Texas Hyperdrive -- July 6, 2017

From The New York Times, Texas hyperdrive:

In a twist that would have been unthinkable only two years ago, the oil tanker that arrives in China today may be carrying crude that left the South Texas port of Corpus Christi instead of Saudi Arabia.

Chinese drivers most certainly don’t care where their fuel comes from, but the export of American crude oil to dozens of countries over the last year is the latest chapter in a remarkable turnaround for the American oil and gas industry, about the only good news in three years of plummeting commodity prices, bankruptcies and layoffs.

For 40 years it was virtually impossible to sell American oil to any country except Canada because of an export ban that was a bedrock of United States energy policy. The Obama administration slowly loosened the ban and Congress finally ended it in late 2015 in a compromise that also extended tax credits for renewable energy.

Oil exports grew slowly through most of 2016, but this year there has been a surge reaching 1.3 million barrels a day — roughly 15 percent of domestic production — which even at today’s depressed prices is worth more than $1.5 billion a month.

Meanwhile, Warren Buffet is ready to announce the purchase of a huge Texas utility:

Oncor, one of the largest utility companies in the US, says it serves 10 million customers across Texas. It earned $935 million in operating revenues and $73 million in net income in the quarter ended March 31.

Berkshire Hathaway Energy owns electricity and natural-gas utilities across the US. Berkshire's acquisition would value Oncor below the $18.4 billion that NextEra had agreed to pay before that deal was halted by regulators.

Job Watch -- Private Sector Jobs -- Big Miss; Meanwhile Unemployment Claims Unexpectedly Jump -- July 6, 2017

Unemployment: holding steady.

The unemployment rate is forecast steady at a 16-year low of 4.3 percent. It has dropped five-tenths of a percentage point this year and matches the most recent Fed median forecast for 2017.

Jobs miss - CNBC:

• forecast: 185,000
• actual: 158,000

Unemployment claims: unexpectedly jumped

• for first time, rose to 248,000
• forecast: a dip to 243,000 from the prior unrevised 244,00
• actual: 248,000
• four-week moving average: 243,000; up 750 from prior week

Woulda, coulda, shoulda: one wonders what the numbers would have been had we had health care issue resolved and tax reform in place.

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Back To The Bakken

Active rigs:

$45.96	7/6/2017	07/06/2016	07/06/2015	07/06/2014	07/06/2013
Active Rigs	57	31	76	191	188

RBN Energy: crude output, petrochemical growth drive Enterprise Products Partners' margin rise. 

Midstream giant Enterprise Products Partners (EPD) has attracted significant investor interest because of its simplified structure, 51 consecutive quarters of dividend growth and strong coverage — $2.7 billion in retained cash in the past three years.

The company, with a market capitalization of $58 billion, has also quietly continued to build out its large integrated midstream network despite the plunge in commodity prices, investing almost $18 billion in organic growth projects and acquisitions in 2014-16.

The end result is impressive: Enterprise is now connected to every major U.S. shale basin, every U.S. ethylene cracker and 90% of the refineries east of the Rocky Mountains.

As a result, the company is well positioned to benefit from the recovery in oil and gas production, especially in the Permian Basin and Eagle Ford Shale; the surge in hydrocarbon exports; and the rapid growth of the U.S. petrochemical industry.

For The Record -- Earthquake Felt In Lakeside,MT, At 12:35 A.M. July 6, 2017

Updates

July 6, 2017: strongest earthquake for Montana in 12 years. 

July 6, 2017: NBC Montana. From the Missoulian:

A 5.8-magnitude earthquake that hit western Montana early Thursday morning was felt from Missoula to Billings and some surrounding states. 

The epicenter of the 12:30 a.m. quake was about 6 miles south of Lincoln, originating from a depth of nearly 3 miles underground, according to a preliminary report from the U.S. Geological Survey.

The USGS recorded at least nine more tremors in the same area within an hour of the initial quake, and they ranged in magnitude from 4.9 to 3.1.

The initial earthquake was strong enough to knock items off of walls and shelves in Helena and Missoula. Lewis and Clark County Sheriff Leo Dutton said Lincoln lost electricity as a result of the quake, but the power has since been restored. A gas leak was reported in Helena, according to the National Weather Service.  

Later, 1:28 a.m. Mountain Time, July 6, 2017: another tremor; very short; table shook but nothing more.  

Original Post

5.8 Lincoln, MT.

If earthquake at 11:30 p.m. Mountain Time and we felt shaking at 12:30 a.m., Mountain Time, most likely "after-shocks," I suppose.

Meanwhile, farther north, Greenland just set the record for coldest July temperature ever reported in the Northern Hemisphere at -33C. Source at this link.

Best item about this post: a new tag -- "GlobalWarming_2017_2018."

US Crude Oil Exports Hit Monthly Record -- February, 2017

From EIA:

Hess With Five New Permits; WPX Reports Completing One DUC -- July 5, 2017

Active rigs:

$45.39	7/5/2017	07/05/2016	07/05/2015	07/05/2014	07/05/2013
Active Rigs	57	31	76	191	188

Six new permits:

• Operators: Hess (5), Lime Rock Resources
• Fields: Blue Buttes (McKenzie); Dimond (Burke)
• Comments: Hess has permits for a new 5-well pad; wells will run west to east; other permitted locations in the area run / will run east to west; see below;

One producing well (DUC) reported as completed:

• 29879, 2,038, WPX, Etstatis 32-29HB, Eagle Nest, t6/17; cum --

Hess: new permit locations (see above):