Traveling -- Almost No Blogging Until Sunday Night -- April 28, 2018

Good luck to all. I don't think there's much going on, so a good time to take a break.

Week 17: April 22, 2018 -- April 28, 2018

Without question, the big story of the day, the week, the month, maybe the year: North Korea's Kim Jong Un comes across the DMZ to shake hands with Moon.

Earnings: CVX blew through earnings estimates; XOM, not so good.

Operations
Enerplus with permits for a 9-well "Greek" pad
Back up to 63 rigs in North Dakota
Random update of four CLR with significant jump in production

Pipelines
A Minnesota administrative judge rules in favor of the pipeline; rules against Enbridge
A must-read commentary on the DAPL over at "Say Anything Blog"

Other formations
Random look at a Madison well that Cobra is considering for re-entry; the well has produced 613,000 bbls of oil to date; drilled in 1982, celebrating its 36th birthday this year  

Miscellaneous
NOG to acquire 1,319 acres in perhaps the best Bakken for $49 million, mostly cash
Oasis transfers another 33 wells to White Rock Oil & Gas

Traveling -- Minimal Blogging Through The Weekend -- April 27, 2018

Active rigs:

$67.97→	4/27/2018	04/27/2017	04/27/2016	04/27/2015	04/27/2014
Active Rigs	62	48	27	85	182

Two new permits:

• Operators: BR; Lime Rock Resources
• Fields: Pershing (McKenzie); Murphy Creek (Dunn)
• Comments: 

Twelve permits renewed:

• XTO (9): six Bud permits in Williams County; and three Johnsrud permits in McKenzie County
• Rimrock Oil & Gas (3): three Two Shields Butte permits in Dunn County

Paddlefish Season To Open Next Week -- April 27, 2018

The Market, Energy, And Political Page, T+58 -- April 27, 2018; Hey, Jeff, You Didn't Build That -- Barack

XOM: I've said several time ExxonMobil completely missed the shale revolution. This is pretty much complete validation. Others are setting records. Exxon? Exxon misses despite higher oil prices; shares down 1.7%.

• EPS: $1.09 vs almost as much a year ago (95 cents)
• boe production down 6% -- wow
• what can I say? 

GDP: not sure what to make of the reporting; even less sure of what to make of the data -- first reading for 1Q18 GDP -- up 2.3% vs 2.0% but this is CNBC's take:

• the U.S. economy slowed in the first quarter as consumer spending grew at its weakest pace in nearly five years.
• the setback is likely temporary against the backdrop of a tightening labor market and large fiscal stimulus.
• gross domestic product increased at a 2.3 percent annual rate, the Commerce Department said.

Amazon; wow, what can I say? Absolutely incredible.

• this is how one defines addiction -- Amazon Prime subscription rises 20% overnight -- from $99 to $119, and Wall Street knows it won't hurt Amazon's numbers
• Amazon hits all-time highs
• as someone pointed out: it took Jeff Bezos ten years -- behind the scenes, off the radar scope -- to put together the logistics infrastructure to pull this off -- and all that time, Sears, JC Penney, Target, Wal-Mart, and a gazillion other retailers had the opportunity to do what Jeff Bezos did -- and they didn't -- it's really, really hard for me to believe that Target teaming up with Microsoft could not have done this -- in hindsight, what were they thinking?
• Barack Obama to Jeff Bezos: you didn't build that
• I canceled my Prime subscription last year (but Amazon doesn't refund; one simply has the membership until it runs out); LOL - I renewed -- no lapse -- my wife, it turns out -- loves the free movies that stream over Prime
• I canceled because two-hour delivery was a problem when one lives in a gated community; but I worked around that, and in the meantime, Amazon improved the system
• and, unfortunately for B&N, the prices at Amazon are unbeatable -- I pay $25/year for a B&N membership; for that I get 10% off purchases. I'm looking at a $40-book over at bricks and mortar B&N with the 10% discount, $36 plus tax; over at Amazon, $27 plus tax (and tax on $27 is less than tax on $36); free shipping; and delivery to wherever I want to send the book (it it's a gift for our daughter in Portland, I saw another $8 in postage; this is not rocket science; the Amazon Prime credit card, 5% cash back for purchases at Amazon; less cash-back other locations
• return policy: unbeatable 
• I still think Amazon should enter the "Travelocity" business -- simply buy one of the travel sites; it seems to be a no-brainer
• of all the FANG CEOs, Jeff Bezos seems the least controversial -- think Zuckerberg, Tim Cook, Schmidt (until 2017; Larry Page is still a blank page) 

PSX: beats

• 1Q18 earinngs better than expected
• EPS: surged 63% to 91 cents;
• revenue: jumping 23% to $29.23 billion (COP was only about $9 billion)

CVX: falls short; "blows through" all profit forecasts -- Bloomberg

• wow, huge beat on EPS, $1.90 vs estimates of $1.45
• global boe production rose 6% (Exxon production fell 6%)
• US boe production rose 9%
• statement: "oil and gas production is increasing, most notably in our Gorgon and Wheatstone LNG Projects in Australia, and our shale developments in the Permian Basin where production grew 65% from a year ago."

Pemex: struggling.

Interest in tie ups with Pemex has been lackluster, with presidential elections looming on 1 July, and expectations high that Andrés Manuel López Obrador, head of the newly created National Regeneration Movement (MORENA), will win the poll, after incumbent Enrique Peña Nieto barred from running.

Obrador—a key figure who has emerged as a defender of the rights of Mexico’s indigenous peoples—threatened to review more than 90 contracts signed since Mexico opened its oil market up to foreign investment. If elected, he has vowed to cancel the remaining auction plans.

TransMountain: BC digging in its heels.

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The Fashion Page

A huge "thank you" to  a reader for sending the photos --

As the reader said, "Wow, did we dodge a silver bullet!"

And a bad fashion choice.