Eight New Permits; Six BR Permits Canceled; Five DUCs Reported As Completed -- July 25, 2024

Locator: 48237B.

WTI: $78.32.

Active rigs: 39.

Eight new permits, #40960 - #40967, inclusive:

• Operators: Grayson Mill (4), XTO (3), Hess
• Fields: Siverston (McKenzie), Hofflund (McKenzie), Big Butte (Mountrail)
• Comments:
• Hess has a permit for an EN-Rohde well, lot 2, section 3-156-94, 
• to be sited 642 FNL and 1876 FEL;
• XTO has permits for three HBU Sakakawea Federal wells, NWSW 35-145-95;
• to be sited at 1770 FSL, 474 FWL; 1775 FSL, 504 FWL; and, 1780 FSL and 533 FWL;
• Grayson Mill has permits for four Costanza wells, NENE 26-150-98, 
• to be between 841 FNL and 918 FNL; and, between 1058 FEL and 1012 FEL

Six BR permits canceled:

• BR: six Tilton permits canceled, Dunn County

Five producing wells (DUCs) reported as completed:

• 36136, 494, Oasis, Sorkness State Federal 34X-36C, Mountrail,
• 36138, 643, Oasis, Sorkness State Federal 34X-36D, Mountrail,
• 38159, 0, BR, Lone Beaver 7-1-17MBH, McKenzie County,
• 40114, 1,491, CLR, Lundberg Federal 8-8HSL1, Dunn County,
• 40244, 846, Whiting, Sanish Bay 5292 22-7 9BX, Mountrail County

GM Reveals New Chevy Corvette -- Not An EV -- 1,000+ HP, Record Top Speed -- July 25, 2024

Locator: 48236EVS.

The EV narrative continues.

Link here. 

Following The Data -- July 25, 2024

Locator: 48235ECON.

Link here. Comments are amazing.

Is anyone paying attention? 51 months of expansion and a Goldilocks economy, exactly overlaps the Biden administration.

If one follows the data, it seems that Biden and JPow have done one heck of a great job. 

The preceding 128 months (2009 - 2020) were mostly Barack Obama's.

"Everyone" it seems "demands" that the Fed remain true to its word -- to follow the data. And,  yet, it appears, individual investors often don't follow the data at all. Many "investors" seem to confuse politics with investing. 

Even more interesting, 

• June, 2009 - June, 2024: a bull market the entire time, 51 weeks + 128 weeks = 179 weeks!  Longest bull market since WWII. With one "break" between February 2020 and April 2020 ---> one single month. 
• If folks recall, March, 2020, was the first month of the lockdown.  
• maybe a graph will help --
  

Of the 15-year (180-month) bull run, all but four years (48 months) "belong" to Obama (96 months) / Biden (48 months).

And look at that GDP growth under Biden vs under Obama / Trump (unfortunately not apple-to-apple comparison because of the huge Covid effect.

Note: I often make simple arithmetic mistakes. If I've made any such mistakes, the argument still holds -- exhibit A? The graph.

Now, another observation.

See the graph below.

I would love to see folks explain the factors that moved the investing period B from the investing period A.

And then the factors that drove the investing period C compared to the flat investing period B, and also flat in period A. 

Outside of a "Black Swan" event (to include a geopolitical event), the AI revolution suggests to me that investing period C will continue. 

Investing period B was entirely George Bush and Dick Cheney.

Investing period A was Jimmy Carter and Ronald Reagan. Jimmy Carter was flat, and it was Ronald Reagan's terms that moved us from "A" to "B."

Legacy Fund -- July, 2024, Deposits

Locator: 48234B.

Monthly deposits.

Legacy Fund data here. 

North Dakota budget: probably easiest to read is at Ballotpedia.

North Dakota state office of management and budget.

Deposits:

• June, 2024: 74,815,226.02
• July, 2024: 66,847,396.27
  
• delta: -7,967,829.75
• percent decrease, m/m: a 10.7% decrease, month/month
  

Open AI Announces SearchGPT -- I've Been Waiting -- Apple To Follow -- July 25, 2024

Locator: 48233TECH.

Link here.

AI: companies may/might/could overspend on AI, but they cannot afford to under-spend. This revolution is not over.