- Knife River spinoff from MDU Resources
- spinoff to occur second quarter, 2023
- NYSE: KNF
- stockholders to retain current shares of MDU Resources
- to receive a pro rata distribution of 80.1% or more of the outstanding shares of KNF stock
Friday, March 10, 2023
Knife River Update -- March 10, 2023
Biden Set To Approve Willow -- March 10, 2023
Willow: Biden to approve 3-well project -- Bloomberg. Link here.
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Back to Relaxing
Poolside: high today, 66°F. Right now, 6:10 p.m. CT, it's 64°F. Calm, perfectly calm -- beautiful evening. Do a little blogging, a little reading a little thinking.
Banks: all of a sudden, they look a bit vulnerable, don't they? I doubt Silicon Valley Bank was the only bank in this situation, although it may have been the most extreme example. All things being equal, I guess I would rather have my assets backed by oil in the ground.
Speaking of which, oil had an "okay" day.
A Lot Of Activity In Bismarck: Ten New Oil And Gas Permits; Fourteen Permits Renewed -- March 10, 2023
Active rigs: 44.
WTI: $76.68.
Natural gas: $2.430.
Ten new oil and gas permits, #39718 - #39720, inclusive; and, #39722 - #39728, inclusive:
- Operators: Kraken (3); WPX (7)
- Fields: Oliver (Williams); Reunion Bay (Dunn)
- Comments:
- WPX has permits for seven Bull Moose wells, SESW 28-150-93;
- to be sited between 297 FSL and 446 FSL and between 1288 FWL and 1389 FWL;
- Kraken has permits for two Blaine wells and one Sutton well, SWSW 34-158-98,
- to be sited 425 FSL and between 11182 FWL and 1248 FWL
Fourteen permits renewed:
- CLR (11): six Plano FIU and four Gibb permits, all in Baker, Williams County;
- Murex (3): Iner Skari, Laura Skari, and Vernon E Skari permits, all in Sandrocks, McKenzie County;
Week 11: March 5, 2023 -- March 11, 2023
The top stories:
- Silicon Valley Bank: fails. Biggest bank failure since 2008.
Top story:
- Joe Biden is still president.
Top international non-energy story:
- Ukraine war continues.
Top international energy story:
Top national non-energy story:
- Record employment continues.
- Two more California companies move to Dallas, Texas.
Top national energy story:
- Biden set to approve limited Willow project; COP, Alaska. Bloomberg.
Javier Blas:
Focus on fracking: most recent edition.
Top North Dakota non-energy story:
Top North Dakota energy story:
Geoff Simon's top North Dakota energy stories:
Bakken economy:
- Chugging along.
Commentary:
Entertainment:
Sara Eisen -- CNBC -- March 10, 2023
A "crisis" gives folks a chance to jump to the head of the pack.
In the SVB fiasco today, the individual that is really, really shining: Sara Eisen.
Good for her.
She gets it.
She knows how bad this is going to get.
While "everyone" else is still asking whether this is a "one-off" and whether JPow has to pivot, she has already answered that question:
- this is not a one-off; and,
- a rate increase of 50 basis points in March, 2023, is now off the table.
This is not a one-off: already several other regional banks are showing huge losses in their share prices, and, worse, there are indications that folks are going to their bank today -- a Friday, by the way -- to pull their money out of their savings accounts and put it into CDs or Treasuries.
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Will This Bank Failure Affect Rivian's Offer?
Rivian's offering:
- $1.3 billion
- 4.625%
- will settle March 10, 2023
- due 2029
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