Crunch the numbers

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DAILY ENERGY NEWS | 12/15/2022

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Unilateral disarmament of U.S. energy security just doesn't make... financial sense. Listen to Tom's latest interview today.

"In all of the U.S., there were merely 487 bald eagle pairs in 1963. By 2006, there were approximately 10,000. Today, wind turbines remain the only major threat to bald eagles, with the government dismayingly allocating 'bald eagle-killing quotas' for each machine."

– Vijay Jayaraj,
CO2 Coalition

The heights American energy producers could soar to without the bureaucratic albatross hanging around their necks is unimaginable.

EIA (12/14/22) reports: "Third-quarter 2022 (3Q22) financial results for 50 U.S. exploration and production (E&P) companies show that improved cash from operations went to increase capital expenditure and grow shareholder returns. Our analysis of public financial statements from these companies suggests their capital expenditure this year could increase 35% compared with 2021 because of more drilling and increased drilling costs related to supply chain constraints. These companies also continued to reduce their overall debt. This debt reduction suggests more profits could be directed to shareholder returns, such as dividends and share repurchases, in the future. We base our analysis on the published financial reports of 50 publicly traded oil companies that produce most of their crude oil in the United States. As a result, our observations do not represent the sector as a whole because the analysis does not include private companies, which do not publish financial reports. These 50 publicly traded companies collectively produced about 4.2 million barrels per day (b/d) of crude oil, or 35% of all crude oil produced in the United States in 3Q22. The West Texas Intermediate (WTI) crude oil price averaged $93.07 per barrel (b) in 3Q22, a 32% ($22.46/b) increase compared with 3Q21 and a 15% ($15.86/b) decrease compared with 2Q22. Cash from operations for the E&P companies increased 86% ($20.1 billion) from 3Q21 to $43.4 billion in 3Q22 and increased 8% ($3.2 billion) from 2Q22. Despite lower crude oil prices in 3Q22, a $6.2 billion decrease in receivables meant the companies collected payments this quarter on earlier sales, contributing to increased cash from operations. These companies produced 10% more crude oil in 3Q22 (389,000 b/d) than in 3Q21."

Shot:

CNN (11/16/22) reports: "US climate envoy John Kerry confirmed to CNN that formal climate talks with China have restarted at the UN’s COP27 summit in Egypt, lifting a months-long freeze on negotiations and showing an early sign of concrete results from a meeting between US President Joe Biden and his Chinese counterpart Xi Jinping in Bali earlier this week. Asked to confirm whether formal talks between the US and China have resumed, Kerry said: 'Yes, we are talking.' The nations are the world’s two biggest polluters and their cooperation is crucial if the world is to avert catastrophic climate change. When Kerry and his Chinese counterpart, Xie Zhenhua, announced that their countries would work together to reduce greenhouse gas emissions at the COP26 summit in Glasgow last year, it was a rare piece of good news in the otherwise very gloomy climate space."

Chaser:

Reuters (12/15/22) reports: "China's daily coal output hit an all time high in November as miners increased operations to meet higher demand for heating despite the logistics problems and resulting stock builds caused by Beijing's heavy-handed zero-COVID curbs. China churned out about 390 million tonnes of coal last month, data from the National Bureau of Statistics (NBS) showed on Thursday, equivalent to 13.04 million tonnes per day. That leapfrogged the previous peak of 12.89 million tonnes in September, and was up from 12.36 million tonnes a year before. Production over the January-November period was 4.09 billion tonnes, 9.7% higher than in the same period a year earlier, the bureau's data showed. The increased coal output followed repeated calls from the central government to keep energy supplies steady through the winter. Northern China began its four-month heating season from mid-November and most heating facilities are fueled by coal."

Energy Markets

WTI Crude Oil: ↓ $76.46
Natural Gas: ↑ $6.69
Gasoline: ↓ $3.19

Diesel: ↓ $4.83
Heating Oil: ↓ $324.25
Brent Crude Oil: ↑↓ $55.60
US Rig Count: ↑ 852

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