Five DUCs Reported As Completed -- February 5, 2024

Locator: 46745B.

Personal investing: today I sold "all" my losers to raise cash for a "new" investment. For the archives. Most interesting: included a lot of energy stocks purchased in last three years. Did not sell any energy stocks with significant dividends that have built up over decades.

Vision Pro: Last week I suggested that all those folks concerned about the $3,500 price tag for Apple's Vision Pro had no clue. See this post. 

Compare with today's note: 

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Back to the Bakken

WTI: $72.78.

Active rigs:37.

One new permit, #40502:

• Operator: CLR
• Field: Dimmick Lake (McKenzie County)
• Comments:
• CLR has a permit for a Kennedy 9-31HSL well, lot 2, section 1-150-97; 
• to be sited 260 FNL and 1776 FEL; the Kennedy-Miles pads are tracked here.
  

Three permits renewed:

• Petro-Hunt, three Clark Griswold Federal permits, Boxcar Butte, McKenzie County

Fifteen permits canceled:

• Zavanna (10): ten King Charles permits, all in Williams County;
• MRO (5): the following permits canceled -- Elizabeth Felix USA and Felix USA in Dunn County; Merwin USA, Foote USA, and Avallon USA, all in McLean County;

Five producing wells (DUCs) reported ass completed:

• 39391, 535, Crescent Point Energy, CPEUSC Matilda May 4-29-32-158N-100W-MMBH,
• 39392, 1,086, Crescent Point Energy, CPEUSC Ruby 3-220-17-158N-100W-MBH,
• 39393, 889, Crescent Point Energy, CPEUSC Matilda May 3-29-32-158N-100W-MBH,
• 39394, 670, Crescent Point Energy, CPEUSC Ruby 2-220-17-158N-100W-MBH,
• 39395, 974, Crescent Point Energy, CPEUSC Matilda May 2-29-32-158N-100WW-MBH-LL,

Deerborn, MI: McDonald's Capital Of The US? February 5, 2024

Locator: 46744RETAIL.

Earnings.

[A digression: (6.41 - 6.45) / 6.45 = 0.0062 = 0.62% miss on revenue. Earnings surprised by (2.95 - 2.83)/2.83 = 4.24, exceeding inflation.]

WSJ link here, Mideast boycott.

WSJ, link here, op-ed by Steven Stalinsky (not any member of the WSJ editorial board)

I was curious: how badly could a boycott in the US affect McDonald's?

Deerborn, Michigan, population: 108,421 (2021).

McDonald's density across US, number of stores / one million = 41.5 (2014).

Number of McDonald's in Deerborn, MI, area (google): 16 / 108,000

= 148 McDonald's restaurants / one million

McDonald's in Deerborn, Michian: averages 3 x that of the US overall.

Maps:

Plans:

McDonald’s expects capital expenditures of between $2.5 and $2.7 billion in 2024, more than half of which will be directed toward opening restaurants.

In December, McDonald’s announced plans to open nearly 10,000 new restaurants in the next four years, pushing the total number of stores around the globe to 50,000 by the end of 2027.

In 2024 alone, McDonald’s plans to open more than 2,100 locations, including 1,000 in China. The fast-food chain recently acquired a 28% stake in McDonald’s China from the investment firm Carlyle, boosting its total share of the China business to 48%.

The restaurants opened in 2023 and planned for 2024 will contribute nearly 2% to systemwide sales growth this year, according to the company.

The company aims to expand its loyalty program to 250 million active users by 2027 from the current 150 million, more than doubling the program’s sales to $45 billion a year. Other initiatives include scaling up its delivery, drive-through, and mobile-order businesses, as well as improving its core menu.

Disclaimer: I often make simple arithmetic errors, and I'm always making wrong assumptions. And my editor is not much help.

Price Per Acre, Price Per Flowing Barrel -- February 5, 2024

Locator: 46743B.

For the archives.

Simply a reminder, nothing else. These prices were at the high end. I've long lost the bubble but in the Bakken around $25,000 / flowing boepd?

See tag for other posts.

Link here. Acquisition, 2022, Delaware Basin:

Link here. Acquisition, 2022, Midland Basin:

 

Eggs, Used Cars, Rent And All That Jazz -- February 5, 2024

Locator: 46742RENT.

So, in the big scheme of things, three things drove inflation a year ago, or so:

• eggs
• used cars
• rent, residential

So, eggs -- due to avian flu, supply shortage; grocer gouging -- not inflation due to money supply, Bidden stimulus, or labor costs. [Energy, of course, was never an issue -- WTI at "relative" lows for at least three years now.

Used cars: if you didn't buy a used car, it was a non-issue and now used cars are in abundant supply.

And rent? Well, here we go:

And not only that, but monthly rents are nearly back to pre-Covid levels, and probably even better than that if compared to "inflation" and cost increases in general.

Oil Money -- Russia, Saudi Arabia -- December, 2023

Locator: 46742SAUDI.

Russia:

Saudi Arabia: