Notes From All Over -- Part 3, July 16, 2019 -- Global Energy Consumption In 2018 Grew At Fastest Rate In A Decade

Flashback: making America great. This was back on February 28, 2019 --

The U.S. carbon dioxide emissions reduction over the past decade has been the largest cut in emissions in the history of energy, Dr. Fatih Birol, the Executive Director of the International Energy Agency (IEA), said at a press conference in Washington D.C.

“In the last 10 years, the emissions reduction in the United States has been the largest in the history of energy,” Birol said at a joint press conference with U.S. Secretary of Energy Rick Perry.

But despite that, atmospheric CO2 has hit another high (FWIW). But it's due to coal-burning in China and India. Link here.

But look at the lede, ignoring the meaningless global warming narrative:

• energy consumption in 2018 rose at the fastest rate in a decade

I equate energy consumption with quality of life. Energy consumption rose most outside the US and western Europe. Quality of life improving for hundreds of millions.

I was correct. I thought the rate of growth was greater as seen at the graphic at this link. There's no way wind/solar will be able to keep up with global demand.

Notes From All Over -- Part 2, July 16, 2019

Coming to a theater near you: if the opposition party takes the White House and Congress  in 2020, I suspect we will see the same story here in the US. From Germany Bloomberg reports:

Oil and gas companies that supply Europe’s biggest energy market fuels for cars, trucks and heating may be soon be required to pay for carbon pollution allowances if a panel advising the government gets its way.

Chancellor Angela Merkel this month started talks on how to force the transport and building industries to pay for their pollution, widening the number of sectors required to participate in the European Emissions Trading System, or ETS. Merkel hasn’t decided yet whether to push for extending the ETS to those industries or to impose a new tax on carbon. A panel advising Merkel and her ministers favors using the cap-and-trade market.

Germany should copy Europe’s ETS and apply it nationally to heating and road emissions, Klaus Schmidt, the group’s co-chairman told reporters on Monday. Setting up separate platforms for trading permits in those sectors would enable the market to squeeze out polluting technologies like road and heating fuels. That’s provided floor and ceiling prices are set, he said.

By compelling oil and gas companies like Royal Dutch Shell Plc, BP Plc, Total SA, Wintershall AG and Gazprom PJSC or their German units to buy pollution certificates, Merkel’s coalition would potentially retain the ability to steer CO2 reduction with precision by controlling auction volumes.

The new engines arrived yesterday (July 15, 2019): engines for the new AF One arrived at a local, small airport in the Fort Worth, TX, area. Under tight security and little fanfare, the new engines were flown in and trucked to an undisclosed location. 

And, now, look at this -- this story from almost exactly one year ago:

The Air Force on Tuesday awarded a $3.9 billion contract to Boeing for two next-generation Air Force One planes. The fixed-price firm award follows a February handshake deal between President Donald Trump and Boeing CEO Dennis Muilenburg to cap the program at that figure. A Defense Department contract announcement labels the award a “definitized contracting action” — the label given to contracts where the exact terms have not been specified — and obligates $64 million at this time. A new paint job is expected. (Much more at the link, including the cost savings Trump demanded.)

One artist's rendering (I am not making this up);  just in time for 2020 election. LOL:

Majors Airport, wiki: Originally named Majors Field, it is home to L3 Technologies Mission Integration Division (MID), which performs aircraft modification. What a great country.

Four Wells Coming Off The Confidential List Today -- July 16, 2019

Wells coming off the confidential list today -- Tuesday, July 16, 2019: 26 for the month; 26 for the quarter;

• 35524, SI/NC, MRO, Mason 14-31TFH, Killdeer, no production data,
• 35495, 2,059, CLR, Burian 4-27H1, Three Forks First Bench, 62 stages; 10 million lbs, St Demetrius, t1/19; cum 97K 5/19;
• 35080, IA, CLR, Carson Peak 7-35H, Oakdale, t--; cum --;
• 31804, SI/NC, EOG, Riverview 36-3031H, Clarks Creek; no production data;

Active rigs:

$59.53	7/16/2019	07/16/2018	07/16/2017	07/16/2016	07/16/2015
Active Rigs	58	69	58	29	74

RBN Energy: NuStar Energy's crude gathering system in the Permian's Midland Basin, part 11.

With Permian crude oil production now topping 4 MMb/d — and likely to surpass 5 MMb/d in short order — producers in the play are working closely with midstream companies to help ensure there is sufficient capacity in place to efficiently transport their crude from the lease to larger shuttle systems, regional hubs and takeaway pipelines. Sometimes, gathering systems need to be built from scratch, but in most cases, it is more cost-effective to expand existing systems that are already connected to key infrastructure downstream. Today, we continue our series with a look at a big pipeline network that NuStar Energy acquired two-plus years ago and has been expanding and improving ever since.

