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Title : E&P Profits Shrink But Solidly Profitable -- RBN Energy -- September 27, 2017
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E&P Profits Shrink But Solidly Profitable -- RBN Energy -- September 27, 2017

Active rigs:

$51.79↓	9/27/2017	09/27/2016	09/27/2015	09/27/2014	09/27/2013
Active Rigs	59	32	71	190	184

RBN Energy: latest E&P profits shrink after strong 1Q17, but industry remains solidly profitable.

The 43 U.S. exploration and production companies (E&Ps) we’ve been tracking racked up $160 billion in losses in 2015-16, but they turned things around in the first quarter of 2017, posting profits of $9.1 billion, or $9.12 per barrel of oil equivalent (boe), during that three-month period.

At first glance, the second quarter might seem like a return to tough times; profits by the group fell more than 80%, to only $1.7 billion, or $1.71/boe. However, when $6.3 billion in impairments by ConocoPhillips ­­­­— most of them tied to $16 billion asset sales and a write-down of the Australia Pacific LNG project — are excluded, second-quarter profits by our universe of Oil-Weighted, Diversified and Gas-Weighted E&Ps totaled $8.0 billion, or $8.02/boe, a decline of only 11.6% from the first three months of 2017. Today, we begin a review of E&P performance and profitability with a big-picture look at key elements of their income statements.

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Oil Trending Higher

Looking through the headlines suggests why WTI is heading toward $52:

• nothing more than an echo chamber; "everybody" talking about oil trneding toward $60
• weak dollar
• Turkey threaten shutting off oil from Kurdistan
• re-balancing is working (see echo chamber, above)
• talk that OPEC will extend cuts; maybe deeper cuts
• Zacks reports that there was an unexpected draw in US crude oil inventories
• Harold Hamm suggesting that IEA is mis-forecasting

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Uber -- Not So Uber Any More

Out of London. Now Uber pulls out of Quebec -- doesn't want to comply with new regulations

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Trade War -- Trudeau Vs Trump

The data points:

• as nothing to do with NAFTA
• a specific complaint from Boeing
• Involves Bombardier
• US considers 220% tariff on Canada's Bombardier jets
• will take several months
• for investors? an open-book test

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