Paddlefishing In North Dakota -- April 30, 2015

The Dickinson Press is reporting:

Snagging is legal in all areas of the Yellowstone River in North Dakota, and in the area of the Missouri River lying west of the U.S. Highway 85 bridge to the Montana border, excluding that portion from the pipeline crossing (river mile 1,577) downstream to the upper end of the Lewis and Clark Wildlife Management Area (river mile 1,565).

Snaggers should be aware that mandatory harvest of all snagged paddlefish is required on Tuesdays, Wednesdays, Fridays and Saturdays. On these days, all paddlefish caught must be tagged immediately.

Legal snagging hours are from 8 a.m. to 9 p.m. daily. Snaggers are allowed only one tag per season.

Snag-and-release of all paddlefish is required on Sundays, Mondays and Thursdays.

Those planning to participate during snag-and-release-only days need to have in their possession a current season, unused paddlefish snagging tag. Use or possession of gaffs is prohibited on snag-and-release-only days, and, if it occurs, during the snag-and-release extension period.

All paddlefish snagged and tagged must be removed from the river by 9 p.m. of each snagging day. The use or possession of a gaff hook within one-half mile in either direction of the Highway 200 bridge on the Yellowstone River is illegal at any time during the snagging season.

If the season closes early because the harvest cap is reached, an extended snag-and-release-only period will be allowed for up to four days.

Much, much more at the link. 

For newbies: paddlefishing is NOT the same as paddleboat fishing. 

Apparently Someone Missed The Memo: The Bakken Boom Is Over -- April 30, 2015

The Bismarck Tribune is reporting:

The North Dakota Public Service Commission approved Wednesday permits for three electrical power infrastructure projects in western North Dakota being planned by Basin Electric Power Cooperative.

The projects, costing about $445 million, involve expansions of two natural gas powered generating stations and a new electric transmission line in the Oil Patch.

The first permit is for a $161.2 million expansion of the Pioneer Generating Station in Williams County, about 15 miles northwest of Williston. Basin Electric plans to add 111 megawatts of electric generation capacity to the station consisting of 12 engines running on natural gas supplied to the site by an existing pipeline. The new engines will be constructed adjacent to three existing turbines at the location, bringing the total capacity at the site to 246 megawatts. [$161.2 million / 111 MW = $1.5 million / MW]

The second permit is for a $149 million expansion of the Lonesome Creek Station in McKenzie County, about 14 miles west of Watford City. Basin Electric plans to add 135 megawatts of electric generation capacity to the station by adding three 45-megawatt, natural gas-fired combustion turbines. The turbines would be adjacent to three similar turbines at the location, bringing the total capacity at the site to 270 megawatts. [$149 million / 135 MW = $1.1 million /MW]

The third permit issued is for a $135 million North Killdeer Loop Phase I project in McKenzie County, which involves 28 miles of a new 345 kilovolt electric transmission line. The project will also include the construction of two substations. The line would start from the proposed Patent Gate Substation north of Arnegard and would extend generally eastward to the proposed Kummer Ridge substation east of Watford City.

The locations are very, very interesting. Maybe more on that later, when I get caught up, after traveling. 

California Reality -- April 30, 2015; Dickinson Refinery To Be On-Line By May?

The Dickinson Press is reporting:

Progress [of the MDU-Calumet topping plant west of Dickinson] toward operation, which began with a March 2013 groundbreaking, has been slower than expected. Rasmussen said the goal of having the facility fully operational by the end of May looks certain.

Interim plant manager replaced; new manager named.  

IIRC, this plant was supposed to be on-line last November/December time frame, then slipped to 1Q15, and now is near the end of 2Q15. 

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The Los Angeles Times is reporting:

Gov. Jerry Brown is expected to announce Thursday that the state is substantially trimming the amount of fish and wildlife habitat it plans to restore in connection with a controversial project to replumb the heart of California's water system.

This month, state water officials said they were overhauling a proposal to construct two massive water tunnels under the Sacramento-San Joaquin River Delta and restore more than 100,000 acres of delta habitat.

