Smart Decision -- Hamm Pulls Out -- June 18, 2018

From SeekingAlpha:

• Continental Resources says CEO and founder Harold Hamm has canceled a scheduled appearance at this week's OPEC meeting in Vienna, leaving only two U.S. shale executives set to speak at the event out of an original five
• Hamm's withdrawal comes days after trade tensions between the U.S. and China intensified, with China imposing $50B in retaliatory tariffs on U.S. crude oil and other goods; CLR has been a key supplier of crude oil to China, shipping more than 1M barrels to the country since a U.S. crude export ban was lifted in 2015
• Centennial Resource Development  CEO Mark Papa and ConocoPhillips CEO Ryan Lance earlier withdrew from the OPEC event; Pioneer Natural Resources  Executive Chairman Scott Sheffield and Hess CEO John Hess are still scheduled to attend

The Political Page, T+18 -- June 18, 2018

Developing countries and trade wars. Watch the entire video but as you watch it, be ready for 9:10 for something quite interesting.

**************************************** Short Takes   Trade wars: this tells me all I need to know about the "trade war" between the US and China. For those who need to put the "trade war" into perspective, I suggest they read The Opium Wars by W. Travis Hanes, c. 2002. But I digress. Here's the graphic:

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Comey

This is all I need to know about Comey, former FBI director, fired by the president for "insubordination." 

Now it is being reported that Comey is being investigated by the DOJ, again. Comey characterizes these investigations as "frivolous." Remember, Comey is not a politician. He is a lawyer and past director of the FBI. He should know that DOJ investigations are not "frivolous."

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Feeling Good

Two lost decades: the Bush II and the Obama administrations.

Back on track.

Anti-Trumpers suffering profound cognitive dissonance. Unable to adjust.

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Even Lindsey

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The List

Fact checking media reports. The list.

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SNAP

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A Note for the Granddaughters

LMK has now replaced RSVP.

Just saying.

If The Implosion Of Venezuela Does Not Matter, This Will Not Matter Either, But Posting For The Archives -- Libyan Export Terminal Is Terminal -- June 18, 2018

From Financial Times:

Libya’s National Oil Corporation said on Monday that storage facilities at the Ras Lanuf port terminal, a major export facility, have suffered “catastrophic damage” as a result of clashes.

NOC said two storage tanks have been “lost” with a reduction of storage capacity by 400,000 barrels of oil — almost half the capacity at the port.

It said there was a risk oil would leak from one of the destroyed tanks spreading blazes to three other tanks. NOC blamed the damage on an assault by a militia led by Ibrahim Jadhran, who controlled the oil port and other major facilities in the area known as the oil crescent until his forces were ousted in September 2016 by those of Khalifa Haftar, the military strongman who dominates eastern Libya.

Oil Company In The News -- June 18, 2018

Updates

June 20, 2018: Icahn is said to have won control of board at SandRidge. SandRidge shares are up over 2% today.

Original Post

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

From Reuters via Rigzone:

SandRidge Energy Inc said on Friday it had been approached by 17 potential bidders for a buyout, including billionaire Carl Icahn who is fighting for control of the oil and gas producer's board.

The activist investor, however, said in response he had no plans to make a bid soon, adding that any bid would depend on the approval of a majority of the unaffiliated shareholders.

Icahn has criticized SandRidge's leadership, forced the removal of its chief executive officer and got the embattled company to back out of its planned buyout of rival Bonanza Creek Energy Inc.

The investor, who said in April he was willing to buy the company, will now have to await a June 19 shareholder vote for directors as he seeks to revamp the board with his seven preferred nominees. Icahn holds a 13.6 percent stake in the company.

Much more at the link, including other links.

SandRidge is tracked here.

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BYD - BAD Decision

A reader alerted me to this story.

Over at Forbes, "Electric Shock: Buffett-Backed BYD Plunges On Profit Warning."

Warren's comment? "It seemed like a great idea at the time."

Google BYD Los Angeles Albuquerque.

Boom! Staggering! -- Keeping Texas Great -- Making America Great Again -- June 18, 2018

This is simply staggering. Consider all the investments already made along the coast.

Now this.

From Reuters via Rigzone: Texas oil port will raise $300 million for work to handle US shale export boom --

Port officials are expected to consider $300 million in financing that would prepare the country's largest oil-export port - Corpus Christi, Texas - to handle a surge in U.S. shale production over the next five years.

International buyers would like more U.S. crude but are unable to get it because of infrastructure constraints along the U.S. Gulf Coast. 

Terminals originally designed for imports only recently have revamped operations to handle exports including accepting larger tankers preferred by China and other oil buyers.

The port is prepared to levy new user fees for the debt costs if the U.S. government does not reimburse it for spending the money to deepen and widen port facilities to accept larger ships.

The United States is now exporting more than 2 million barrels of oil a day, but the largest tankers currently only move in and out of a Louisiana offshore port because others are not deep enough. [And it's still headline news when one of those VLCC tankers moves in.]

Corpus Christi exports 800,000 barrels per day (bpd) of crude.

Corpus Christi sits on the U.S. Gulf Coast near two of the nation's largest oilfields, the Permian Basin and Eagle Ford shale, which together produce about 4.7 million bpd, nearly half of the total U.S. production.

The channel's existing 47-foot-depth restricts it from fully loading crude tankers that carry up to 1 million barrels. Smaller vessels must finish loading the tankers offshore.

The project will deepen the channel to 54 feet for larger tankers.

Oil export capacity from the Corpus Christi area is expected to rise to 3.3 million bpd by 2021 from 1.3 million bpd this year, keeping its rank as the top oil export port.

Much more at the link.

So, in round numbers, today: 1 million bopd exported from Corpus Christi; in three years, 4 million bopd (yes, I know 3.3 doesn't round to 4.0 but as I've said often about the shale revolution: I'm inappropriately exuberant).

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That Was Crude Oil ... Now, LNG