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Page added on October 24, 2018
Big Oil’s Big Payday Finally Arrives
Big Oil’s big payday has finally arrived. The question now is how to spend the extra cash.
Investors will be reading the third-quarter tea leaves to discern whether executives plan to boost dividends and buybacks, hike spending on shiny new mega projects, or perhaps even do both.
What they do know is that fresh sources of oil and gas are needed over coming decades to meet the world’s insatiable demand for energy. Spending too much would defy the new-found commitment to financial discipline, while spending too little could choke new supplies and raise crude prices. Higher prices, in turn, may brighten the appeal of green technologies that would hasten the industry’s demise.
“We’ve certainly seen more discipline in the oil patch than we really ever have,” said Burns McKinney, a Dallas-based portfolio manager who oversees $13 billion at Allianz Global Investors. “Management are more wary about which projects they take on. But discipline never lasts forever.”
Oil companies need to develop the equivalent of 670 billion barrels of crude — about seven times Exxon Mobil Corp.’s total worldwide holdings — by 2040, largely to offset dwindling output from older fields, according to the International Energy Agency. The financial costs will be enormous.
The good news is that Big Oil has plenty of cash to invest. The industry will generate $175 billion in free cash flow this year, about as much as it did over the previous five years combined, according to consultant Rystad Energy AS. Third-quarter earnings will be about 45 percent higher than a year earlier and the most since 2014, according to Morgan Stanley.
Price Surge
That mimics the 45 percent year-on-year rise in international oil prices to a third-quarter average of $75.84 a barrel.
The bad news is oil companies have a history of over-spending on ambitious projects and acquisitions during boom times only to see returns crushed when the commodity cycle turns. For examples, look no further than Exxon’s $16 billion investment in Canadian oil sands over the past decade and Chevron Corp.’s Gorgon liquefied natural gas operation in Australia, where costs swelled by almost half to $54 billion.
There are signs it may be different this time. Both U.S. supermajors replaced long-time CEOs since the 2014-2016 downturn, appointing former refining chiefs who oversaw penny-pinching business units. Spending on oil production is down 37 percent globally over the past four years, according to Wood Mackenzie Ltd.
Below Norms
For now, the sector is out of favor. The weighting of energy stocks in the S&P 500 Index is below 6 percent, less than half what it was a decade ago.
“Valuations remain well below previous historic norms,” Gordon Gray, a London-based analyst at HSBC Holdings Plc, wrote in an Oct. 17 note. “Consistency of improved cash generation and of capital discipline” is needed to win over investors.
Here’s what to look for in the earnings reports of the five biggest international oil companies:
Total (Friday Oct. 26)
The key figure will be its 2018 production growth target, which was previously pegged at 7 percent. Startup dates for key projects such as Egina and Tempa Rossa.
BP (Tuesday, Oct. 30)
Details on asset sales of about $6 billion to fund new buybacks. The British company has pledged to retain capital discipline, though it recently raised its long-term internal price deck to $60 to $65 per barrel.
Royal Dutch Shell Plc (Thursday, Nov. 1)
Chief Executive Officer Ben van Beurden’s commitment to a capital budget of $25 billion to $30 billion will be closely watched. Whether he sanctions the expansion of its Sakhalin LNG facility in Russia or its Baltic LNG project.
Exxon Mobil (Friday, Nov. 2)
The company is looking to bounce back from dismal second-quarter performance that Senior Vice President Neil Chapman called “a low point.” Commentary on how to boost short-term performance before major projects
Chevron (Friday, Nov. 2)
The $3 billion in annual buybacks announced in July was made with “a bit of conservatism,” CFO Pat Yarrington said at the time, so investors will look for any signs of a hike. Permian output was up 50 percent year-on-year in the second quarter but can that continue with shortages of pipelines, roads, power and labor?
69 Comments on "Big Oil’s Big Payday Finally Arrives"
tahoe1780 on Wed, 24th Oct 2018 9:54 am
or https://srsroccoreport.com/u-s-shale-oil-industry-catastrophic-failure-ahead/
TIKIMAN on Wed, 24th Oct 2018 10:27 am
Oil will start to decline by 2020. After that it is the end of the world as we know it and modern society. Retarded liberals think renewable’s will save us. Better buy guns and food now because the 2020’s will be a terrible decade.
Outcast_Searcher on Wed, 24th Oct 2018 11:01 am
Ah yes, the Cassandras ignoring the real world data and making more silly predictions, as per usual.
So how does the idea that the oil industry is collapsing financially square with the real world news like this?
tahoe1780 on Wed, 24th Oct 2018 11:25 am
Asset sales and debt. Rising oil prices results in slowing economies. QED
I AM THE MOB on Wed, 24th Oct 2018 11:32 am
Every country the US has problems with has oil..Venezuela, Iran, Russia, Syria..And don’t forget Iraq and WMD’s..
Russia is the ultimate prize though..I can’t wait to see Putin running for his life and hiding in a fox hole like Saddam..
I AM THE MOB on Wed, 24th Oct 2018 11:57 am
Permian Won’t Be Enough – Prepare for Supply Gap and ‘a Decade of Disorder’
https://www.oilandgas360.com/panel-permian-wont-be-enough-prepare-for-supply-gap-and-a-decade-of-disorder/?fbclid=IwAR1j0yVsAX95C09J6Ao9MOOxGJFsbyKiQLiuX0c54T53AwdhRCsrhGzoWsQ
Imminent peak oil could burst US, global economic bubble – study
https://www.theguardian.com/environment/earth-insight/2013/nov/19/peak-oil-economicgrowth
Davy on Wed, 24th Oct 2018 12:04 pm
Imminent peak oil could burst US, global economic bubble – study
2013/nov/19??????????????????????????
IAMA SLOB, come on, stay date relevant.
Davy on Wed, 24th Oct 2018 12:18 pm
Sorry MOB for being such an asshole again. Next time I’ll try to read the article before opening my dumbass trap.
Davy on Wed, 24th Oct 2018 12:36 pm
Fake comment
Davy on Wed, 24th Oct 2018 12:50 pm
Deep state false flags right before the mid term?? Way too obvious this time. What a desperate pack of thieves.
“In NYT Op-Ed, George Soros’ Son Blames Trump And “Demonization Of Opponents” For Bomb Packages”
https://tinyurl.com/yahkdbqq
“In what must be one of the most rapidly written, edited, and published op-eds in New York Times history, Alexander Soros, son of billionaire globalist puppet-master George Soros, has penned a blame-scaping piece pointing directly at president Trump’s “politics of demonizing opponents” as responsible for the bombing of his father, The Clintons, The Obamas, and well anyone else who has received a suspicious package in the last few days and is not in any way right-leaning.”
“We strongly suggest removing all sharp objects and ensuring no fluids are present in your mouth before reading the following…Via The New York Times”
“Was it really just a few short weeks ago that every liberal politician was falling over themselves to proclaim any Kavanaugh-supporting Republican a co-rapist, demanding physical confrontation, and revving up the hate? Lucky that memories are short for the weak-minded.”
Davy on Wed, 24th Oct 2018 12:51 pm
Imminent peak oil could burst US, global economic bubble – study
https://www.theguardian.com/environment/earth-insight/2013/nov/19/peak-oil-economicgrowth
“A new multi-disciplinary study led by the University of Maryland calls for immediate action by government, private and commercial sectors to reduce vulnerability to the imminent threat of global peak oil, which could put the entire US economy and other major industrial economies at risk.”
“The new University of Maryland study conducts a review of the scientific literature on global oil production and argues that the bulk of independent, credible studies indicate that a “production peak for conventional oil [is] likely before 2030”, with a “significant risk” it could occur “before 2020.”
Thanks for your contributions MOB. Ignore my dumbass when I’m being such a dick wad. Your way smarter then me.
Anontarded1 on Wed, 24th Oct 2018 12:52 pm
this is not supertard (pbuh swt) obviously
Davy on Wed, 24th Oct 2018 12:56 pm
2019 global recession??
