Rambling -- North Texas -- Nothing About The Bakken -- June 14, 2022

Back up drummer to Ringo is Phil Collins.

Back up guitarist to George Harrison is Eric Clapton who is backed up by Jeff Lynn.

Keyboards is Elton John. No backup.

And I thought the Traveling Wilburys were a supergroup.

While My Guitar Gently Weeps, George Harrison and Ringo Starr

I couldn't possibly be happier within the parameters prescribed by my wife.

Speaking of which, she is out in California this month. 

I guess it was pretty hot in north Texas again today. I really did not notice. I was either the Uber-Papa or in the pool.

This morning, I drove Olivia to her high school for some PSAT event.

Then across town, I went to pick up Sophia from soccer practice (0845 - 1045 daily). 

I dropped Sophia off at TutorTime at 11:15 and then went to Schwab in Southlake, Texas, for the monthly noon luncheon and "talk." Today's subject: fixed income and bonds, but the three Schwab presenters spent an hour and fifteen minutes covering a lot more than advertised on the agenda. 

It's a pretty special group: sixteen Southlake clients. I assume I am the pauper in the group. LOL.

But I'm probably the youngest and the most open to new ideas. So, I have sixteen years to catch up.

Then, pick up Sophia at 1500, and retire to the pool for the next couple of hours, before driving Olivia to soccer practice.

Then back home, after dropping Sophia off to be with her college-age sister. Their mom, our daughter, was paddleboarding on Lake Grapevine. 

And, now I have the night off to listen to all the music I want. Poolside, again, of course. It's 2118 hours and the temperature is 90°F with a great breeze. 

The pool closes at 2200 hours but it appears there will still be folks out here well past then.

One of the best videos ever, which I've posted more than once (?):

My Sweet Lord

In addition to some really famous musicians, this was really populated with some of my favorite SNL  personalities. A take-off on Tinker, Tailor, Soldier, Spy with Gary Oldham. Vanessa Bayer -- gorgeous. I first saw her in The Californians, on SNL. 

Next, Roy Orbison and Penny Arcade. This would only work in Australia -- where it was a huge hit. I never hear this song sung outside of Australia. Not that I was ever searching.

If I had all the money in the world, I would sponsor a weekly shuffle dance class here in the apartment complex, poolside. Hire a dance instructor and a videographer and go from there. Set up a 12-week dance-off with huge monetary award to the winner.

Don't Bring Me Down, ELO

Only one thing wrong with that video: way too short. 

I'll end with Lana. Doin' Time. A cover.

Doin' Time, Lana Del Rey

LBC? Long Beach County.

Honorable mention:

• Jeff Bridges breaks down his most iconic characters.

About Those Dividends -- CLR -- June 14, 2022

362.97 million shares.

28 cents per share dividend, 5/23/2022 = $101 million every quarter. Eighty three percent of that goes to Harold Hamm. After he goes private, he gets the full amount. 

I do think that Harold Hamm has out-Buffetted Warren Buffett. And Elon Musk. And God.

Six New Permits; Eight Permits Renewed; Six Permits Canceled -- June 14, 2022

WTI: $118.50

Active rigs: 37 or thereabouts

Five new permits, #39016 - #39020, inclusive:

• Operators: Lime Rock Resources (4); CLR
• Fields: North Fork (McKenzie); Jim Creek (Dunn)
• Comments;
• Lime Rock has permits for four wells in North Fork oil field, lot 3 section 1-149-97; 
• to be sited between 514 FNL and 639 FNL and between 2387 FWL and 2417 FWL;
• CLR has a permit for another Rhonda well, SWSW 28-146-96; 
• to be sited 886 FSL and 1029 FWL

Eight permits renewed:

• Grayson Mill (3): three State permits in Williams County
• Slawson (3): one Genesis permit and two Genekat Federeal permits, all in Mountrail County
• Petro-Hunt (2): a Louis Tully Federal permit and a Sherven Trust permit, both in McKenzie County; the Sherven Trust permit is for: Sherven Trust 153-95-27A-26-1HS, SWSE 23-153-95; McKenzie

Six permits canceled:

• CLR (5): two Eentzel permits in Dunn County; a Tanager, a Nuthatch, and a Stewart permit, all in Divide County

Re-Posting: Harold Hamm To Take CLR Private -- June 14, 2022

Some data points and comments:

• the Harold Hamm story was released before the market opened today (Tuesday, June 14, 2022);
• at market close today, 9.5 million shares had traded today
• normal 90-day moving trading volume is 1.5 million shares
• a reader tells me that based on the 5/2/2 CLR corporation presentation:
• CLR had approximately $960 million to purchase outstanding shares
• at $75, this is 12,800,000 shares
• according to Yahoo!Finance, there are 362.97 million outstanding shares (prior to today's announcement)
• Harold Hamm apparently owned 83% of the shares prior to the announcement
  
• SEC filings released this next week should clarify how many shares Harold Hamm bought today, assuming he bought any at all

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

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.

The Reason For WTI Tanking -- President Biden Announces Another Huge SPR Sale -- June 14, 2022

This needs to be fact-checked but first indications are that President Biden will release another 45 million bbls of oil from the SPR. 

If true, this simply extends the duration of the pain. 

Bullish long term. 

Later:

Here's the Reuters story.

This story suggests this is not new, but rather previously announced. If so, someone is misleading Americans on these SPR sales. And they are sales, not swaps. 

By the way, our refineries are working at near capacity, so how is all this oil from the SPR handled?

First of all, it's not all that much. Maybe an extra one million bbls per day. In this case, the "45 million bbls being sold" is for deliveries that would take place from August 16, 2022, through September 30, 2022. Exactly one million bbls / day. Tomorrow, we will know if this is heavy sour oil or light sweet oil.

Second of all, and this is a fact, jack, the "sector" is loading this excess oil onto tankers to take to India where it is refined, and then the refined product is shipped back to the states. I would imagine, but don't know, that the largest recipient of refined products from India would be the state of California based on a number of factors. 

I'm sure we will know more as the story unfolds. 

From my point of view very little has changed with the "45-million-bbl-sale" story. But I could be wrong.