Three Wells Coming Off Confidential List -- September 29, 2022

US oil: days of supply. Continues to extend / increase.

• latest: 26.9 days
• at end of August: 25.5 days

Usual disclaimers apply. 

California gasoline: link here. 

Buffett buys more OXY:

• Charles Kennedy: link here.
• social media: link here.
• open book test, essay question: is OXY a buy?

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

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

Blue ammonia: green energy?

• LOL.
• Saudi Arabia and UAE using the production process to extract ... more oil.
• Link here.

Florida:

• gasoline disruptions?

Messler, link here:

*****************************
Back to the Bakkeen

The Far Side: link here.

WTI: $82.02. Stalled out, and will drop after hurricane leaves Florida.

Natural gas: $7.043.

Active rigs: 46.

Friday, September 30, 2022: 56 for the month, 106 for the quarter, 445 for the year
38716, conf, Ovintiv, Calhoun 149-98-3-10-7H, Pembroke, see this post;
38334, conf, Oasis, Soto 5097 12-3 3B, Siverston;
37867, conf, Whiting, Maki 11-27HU,
36987, conf, Enerplus, Bass 149-94-36C-25H,
30924, conf, BR, Curtis 44-9 MBH,
30923, conf, BR, Curtis 44-9 TFH,

Thursday, September 29, 2022: 50 for the month, 100 for the quarter, 439 for the year
38717, conf, Ovintiv, Calhoun 149-98-3-10-14H, Pembroke, see this post;
37428, conf, Enerplus, Cutthroat 149-94-36C-25H-TF,
30925, conf, BR, Saddle Butte 44-9TFH,

RBN Energy: inflation reduction act's new methane charge takes aim at emissions, part 2.

The recently passed Inflation Reduction Act (IRA) offers a lot of incentives, mostly in the way of tax credits, to advance the Biden administration’s clean-energy initiatives and reduce greenhouse gas (GHG) emissions. There are inducements for everything from carbon capture and electric vehicles to renewable energy and hydrogen production, but very few penalties. One exception is included in the new law’s Methane Emissions Reduction Program (MERP), which features the federal government’s first-ever fee on the emissions of any GHG. In today’s RBN blog, we look at recent attempts to mitigate methane emissions, how the new methane charge will work, and how it could one day be replaced by new federal rules.

Hurricane Ian: Moving Very, Very Slowly; Still Over Middle Of Florida -- September 29, 2022

Oncor, Texas: "our" utility company has pre-positioned 500 men outside of Tampa

• assuming an average of 2.5 men per truck, are we talking upwards of 200 utility trucks?

Downgraded:

• tropical storm as of 4:00 a.m. Thursday morning, September 29, 2022
• over Orlando, early Thursday morning
• won't leave Florida until at least mid-day
• won't regain hurricane status

GDP: next story to be reported. Link here. Floorida: #4.

Hurricane Ian:

• the hurricane:
• one degree of longitude: 54.6 miles.
• diameter of the eye: about 35 miles (needs to be fact-checked).
  
• Florida:
• St Petersburg, FL: 27.7676° N, 82.6403°W.
  
• Tampa, FL: 27.9506° N, 82.4572°W.
• Ft Meyers, FL: brunt of the storm? 26.6406° N, 81.8723°W.
• 9:41 a.m. CT: eye of the hurricane, per google winds -- 26.50° N, 82.55°.
• just slightly south and just off-shore from St Petersburg, FL
• St Petersburg, FL, now feeling the brunt of the storm
• 11:01 a.m. CT: eye of the hurricane, per google winds -- 26.62° N, 82.59°.
• 2:53 p.m. CT: eye of the hurricane, per google winds -- 26.71° N, 82.15°. East of St Petersburg/Tampa; slightly south "by definition" but obviously right on top of the cities. 
• 4:25 p.m. CT: eye of the hurricane, per google winds -- 26.77° N, 82.10°. 
• 4:35 a.m. CT, Thursday morning, day after landfall: 27.80° N, 81.31°.
  

CVX: Tell Me You're Not Moving To Texas Without Telling Me You're Not Moviing To Texas -- September 29, 2022

Relocations to Texas from California tracked with this tag.

Chevron Corp. has sold its current headquarters in California and plans to move into a nearby leased space about one-third of the size, as it continues to relocate employees to Texas.