“Volkswagen Tumbles After Slashing Outlook For Chinese Auto Demand”
https://tinyurl.com/ycoj8qw2
“Volkswagen shares tumbled as much as 6% on Wednesday, after the President and CEO of Volkswagen China told Nikkei that the company will likely end the year with flat or lower sales volume in China compared to last year. Previously, Volkswagen had expected 4% growth in China this year; the sharp downward revision makes Volkswagen the latest in a line of car manufacturers and dealers to paint a dismal demand picture in the global automotive industry. China is the Volkswagen’s largest single market, contributing more than 40% to global sales last year, inclusive of Hong Kong. Jochem Heizmann, CEO of Volkswagen China, tried to make the point that the automobile market in China was still a ways from hitting its ceiling, saying that low single digit growth, should it occur, still represented a significant amount of business for any carmaker in such a large country. The company’s shareholders did not agree. Speaking to Bloomberg, Heizmann said that “hopefully, the decline of the market in connection with the China-U.S. problems is temporary.” Because if it’s not, the world’s auto OEMs will have major problems.”
I AM THE MOB on Wed, 24th Oct 2018 1:36 pm
Davy
A peer reviewed study doesn’t have an expiration date..Hubbert’s original paper for example was authored in 1956 and wasn’t proven until 1970..Einstein’s papers from the early 20th century are still as relevant as they were back then..Same with Darwins work from the 1850’s..
I don’t think your mind has the scope for science..Better stick to watching Nascar.
Economic Vulnerability to Peak Oil (Kerschner 2013)
https://www.scribd.com/document/375485924/Economic-Vulnerability-to-Peak-Oil-Kerschner-et-Al-2013
I AM THE MOB on Wed, 24th Oct 2018 1:38 pm
Davy
Enough with the zerohedge you uneducated low life..Better click on one of those ten million ads per article..
Davy on Wed, 24th Oct 2018 2:08 pm
Please, SLOB, not only do you puke redundent articles many are dated too. You do this without exposing content. I presume you do this because you are lazy but also you lack the ability to digest articles down to relevant points. You like to spit one out and say “look…see”. I guess you think that makes you look like an authority or something. Anyone with a brain sees right through your shallow one track mind of kill whites and breed their daughters fantasy collapse.
Duncan Idaho on Wed, 24th Oct 2018 4:45 pm
“Every country the US has problems with has oil.”
Except for Norway. You could say the US doesn’t have a problem with Norway, but the Norwegians would disagree.
Chrome Mags on Wed, 24th Oct 2018 5:02 pm
We’re going to have problems with oil after 2010.
After 2013
After 2015
no, make that after
2017
2019
2020’s
I’ve heard this stuff since my first visit to The Oil Drum back in 05, and the dire projections just keep on coming, yet the fuel stations are open. People are pumping the stuff into their cars as I write this. The world economy is still chugging away. 100 mbd of total oil is used ever single day. There always seems to be more, at the same time those concerned with climate change say we shouldn’t be burning this stuff anymore, yet we do, and on and on we go, year after year, decade after decade…At this point it’s a broken record that just keeps skipping and playing the same prognostications over again.
I AM THE MOB on Wed, 24th Oct 2018 5:02 pm
Davy
I posted an article the other day and copied word for word the entire thing..And you threw a shit fit about it as well..You just can’t handle the content I post..You are a small minded bigot.And you are scared of what I post..
You are dumber than clogg..you only post from zerohedge click bait..
Now go back to your permie garden you hippie dippy faggot..
I AM THE MOB on Wed, 24th Oct 2018 5:04 pm
We live in frightening times. It’s my belief that “you personally” will most likely die of starvation or conflict between 2020 to 2040.
You will experience a collapse of human civilization, a die-off of humans, a destruction of the ecosystem, a loss of access to mined and drilled resources, and a dark age from which your descendent’s will not reemerge.
