Texas Breaks Natural Gas Production Record -- January 30, 2023

Earlier this note.

Now, this. And, of all things, by Charles Kennedy. Whoo-hoo!

In a new record for the Lone Star State, Texas produced 11.2 trillion cubic feet of natural gas in 2022, with growth expected to trend even higher going forward, according to the latest report from the Texas Independent Producers and Royalty Owners Association.

TIPRO also noted that Texas supplied the country with 1.83 billion barrels of oil last year.

Texas’ direct oil and gas payroll hit $48 billion in 2022, compared to $11 billion for California and $7.6 billion for Louisiana, the second and third biggest payroll contributors.

In terms of oil production, Texas’ 1.83 billion barrels in 2022 compared to New Mexico, with the second highest at 534 million barrels, and North Dakota, with 393 million barrels.

In the field of natural gas, where Texas broke a new record, the second biggest producer for 2022 was Pennsylvania, which produced 7.6 Tcf.

Gross Regional Product for the Texas oil and gas industry came in at $322 billion for 2022, a figure that represents 16% of the state’s economy. TIPRO, however, notes that the actual contribution to the state's economy is much higher, stating, “Once the typical multiplier for Gross Regional Product is incorporated, the Texas oil and natural gas industry supported 40% of the Texas economy.”

That all earned the state of Texas $24.7 billion in taxes and royalty payments from the oil and gas industry last year.

Elsewhere, from various sources:

Big Day Tomorrow -- January 30, 2023

Tuesday, pre-market: across the board, great earnings. Shares initially up on news but then profit-taking, last day of the month.

Struggling consumer: link here.

Struggling consumer: link here.

********

Tuesday, January 31, 2023, dividend calendar (to include time of release), whisper numbeer vs consensus:

• XOM: before market open; $3.41 vs $3.32;  beats, record profit. Link here. IBD.Bloomberg. And here. And here — huge story. Here also.
  
• UPS: before market open; $3.66 vs $3.58; mixed, shares up. CNBC.
  
• PFE: before market open; $1.05 vs $1.03; how do you spell relief? Huge beat.
  
• CAT: before market open; $4.11 vs $3.95; mixed, shares off $8, but huge run since October.
• MCD: before market open; $2.51 vs $2.46; beats, huge. $2.59.
  
• MPC: before market open; $5.98 vs. $5.54; huge beat, $6.65. Link here.
  
• PSX: before market open; $4.76 vs $4.34; sky-high profit. Link here. $3.97 compared to $2.88 last year.
  
• GM: before market open; $1.74 vs $1.68; beats, shares up. $1.39. Shares surge on news. Link here.
  
• HP (Helmerich and Payne): after market close; n/a vs $1.01;
  
• EW (Edwards Lifesciences): after market close; 64 cents vs 61 cents;
• AMD: after market close; 66 cents vs 67 cents;
• AMGN: after market close; $4.08 vs $4.04;
  

Apple Will Report Earnings Later This Week -- January 30, 2023

Link here.

Link here.

************************
Remodeling

This is really quite bittersweet for me.

I grew up with Apple.

If there's been one constant in my life, it's been Apple.

I'm actually a bit sad -- I wear nostalgia on my sleeve, as they say -- to see this.

This is probably right up there with the original White Castle.

*********************
A Musical Interlude

Link here.

The Law Of Unintended Consequences -- January 30, 2023

I occasionally follow the Wuhan flu -- Covid-19 -- at this post.  

Isn't this interesting? Who would ever have thought that the "emergency declaration" some years ago would cross paths / intersect with the "southern surge"?

The Biden administration has a real mess on their hands. 

"Everyone" knows that it's time to lift the "emergency declaration" but with the "southern surge" still in play -- lifting of Title 42 -- 

"Letting the emergencies expire would also lift Title 42 immediately, which the OMB said Monday would "result in a substantial additional inflow of migrants at the Southwest border." 

So, what's the administration to do?

This is where the GOP is not being helpful. Again.

Biden has apparently made this decision: 

President Biden told Congress on Monday that his administration will end twin emergencies related to the COVID-19 pandemic on May 11, 2023, more than three years after they were enacted. 

The COVID-19 national emergency is set to expire on March 1, while the public health emergency (PHE) will expire on April 11. The Office of Management and Budget (OMB) wrote in a Statement of Administration Policy that Biden will extend both emergencies to May 11, at which point they will expire. 

Some members of the GOP want an "immediate end" to the emergencies.

I have no comment. This is simply for the archives.

Inclement Weather In Dallas For Next Three Days -- Schools Closed Tomorrow -- Monday, January 30, 2023

Link here.