Legacy Fund

Monthly deposits.

Legacy Fund data here.

Legacy Fund financial statements.       

North Dakota state government site: Legacy Fund.

North Dakota budget: probably easiest to read is at Ballotpedia.

North Dakota state office of management and budget.

Legacy Fund News

Politics, June 18, 2016

 Updates 

May, 2019: annual report; total assets stand at $5.4 billion. Callan Investment doesn't change investment mix. Everyone happy. 

May, 2019: the May, 2019, deposits, up nicely from previous month.

April, 2019: the April, 2019 deposits, down slightly from previous month. 

March, 2019: the March, 2019, deposits recover from the February, 2019, deposits. 

January, 2019: huge drop in deposits, as expected. 

December, 2018: despite significantly lower oil prices, December deposits were greater than the previous month. 

July, 2018: huge jump.

June, 2018: nice recovery.

May, 2018: deposits "recover." May 25, 2018: earnings top $1 billion; Callan Investment doesn't change investment mix. Everyone happy. 

April, 2018: deposits take a surprising drop. 

September 10, 2017: Legacy Fund deposits break through $4 billion (deposits only; not net assets). [Note: actually, this appears to have happened in August, 2016 -- see below.]

November 30, 2016: total deposits (this is not the net asset value) -- $3,700,055,301 through November, 2016. A little over $3.7 billion. It looks like $59 million was deposited in October and November, averaging about $30 million/month; comparable to deposits in September, 2016. OPEC meeting today cut production; price of oil jumped from around $45 to $49.

September, 2016, from The Dickinson Press:

• equity (common stock): 50%
• fixed-income assets: 35%
• diversified real assets: 15% (real estate, 5$; infrastructure and inflation-linked securities, 10%) 
• has generated a return of 2.8% annually since inception
• a revised investment strategy adopted in 2013 set the long-term goat at 4.6%, but returns so far have fallen far short, just 1% for the most recent fiscal year that ended June 30
• lawmakers cannot spend from the Legacy Fund until July 1, 2017; but then in 2017, Legacy Funds must start to be transferred to general fund
• 2017 - 2019, biennium expectations: the Fund should generate about $120 million in earnings
• the politicians will start to debate whether / when to start spending that money

Through September 2016, total deposits were $3,640,877,477. Another $31.9 million was deposited in September; slightly above this year's average but below August's deposit of $35.3 million, and a far cry from record high deposit of $117 million in August, 2014 (just before the Saudi surge and Saudi's trillion-dollar mistake)

At the of August, 2016, assets valued at $4.012 billion.

Through July 2016, total deposits were $3,573,621,493.

Through June, 2016, with June deposits of $28 million, total deposits will go to $3.8 billion. Schmidt said the Legacy Fund will hold $3.8 billion with the June transfer of $28.3 million.

Through March 2016, total deposits were $3,464,584,292.

Through February 2016, total deposits were $3,441,607,729.

Through December 2015, total deposits were $3,371,343,566.76.

November 5, 2015: funding the Red River Valley Water Supply Project
September 22, 2015: $3,258,677,188.91.

June 16, 2015: fees

October 18, 2014: Legacy Fund ballooning

July 17, 2014: Legacy Fund receives biggest deposit to date -- $112 million

June 23, 2014: the cash piles up

May 30, 2014: strategy for investing Legacy Fund deposits

May 22, 2014: fund goes over $2 billion; now averaging $80 million / month in deposits

February 12, 2014: North Dakota budget and fund

August 29, 2013: update on Legacy Fund

April 16, 2013: fund tops $1 billion

May 2, 2011: North Dakota budget

Reporting Friday -- November 5, 2015

Reporting Friday

 

Baytex Energy (BTE.TO), forecast a loss of 16 cents; press release;

a slower pace of development in the Eagle Ford and suspended heavy oil drilling in Canada. We remained focused on cost reduction;

Enerplus Corp (ERF.TO), forecast a loss of 10 cents; AP; huge miss; actually loss 32 cents/share;

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Second Biggest Story From Tuesday's Elections

The Washington Post is reporting that the state of Virginia only had to gain one Democratic seat in the state Senate to give the Democratic governor what he needed/wanted, but he and his supporters failed to deliver:

Gov. Terry McAuliffe on Thursday brushed off Democrats’ failure to win the state Senate, noting that the GOP-dominated House can block his agenda no matter who controls the upper chamber.