Simple really….when the World Economy Collapses everything shuts down…the end… We’re talking about grids down all over the world and 7.5B people dropping like f*** flies in short order. The collapse will be absolutely horrible..There is no collapse or horror movie ever produced that has even come close to imagining what the collapse of BAU might look like. I’m talking about every corporation and every social program going bankrupt at once. I’m talking about people eating people. I’m talking about the Worst Catastrophe to ever happen in the history of mankind. Nothing has ever, or will ever come close…
Peer reviewed references:
https://www.scientificamerican.com/article/apocalypse-soon-has-civilization-passed-the-environmental-point-of-no-return/
https://www.nature.com/articles/463608a
http://www.sciencedirect.com/science/article/pii/S0921800914000615
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3574335/
https://www.scribd.com/document/379418787/Is-Global-Collapse-Imminent-An-Updated-Comparison-of-The-Limits-to-Growth-with-Historical-Data-Turner-2014
http://www.feasta.org/wp-content/uploads/2012/06/Trade-Off1.pdf
Chrome Mags on Wed, 24th Oct 2018 5:05 pm
I was responding to the Cassandra’s, not the article.
I AM THE MOB on Wed, 24th Oct 2018 5:09 pm
Chrome Mags
Existing oil reserves are scheduled to begin a catastrophic crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently….
Existing oil reserves are scheduled to begin a catastrophic crash within 1 to 3 years. When it hits the economic and social damage will be catastrophic. The end of Western Civilization, from China to Europe, to the US, will not occur when oil runs out. The economic and social chaos will occur when supplies are merely reduced sufficiently..
https://imgur.com/a/6dEDt
https://arxiv.org/pdf/1708.03150.pdf
https://www.scientificamerican.com/article/has-peak-oil-already-happened/
http://www.sciencedirect.com/science/article/pii/S0301421509001281
https://www.scribd.com/document/375110698/The-end-of-Peak-Oil-Why-this-topic-is-still-relevant-despite-recent-denials-Chapman-2014
https://www.scribd.com/document/375110317/Projection-of-World-Fossil-Fuels-by-Country-Mohr-2015
http://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017
https://www.forbes.com/sites/rrapier/2018/03/23/is-the-world-sleepwalking-into-an-oil-crisis/#509edc8b44cf
Antius on Wed, 24th Oct 2018 5:09 pm
“We’re going to have problems with oil after 2010.
After 2013
After 2015
no, make that after
2017
2019
2020’s”
And we did. On all of those dates. Were you expecting the zombie apocalypse?
What has actually happened is a slow choking off of prosperity in the western world. In real terms, prosperity has declined by 7% in the US since 2005 and 10% in most western European countries, with the notable exception of Germany. There was no sudden transition to a different world. But life continues to get shabbier and poorer at a gradual rate.
Davy on Wed, 24th Oct 2018 5:23 pm
“I posted an article the other day and copied word for word the entire thing..”
SLOB, got a date and time? Oh, and how friggin stupid is it to paste the whole article. Are you incapable of discerning finer points? I doubt I was upset because i tend to ignore your redundancy. I mean come on, how many ways can you act dumb?
I AM THE MOB on Wed, 24th Oct 2018 5:23 pm
Frustrated Investors Want Frackers to Consolidate
Kimmeridge tells Resolute Energy to find a merger, latest sign of rising activism in the oil patch.
A private-equity firm is urging oil producer Resolute Energy Corp. REN -0.17% to merge with a rival, the latest salvo in a growing campaign by some investors to force shale drillers to consolidate.
Kimmeridge Energy Management Co. told Resolute’s board of directors in a letter Friday that it was stepping up call for changes at the company, saying Resolute had failed to follow through on a strategic review to explore a merger or potential asset sale announced in May after investor pressure.
New York-based Kimmeridge said in the letter that it may seek to install new board members at Resolute, which is focused on the Permian Basin in West Texas and New Mexico, if it doesn’t heed the firm’s suggestions. Kimmeridge, which has about $1.2 billion under management, owns nearly 10% of Resolute’s shares, according to S&P Capital IQ.
Resolute did not immediately respond to requests for comment.
Resolute’s shares are down around 9% for the year, while oil and gas companies are collectively up nearly 6%. U.S. oil prices have surged by almost 20% in that time. The failure of most shale companies to rise with the rally in crude prices has frustrated investors and put pressure on company leaders.
The activist campaign is the latest to hit the shale oil and gas industry, a sector many investors believe needs to consolidate to generate profits.
Well-known activists, including Elliott Management Corp. and billionaire investor Carl Icahn, have recently taken aim at oil producers. Nine producers in North America have been publicly subjected to activist demands over the past year, according to research firm Activist Insight. Energen Corp. , EQT Corp. and Hess Corp. have each made concessions to activist investors to stave off proxy fights, and many in the energy industry expect more campaigns in coming months.
BHP Billiton Ltd.’s $10.5 billion sale of U.S. shale assets to BP PLC in July was spurred by Elliott, which had pushed the Australian mining company to sell or spin off the oil unit.
Diamondback Energy Inc. announced a deal in August to buy Energen for more than $9 billion. Mr. Icahn and Elliott had pushed Energen to sell itself for some time.
Kimmeridge, which typically buys and operates drilling fields with its private-equity funds, pushed Houston explorer Carrizo Oil & Gas Inc. to sell assets earlier this year. The firm sold out of all but a sliver of its stake in June for a $90 million profit after the company said it would hold on to the assets.
Kimmeridge argued in its letter Friday that Resolute, based in Denver, is too small to properly develop its assets, and said that its management has enriched itself while pursuing growth over returns. Resolute appointed three outside directors to its board in May and said at the time that it was committed to addressing shareholder feedback.
The shale industry has attracted activists, in part, because shifting from proving untested shale wells to economically producing oil and gas from them has been far more challenging than many executives and analysts predicted.
Two-thirds of U.S. oil producers failed to live within their means in the second quarter, even as oil prices have risen almost 40% over the past year to more than $70 per barrel. Fifty major U.S. oil companies reported they collectively spent $2 billion more than they took in, according to an analysis of free cash flow by FactSet.
“That will be ripe ground for activism in the space,” said Andrew Calder, head of Kirkland & Ellis LLP’s energy practice.
Investors have begun pushing companies in the shale sector, populated with many small and midsize firms, to pursue purchases or combinations, arguing that greater scale will help them turn profits. Companies that are big enough to drill giant wells, finance new pipelines and lock up equipment and other needs in long-term contracts have a strong advantage over those that cannot, some analysts say.
“Consolidation is long overdue,” said Todd Heltman, a senior analyst with Neuberger Berman Group, which has more than $300 billion in assets under management. “It makes sense operationally and financially, but often there aren’t enough incentives for management teams to do it.”
Some frustrated investors see consolidation as a clear solution that many top executives won’t consider for reasons of ego or CEO pay. Annual compensation for some shale executives can top $10 million or more, and their equity stakes sometimes represent less than three years’ compensation, making the value of the job greater than any share price uplift from a merger. Those incentives may be setting them up to avoid merger discussions that are in the best interests of shareholders, Mr. Heltman said.
Numerous shale companies took steps to change pay practices in the past year, placing added emphasis on metrics such as return on capital rather than on growth-related targets. Most of the companies didn’t go far enough, analysts say.
https://www.wsj.com/articles/frustrated-investors-want-frackers-to-consolidate-1539958426
I AM THE MOB on Wed, 24th Oct 2018 5:25 pm
Davy
Repsol boss warns of oil supply crunch after spending squeeze
https://www.ft.com/content/9f14cf00-ca36-11e8-9fe5-24ad351828ab
That was the article..You were scared of it because you are scared of the oil shortage coming..
Time to grow a dick you illiterate hick..
Davy on Wed, 24th Oct 2018 5:27 pm
I call him SLOB for a reason. Stupid comments barely coherent.
I AM THE MOB on Wed, 24th Oct 2018 5:28 pm
60 percent of Americans say their finances haven’t improved since the 2016 election
https://www.cnbc.com/2018/10/24/these-americans-say-their-finances-havent-improved-since-2016-election.html?__source=facebook%7Cmain
I AM THE MOB on Wed, 24th Oct 2018 5:29 pm
Davy
I would challenge you to a game of whits..But I see you are unarmed..
