Title : Rig Count Advances; SRE With Huge Beat; Update On XOM, CVX In The Permian -- Starting Out To Be A Great Day For Blogging -- February 26, 2019
link : Rig Count Advances; SRE With Huge Beat; Update On XOM, CVX In The Permian -- Starting Out To Be A Great Day For Blogging -- February 26, 2019
Rig Count Advances; SRE With Huge Beat; Update On XOM, CVX In The Permian -- Starting Out To Be A Great Day For Blogging -- February 26, 2019
McDermott: offshore Saudi Arabia contracts go to McDermott.Quandary: debt payments putting crimp on dividend payouts. Tea leaves suggest 2019, and certainly 2020 - 2021, will be key years for the shale industry.
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SRE: maybe Warren should have bought SRE instead of doing that crazy Kraft-Heinz deal? Just saying -- link here --
- revenue: $3.22 billion, up almost 9% year-over-year; beats by $280 million (almost 9%)
- EPS: $1.56, beats by ten cents; GAAP EPS of $3.03, beats by a stunning $1.40
- overall market: futures showing red but SRE futures not yet posting
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Back to the Bakken
Wells coming off the confidential list today -- Tuesday, February 26, 2019: 111 wells for the month; 214 wells for the quarter
34896, conf, MRO, Linton USA 31-16TFH,
34546, conf, CLR, Pasadena 6-11H1,
33092, conf, CLR, Sakakawea Federal 10-19H,
30763, conf, Slawson, Hunter 5-8-17MLH,
Active rigs -- nice -- up one more rig, now up to 67 --
| $55.64 | 2/26/2019 | 02/26/2018 | 02/26/2017 | 02/26/2016 | 02/26/2015 |
|---|---|---|---|---|---|
| Active Rigs | 67 | 57 | 40 | 38 | 121 |
RBN Energy: Permian majors expand downstream crude refining capacity.
In the past month, two integrated majors with strong footprints in the Permian Basin announced plans to increase their refining capacity along the Texas Gulf Coast. During the last week of January 2019, ExxonMobil announced a final investment decision to expand its Beaumont, TX, facility’s capacity by 250 Mb/d, making it the largest U.S. refinery, and then confirmed an investment with Plains All American and Lotus Midstream to build a 1-MMb/d pipeline to ship crude to its Beaumont and Baytown, TX, refineries. In the same week, Chevron announced its purchase of the 110-Mb/d Pasadena, TX, Houston Ship Channel refinery from Brazil’s national oil company, Petrobras. Both Exxon and Chevron boasted record Permian production in their fourth quarter 2018 earnings calls. Today, we review Chevron’s purchase and Exxon’s expansion in light of Permian production growth and the changing Gulf Coast refining market.
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