Notes From All Over -- Part 1, July 16, 2019

Later:

• Wells Fargo's top and bottom lines beat estimates. Link here. 
• earnings, $1.30 vs estimates of $1.15 
• Goldman Sachs, link here. 
• early winner of earnings season
• surpassed expectations on both top and bottom lines, but also hiked its quarterly dividend to $1.25 from 85 cents

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

US equity markets: futures suggest the three indices will again set all-time intra-day records; if so, this will be the fifth time in about ten days this has happened for at least one of the three indices on any given day (if that makes sense)

Director's Cut, May, 2019, data to be released at 9:00 a.m.

Earnings: we've been inundated with stories that 2Q19 earnings will be awful. And then about 48 hours ago, we were told "to watch the banks." The banks, we were told, would report great earnings. Well, yesterday, Citi early in the earnings season, surprised analysts on the upside; now, today, the same thing with JP Morgan. Link here. Data points:

• surpassed analysts' expectations 
• earnings: $2.82/share vs $2.50/share forecast -- Finance!Yahoo could have inserted "whopping" in this story -- that's a huge beat
• helped by a nearly $800 million tax boost (the president, of course, not given any credit)
• revenue: almost $30 billion vs almost $29 billion forecast
• JP Morgan second bank to report earnings this week, and the second to beat estimates
• Jamie Dimon: guidance -- upbeat; sees more of the same going forward
• credit card sales saw double-digit growth, as did merchant processing volumes
• "healthy consumer spending" -- again, the president not given any credit -- it's the economy stupid
• mobile customers up 12% year-over-year
• the bank has opened over 2 million accounts digitally
• great news for investors: investment banking revenue fell 9% -- brokers, banks, etc., due to competition, charging less for their services 
• but apparently this was not good enough for investors: right now JPM is down almost 2%; LOL -- Trump: "welcome to my world" 

FWIW: US sees drop in CO2 emissions. But look at the reason -- "global warming" has become "global cooling. Link to the story here. Key paragraph in entire story:

The EIA is basing this optimism for lower CO2 emissions on the mild temperature forecasts for the remainder of the year, which it expects will keep energy demand below that of 2018. 

Atmospheric CO2, link here:

• For those keeping score at home, the "number" was 410.79
• the narrative is starting to change. Note this at the linked story:
• April: coldest April since 1880
• May: there have been three previous months of May that were hotter (since 1880)

Re-posting:

Let Me Go My Merry Way, Charlie Rich
Prince Andrew: I did not have sex with that girl.

2Q19 Earnings

Calendar.

CLR: mixed; EPS way down from last year, but only missed estimates by a penny; on the other hand, revenues up.

ETP: nice.

Oasis: beats. Barely.

Morgan Stanley: mixed; shares up slightly so investors must have liked the results; but not a particularly good story;

Baker Hughes (GE): beats; shares up 5% on the news

Whiting: huge, unexpected loss. Forecast to earn 30 cents; in fact, lost 28 cents. Cut one-third of its work-force. Banks are probably "driving" the company. 

AAPL: July 30, 2019, after close; EPS forecast, $2.10; a year ago: $2.34;  

Suncor: 5% rise in 2Q19 operating profit and higher upstream production.

July 25, 2019:

• GOOGL: jumps 9%; up $103/share; sales beat expectations; 
• AMZN: shares down about 1.5%, hardly concerning; "Amazon reports disappointing Q2 results"; revenue growth accelerating but costs associated with same-day delivery cut into EPS -- hardly a concern;
• INTC: shares jump 5%; up $2.65 to trade at $54.81; beats on 2Q19 results; raises guidance
• CMCSA: shares down a percent; earnings beat; revenue light as video subscriber loss grows
• FSLR: delays report; will report August 1
• TMUS: shares down 1.5%; strong earnings trumped by silence on Sprint merger deal
• SBUX: up 6%; soars to all-time high on strong earnings
• BAX: reported earlier; shares up 1.5% today; boosts full-year outlook after topping 2Q19 estimates

TSLA: the stock of the day -- plunges 12% after earnings come out; loss of $1.12; consensus, a loss of only 40 cents; but the big problem: margin of 19%; only good news: free cash flow greater than forecast

F: beats on both top and bottom line but shares plunge 7% due to weak guidance

FB: beats; shares up about 1%

BA: huge loss; much worse than expected; MAX 737 a disaster

CAT: down 5% after reporting miss; down $7 to $131.

EW: huge earnings; outlook -- stock jumped as much as 13%; up $25; hitting all-time high of almost $220.

HAL: jumped 9% today after announcing earnings.

SLB: earnings of 35 cents in line with estimates; the bottom line, however, declined from 43 cents a year ago; revenues of $8.269 billion almost identical to last year; beat estimates of $8.115 billion

UNP: huge beat; 

BK: beats on earnings; but a mixed report overall;

BAC: beats on earnings; net income rose 13% year-over-year.

IBM: met on revenue; beat on earnings.

Deere and Tractor Supply: see this note.

JP Morgan: huge beat; see this note;

Citi: beat

July 16, 2019: QCOM, BK, railroads --