Davy on Wed, 24th Oct 2018 5:31 pm
SLOB, I have no problem with articles like that. Why would I stupid? Oh I am scared to death…lol. I have long been interested in PO and collapse. I have a problem with the board SLOB. Learn how to communicate properly and then maybe people will respect you. As it is now you are showing how brain dead you are. Are you a druggie?
makati1 on Wed, 24th Oct 2018 6:02 pm
RIGPORN. Nuff said.
twocats on Wed, 24th Oct 2018 6:06 pm
Do oil majors split out their shale oil in financials? If they do – let’s look at those. If they don’t – then shut yur yap.
If the oil majors are making profits on their legacy wells, refining, downstream, etc, then its a slightly slower road to hell. Marginal barrel is still North of $65, probably closer to $85.
But I’m sure all of here are ready to cut usage by another 20% (10% from decline, and 10% to allow poorest of the world to have base-line living standard)?
JuanP on Wed, 24th Oct 2018 6:25 pm
Antius “But life continues to get shabbier and poorer at a gradual rate.”
And this is our most likely future, too. There are regular crises interspersed all along the way, of course. There are other possibilities, global nuclear war being the most obvious. My country, Uruguay, has been getting worse since the 60s. The trend is indisputable, regardless of increasing scientific knowledge, technological progress and financial growth.
I AM THE MOB on Wed, 24th Oct 2018 6:31 pm
Davy
Are you always so easily triggered? And you don’t have to persuade me about your peak oil knowledge..And you speak like you are speaking for everyone..
Too bad you are the one nobody ever compliments here..
Davy on Wed, 24th Oct 2018 6:40 pm
“Too bad you are the one nobody ever compliments here..”
You come here for compliments? LOL what a lonely boy.
I AM THE MOB on Wed, 24th Oct 2018 6:40 pm
Economic Collapse > Global Societal Collapse > Anarchy 2030
I AM THE MOB on Wed, 24th Oct 2018 6:44 pm
Davy
I don’t come here for compliments..But I do appreciate getting them..Too bad you never get any..
Keep sucking Putins cock and I bet clogg will give you a reach around…better than that fat heifer of a wife you have though right?
LMFAO
Davy on Wed, 24th Oct 2018 6:51 pm
SLOB, the only compliments you get are from blind lying extremist liberals that like your antifa persona that BTW is a fraud. Kids like you are all talk and no walk. I can just see you going out to kill a whitey and getting your clock cleaned instead or trying to breed his daughter that laughs at your limp dick. What a joke
twocats on Wed, 24th Oct 2018 7:32 pm
Exactly Antius – even the article admits that the valuations and profits aren’t as good as they have been in the past. not only is the a gradual erosion, but we are also seeing cyclical replays of the boom and bust, but with lower booms and increasingly terrible busts.
This next bust might be one of the last.
Decay example of the day: Panama Beach et al residents are getting supplied with RV’s at $9,000/month. When the insurance money runs out, people will just be homeless. Swells and swells of homeless.
I AM THE MOB on Wed, 24th Oct 2018 8:15 pm
Davy
Sorry I don’t speak paranoid schizophrenic..
And you keep crowing about lying liberals but you never state any lies..I think you need to calm down grandpa and turn off the faux news..
Now back to your permie farm you hippie dippy fag boy.
I AM THE MOB on Wed, 24th Oct 2018 8:15 pm
US economy about to collapse, taking down dollar & American standard of living – Peter Schiff
https://www.rt.com/business/442118-peter-schiff-bubble-economy-dow/
boney joe on Wed, 24th Oct 2018 11:27 pm
“Sorry MOB for being such an asshole again. Next time I’ll try to read the article before opening my dumbass trap.”
“Fake” ~~~DavyDonaldTurd (DDT)~~~
You didn’t need to tell us this was not your comment. You don’t possess one gram of contrition. You’re lofty pride and arrogance are an integral aspect of your sick character makeup. Pride is the mask you wear to disguise your many deficiencies. Nevertheless, take solace in the fact that pride always comes before your fall.
Davy on Wed, 24th Oct 2018 11:47 pm
Oh so sloppy joe. You sound like all of those doctors my wife made me see before she left me. You dumbass PhDs don’t know your asses from a whole in the ground.
FRAUD!
Cloggie on Thu, 25th Oct 2018 12:36 am
US economy about to collapse, taking down dollar & American standard of living – Peter Schiff
America to become a normal country… or five.
