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AAPL
Not long ago, AAPL target: $220. Today, AAPL hits that $220 target --
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VIX Drops Below 12
Tuesday, July 2, 2024
Trump -- NY -- Delay In Sentencing In Light Of Recent SCOTUS Ruling -- July 2, 2024
Locator: 48037POLITICS.
"Fast Money" on CNBC has been consistent about knocking AAPL as long as I've watched CNBC. Dan Nathan has been the most consistent knocking AAPL -- note, in this episode, back in January, 2024, Nathan actually "bragged" that he had shorted AAPL -- another said he didn't hold AAPL and another said he would not buy at this level. I guess that means he wouldn’t buy at $220, either. I wonder how that short position worked out:
Intergenerational Wealth Transfer -- CNBC's View -- July 2, 2024
Locator: 48036B.
I've added a new tag: "wealthtransfer." I should have done that quite some time ago, but better late than never.
I've begun the process. In the past week:
- I've added to grandchildren's "529" on four occasions.
- I've moved a significant amount of cash from personal account to account designated for youngest granddaughter.
- I've added the usual monthly cash amount to the account of the youngest two grandchildren
- I've added no new money to my own accounts; all new money has been moved to grandchildren's accounts.
The story below does not concern me for any number of reasons.
Today, from CNBC:
WTI Rate Of Rise Quite Remarkable -- July 2, 2024
Locator: 48036B.
Updates
Later, 10:07 a.m. CDT: GM reports best US quarterly sales since 2020. Link here.
- EV sales: increased 40% y/y; units sold: 22,000 (compare with >400,000 Teslas)
- overall report, "meh" -- but Phil LeBeau can spin the report very, very positively
- made up 3.2% of total second quarter sales
- most likely, the EVs lost money for GM
Later, 9:42 a.m. CDT: "everyone" commenting on this subject suggests that a Trump presidency will result in a significant increase in inflation. Interesting.
Later, 9:39 a.m. CDT: all indices red -- and quite red -- at the opening, but now NASDAQ has just turned green;
- of note, AAPL up another 1.1%; up $2.38. Never saw that coming.
Later, 8:25 a.m. CDT: HERE IT IS: Tesla reports 443,956 deliveries in 2Q24 -- a 4.8% decrease from last year.
- TSLA, immediately following release of data: up 6.1%; up $12.85 / share; slightly higher than just before the release of the data
- CNBC: ignoring TSLA; talking about PARA, Paramount, Diller
- in mid-morning trading, up almost $20 / share; up 9.4%.
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Original Post
Tesla: pending. Pre-market. I may miss the announcement; family commitments.
- the market is "red" across the board, but yet TSLA is up strong in pre-market trading
- TSLA up 3.5% in pre-market trading; up over $8 / share after a strong showing yesterday
- as we get closer to the data release, the share price in pre-market trading keeps rising;
- now, up 4.7%; up almost $10 / share (8:10 a.m. CDT)
- now up, 5.5%; up $11.51 / share (8:16 a.m. CDT)
- either movers and shakers have advance information or. ..
Behind?
Apple: several reports that Apple is ordering more chips from TSM indicating expectations of huge rollout of new phone.
Biofuels: Shell has just announced it's halting the construction of one of the largest biofuels plants in Europe. Companies don't make these decisions rashly. What Shell saw that resulted in this decision must have been mind-boggling. And this is in Europe. Some use the word "pauses" construction implying ... Bloomberg says "temporarily paused construction."
Bird flu: US awards Moderna $176 million to produce bird flu vaccine.
Presidential immunity, link here. This, from one of the more conservative justices. Folks completely misread the SCOTUS ruling. In addition to "protecting" former president Trump, it has also "protected" Joe Biden and every future president.
Buy or rent: Suze Orman. I wouldn't link her if I didn't agree with her.
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Back to the Bakken
WTI: $84.20. Over $84 but more importantly, the rate of increase in price is quite interesting. Even after hitting $83, it was up almost 1% overnight; up 82 cents. But it's probably temporary, due to Hurricane Beryl.
Wednesday, July 3, 2024: 4 for the month; 4 for the quarter, 340 for the year
40306, conf, Stephens Williston, Cabot 15591-0112-5H,
40264, conf, Stephens Williston, Cabot 15591-0112-4H,
RBN Energy: Supreme Court throws out "Chevron Deference, upends regulatory law.
That the Supreme Court overturned the Chevron Deference, a key foundation of modern administrative law for 40 years, in its June 28 ruling in Loper Bright Enterprises v. Raimondo (Loper Bright) was no surprise, although it does not make it any less disruptive. The order follows a steady drumbeat of Supreme Court decisions issued during this term and in recent prior ones curbing the regulatory enforcement capabilities of Executive Branch agencies. But while this is a landmark case and would be expected to lead to a host of new legal challenges, its practical effect might end up being more nuanced. In today’s RBN blog, we revisit the Chevron Deference, why the Court said it had to go, and what it might mean for economic and environmental regulations impacting the energy industry.