Chevron / Sunset Development Co

• sells huge headquarters campus to Sunset
• leases small nearby facility from Sunset

The second-largest U.S. oil company closed the sale Wednesday of its Chevron Park campus in San Ramon, California, its global headquarters for two decades, to Sunset Development Co. The family-run company had originally sold the 92-acre parcel to Chevron in the early 1980s.

Sunset Chief Executive Alex Mehran Jr. said Chevron also signed a lease for nearly 400,000 square feet of space in a nearby office building located in Sunset’s Bishop Ranch mixed-use project in San Ramon. Chevron’s office space there could house about 2,000 employees after interior construction finishes in late 2023, Sunset said.

Chevron’s main offices have resided in California for more than 140 years. It has housed its main offices in the greater Bay Area since the early days of its first corporate ancestor, Pacific Coast Oil Co., in 1879. It moved hundreds of employees to San Ramon in 1999, and in the early 2000s said it would become the company’s headquarters.

But its presence in California has been declining for years, particularly following a reorganization that began in 2019. Some of Chevron’s leadership have long wanted to move the company’s headquarters to Texas, but it has held off largely because of its long history in California and its assets there, such as its Richmond, Calif., refinery, according to people familiar with the matter.

“Chevron will remain headquartered in California,” spokesman Braden Reddall said, citing the company’s long history, operations and partnerships in the state.

Tell us again you're not relocating to Texas.

 Paying a lot of California taxes to keep emotional attachment intact. 

Much more at the link.

Laser-Focused On Dividends -- September 29, 2022

Usual disclaimers apply.

As promised:

Laser-focused on dividends

• as promised, this is the stand-alone post on dividend news
• companies are going to find out that investors want dividends, not stock buybacks
• Apple: bought a lot of its own stock -- could have paid dividends -- stock plummets 4% in one day
• not sure how stock buybacks helped investors
• and, oh, by the way, it looks like Apple bought high

Two stories:

• Starbucks
• Ferguson

Starbucks:

• raises dividend to 53 cents
• record date: 11/11/22
• pay date: 11/25/22
• was 49 cents;
• four-cent raise was same as four-cent raise a year ago

Ferguson:

• raises dividend to $1.91 (semi-annual)
• ex-div: 10/27/22
• record date: 10/28/22
• pay date: 12/8/22
• current dividend: 84 cents
• one year ago: zero
• hasn't paid a 2H dividend since 2019 -- just before Covid lockdown, March, 2020
• current yield: 1.55%
• P/E: 11

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

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

Fast And Furious -- September 29, 2022

Usual disclaimers apply.

Apple: wow, the technology is amazing. I assume this has been here all along, but I just noticed it --

• the dock at the bottom of my desktop Apple has all the usual icons: Firefox, Safari, Chrome, FaceTime, iMessage, iMusic, and a dozen others;
• this morning I noticed "Firefox From MacBook Air" which links the desktop from my MacBook Air
• how cool is that

Apple:

• huge buying opportunity.

Tampa, FL:

• apparently this is a huge port for Florida for gasoline and fertilizer
• Florida gets most of its gasoline by ship to Tampa, FL, from Texas, Louisiana refineries
• fertilizer: ecologic disaster with the storm surge

Bezos:

• wife -- the one he divorced back in 2021, or thereabouts -- has just divorced her second husband
• Bezos: fist pump

Buffett:

• just bought another 5.99 million shares of OXY
• open-book test
• essay question: is Buffett telling us something?
  

California:

• gasoline just got a lot more expensive
• and that state isn't experiencing a hurricane

Biden administration:

• warning oil companies not to increase the price of gasoline in light of current conditions
• oh, how badly, SecEnergy wants to nationalize XOM, CVX,

CVX:

• moving to Texas; old news, but big story in The WSJ

Jones Act:

• Biden temporarily waives Jones Act for Puerto Rico
• some irony here, I suppose
• Florida, next -- oh, that's right -- Florida is a red state

Laser-focused on dividends

• will do a stand-alone post on dividend news
• companies are going to find out that investors want dividends, not stock buybacks
• Apple: bought a lot of its own stock -- could have paid dividends -- stock plummets 4% in one day
• not sure how stock buybacks helped investors
• and, oh, by the way, it looks like Apple bought high

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

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.