Earnings — 1Q23

Locator: 44309B.

Note: this is, hands down, one of the most boring things I to do each quarter. I doubt anyone really looks at it but the day I quit doing this will be the day I miss posting something important. The word "important" is used loosely. Very loosely.

This is so boring that I actually didn't record a thing for 1Q20, but that was threee years ago. Maybe things have changed. LOL. 

This is linked at the top of the sidebar at the right during earnings season. After earnings -- pretty much after XOM and Apple posts their earnings -- this post will move back into obscurity.

Past reports.

Calendar. 

Whisper numbers. 

Disclaimer: this is not an investment site.

Earnings -- 1Q23
January - March, 2023

This is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here. If this is important to you, go to the source. There will be content and typographical errors on this page. If something looks wrong, it probably is.

DE: 

Tesla: huge miss. Link here.

TSM: missed, beat. Link here.

SCHW: of interest following the failure of Silicon Valley Bank.

• 4Q22 net income: rose 25% to $1.97 billion, 97 cents / share
• one year ago: $1.58 billion, 76 cents / share
• adj earnings: $1.07 / share; short of forecast of $1.09 / share
• 4Q22 revenue rose 17% to just under $5.5 billion; forecast: $5.55 billion
• added 4 million new accounts in 2022, bringing its total to 34 million
• total client assets: $7.06 trillion; down from $8.14 trillion at the end of 2021
• gathered $128 billion in net new assets to bring its annualized growth rate to about 8%
• client allocations to fixed income increased 66% during the fourth quarter against the end of 2021, as investors took aim at self-directed tools and income-focused products such as tax-exempt and taxable bonds.

LNG Exports Set Monthly Record; Largest LNG Terminals In The US -- 2021

Locator: 44308B.

Giant: link here.

LNG: US exports -- record in March, 2023:  

From the linked article article above:

HOUSTON (Reuters) - U.S. producers of liquefied natural gas (LNG) last month regained momentum as the country's second-largest exporter Freeport LNG ramped up output, sending total shipments to an all-time record of 7.73 million tonnes, Refinitiv Eikon data showed on Monday, April 3, 2023.   7.73 million tonnes =  68,589,175 boe (link here) = 2,212,554 bbls/day.

Freeport LNG's facility in Texas, which had suspended operations after a fire last year, exited an eight-month outage in February and on Monday was on track to pull in about 2.2 billion cubic feet per day (bcfd) of gas, above its nameplate capacity, pushing up the country's overall processing rates.

A total of 108 cargoes departed U.S. ports last month carrying 7.73 million tonnes of LNG, above the previous record of 7.67 million tonnes a year ago, according to Refinitiv Eikon trade flows data.

Europe was again the main destination for U.S. LNG exports, receiving almost 71% of total cargoes, while Asia received 1.32 million tonnes, or 17%. The production recovery allowed exporters to boost shipments to Latin America and the Caribbean, which last month received 4.5% of U.S. exports, the highest since September.

Average gas flows to all seven big U.S. LNG export plants have risen to 14.1 bcfd so far in April, up from a record 13.2 bcfd in March, signaling the export gains will continue in the weeks to come.

Link here.

Texas Power Adds 1.1 GW Of New Energy To Grid -- More Gas Turbines Outside Houston; Governor Taking Care Of Business -- April 4, 2023

Locator: 44307B.

API weekly data:

• if corroborated by EIA data tomorrow, Katie, bar the doors! [Later: EIA data corroborated but price remained unchanged.]
• link here;

Ford: outsold by GM. Link here. At the blog.

Texas power: nearly 1.1 GW of new capacity starts up in Texas power market in March, 2023. S&P Global.

• includes 199-MW gas plant near Houston
• Brotman Power Station in Brazoria County
• WattBridge Energy building six 60.5 MW gas turbines at the Brotman site
• totaling 363 MW and an estimated cost of $350 million
•  about $1 million / MW
• interconnection queue loses 2.2 GW
• another 855.2 MW of solar neared commercial operation
• battery storage surging: see article for details

Breathlessly reported by media: California grid needs $9.3 billion in upgrades for shift to renewable energy;

• OMG
• $10 billion
• but then we learn, that's over 10 years; link here;
• "they" never report the denominator;
• $10 billion over 10 years = $1 billion / year;
• California annual budget:
• 2023 - 2024
• $296.9 billion
• $1 billion / $296.9 billion = 0.33%
• $10 billion / $296.9 = 3.4%
• $1 billion per capita: $1 billion / 40 million = $25 / person
• but much of that dollar requirement would come from federal government; bonds.
• a lot of the upgrades would benefit all energy infrastructure, not just renewable energy.

*********************************
Back to the Bakken

Active rigs: 45.

WTI: $81.12.

Natural gas: $2.104.

One new permits, #39788:

• Operator: Liberty Resources
• Field: Gros Ventre (Burke)
• Comments:
• Liberty Resources has a permit to drill an Oliver E well, NWNE 20-159-93; 
• to be sited 335 FNL and 1786 FEL

Eight producing wells (DUCs) reported as completed:

• 38742, 1,448, Ovintiv, Sorenson Federal 153-96-9-4-10H,
• 35932, 2,368, XTO, Hovet Federal 31X-29G,
• 38811, 480, Crescent Point Energy, CPEUSC DeFrance 3-12-1-158N-100W-MBH,
• 39263, 1,807, Grayson Mill, Field 18-19F 5H,
• 36999, 976, CLR, LCU Reckitt Federal 8-22H,
• 37000, 1,148, CLR, LCU Reckitt Federal 7-22H1,
• 37001, 921, CLR, LCU Reckitt Federal 6-22H,
• 37002, 490, CLR, LCU Reckitt Federal 5-22H1,

Ford, GM, EVs -- 1Q23 -- April 4, 2023

Locator: 44306B.

Link here.

From the linked article:

GM outsold Ford when it comes to electric vehicles by almost two-to-one in the first quarter of 2023 as production troubles plagued the former No. 2 EV seller behind Tesla.

Ford sold 10,866 EVs in Q1 this year. While that’s up 41% from Q1 2022, it’s about 50% behind GM’s sales of 20,670 EVs.

Ford’s lackluster EV performance can be attributed mostly to a factory outage in its Mexico plant that makes its Mustang Mach-E as it attempts to double the factory’s capacity, as well as five weeks of lost production with its F-150 Lightning EV due to a recall stemming from a battery fire issue.

Despite Ford’s plan to spend $50 billion on its EV lineup acro the next three years, it predicts it will lose $3 billion on EV models in 2023. That’s even with jacking up the price of their F150 by 50% in about a year, from $40,000 last January to $60,000 today.

F, today: up 0.3%; trading at $12.72.

Other EV manufacturers today:

• RIVN: up 1%; trading at $15.38.
• RIDE: down 5%; trading at 61 cents.
• LCID: flat; trading at $7.90
• ARVL: down 6%; trading at 13 cents;
• TSLA: down 1%; trading at $192.58.
• GOEV: down 4%; trading at 59 cents;
• NKLA: down 5%; trading at $1.22;

Ovintiv Raises Dividend Twenty Percent — April 4, 223

Locator: 44304B.

From 25 cents to 30 cents.

Record: June 15, 2023.

Pay date: June 30, 2023.