Tuesday, May 7, 2019

Diamondback Announces Substantial Share Buyback -- May 7, 2019

Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or think you may have read here.


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Wow, it's been a long time since I've posted a music video.

Standing On The Edge, Hanne Boel
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Wouldn't It Have Been Cheaper To Go By Boat? -- Occasional-Cortez -- May 7, 2019

Occasional-Cortez beings up a great point: couldn't "we" have saved a bundle of money and emitted less CO2 emissions if we had put the B-52's on the aircraft carrier in the first place, instead of flying them there?


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False Precision, Again -- The EIA -- US Crude Oil Projections -- May 7, 2019

From twitter today:


"Perry" is Secretary of Energy, Rick Perry. 

Reminder: EIA dashboards:
Permian vs Bakken (both fields are quite mature now):



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California Running Out Of Gasoline? -- May 7, 2019

Updates

May 8, 2019: Saudi bases their price off Brent. California's major supplier is now Saudi.



May 7, 2019: reason --
California currently imposes the second-highest gas taxes in the country. A state excise tax currently adds $.417 per gallon, a rate that will increase to $.473 come July. On top of that, the state imposes a 2.25 percent gasoline sales tax.
As lieutenant governor, Gavin Newsom supported a 2017 bill increasing the state's gas taxes. When running for governor in 2018, he opposed a ballot initiative that would have repealed that same increase. It's 2019, and Newson, now the state's governor, is demanding an investigation into why the state's gas prices are so high. 
Later, 7:28 p.m. CT: some background to the original post --
Original Post

This one tweet seems to say it all -- Patricia squeezed in a lot of data in 280 characters. LOL.


My attempt to figure it out:
  • mogas: gasoline
  • USWC: United States West Coast
  • ARA: Saudi Arabia
  • USCS: United States Customs Service
  • Vio La Benecia: Valero refinery; shut down for pollution issues; 
  • Chv El Secundo: I assume this is Chevron El Segundo, Bay Area; Chevron; often in the news, and not always in a "good" way
  • Martinez: a number of refineries in the Martinez area, as far as I know; many issues over the years; Andeavor; "Shell name"; Marathon; [see first comment below: Two refineries in Martinez. Downtown has Shell. To the east across I-680 is the old Tesoro, renamed Andeavor on its way to purchase by Marathon??] [Summer, 2019: PBF acquires Martinez; Shell no longer has any refinery operations in California; link here.]
  • "early re-starts": Valero may "re-start" in mid-May?
Hopefully, Argus Media will provide the back story. Perhaps this is "normal" for this time of the year in California.

The bullet train, meanwhile, is making great progress. LOL.
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WTI Closes Below $61; MRO WIth Three New Permits -- May 7, 2019

API weekly inventory data: not as "bad" as the previous two weeks but yet another build. Even so, it was a fairly big build: 2.81 million bbls and well ahead of analysts' expectation of 744,000 bbls. Link here. We now wait to see if this build is corroborated by the EIA data that will be released tomorrow.  
Last week:the API reported a surprise buildup in crude oil of 6.81 million barrels. A day later, the EIA reported an even larger build of 9.9-million-barrels. 
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Back to the Bakken

Active rigs:

$60.745/7/201905/07/201805/07/201705/07/201605/07/2015
Active Rigs6461492785

Three new permits:
  • Operator: MRO
  • Field: Reunion Creek
  • Comments: MRO has permits for a 3-well pad in lot 2/section 4-151-93
Nine permits renewed:
  • BR (8): six Abercrombie permits, one Abersom permit, andone Aberlid permit, all in McKenzie County
  • Slawson: a Jore Federal permit in McKenzie County
One permit reinstated:
  • 30987, loc, XTO, Johnsrud 21X-13B, McKenzie County
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