Title : The Market, Energy, And Political Page, T+18 -- August 31, 2018
link : The Market, Energy, And Political Page, T+18 -- August 31, 2018
The Market, Energy, And Political Page, T+18 -- August 31, 2018
EU suggests ending all car tariffs with the US. I said the same thing some months ago -- exactly why are there any tariffs between any country (China, Mexico, Canada, US, EU, South Korea, et al) if we're calling it "free trade. Link at WSJ. Any US politician who says "free trade" is alive and well and doesn't need to be changed, needs to be asked if he/she knows the Canadian tariff on US dairy products. I think it's 275%. Trump says it's 375%.Japan: appears to be giving up the fight to import Iranian oil. Even if they "skirt" US-imposed sanctions on Iran, Japan won't find bankers willing to help them. The bankers will be sanctioned by the US.
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Back to the Bakken
No wells come off the confidential list today.
Active rigs: NDIC site down?
WTI: $69.98
RBN Energy: US oil producers continue to chart path to long-term growth. For anyone interested in US oil, this article needs to be archived; read closely; printed out and read again. Five years from now, folks will re-read this article and will say, "could've; would've; should've."
In the first half of 2018, the U.S. E&P sector continued to reap the benefits of its dramatic evolution from decades of “boom or bust” exploration to large-scale, manufacturing-style exploitation of premier resource plays. Upstream companies halved their break-evens and reserve replacement costs through technological innovation, financial discipline, and ruthless portfolio paring, which allowed them to generate record domestic oil production in 2018 on half the capital outlays expended in 2014.
As a result, the 44 E&Ps we track reported $21 billion in pre-tax operating profits in the first half of 2018, up from $6.2 billion in the first six months of 2017, and over $50 billion in operating cash flow, up from $39 billion a year ago. Most notably, these companies are on pace to garner an astonishing $30 billion in free cash flow. Today, we discuss the ongoing effort by leading E&Ps to maintain financial discipline in a period of strong oil and gas prices.
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