Didi -- The Stock Jim Cramer Highly Recommended Last Year -- March 11, 2022

Fascinating story. 

Apple has (?) a seat on the Didi board.

For the archives.

First, the wiki entry. 

Then, Jim Cramer's recommendation: get as many Didi shares as you can after the Chinese ride-hailing giant goes public -- Jim Cramer, June 28, 2021. 

Then, social media. 

And, finally, Didi today. Or direct to CNBC: Didi's 44% stock plunge leaves SoftBank and Uber with diminishing returns. Didi shares are now 87% below the IPO price last year. Two largest shareholders:

• SoftBank
• Uber

From the linked CNBC article:

The shares were already in freefall amid a crackdown by the Chinese government on domestic companies listed in the U.S. Didi said in December that it would delist from the New York Stock Exchange and instead list in Hong Kong. On Friday, Bloomberg reported that Didi hadn’t complied with data-security requirements necessary to proceed with a share sale in Hong Kong. 

I haven't watched CNBC in over four weeks, and each day, it seems, I'm missing it less. 

Softbank owns about 20% of Didi. The Japanese conglomerate’s stake is now worth around $1.8 billion, down from close to $14 billion at the time of the IPO. Uber’s roughly 12% stake has fallen from more than $8 billion in June to just over $1 billion today.

Uber was up slightly at the close today, and slightly lower after hours. 

Replacing Russian Oil -- March 11, 2022

For oil bulls: the day-to-day white noise can be distressing, but think about this -- the big picture, except for Russian oil going to China, upwards of seven million bbls of oil has been taken off the global market. Just like that.

Having said that, the price of oil suggests that traders know Russia will be able to sell their oil. This will be fascinating to watch. Russia also needs significant western "help" (think Schlumberger) to produce at max capacity. 

But something doesn't add up: the price of oil can surge when "we" lose 400,000 bbls of Libyan oil but hardly moves when we lose seven million bbls of Russian oil.

Canada: considers ramping up oil exports to US. And just think: the long pole in the tent: lack of adequate pipeline. Rail merger between KSU an CP may or may not be on track (no pun intended); everything depends on regulators who are not particularly supportive of "bigger is better" philosophy.  Link to Charles Kennedy.

Russian oil shortfall: it will take five years, could take ten years to "build back better" -- the amount of time needed to replace all ten million bopd Russia is producing. -- Former Texas regulator. Link here.  Charles Kennedy. March 11, 2022. [

You know, that's an interesting observation. The former Texas regulator is suggesting that Russia will have trouble even producing enough oil for its own consumption when foreign companies, foreign technology departs. He may be on to something; I had not thought of that. Look what happened to Venezuela with sanctions. And those Russian tankers heading to China? How many does the US Navy have to take out before Putin gets the message?]

Agriculture: 2022

March 12, 2022: Ukraine bans fertilizer exports. Reuters.

March 11, 2022, from social media:

• meat processors out a year because elites/wealthy stockpiling beef in freezers;
• farmers in South can't get fertilizer for crops now;
• farmers in Midwest are switching crops, cannot get either nitrogen or fertilizer;

Week 10: March 6, 2022 -- March 12, 2022

Top story of the week:

• Joe Biden is still president.
• XOM to sell Bakken assets?
• US CPI at 7.9%; highest in more than 40 years.
• Russia on brink of insolvency. 
• Cheniere has sold out of natural gas through 2040.

Top international non-energy story:

• Ukraine-Russia war; second week.
• Norway's wealth fund Russian investments are worthless. 
• Saudi Arabia foreign exchange reserves fall again.
  

Top international energy story:

• Just like that: upwards of seven million bopd will be off the global market by May, 2022.
  
• China: winner. Will get all the oil it needs at the price it wants from Russia. 
• Diesel will be a top five story for 2022. And, here.
  

Top national non-energy story:

• How many transistors can Apple put on one chip? Breaking Moore's Law?
• Ten year Treasury yield goes over 2 percent.
• Covid is so over.
  

Top national energy story:

• Oasis - Whiting announce merger. And, here.
  
• Windfall profits tax being considered.
• Starting to see fault lines among EV manufacturers.
• Bill to release 260 million bbls of oil from the SPR introduced.
• US crude oil, petroleum products in storage.
• At $120 oil, Saudi Arabia is dropping rigs.
• Cheniere has sold out of natural gas through 2040. 
• WTI off the chart. Sunday, March 6, WTI surged.
• $9 gasoline: California.
  

Top North Dakota non-energy story:

Top North Dakota energy story:

Geoff Simon's top North Dakota energy stories:

• Quick connects.

Operators:

• CLR renews twelve Jersey FIU / Federal permits.
• Whiting + Oasis exceeds windfall profits tax threshold.
• Buffett keeps buying more OXY. And here.
  

Operations:

Wells:

• Another CLR Whitman well goes over one million bbls crude oil cumulative.

Fracking:

Natural gas:

Pipelines:

Bakken economy:

Commentary:

• Why US shale is not drilling.
• Feature story: Howard Dahl, Melroe Bobcat.
• When do sanctions work?
  

CLR Renews Twelve Jersey FIU / Federal Permits -- March 11, 2022

Footnote: Schlumberger expands its Innovation Vactori network.

Oilfield services provider and the world’s largest drilling company, Schlumberger, has expanded its Innovation Factori network with a center in Houston, Texas, the company’s first such center in North America.

The network is enabling customers to accelerate the development and deployment of enterprise-scale AI and digital solutions, in the context of their unique business challenges, spanning exploration to production and new energy systems.

Soccer: granddaughter Olivia's soccer team wins final game of the season, 4 - 0. Takes District Championship. Olivia scored two of the four goals. Last night she was inducted into the Spanish Honor Society. 

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Back to the Bakken

Active rigs:

$109.30	3/11/2022	03/11/2021	03/11/2020	03/11/2019	03/11/2018
Active Rigs	31	15	56	65	59

Two new permits, #38826 - #38827, inclusive, all in support of a CO2 sequestration proogram:

• Operator: Minnkota Power Cooperative, Inc
• Field: wildcat, Oliver County
• Comments:
• Minnkota has permits for two wildcat wells, Unity 1 and McCall 1, in SWNW 4-141-83, 
• to be sited 1979 FNL and 373 FWL and the other 1978 FNL and 257 FEL
• a vertical well; 
• the application for permit for re-entry says the "dirt work date is 12/01/2024."
  

In addition, Minnkota has a re-entry permit, #37672, a vertical well; J-ROC1, Oliver County, 1959 FNL and 333 FWL, another wildcat; original well:

• wildcat / stratigraphic teest (precambrian)
• supporting a CO2 sequestration project for the Minnkota Milton R Young coal-fired power plant;
• well pad was built in close proximity to Minnkota's power plant making the location and operations unusual compared to most oil an gas wells; will drill into the Inyan Kara, Broom Creek and Deadwood formations; it will be P&A's after successfully reaching TD
• considered a geologic success

Note: the scout tickets are wrong, or the map is wrong. J-ROC1, #37672, is not 1959 FNL or 333 FWL. It appears the well is more likely 333 FNL and 1959 from FWL. Let's look at the permit:  the permit application showed 1927 N 339 W; clearly either the application is wrong or the map is wrong.

Twelve permits renewed, all CLR:

• CLR: the Jersey FIIU and Jersey Federal permits, in Mountrail County

One permit canceled:

• #38724, Whiting, Mariah Olson, Williams County