facility in Maryland. Berkshire Hathaway will also own 50% of Iroquois, a natural gas system that serves the Northeast. 
The $9.7 billion deal does not include acquisition of the proposed 600-mile Atlantic Coast Pipeline, a joint venture between Dominion and Duke Energy that would've stretched from West Virginia through Virginia and North Carolina.
3. Berkshire Hathaway is also interested in San Diego Gas and Electric; see Voice of San Diego, a couple of weeks ago.
SDG&E also responded to the city’s request, as expected since the franchise fee is the utility’s bread and butter. By law, SDG&E can’t make a profit on buying and selling energy, a business the utility has signaled it’d like to leave. Instead San Diego Community Power, the newly formed government-run utility in the region, will take that over for at least 40 percent of SDG&E’s customer base come 2021.
SDG&E is one of five business divisions under the Sempra Energy umbrella. It will be interesting to listen to Sempra's 2Q20 conference call.
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. 

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Berkshire Hathaway Energy

Years ago I wrote on the blog that if I ever quit blogging about the Bakken, I would start blogging about Berkshire Hathaway. LOL.

Talk about an interesting "company."

Berkshire Hathaway Energy website. At that website, links to each of the businesses within BHE. Most of these companies are within the US; two exceptions:
  • AltaLink: Alberta, Canada
  • Northern Powergrid: Yorkshire, England, and surrounding area
Two thoughts:
  • it's easier to buy pipelines in the US than build them;
  • better than dividends? "Rent."
Wholly owned Berkshire Hathaway companies: link here.
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Notes From All Over -- Sunday Afternoon Edition -- July 5, 2020

Mortgage rates: at an all-time record low in the week ending July 2, 2020. Link here.
  • 30-year fixed rates fell by 6 basis points to an all-time low of 3.07%
  • in the previous week: 3.13% (I guess Yahoo!Finance thought we couldn't do the math, LOL)
NYC restaurants: 80% of NYC restaurants were unable to afford full June rent. Link here.
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Interesting -- In Light Of The Confusion About Number Of Corona Cases Being Reported -- July 5, 2020




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Closer Look At Two CLR Steele Federal Wells Coming Off Confidential List This Next Week; One Well With 180K In Less Than Five Months -- July 5, 2020

The Steele Federal wells are tracked here. 

Note: the spectacular #31521:
  • 56K in one month;
  • 178K in less than five months;
The wells:
  • 31521, conf, CLR, Steele Federal 6-24H, Banks,
DateOil RunsMCF Sold
5-20202131746453
4-20203614476025
3-20203794174220
2-202055784100156
1-20202700338629
  • 31520, conf, CLR, Steele Federal 5-24H1, Banks,
DateOil RunsMCF Sold
5-20202995256653
4-20201955933085
3-20202414042503
2-20202649444397
1-20201801126459

Other wells of interest in the immediate area:
  • 22273, 609, CLR, Steele 2-24H, Banks, t5/12; cum 285K 5/20; jump in production, see below;
  • 19915, 743, CLR, Steele 1-24H, Banks, t8/11; cum 403K 5/20; significant jump in production, see below;
  • 27551, 896, CLR, Steele Federal 4-24AH1, Banks, t5/15; cum 370K 3/20; huge jump in production, see below;
  • 27550, 1,239, CLR, Steele Federal 3-24AH, Banks, t5/15; cum 399K 5/20; no significant jump in production;
27551:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN5-202030001090
BAKKEN4-202074808008250
BAKKEN3-2020226218671113872912788720
BAKKEN2-20202913325133242948220983179892604
BAKKEN1-2020146733619519538103849317878
BAKKEN12-20190000000
BAKKEN11-201923212522942235726169820
BAKKEN10-20193135213525314011378109670
BAKKEN9-201930335833873249987894830
BAKKEN8-20193140864056328210467100560
BAKKEN7-20192830143117254161735301512

19915:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN5-20200000000
BAKKEN4-20202147365047312412003117360
BAKKEN3-20203181848106588214313138990
BAKKEN2-2020268095452170140996593
BAKKEN1-2020222762262845341281679305
BAKKEN12-2019300239100
BAKKEN11-2019187311101543135611530
BAKKEN10-20193115091508791294925300
BAKKEN9-20193016661438797336029550

22273:
PoolDateDaysBBLS OilRunsBBLS WaterMCF ProdMCF SoldVent/Flare
BAKKEN5-202031496749255866924488260
BAKKEN4-202028497048856946870183450
BAKKEN3-202031585759831013311003105840
BAKKEN2-20202442274337112347127676165
BAKKEN1-2020225565502321765817678790
BAKKEN12-201940045100
BAKKEN11-2019206521040783170214980
BAKKEN10-201931134511771060349730780
BAKKEN9-201930133413891000379533900
BAKKEN8-20193114541408929405636370
BAKKEN7-201931148813931184379933800
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