Before we get into how the Court made its decision, a couple of observations are in order right at the top, given its importance and potential long-term impact. First, reining in Executive Branch agencies can cut both ways. In the last administration, then President Trump often used executive orders and agency actions to implement his vision of the world, including trying to get the Department of Energy (DOE) to force utilities to run their coal plants regardless of the cost relative to natural gas. That’s the kind of action that could be threatened by this decision. Second, as we’ve written many times regarding the Mountain Valley Pipeline (MVP) saga, federal permitting agencies were consistently receptive to the project, issuing permit after permit, but the U.S. Court of Appeals for the Fourth Circuit repeatedly reversed those decisions (see Rescue Me). In other words, the courts haven’t been very shy about jumping into agency decisions favorable to energy companies. (We’ll explore some of the other implications of the ruling in a bit.)
Monday, July 1, 2024
Another Huge "Thank You" To Readers Providing Me Bakken Information That Is Important To Mineral Owners In The Bakken -- Monday, July 1, 2024
Locator: 48035B.
A big "THANK YOU."
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The Drinking Game
After picking up Sophia, I turned on "Fast Money" on CNBC, and within two minutes, one of the panelists when discussing Apple mentioned "hyperscalers and large language machines."
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Back to the Bakken
WTI:
Active rigs: 39.
Eleven new permits, #40882 - 40892, inclusive (disclaimer: typographic and content errors may be present):
- Operators: Grayson Mill (3), Zavanna (2), Oasis (2), Hunt (2), CLR, Murex
- Fields: Haystack Butte (Dunn); Epping (Williams); Arnegard (McKenzie), Parshall (Mountrail), Alexander (McKenzie)
- Comments:
- CLR has a permit for a Berlain well, lot 1, section 30-151-100,
- to be sited 335 FNL and 1123 FWL
- Murex has a permit for a LA-Jean Claudine well, NWNE 25-151-101,
- to be sited 295 FNL and 2030 FEL;
- Zavanna has a permit for a Midas well, SESE 36-155-99,
- to be sited 410 FSL and 975 FEL; and,
- Zavanna has a permit for an Olympia well, SESW 36-155-99,
- to be sited 250 FSL and 1616 FEL;
- Grayson Mill has permits for three Bice wells, lot 4, section 18-148-97;
- to be sited 873 FSL and 572 FWL; 843 FSL and 572 FWL; and, 813 FSL and 572 FWL;
- Oasis has permits for two Como wells, lot 2, section 30-150-100,
- to be sited at 1941 FNL and 528 FWL; and at 1961 FNL and 555 FWL;
- Hunt has permits for two Oakland wells, NENW 20-154-89,
- to be sited 460 FNL and at 1455 FWl and 1425 FWL.
One producing well (a DUC) reported as completed:
- 39417, 89, Sparrow Oil & Gas, West Dry Creek 1H, Renville County;
Change of operator:
- approximately 250 wells transferred from Crescent Point Energy to Neptune Operating, a subsidiary of Kraken.
- see this post: https://themilliondollarway.blogspot.com/2024/02/daily-activity-report-not-posted-yet.html.
- the Kraken - Crescent Point deal was mentioned among the 2023 Bakken deals; those deals were listed here;
Reminder:
- Chord was a merger of Oasis with Whiting;
- Chord is now buying Enerplus
MRO, COP, Top Bakken Producers -- East Daley -- From June 6, 2024 -- Posted July 1, 2024
Locator: 48034B.
Deals affecting the Bakken are posted at the sidebar at the right.
This was posted some weeks ago.
This is fairly old news and I assume "everybody" that needs to know, knows, and it's only me who keeps forgetting.
But for the archives:
Some mineral owners in the Bakken may be receiving royalties from MRO.
MRO could remain a wholly-owned subsidiary of COP and and royalties still coming from MRO.
Or MRO could be absorbed by BR (a wholly-owned subsidiary of COP) or something entirely else.
We won't know for awhile. Or maybe someone one knows and I don't know.
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East Daley: MRO, COP, And The Bakken
The East Daley note referenced above was posted June 6, 2024, and is linked here.
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Producers
Rounding, it looks like, with regard to production:
- Chord + Enerplus will about equal CLR;
- COP + MRO will be about one-half that of CLR or Chord + Enerplus:
- HES will be a bit less than COP + MRO;
- XOM (XTO) could be about half of HES
So:
- the "big names"
- 1 unit: Chord + Enerplus 16/16
- 1 unit: CLR 16/16
- 1/2 unit: COP + MRO 8/16
- 3/8 unit: HES 6/16
- 3/16 unit: XOM 3/16
- all of those "big names" totaled will equal about one-half of Bakken's total production; "others" would include:
- Kraken + Neptune
- Grayson Mill
- Zavanna
- EOG
- Petro-Shale
- Phoenix
- Hunt
- Slawson
- Iron Oil Operating
- Empire North Dakota
- SOGC (Sinclair)
- KODA Resources
- Murex
- True Oil
- Spotted Hawk, and,
- many others
Reminder:
- Chord was a merger of Oasis with Whiting;
- Chord is now buying Enerplus
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