Tuesday, February 2, 2021
Notes From All Over, The Late Morning Edition -- February 2, 2021
Memo to Georgia voters:
- Biden promised $2,000 checks on first day in office if his Dems elected in Georgia
- closing in on a month later:
- Biden's starting position: $1,400
- GOP's starting position: $1,000; link here;
- "Most Gullible Voters Ever" Award goes to .... the Georgia voters.
Booze delivery:
- Uber acquires on-demand alcohol marketplace Drizly for $1.1 billion
Daily metrics:
- 10-year Treasury: breaking out; up 3 basis points; solidly above 1.1%; hits 1.11%;
- DXY: recovers bigly; now above 91 again;
- silver: crashes! down almost 9%; drops below $27;
Business model problems?
- BP reports massive loss for 2020, link here;
- BP: poster child for oil company pivoting to renewable energy; owns a lot of EV charging stations; whoo-hoo!
Notes From All Over -- Apple Car Could Partner With GM -- Source -- February 2, 2021
Local: will trend toward 80°F this week; what's not to like. No snow forecast for north Texas.
Oh!-lena:
- crushes New Jersey; snowfall measured in feet, not inches
- could bury NYC in two feet of snow; updates here;
- snowfall will go on all day; through nightfall;
- in Pennsylvania, three bodies were found in an apparent murder-suicide linked to a dispute over snow shoveling on Monday, as Storm Orlena ...
- next storm on its way -- yet unnamed; will arrive midwest later this week
- Cincinnati: previous record low, 11°F; this storm will dip into single-digit
- global warming smacks the east -- not "cold" but arctic;
Apple:
- Apple Car to use Hyundai's E-GMP battery electric platform; link here;
- Apple: GM partnership also possible
- Apple TV+: record weekend viewers with Palmer launch; finally; link here;
- Apple Card: will go joint; allow for multiple people to use same Apple Card account
- Apple ports: still the biggest Apple computer story in past few day -- adding more ports to the new MacBook Pro -- eliminate need for all those dongles
Tesla:
- recalls roughly 135,000 vehicles over screen failures; link here;
- system simply runs out of memory space
- unable to fix it "over the air"
- so, now, every six years, not only do the batteries need to be replaced but the operating system needs to be replaced
- might as well replace the model every six years whether one wants to or not
- TSLA shares: up $34; up 4% on this news of a massive recall;
Silver Plummeting -- Down 6%; WTI Up 2.54%; Trending Toward $55 -- February 2, 2021
Silver, link here, at 6:28 a.m. CT, February 2, 2021:
- down 6.16%
- down $1.813
- trading at $27.605
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Back to the Bakken
Active rigs:
| $54.91 | 2/2/2021 | 02/02/2020 | 02/02/2019 | 02/02/2018 | 02/02/2017 |
|---|---|---|---|---|---|
| Active Rigs | 14 | 54 | 64 | 57 | 40 |
One well coming off confidential list today -- Tuesday, February 2, 2021: 3 for the month, 36 for the quarter, 36 for the year.
- 32852, PNC, BR, Remington 1A MTFH, Blue Buttes,
RBN Energy: breadth of midstreamers' portfolios help shape their fates in tough times.
For many midstream companies, the experience of the past 12 months has been akin to falling down a flight of stairs. The fortunate sit at the bottom — stunned a bit, with arms and legs akimbo — and gradually determine that they’re generally alright, and that they’ll be more careful next time. The less lucky? They’re banged up and bloodied, and maybe headed to the ER and, after that, weeks of physical therapy. But were the “fortunate” really just lucky? Or were they in better shape, more athletic, more prepared for any eventuality? And what about companies when they’re hit hard with a sudden, negative shift in market conditions, out of the blue? Today, we discuss highlights from the second part of East Daley Capital’s 2021 edition of Dirty Little Secrets report, which examines the assets and outlooks of 26 leading midstream companies. We’ll focus on two representative midstreamers: Energy Transfer and EnLink Midstream.
WTI Surges; Trades Higher Than OPEC Basket -- February 2, 2021
Perfect storm:
- pipeline bans, drilling lease bans
- winter storm Orlena
- weak dollar
Pre-market trading (6:07 a.m. CT, February 2, 2021):
- WTI: surges 2.33%; up over $1.25; trading at $54.80
- natural gas: surges almost 5%; up over 13.3 cents; trading just under $3.00
- OPEC basket: flat; no change; trading at $54.51
- Brent: up 2.25%; trading at $57.62
- Urals: flat; no change; trading at $42.22
COP earnings: press release --
- loss lighter than expected; loss at 72 cents/share; same qtr last year, earned 65 cents/share;
- EPS beats by 6 cents:
- beats on revenue; beats by $1.36 billion
- production: 1,118 vs 1,154 Mboe/d forecast;
- cash flow fell 44% to $1.67 billion but topped forecast of $1.39 billion;
- dividend unchanged at 43 cents/share;
Overnight, social media:
