April 27

Daily Energy Standup Episode #111

0  comments

California’s ailing power grid stymies electric shift

In its effort to battle climate change, California is in the forefront of the nation’s effort to shift our electrical generation away from fossil fuels and toward renewable-energy production. Yet as California rushes to achieve […]

Tesla gives update on battery degradation: only 12% after 200,000 miles

Tesla has released a rare update on the battery degradation in its electric cars. The automaker claims its batteries only lose about 12% of capacity after 200,000 miles. Battery degradation, which represents the loss in […]

OPINION: Paying the price for climate extremism

If you’re an Alaskan, particularly one who belongs to a vulnerable population, you should be alarmed at Kay Brown’s recent piece in this paper, and her desire to slam the door on the Alaska energy projects that […]

19 countries express interest in joining BRICS group

CAPE TOWN: Nineteen countries expressed an interest in joining the BRICS group of nations as it prepares to hold an annual summit in South Africa. The emerging-markets bloc of Brazil, Russia, India, China and South Africa will […]

Highlights of the Podcast

00:00 – Intro
03:43 – California’s ailing power grid stymies the electrical shift
06:44 – Tesla Gives update on battery degradation only 12% after 200,000 miles
10:33 – Opinion Paying the price for Climate Extremism
13:24 -19 country is express interest in joining BRICS group
16:01 – Origin Command. 600 million for a battery to replace a coal plant
17:30 – Market Updates
25:54 – Outro

Follow Stuart On LinkedIn and Twitter

Follow Michael On LinkedIn and Twitter

ENB Top News

ENB

Energy Dashboard

ENB Podcast

ENB Substack

Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:14] What is going on, everybody? Welcome into another edition of the Daily Energy News Beat. Stand up here on this gorgeous Thursday, April 27th, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the executive producer of the show, the purveyor of the show and the director and publisher of the world’s greatest website, EnergyNewsBeat.com Stuart Turley, my man. How are we doing today? [00:00:39][24.8]

Stuart Turley: [00:00:40] It’s a beautiful day in the neighborhood still in an undisclosed location here in Abilene, Texas. [00:00:44][4.5]

Michael Tanner: [00:00:45] A much better background now. I think the plains are a lot better than the medieval artwork or whatever was in the old one straight out of Monty Python. [00:00:53][8.3]

Stuart Turley: [00:00:55] Oh, I’m not quite dead yet. [00:00:56][1.2]

Michael Tanner: [00:00:57] Not quite and we need you around and you have been thrown as you’ve been keeping us powered. I’ve steadied the ship for the last two days Stu, but we’ve had a lot of great stuff that we need to cover. We’ve got a great menu lined up for us today. [00:01:09][12.2]

Michael Tanner: [00:01:10] First off, California’s ailing power grid stymies the electric shift this is stories really going to dive into what is going on in California, the California energy system, as they are enacting all of these different laws to move from gas combustion to EVs, clean up the power grid, all that Stu is going to break down there’s a great article covering all of that. [00:01:31][21.0]

Michael Tanner: [00:01:31] Next up, Tesla gives an update on battery degradation. We know we love this only 12% after 200,000 miles, which is pretty crazy considering I just drove home from the office in a truck that’s got 200,000 miles on it and it got me there just fine so this is a great antidote to talk about what’s going on with Tesla I do love me some Elon Musk, so it’ll be fun to cover this one. [00:01:53][22.3]

Michael Tanner: [00:01:53] Next, we got an opinion article, Paying the Price for Climate Extremism this is near and dear to Stu’s heart, being someone who loves Alaska. Next up, 19 countries express interest in joining BRICS has started shaking his head right now it’s kidnaping control out there guys. [00:02:10][17.1]

Stuart Turley: [00:02:12] Buckle up. [00:02:12][0.4]

Michael Tanner: [00:02:13] Stu, will break down which countries are expressing interest and what that means for the geopolitical scene. He’ll toss it over to me. I’ll quickly cover what happened in the in the overall markets. S&P fairly flat. Oil just fell off a cliff today we’re currently trading oh seven for 37. Lots to do with recession fears incoming the vibe check, in my opinion, is here, Stu. My checks coming as I know you hate to hear that. [00:02:37][23.8]

Michael Tanner: [00:02:37] Natural gas did spike a little bit were $2.30. Woohoo on that but I’ll cover all that and a bag of chips in the finance segment, guys. But again, check us always check us out online www.EnergyNewsBeat.com the best place for all your oil and gas news and energy I know you had to slip that in there for Stu. [00:02:56][18.9]

Michael Tanner: [00:02:57] You know it hit the description it’s got all the links the team does a great job of curating and making sure all the links to the articles are there so you can follow along as we listen. And we appreciate the team’s hard work there Dashboard.EnergyNewsBeat.com the best place for all your data and news combo get it while you still can. [00:03:15][17.3]

Michael Tanner: [00:03:15] You never know when a subscription might show up and you may be well, whoa, the dashboard go out. aiming $200 a month maybe I’ll give it to you. So stand by there. We’ll keep you updated on that. But again, everything courtesy www.EnergyNewsBeat.com. I’m out of breath, though. Stu, Where do you want to begin today’s show? [00:03:31][16.6]

Stuart Turley: [00:03:32] Well, we want to give a shout out there to Elon because he gave us the idea for the $8 a month if you want to like take a look at that and it never mind. Okay. Moving right around the corner here. California’s ailing power grid stymies the electrical shift. You can’t buy this kind of entertainment from California. And I almost hope Governor Newsom runs just because you can’t buy that kind of entertainment from the state. [00:03:57][25.1]

Stuart Turley: [00:03:58] Now, Calmatters reported. California officials insist that the grid can provide enough electricity. This is, quote, to handle millions of new electronic electric vehicles that is based on but that’s based on multiple assumptions, including building a solar and wind and almost five times in the past decade, that might not be realistic. [00:04:23][25.5]

Michael Tanner: [00:04:24] You know, sort of is that they got to build solar and wind at five times the pace in the past decade. Yeah, that’s your perfect, perfect gauge you know, that’s a great assumption. [00:04:33][8.3]

Stuart Turley: [00:04:33] Perfect no that one just I got really, really tickled at that. Let’s come down in here to the neck. In one of the next paragraphs, the California Independent System Operator, the regional organization that manages the electricity grid, this month released a draft report calling for an additional 22 transmission projects driven by the state’s energy policy goals their grid is being held on with less than a band aid. [00:05:01][27.6]

Stuart Turley: [00:05:01] In fact, do you remember playing in a sandbox, Michael and that band aid that you got on your arm and it fell off and then you tried to put it back in? On, not a band that won’t even work here. The ISO estimates those cost at 7.53 billion and over the next decade, at a time when California’s facing a $25 billion deficit and everybody’s leaving. [00:05:30][28.5]

Michael Tanner: [00:05:31] Yeah, I mean, people are fleeing California there’s no one way about it I saw some population statistics a couple of weeks ago, and it’s true, People are out of there, People are showing up here to Texas a lot. I can’t say much. I’m part of that migration. I hate coal. Right. You know. [00:05:46][15.4]

Stuart Turley: [00:05:47] Yeah. We love you, though. I’m glad you’re here in Texas last two things in this article. I love the author’s last point. Our leaders need to spend less time promoting far-reaching environmental goals and more time figuring out how we can meet them, love that line. [00:06:03][16.2]

Michael Tanner: [00:06:04] OC register, baby. [00:06:05][0.5]

Stuart Turley: [00:06:05] OC register. All right. [00:06:07][1.6]

Michael Tanner: [00:06:07] When I lived in California, I lived in Orange County. Oh, man. I had no idea of what Orange County was till I moved there almost a wild place. Huntington Beach, where we lived is a wild place. [00:06:18][11.0]

Stuart Turley: [00:06:19] How fun. [00:06:19][0.3]

Michael Tanner: [00:06:20] I remember when they first started doing those COVID protests I had since moved back to Colorado. I’m watching the news and it was like, and like, that looks really familiar. And I was like, I used to like that that’s the strip. [00:06:32][12.3]

Stuart Turley: [00:06:33] Oh, yeah. [00:06:33][0.3]

Michael Tanner: [00:06:34] It’s just it’s own little world down there in Southern California. [00:06:38][3.5]

Stuart Turley: [00:06:40] I always like Haight-Ashbury down there let’s go to Tesla Gives update on battery degradation only 12% after 200,000 miles. Michael, This is really bringing up a resale on the car because it takes about $20,000 after a car needs a whole new battery uplift after this. So if you’re only going to get 12% of your capacity at 200,000 miles, then you’re going to have to drop in 20, $30,000 just to get the car for 20 or 30,000. You can get a really nice car from an internal combustion engine. [00:07:19][39.7]

Michael Tanner: [00:07:20] Yeah, I was confused at first I thought this report said that their batteries are only 12% useful after 2000. But this is saying is that if it starts at 100% or whatever percent it starts at, it’ll be somewhere around 87. I mean, that’s not horrible. I think that is it’s not horrible but the real question is, okay, what happens for trucks? What happens for larger vehicles? Like. Yes, okay, cool. You build a little go cart. That’s great! I would own a Tesla I think they’re sweet actually,. [00:07:51][31.0]

Stuart Turley: [00:07:52] I would love a Tesla, but it have to be my second car because, you know, clearly. I mean,. [00:07:57][5.3]

Michael Tanner: [00:07:57] Absolutely. [00:07:57][0.0]

Stuart Turley: [00:07:58] You know how many miles I drive? It would be absolutely pathetic. [00:08:01][2.9]

Michael Tanner: [00:08:02] I think the thing is the range I don’t think it’s necessarily the miles burn where I think the issue where Tesla and all these makers are going to have issues is how do you get range, How do you replace are you going to be able to replace the five, six, 700-mile trips that people like you who have, you know, larger vehicles mount up and go for? You know. [00:08:21][18.9]

Stuart Turley: [00:08:21] One of the things I really, really like is the plug in hybrids. I mean, throw me some, you know, gasoline engine in there and let me keep on going down the road. I mean. [00:08:33][11.6]

Michael Tanner: [00:08:33] And that’s where I’m a little sad that we didn’t go the world of hybrids. I mean, hybrids could have achieved so much. I mean. [00:08:42][9.1]

Stuart Turley: [00:08:43] I agree. [00:08:43][0.2]

Michael Tanner: [00:08:45] With the fact that it’s all or one and that’s there there’s there’s no there’s no and, you know, I’m not in the car business. I mean, maybe there’s a reason the hybrids are harder to make I don’t know. All I’m saying is, from a high level standpoint, if we could have moved policy into more of the let’s promote hybrid technology versus what they’re doing in California, the and transporting, you know, what is it, 65% of new cars by 20 is like 2020 or 2032 have to be EVs. I mean, it’s ridiculous. So,. [00:09:14][28.1]

Stuart Turley: [00:09:14] Okay. This one was pathetic. Michael, let’s see here. Twitter this was Granholm, our beloved Granholm just was in testifying today in front of the Congress and she says she thinks that by 2030, the US military needs to be in electric vehicles. She said that today jobs there is no way that you can be in electric vehicles in the military. Excuse me while I go charge up when a tank. You got tanks a lot, lady you’re going to kill our people. [00:09:50][35.7]

Michael Tanner: [00:09:51] And yesterday, she’s approving the she’s requesting that the Mountain Valley pipeline be approved. You remember she you we didn’t cover this yesterday because you were on sabbatical, which is fine. [00:10:01][10.0]

Michael Tanner: [00:10:01] But Secretary Granholm yesterday wrote a letter ordering the Federal Energy Regulatory Commission to approve the Mountain Valley pipeline. So she’s. This is a classic case of talking out of both sides of mouth. [00:10:14][13.0]

Michael Tanner: [00:10:14] One approved the gas pipeline, which theoretically is going to cause more emissions in her world, but then also try to push EVs. Well, you know, I’d like to have my cake and eat it, too. But I ended up I just ended with love handles. [00:10:27][12.9]

Stuart Turley: [00:10:28] I got nothing there, Dude [00:10:29][1.7]

Michael Tanner: [00:10:30] What’s next? [00:10:30][0.3]

Stuart Turley: [00:10:31] Okay, let’s go to the next one here. Opinion Paying the price for Climate Extremism. If you’re Alaskan and you know me, you mentioned that I love me Alaska, particularly one who belongs in a vulnerable population. You should be alarmed at K Brown’s recent piece in this paper. Her desire to slam the door on the Alaska energy projects that offer great hope for our state. [00:10:57][26.0]

Stuart Turley: [00:10:57] Here’s what she’s talking about the eco extremists such as Miss Brown are content to force Alaskans already suffering from exceptionally high energy costs and challenges that most Americans would never dream to continue those in pursuit of her radical and unrealistic political agenda. [00:11:18][20.6]

Stuart Turley: [00:11:19] This all boils back down to we need to pull oil and gas out of Alaska and and reproduce it better than we do anywhere else in the world. And later on in this article, I just want to read you the last two paragraphs. [00:11:36][17.0]

Stuart Turley: [00:11:37] Alaska Energy is produced with the toughest permitting compliance enforcement standards anywhere in the world. Willow and Alaska LNG will do more to strengthen and rebuild the Alaskan economy for generations, offering Alaskan families career length, economic security and self-sufficiency. [00:11:57][20.5]

Stuart Turley: [00:11:59] Rather than lecturing President Joe Biden about authorizing Alaska’s energy projects, if Ms.. Brown honestly and truly cares about Alaska and our climate, she would be cheering him on and advocating for four more. No one does it better than we do in Alaska. Hats off to her for that. Boy, I mean, they do it right? My granddad was one of the key discoveries of the North Slope. Sorry I keep bragging on him. [00:12:25][25.7]

Michael Tanner: [00:12:25] Yeah, I was going to say I was like, I don’t think we’ve ever heard that story before. [00:12:27][2.5]

Stuart Turley: [00:12:28] Oh, yeah? Yeah. Well, too bad I’m happy. Oh, I love it. [00:12:32][3.4]

Michael Tanner: [00:12:32] I absolutely love it. Here’s one thing I, contrary to, I think what people might not know, does it oil and gas production in Alaska. Give everybody if you’re a Alaska resident, you get free college and you also get UBI Base don’t you get a check every month? [00:12:49][17.5]

Stuart Turley: [00:12:50] Every year? Every year. It’s an annual payment but it it makes a huge difference. And I did a lot of work on the Alaska pipeline back in the day and the Alaska pipeline. I mean, that thing is an amazing piece of engineering and it is not harmed the environment. [00:13:10][19.4]

Stuart Turley: [00:13:11] Anyway, they’ve even got the reindeer where they can go under the pipeline and they get warm in the winter during that. You know, they actually love the pipeline. I heard Rudolph talking about it the other day. [00:13:22][10.4]

Stuart Turley: [00:13:22] All right. Let’s go to the next one here 19 country is express interest in joining BRICS group. Okay, BRICS, it is Brazil, Russia, India, China and South Africa are meeting in Cape Town on June 2nd and third to discussed it to discuss its enlargement. [00:13:43][20.7]

Stuart Turley: [00:13:44] This is absolutely crazy. On how many of another been asking in here 13 countries have formally asked to join and another six have asked informally. And we’re getting applications to join every day. What this means to folks is if anybody’s listening to us for a little while, BRICS is absolutely going to be a whole new monetary system where it is going away from Swift. [00:14:17][32.1]

Stuart Turley: [00:14:17] It’s going to be building and building trade in the Yuan it’s going to replace the dollar, the dollar, the the petrodollar. It’s also going to displace the dollar as the global currency. And there’s a lot of the if, ands or technical reasons on people saying it not going to happen. I can tell you technical reasons why it is going to happen. [00:14:40][22.8]

Michael Tanner: [00:14:41] I love when Sue gets fired up about BRICS now I’m just waiting till I have to go by, till I have to shell out my Starbucks in wine because Starbucks has shifted over to using BRICS payments as. [00:14:54][12.9]

Stuart Turley: [00:14:54] You laugh but guess what they they’re coming out with in this meeting Michael, which is not in this article, it’s in like in three other articles, they are coming out with their own visa equivalent and they’ve now updated it. So you’re going to be able to get a BRICS visa. I don’t know if you’re going to call it a break, you know, a discover breeze. [00:15:15][20.6]

Michael Tanner: [00:15:16] A breeze. [00:15:16][0.2]

Stuart Turley: [00:15:17] I don’t know. But you’re going to be able to have a competitor to the American Express and it’s going to go through China. [00:15:24][6.6]

Michael Tanner: [00:15:24] Interesting well, I think, you know, as you know, Energy News Beat is a part of those 19 countries expressing interest in BRICS. Our application is out there. So, yes. [00:15:35][10.2]

Stuart Turley: [00:15:36] We will be offering our own credit card. [00:15:37][1.8]

Michael Tanner: [00:15:38] Yes. Yes. We’re we’ll be tokenizing the website and then being be selling NFT. So it’ll be fun. Oh, it’ll be fun. [00:15:46][7.9]

Stuart Turley: [00:15:47] Nice. All right. Instead of merch, we’ll have a digital coin. Okay? [00:15:51][4.8]

Michael Tanner: [00:15:52] Yes. Yeah. No merch. You know, first of all, you get all you get is a token. [00:15:58][5.5]

Stuart Turley: [00:15:59] A one last story here that cropped up. Origin Command. 600 million for a battery to replace a coal plant. This is in Australia I got really tickled at this one, Michael. The energy company announced Thursday that the final investment to the decision to commit 600 million this is in Australia, so it’s actually today a million for the first stage of the large scale battery project. [00:16:23][24.6]

Stuart Turley: [00:16:24] So they’re taking down a the biggest coal plant developing the earring battery is a key step as we look for transforming the ERA site for the future. Michael, here’s here’s something that I’m going to ask. They’re going to sit here and they’re going to go we’re going to spend all this money to replace a coal plant. The budget does not include any wind, any solar or anything else to generate electricity. Oh. So they’re putting this battery out there and that’s going to replace the coal plant. You can’t buy this kind of entertainment, Michael. [00:17:09][44.9]

Michael Tanner: [00:17:09] No you can’t I’m stocking up on coal for Christmas. [00:17:14][4.2]

Stuart Turley: [00:17:14] Oh, absolutely I’m going to start, like, throwing mud on people’s cars I want coal for Christmas thank you, Michael. Tough to you, but. [00:17:22][7.4]

Michael Tanner: [00:17:22] Yeah, I mean, I was I was trying to just not get to the point where we have to talk about what happened in oil and in oil and gas to some extent. I mean, from a market perspective, S&P was down about 3/10 of a percentage point. NASDAQ actually rose about 6/10 of a percentage point. And we saw Google and Microsoft big tech rolling out earnings over the last couple of days. [00:17:42][19.4]

Michael Tanner: [00:17:42] Google seems to have done some interesting things shifting around but but Microsoft dropping some fairly strong earnings so that that’s really what’s holding that NASDAQ index up. On the oil side, guys, it’s really recession fears. I mean, you know, in a you know, why things are are dropping. I mean, this is what I this is what gets not confusing, but this is what tells you that there’s things other than supply and demand affecting the markets is we had a draw today from the EIA of 5.1 million barrels. I know we expected seven, but still a 5 million barrel draw is a lot. [00:18:16][34.0]

Michael Tanner: [00:18:17] And again we saw distillates drop we saw everything I think this Jim router bush guy sums it up best the complex appears more focused on a recession that may well be underway rather than some current EIA statistics that have generally been tilting bullish that you know he’s you know that’s the sentiment well underway. [00:18:38][20.9]

Michael Tanner: [00:18:38] There’s the recession is here, the vibe is here you know I know I love to talk about it. I think it’s b I think it’s coming. I think you’re starting to see some things come into place. And these two would argue with Ben in a recession, we probably have been. We probably have been. It is doesn’t feel like one. So what does that mean? That’s got to count for something. It’s not nothing that, you know what I mean. [00:19:01][22.6]

Stuart Turley: [00:19:02] You can feel good all the way to the tax line. [00:19:05][3.2]

Michael Tanner: [00:19:06] All the way to the grave, all the way until they closed the casket and put you in the ground Well, good. Well, I’m. I’m getting dug up on the way to the casket. [00:19:14][8.8]

Stuart Turley: [00:19:15] I’ll be right there with you secondhand smoke. [00:19:17][1.7]

Michael Tanner: [00:19:17] No kidding. Nat gas down to $3.30. It was up today, up to about over $2.40 tumbled. Now $2.30. Again, we’re seeing some some nice some nice weather action. Really looks like it’s going to be as as as we begin to move into draw season or excuse me, build season, Wolf. We’ll start to see some of that that nat gas pull down but I think I think we’re in for a for a cold summer. And I mean, that pun intended. [00:19:44][26.5]

Michael Tanner: [00:19:44] I think it’s going to be a very dry, long, drawn out summer for nat gas. Some of the you know, we were talking to work today I mean, we don’t see how it gets above to 50 to 70 until at least end of 2023, if not beginning of 2024. I mean, there’s just there’s very little especially if oil prices continue to stay above 70, there’s going to be oil on the market, which means you’re going to have all of this excess gas. [00:20:07][22.7]

Michael Tanner: [00:20:08] Again, the issue is not the issues, capacity issue is why Secretary Granholm is saying, hey, we should approve the Mount Valley pipeline because she she’s getting documents and she has a I mean, she prayed and come to this on her own. But, you know, she’s getting a document that says, you know, we should approve this because if we don’t, gas prices are going to be through the roof. She’s like, oh, yeah, yeah, let’s approve it. You know what I mean? I’d love to know how they make decisions there. [00:20:31][23.4]

