Locator: 45253B.
Fed rate? Americans side-stepped most of those rate increases. Not mentioned in the article: seventy-five percent of Americans are very, very well off compared to their grandparents / great-grandparents during the Great Depression. They can hold out for another year when rates are likely to start going down. Meanwhile, take that discretionary income and put it in short-term MMFs.
"We" have way more than we need. Those seventy-five percent have cars that don't yet need replacing; mechanics these days are very, very good keeping old cars running. Food: expensive? I don't know but if it is, quit going out to eat. One can replace a $60-meal-for-two at The Thirsty Lion with a $10 banquet at home -- assuming one knows how to cook and bake and read a recipe book. Potato chips: quit buying them and watch how fast the prices are lowered. One could go on and on.
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Back to the Bakken
Back to the Bakken
WTI: 81.33
Tuesday, August 1, 2023: 94 for the month; 202 for the quarter, 457 for the year
None.
Monday, July 31, 2023: 94 for the month; 202 for the quarter, 457 for the year
39474, conf, Ovintiv USA, Newman 150-97-21-16-2H,
39158, conf, CLR, Kiefel 5-36H,
Sunday, July 30, 2023: 92 for the month; 200 for the quarter, 455 for the year
39338, conf, Petro-Hunt, Mongoose 149-102-8C-5-4H,
38686, conf, Hess, GO-Ron Viall-156-98-2513H-1,
Saturday, July 29, 2023: 90 for the month; 198 for the quarter, 453 for the year
39339, conf, Petro-Hunt, Arsenal Federal 149-102-17B-20-4H,
39159, conf, CLR, Kiefel 6-36H,
38948, conf, Hess, BW-Rolfson-151-98-2116H-15,
A great deal of attention has been heaped on the carbon-capture industry over the past couple of years, from its inclusion in major federal legislation such as 2021’s infrastructure bill and last year’s Inflation Reduction Act, plus all sorts of recently announced carbon sequestration projects. Still, there are plenty of concerns that the technology is not fully baked, that many of the projects are not ready for prime time, and that few have the practical know-how to deploy carbon capture and sequestration (CCS) at scale. But what if there was a company that has been doing carbon sequestration for a very long time — decades in fact? And what if that company has built out a huge carbon dioxide (CO2) collection, distribution and sequestration system on the Gulf Coast along with concrete plans for a massive expansion of this network to capture a lot more manmade, “anthropogenic” CO2, not in decades but in just a few short years? A company like that would be pretty much the ideal acquisition candidate for a cash-flush multinational with big ESG goals and strategies, right? As we discuss in today’s RBN blog, that is just what is happening with ExxonMobil’s acquisition of Denbury, a deal that will create today’s undisputed leader in CCS
ExxonMobil announced July 13 that it is acquiring Denbury in an all-stock transaction valued at $4.9 billion. As stated in the press release, the Denbury deal “provides ExxonMobil with the largest owned and operated CO2 pipeline network in the U.S. at 1,300 miles, including nearly 925 miles of CO2 pipelines in Louisiana, Texas, and Mississippi … as well as 10 strategically located onshore sequestration sites.” And all of this is located along the Gulf Coast industrial corridor, an area that has some of the highest concentrations of CO2 emissions anywhere in the world.
