The Million Dollar Way (The Bakken Oil Blog)

Thursday, October 6, 2022

Earnings -- 3Q22

Note: this is, hands down, one of the most boring things I to do each quarter. I doubt anyone really looks at it but the day I quit doing this will be the day I miss posting something important. The word "important" is used loosely. Very loosely.

This is so boring that I actually didn't record a thing for 1Q20, but that was two years ago. Maybe things have changed. LOL.

This is linked at the top of the sidebar at the right during earnings season. After earnings -- pretty much after XOM and Apple posts their earnings -- this post will move back into obscurity.

Calendar.

Whisper numbers.

Disclaimer: this is not an investment site.

Earnings -- 3Q22
June - August, 2022

This is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here. If this is important to you, go to the source. There will be content and typographical errors on this page. If something looks wrong, it probably is.

NOG: free cash flow doubled year/year.

CLR: beat, miss.

DVN: beat.

XOM, CVX: profits surge.

Hess: link here, surges.

SLB: surged. EPS beat by 14%.

AAPL: note, this is Apple's fourth quarter.

XOM:

Exxon expects to report strong financial results for the third quarter of the year after smashing previous profit records in the second quarter on the back of the oil and gas price rally.

Exxon could book a third-quarter net profit close to its second-quarter record of $17.9 billion.

Average oil prices in the third quarter were $98 per barrel of Brent, which was substantially lower than the $109-per-barrel average in the second quarter, but still high enough to boost profits.

JPMorgan: highest quarterly net interest income ever. Let that sink in. Link here.

Apple And Chips -- October 6, 2022

From the other day:

An update:

In other news, link here:

Bottom line:
If you prefer the ‌iPhone 12‌'s set of features, then it is still a good option for $599, but generally most users looking for an affordable ‌iPhone‌ should opt for the ‌iPhone SE‌ since it is more future-proof and offers a similar A15 chipset as Apple's latest iPhone 14 and ‌iPhone 14‌ Plus models.

It is also worth noting that the iPhone 13 mini starts at the same $599 price point as the ‌iPhone 12‌ and continues to be available from Apple, but it features a smaller display at just 5.4-inches.

The ‌iPhone 13‌ mini is a newer device and starts with double the storage of the ‌iPhone 12‌ at 128GB, so the ‌iPhone 13‌ mini will be a better option for users who are considering the ‌iPhone 12‌ but do not mind having a slightly smaller display.

This is a no-brainer.

For Planninng Purposes: Map Of The Day -- October 6, 2022

Decades ago, in college in South Dakota, I signed on with a company in Nashville, TN, for a summer job. After a one-week orientation and sales course, three of us headed to the east coast. We passed within miles of Butcher Hollow around midnight, never knowing what we were missing.

Renewable Energy Advocates Clearly On The Wrong Side Of History -- October 6, 2022

Poster child for the confused: the Biden administration.

In the US natural gas is trending toward $6; the price of natural gas is coming down in Europe; and the Europeans are now fully (100%) stocked with natural gas for this winter. The naysayers that suggest it will be worse in 2023 - 2024 are wrong.

There is no shortage of natural gas. It is simply a logistical challenge and a pivot from one energy source to another in less than a year. Two years from now, it's a non-problem.

And when it comes to "where" that LNG is going to come from, it's going to be from only a few countries: the US, Qatar, and perhaps, Australia, Norway, and a handful of others.

LNG:

global LNG exporting companies:

Qatar wants bragging rights:

UK, Norway, and Qatar:

Renewable energy:

for investors, not a lot of good news for those choosing wind / solar over oil / natural gas
how many stories have you read lately about countries rushing to sign renewable energy deals with GE, Siemens?
this is what those on the wrong side of history are seeing: link here to the best contributor over at oilprice.com.

General Electric is laying off staff at its onshore wind power unit as part of a restructuring that came in response to the underperformance of the business.

The company will reportedly cut its U.S. onshore wind workforce by 20 percent.

GE’s onshore wind power business has been troubled by rising raw materials costs, weakening demand, and supply chain snags. The weaker demand came in response to the expiry of renewable power tax credits that made wind and solar cheaper than most alternatives.

For investors: it's an open-book test.

XOM:

XOM signals strong 3Q22 earnings;

strong earnings, Charles Kennedy:

Exxon expects to report strong financial results for the third quarter of the year after smashing previous profit records in the second quarter on the back of the oil and gas price rally.

Exxon could book a third-quarter net profit close to its second-quarter record of $17.9 billion.

Average oil prices in the third quarter were $98 per barrel of Brent, which was substantially lower than the $109-per-barrel average in the second quarter, but still high enough to boost profits.

Today's ticker: