Locator: 48477B.
Super Bowl: news cycle for others will be put on hold for the next several days as all attention turns to the Super Bowl. There will be some exceptions. As for the blog, it continues unabated. I'm lovin' it.
Trump: incredibly refreshing to have a president that talks to the American public 24/7.
Equinor: Nordstream 1 natural gas pipeline completely destroyed.
AMD's earnings: why is x so much better reporting these numbers than mainstream media? Link here. AMD to to partner with MSFT on "copilot."
Disney earnings: link here.
EV wrap:
Ford: will sell these things at a loss to maintain leadership. Link here. From x.
January, 2025, sales in the U.S. fell 6.3% owing to lower demand for its
internal combustion (ICE) vehicles, the company said on Monday.
The
automaker sold a total of 142,944 units - including ICE and electrified
vehicles - in January, compared to the 152,617 it sold a year ago.
Sales of its electrified vehicles, which include both electric and hybrid vehicles, rose about 20% to 18,961 units.
Honda - Nissaan: merger deal appears to be "off."
Focus on dividends: TotalEnergies -- to increase its dividend by 7%.
Coal, link here:
***********************************
Back to the Bakken
WTI: $71.83.
New wells:
- Friday, February 7, 2025: 8 for the month, 54 for the quarter, 54 for the year,
- 40438, conf, Enerplus, Strength 150-94-06B-18H,
- Thursday, February 6, 2025: 7 for the month, 53 for the quarter, 53 for the year,
- 40456, conf, Hess, GO-Beck Living TR-156-98-2017H-4,
- 39390, conf, CLR, Goodson 2-21H,
- Wednesday, February 5, 2025: 5 for the month, 51 for the quarter, 51 for the year,
RBN Energy: new NGL pipes, fracks, and LPG export terminal give MPLX, ONEOK what they've wanted. Archived.
It finally happened. And it’s a very big deal for MPLX and ONEOK, both
of which have been working for years to become full-fledged members of
the elite “NGL wellhead-to-water club.” But the companies’ announcements
that MPLX will build two fractionators at the terminus of a new NGL
pipeline from Sweeny to Texas City and that ONEOK and MPLX will joint
build a new LPG export terminal nearby (and a new purity-product
pipeline between Mont Belvieu and the terminal) doesn’t just fill in the
missing pieces of the puzzle they’ve been assembling. The plans also
will give Gulf Coast LPG exporters the additional capacity they
desperately need and — no small thing — create another fractionation
hub. In today’s RBN blog, we discuss what MPLX and ONEOK are planning
and why it matters. In a Drill Down Report
in late 2023, we described the NGL networks owned and operated by the
four large midstream companies (Enterprise Products Partners, Energy
Transfer, Targa Resources and Phillips 66) that currently provide
wellhead-to-water services — everything from gas processing plants in
the Permian and other plays to long-haul NGL pipelines to the Gulf Coast
to fractionation plants (almost all of them in Mont Belvieu) and export
terminals for purity NGL products. As we said then, “That
start-to-finish management of the NGL stream provides a number of
important benefits — chief among them, the ability to operate with
extraordinary efficiency, collect fees from shippers each step of the
way, and feed pipelines, fractionators, storage and export terminals
along the network’s value chain.”
In several RBN blogs and Analyst Insights since then, we’ve discussed
the need for more NGL export capacity and plans for projects to meet
those needs. We've also looked at plans by ONEOK and MPLX to expand the
NGL side of their businesses, many of them aimed at enhancing the
companies’ operational optionality and wellhead-to-water capabilities.
Two recent ONEOK deals are most relevant to our discussion today. First, in June 2024, ONEOK closed on the purchase of 450 miles of NGL and other liquids pipelines
in the greater Houston area from Easton Energy and announced plans to
connect the NGL system to ONEOK’s Mont Belvieu assets. Then, in a
two-step deal — the latter part of which closed on January 30 — ONEOK acquired EnLink Midstream,
which, among other things, gave ONEOK 1.6 Bcf/d of gas processing
capacity in the Permian. ONEOK already owned a host of valuable
NGL-related assets, including several gas processing plants in the
Rockies and Midcontinent; a handful of NGL pipeline systems (West Texas
NGL, Elk Creek and Bakken NGL among them); more than 1 MMb/d of
fractionation capacity (more than two-thirds of it in Mont Belvieu,
where it owns six fracs); and 30 MMbbl of salt-cavern storage capacity
for NGLs.
Figure 1. BANGL Pipeline, Sweeny and Texas City Developments. Source: RBN
