Kung Pao Petroleum LLC

Independent E&P company focused on shareholder value and fewer fishing jobs.
Where every well is CPL certified.
Not investment advice.

[Kung Pao Petroleum LLC @LesEHolder]

Q2 told one story through different assets.

Producers cut costs.
Majors captured upstream and refining margins.
Midstream collected on volume.
Offshore sold scarce capacity.

Different assets. Same quarterly meeting about cash.

#XOM #CVX #EXE #CRK #EPD #NE
#OOTT #WTI #Crude

[Kung Pao Petroleum LLC @LesEHolder]

BAKER HUGHES

U.S.: 588 (+1 WoW, +48 YoY)
Oil: 451 (+1, +41)
Gas: 127 (flat, +3)
Canada: 219 (+15, +42)
North America: 807 (+16, +90)

Canada supplied 15 of the continent’s 16 added rigs.

#RigCount #OOTT #OilAndGas

[Kung Pao Petroleum LLC @LesEHolder]

EIA Natural Gas Storage

Injection: +28 Bcf
Estimate: +37 Bcf
Prior: +32 Bcf

Working gas: 3,084 Bcf
vs. year ago: -32 Bcf
vs. 5-year avg: +185 Bcf

The build came in light. Storage did not.

#NatGas #EIA #NaturalGas

[Kung Pao Petroleum LLC @LesEHolder]

EIA

Crude: -7.2 MMbbl
Gasoline: Flat
Distillates: +1.1
Cushing: -0.77

Production: 13.8 MMbpd
Exports: 8.1 MMbpd
Imports: 5.7 MMbpd

The draw got the headline. The movement of barrels explains it.

#EIA #WTI #OOTT

[Kung Pao Petroleum LLC @LesEHolder]

#NewProfilePic

[Kung Pao Petroleum LLC @LesEHolder]

Looks like the rest of the system picked up the slack.

[Eric Nuttall @ericnuttall]

Strait of Hormuz entry traffic remains at ~5% of normal (7 day avg.), ~6.5MM Bbl/d of production remains shut-in, Saudi energy infrastructure getting hit by Houthis, SPRs on fumes, and yet oil has fallen by 9% in 2 days. Perplexing to many of us.

[Kung Pao Petroleum LLC @LesEHolder]

Builds remain positive numbers.

[Kung Pao Petroleum LLC @LesEHolder]

API

Crude: +3.30 MMbbl
Gasoline: +0.92
Distillates: +0.36

Crude and products all built, now down 16–18% since Thursday. WTI closed near $77, down 4%.

BOARD COMMENT

Storage remains available

#API #WTI #OOTT

[Kung Pao Petroleum LLC @LesEHolder]

@OilCoIntern @Tejanobrown Hopefully the cleaning crew notices the space heater I left on.

[Kung Pao Petroleum LLC @LesEHolder]

@Amena__Bakr That didn’t take long… That’s what she said.

[Kung Pao Petroleum LLC @LesEHolder]

@GreyHairOpsGuy Management has long considered a 24-hour fried rice concept.

Co-location with vape shop produced best economics.

[Kung Pao Petroleum LLC @LesEHolder]

@JensenHuang @nvidia This will help my prospects!

[Kung Pao Petroleum LLC @LesEHolder]

#rigcount

[Kung Pao Petroleum LLC @LesEHolder]

#OOTT

[Kung Pao Petroleum LLC @LesEHolder]

KPP MARKET BRIEF

EIA Weekly Petroleum Rpt

Crude: +2.0 MMbbl
Gasoline: +0.8 MMbbl
Distillates: +1.4 MMbbl
Propane: +6.3 MMbbl
Cushing: -0.67 MMbbl

Production: 13.8 MMbpd
Refining: 96.1%
Imports: 5.8 MMbpd
Exports: 3.4 MMbpd

#EIA #OOTT #WTI

[Kung Pao Petroleum LLC @LesEHolder]

BOARD COMMENT
The interesting number isn’t always the biggest one.

[Kung Pao Petroleum LLC @LesEHolder]

KPP MARKET BRIEF
API Weekly Inventory

Crude: +2.60 MMbbl
Gasoline: -1.38 MMbbl
Distillates: +1.76 MMbbl
Cushing: -737 Mbbl

The 13-week streak of crude draws ended, but gasoline and Cushing inventories continued lower.

Board Comment:
We’ll see if Wednesday agrees.

#API #OOTT

[Kung Pao Petroleum LLC @LesEHolder]

#rigcount #OOTT