8 million Jews + 220 million Euro’s + 110 million coloreds are not not going to dominate a planet of 7 billion indefinitely.
Not even an additional decade.
But we loved the Osmond Brothers, we really did:
https://www.youtube.com/watch?v=iXcj8dFOd1E
Davy on Thu, 25th Oct 2018 5:13 am
“Oh so sloppy joe.”
obviously not me
Davy on Thu, 25th Oct 2018 5:18 am
“US economy about to collapse, taking down dollar & American standard of living – Peter Schiff”
Schiff has been parroting this since the last crisis. He is not relevant in my book. I think Euroland is going down first. Italy and Brexit are big time economic challenges at a time of poor growth in a global economy on the slide. There is the ticking time bomb of the jockeying for leadership by populism and the corrupt technocrat establishment. This will not end well because the system cannot be reformed by populism only torn apart. Bad things are ahead for Euroland. Too bad neder, your cherished Euro civilization is again facing failure.
I AM THE MOB on Thu, 25th Oct 2018 6:24 am
I agree with that Davy..Good comment!
DerHundistLos on Thu, 25th Oct 2018 6:26 am
You may have seen advertising in which after years of sabotaging and attempting to repeal a key provision of ObamaCare that requires insurance companies to cover Americans with pre-existing conditions, Republican’s are now claiming they support this requirement. This has to rate as the most obvious and vile lie ever told, and is an obvious sign of desperation. Republican party members must have learned from the grand wizard himself, Trump, to lie and care nothing for the truth just so long as it gets votes.
Another fine example of Republican morally bankrupt strategy in which the end justifies the means.
I challenge anyone to post an equally egregious act committed by the Democrats. There is nothing even close.
Trump lies with such frequency that it requires a full time position in newsrooms to fact check every statement. Between when President Pumpkinhead assumed office in January 2017 and the end of September, the average number of public false or misleading statements he has made per day has been increasing. According to the Washington Posts’ Fact Checkers on October 1, “for the president’s first 100 days, Trump averaged 4.9 false claims a day… since we last updated this tally two months ago, the president has averaged about 9 lies a day. Our calculations suggest that if the current escalation rate remains steady, by the end of his term the president could be making as many as nineteen public false statements a day, on average.”
Free Speech Message Board on Thu, 25th Oct 2018 6:45 am
People love to encourage others to smoke, get tattoos, get fat, drink, do drugs, be lazy, go in debt, and be immoral, but why doesn’t anyone suggest that people stop smoking, be clean-cut, exercise, be healthy, read, work hard, save money, and go to church?
Those who are conservative, religious, and moral don’t mind talking about morality, but those who immoral seem to prefer avoiding the subject.
Those who are immoral will try to justify their immorality, but even Atheists have consciences.
Antius on Thu, 25th Oct 2018 7:12 am
An interesting concept for powering large vehicles, like ships, trains, trucks and mining equipment; is the stored heat powered vehicle. Liquid nitrogen or liquid air vehicles are a subset of this.
The basic idea is that heat is stored on a vehicle in an insulated container. This could take the form of high temperatures, in the form of molten salt or hot rock; or low temperatures in the form of liquid air, or a combination of the two. Liquid air or nitrogen has the advantage that the energy storage medium is also the working fluid, reducing the number of energy transitions needed. High temperature stored in hot rock is in many ways simpler, but requires a closed-cycle power cycle to convert the heat into mechanical power.
One technology under development that could be useful in this regard is the S-CO2 cycle. An OSTI presentation is linked below.
https://www.osti.gov/servlets/purl/1221819
Thermal efficiency is 40-60%, depending upon pressure drop and turbine inlet temperatures and pressures. Molten silicon can store 1MWh per cubic metre. Silica heated to 1000C will store about 1.2MJ per kg. Assuming a 40% efficiency for a vehicle engine, a stored heat powered vehicle with heat stored at 1000C, will have energy density of 480KJ/kg (0.13kWh/kg). This is about half the energy density of state of the art Li-ion batteries and is less energy efficient. However, the stored heat engine is able to make use of common materials for it’s construction.