“I wanted to win the Senate. I gave it all I have,” he said. “But at the end of the day, you know, it wasn’t going to make a difference really one way or the other. I still have only 34 Democrats in the House of Delegates.”

The comments were McAuliffe’s first since Election Day, when Republicans held their 21-19 advantage in the Senate. Democrats could have grabbed control by flipping just one seat because Lt. Gov. Ralph Northam presides over the chamber and has the power to break most ties.

In the 2012 presidential election, Virginia:

• Obama:  50.8% -- 1,905,528 votes
• Romney: 47.8% -- 1,789,618 votes

I assume there are two demographic groups that won't be standing in line and/or voting for Hillary wo overwhelmingly would have voted for Obama.

In 2016, Virginia is the GOP's state to lose.

EOG 3Q15 Earnings -- November 5, 2015

Press release here.

Reuters: EOG Resources profit widely beats Street on cost cuts.  Excluding hedging gains and other one-time items, the company posted a profit of 2 cents per share. By that measure, analysts expected a loss of 30 cents per share, according to Thomson Reuters I/B/E/S.

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A Note To The Granddaughters

I love how serious these Texans take their sports.

Soccer practice was scheduled for 6:00 p.m. to 7:30 p.m. tonight, as usual. The rain was pouring down and the coach sent a message at 4:00 p.m. saying he was still waiting to hear from the city whether the soccer fields were open or closed (they close if they are swamped or flooded; by itself, rain does not stop practice).

Meanwhile, we were listening to the tornado siren go off; the kids in after-school programs were in lock-down and in safe areas in the school while waiting out the tornado warning. The all-clear was given, only to be followed by a second siren and another warning. We were informed that the day care center where our youngest granddaughter goes every day, was also in lock-down and everybody inside.

Meanwhile, we were still waiting to hear whether soccer practice was still on.

My daughter texted the coach that assuming the tornado warning was only in Grapevine, and that Southlake was fine (they are next to each other), which field should we be heading for, so that we could take route that would best miss the tornado(s)? LOL. She was joking, but the coach thought she was serious.

Moments ago, the coach e-mailed everyone that the city says the fields are closed.

I guess that ends that.  

Three (3) New Permits -- November 5, 2015; CLR To Report A Nice Well Friday; Active Rigs Near Record Low

Wells coming off confidential list Friday:

• 29841, 1,023, CLR, Maynor 3-35H, Crazy Man Creek, 30 stages, 3.5 million lbs, t5/15; cum 72K 9/15;
• 29949, SI/NC, CLR, Hendrickson 7-36H2, Elm Tree, no production data,

Active rigs:

	11/5/2015	11/05/2014	11/05/2013	11/05/2012	11/05/2011
Active Rigs	67	190	183	189	196

Three (3) new permits -- in progress

• Operators: Hess (2)
• Fields: Robinson Lake (Mountrail),
• Comments: one of the three new permits included this one; later it was noted that this well was transferred from Total Petroleum to Denbury Onshore (misspelled at "Onsore"):
• 11409, conf, DNR, Cedar Hills 21-22, Cedar Hills, Bowman County, wildcat, the file report shows that is it on confidential status but prior to being placed on conf, the rile report showed that it had been drilled to the Red River formation in 1985;  

Three (3) producing wells completed:
28533, 757, Hess, HA-Sanford-152-96-1819H-3, Westberg, no production data,
28535, 769, Hess, HA-Sanford-152-96-1819H-5, Westberg, no production data,
29586, 661, Hess, EN-Kiesel-155-94-1918H-4, Manitou, no production data,
Renewals:

• Statoil renewed three permits; all Knight wells in McKenzie County
• Hess renewed a BW-Hedstrom well in McKenzie County

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29841, see above, CLR, Maynor 3-35H, Crazy Man Creek:

Date	Oil Runs	MCF Sold
9-2015	13019	12948
8-2015	13602	15077
7-2015	17672	19773
6-2015	17917	20046
5-2015	9131	8068

Okay, Okay, Okay! Stop The Presses! Whatever You Might Be Doing, Stop ... [Spoiler Alert!]

...look at this. The acknowledged world authority on the Beatles, Mark Lewisohn from England, is in -------------- , to read from his book Tune In. Filmed on November 2, 2015.

And this is why I love to blog. A huge "thank you" from a reader.

Huge.

This is simply so incredible. If you are unsure why this is a big deal, check out the comments over at Amazon.com regarding the book; or read the review over at The [London] Guardian; or read the bio of Mark Lewisohn over at wiki.