Among the changes that Brown is expected to detail at an Oakland news conference is the decision to move ahead with just 30,000 acres of habitat work in the next 3.5 years.
Years in the making, the plan is designed to lessen the environmental harm of delta water exports by building a new diversion point on the Sacramento River that would feed two 30-mile tunnels connected to existing pumping facilities that send supplies south to San Joaquin Valley growers and Southland cities.

The project also called for restoring 100,000 acres or more of habitat over five decades at a cost of $8 billion in federal and state funds.

A major goal of the plan was to gain a 50-year environmental permit for delta exports that would ease the endangered species restrictions that have cut delta deliveries.
But state water resources Director Mark Cowin this month said it had become apparent that the project couldn't meet the tough federal requirements for such long-term approvals.

Earnings -- This Is Not An Investment Site -- April 30, 2015

Disclaimer: this is not an investment site. Do not make any investment decisions based on what you read here or what you think you may have read here.

XOM earned $4.9 billion in the first quarter, down 46 percent from the same period in 2014, the company announced Thursday. That breaks down to $1.17 per share vs forecast of 83 cents/share. Huge beat.

Meanwhile, Exxon increased its dividend by 6% on Wednesday to 73 cents a quarter up from 69 cents. That implied a $12.2 billion payout to investors, but it wasn’t certain the payout would be that big until the company said Thursday how many shares are outstanding. But, yes, that’s the right projection

Business Insider says XOM "smashes" expectations. 

COP tops forecast.  COP reported an 18 cent per-share loss on Thursday for Q1, but beat analysts estimates for a 19-cent loss.

Calfrack earnings press release here. 29 cents vs loss of 14 cents forecast?

CARBO Ceramics press release here. $1.24 loss vs a loss of 49 cents forecast?

Cardinal Health beats by 3 cents; profit rises by 16%; proxy for ObamaCare.

Marathon Petroleum Corporation beats by 38 cents.

Phillips 66 profit falls 37%. $1.79/share vs forecast of $1.43.

Ultra Petroleum beats by 9 cents.

Abraxas sinks after hours; declares a 10% increase in quarterly dividend. Reported 17 cents/share vs forecast of 27 cents/share.

Cheniere with a big beat; forecast a loss of 37 cents; came in at a lost of 23 cents.

Enbridge Energy Partners (EEP) beats by 3 cents.

EPD: barely misses; forecast, 33 cents; reported 32 cents; increased distribution to $1.50/unit on an annualized basis;

"Hot-Dam" As We Used To Say: Spending Up, Unemployent Down -- April 30, 2015

Jobs:

Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 262,000 for the week ended April 25, the lowest reading since April 2000.

It was the eighth straight week that claims remained below 300,000, which is usually associated with a strengthening labor market, suggesting March's moderation in job growth was likely an aberration. 

Economists polled by Reuters had forecast claims falling to 290,000 last week. The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 1,250 last week to 283,750.

Active rigs:

	4/30/2015	04/30/2014	04/30/2013	04/30/2012	04/30/2011
Active Rigs	86	187	185	210	173

RBN Energy: this is a keeper -- an update on the Monterey tight oil play.

RBN Energy takes a closer look at the Monterey tight oil play, which sits beneath parts of central and south-coastal California.

As recently as 2011, the EIA was saying the Monterey play had about 15 Billion Bbls of technically recoverable oil, more than all the other tight-oil/shale plays in the Lower 48 combined. (In that same estimate, the Bakken was estimated to have about 4 Billion Bbl of technically recoverable oil, and the Eagle Ford about 3 Billion Bbl.)

By 2014, however, EIA had dramatically honed back the Monterey estimate to only 600 Million Bbl—a 96% drop. (That’s like hearing, “No sir, your gas tank’s not full. You’re actually running on fumes.”)

EIA said the big downgrading of the Monterey play’s potential—at least given current technology—was tied to new geological information and the lack of production growth like that seen in the Bakken and Eagle Ford shales.

Subsequent industry reports have  indicated that the Monterey play’s geology and that of the Bakken and Eagle Ford are like night and day, with the Monterey play’s being much more complex—and less predictable.

As noted, this is a keeper. It will be archived by the source, at the source.