GE:
about ready to say goodby to Baker Hughes.
The bottom line:
the actions will reduce GE’s stake in the entity formed by the 2017
merger of its oil and gas unit with Baker Hughes to less than 50%. That
will force GE to give up most of its board seats at Baker Hughes. More
importantly, the company will now have to deconsolidate Baker Hughes’s
results from its own earnings and recognize the difference between what
it paid for the deal and what the asset is currently worth.
Fasken Ranch, Texas: 250 square miles; in the Permian; could fetch $7 billion; not for sale.
Story here.
Back in 1913, when Toronto attorney David Fasken paid $1.50 an acre
for plains outside Midland, the plan, according to lore, was to make a
fortune raising cattle.
There was too little water for that to happen.
Fasken died 16 years later, unaware of the riches below the surface.
Now his heirs are among the 100 families that are the biggest private
landowners in the U.S.—No. 40 on the list in terms of acreage, and
nearer the top in value.
Their holdings include three ranches in South
Texas and commercial, industrial and residential real estate scattered
around the Lone Star State and California. There’s also a vineyard in
Napa Valley.
US natural gas: making America great.
Link to report on McKinsey Energy Insights. Globally, new natural gas production forecast to be 635 billion cubic meters by 2035; half of that to be produced by US.
Stand-alone post here.
Oyster Creek, TX, ethylene glycol facility;
ribbon-cutting; Kuwaiti; 750,000 metric tons annually; shale revolution.
PEMEX: lined up $5 billion in re-financing; teetering on edge of junk credit rating. Until re-financing had $15 billion of debt coming due over next 12 months. Data points:
- has failed to stem a more than decade-long decline in oil output
- finances have become increasingly precarious
- folks skeptical that socialist AMLO can turn things aruodn
- oil production has fallen every years for the past 14 years
- oil production less than half of what it once was
***********************************
Back to the Bakken
Wells coming off confidential list today -- Wednesday, September 11, 2019: 33 for the month; 165 for the quarter:
- 35980, 1,449, Newfield, Sturgeon 150-99-18-19-10H, South Tobacco Garden, t7/19; cum 8K over 7 days;
- 35518, SI/NC, Hess, EN-Person-156-94-1102H-5, Big Butte, no production data,
Active rigs:
| 9/11/2019 | 09/11/2018 | 09/11/2017 | 09/11/2016 | 09/11/2015 |
|---|
| Active Rigs | 64 | 66 | 56 | 37 | 69 |
RBN Energy:
the halting progress of US LNG export capacity additions.
2019 was supposed to be a milestone year for U.S. LNG exports. And to a
degree, it has been. Natural gas pipeline deliveries to liquefaction and
export terminals have peaked above 6.5 Bcf/d in the past couple of
weeks and averaged about 6 Bcf/d for that period, up nearly 2 Bcf/d from
where they started this year and more than twice where they stood at
this time a year ago. But the growth has come haltingly as
under-construction projects have faced a number of setbacks and delays.
Moreover, the longer-term, “second-wave” export projects still in the
early stages of development and looking to pass “go” are facing
challenges of their own, including global oversupply and collapsed
margins. Today, we begin a short series providing an update on where
U.S. LNG export demand and new projects stand.