Stuart Turley: [00:20:32] You don’t want my opinion? [00:20:33][0.8]

Michael Tanner: [00:20:33] No, we would not. Yeah. I’m going to shut that down, actually. That’s. Yeah. Good. Thank you Stu that was. That was very level headed of you. [00:20:41][7.4]

Stuart Turley: [00:20:41] That was the first adult thing I’ve said in a long time. [00:20:44][2.4]

Michael Tanner: [00:20:44] Yes. So I got to cover two things quickly before we get out of your one eye our guy of the week right here for Hess. What’s his name? Jay Wilson has to love this. So Hess reports earnings today or yesterday? Nothing too crazy. We’ll go net income of 364 million, about a dollar 13 a share compared to 417 in that first quarter of 2022. [00:21:06][21.8]

Michael Tanner: [00:21:08] They did about $375,000 a day, which is up 36% from the first quarter of 2022. So what you has is drilling and blocking production was only up 7%, though. So really, to give you an idea, all that came from Guyana to give you an idea gone in that production was 112,000 barrels of oil per day compared to 30,000 the prior quarter and they’re rolling all that money back into Cap Ex. [00:21:34][26.4]

Michael Tanner: [00:21:35] Their Cap Ex estimates or expenditures were 765 million compared to 560 million the prior quarter. So deploying a lot of capital turn in a lot on line. But I love this two key headline, the headline Jay Wilson goes with on his press release. Yes, Sports estimated results for the first quarter of 2023. So the real question is, where are the real numbers? Like, can I get my hands on the non estimates? Where’s the final? [00:22:03][28.0]

Stuart Turley: [00:22:04] This is there reporting session in there estimated. [00:22:06][2.5]

Michael Tanner: [00:22:07] Yep. This year estimates we don’t know we’ll find out at some point this stuff this is it’s literally there I mean yeah this is their like press this is their press release. Yeah we’re done like yo we we’ve released our earnings. [00:22:22][14.6]

Stuart Turley: [00:22:22] That’s funny. I don’t care who you are. [00:22:24][1.7]

Michael Tanner: [00:22:25] Jay Wilson say, good for you, man. Our guy of the week just emailed me the real ones when you can. Please, just. I’d like to take a look at the act the finals as far as my boss would say. Let me look at the finals. [00:22:36][10.9]

Stuart Turley: [00:22:37] The finals. [00:22:37][0.2]

Michael Tanner: [00:22:38] The finals. I don’t need any whatever. Second Pioneer New CEO this is breaking across the desk this afternoon. CEO Scott Sheffield, kind of the founder and CEO of Pioneer. I mean, maybe not the founder. I mean, he was the CEO of Parker and Parsley, which was a merger. I forget who they merged with to make in 1999 to make Pioneer, but he took over that entity and is really the longest serving CEO or CEO. Going back to the late eighties is when I think he took over as CEO, CEO of Parker and Parsley and is you know I mean old school in every single he’s an old school traditional oil man but understands this the financial financialization of oil and gas extremely well in this set pioneer up extremely well. [00:23:26][48.3]

Michael Tanner: [00:23:26] Richard a.k.a Rich he really is taking over he’s currently the president and CEO. Oh formerly he was also the CFO for a hot minute and I yeah, I mean I don’t know anything about either about this guy other than the fact that this has been a pioneer for like 35 years so he knows this business inside and out, you know, you know, it’d be very interesting to see if they considered outside candidates probably not this was probably buttoned up and just papered up pretty quick. [00:23:54][28.0]

Michael Tanner: [00:23:55] Sheffield You know, I wonder if they’re trying to sell. I wonder now they announced a new CEO, how long is he the CEO Is it’s going to it’s going to be effective January one, 2024. So the real question is the real question I have to you, Stu, is this does he spend how many how many days does Richard Beasley spend as CEO of Pioneer? [00:24:17][21.8]

Stuart Turley: [00:24:18] Six months and he’s being brought in to sell it. Oh. [00:24:20][2.8]

Michael Tanner: [00:24:22] I like it. I like it. I like it. Stu, Let’s. [00:24:26][4.2]

Stuart Turley: [00:24:26] Go on record. [00:24:26][0.3]

Michael Tanner: [00:24:27] Cool. So I’m going to I’m going to go. I’m going to go. Prices, right? Five months, nine days. No, I’m just kidding. I’ll go three months. I’m with you. I think this is I think this kick. It can even be zero. It could be -20. It could be in the fall, this thing. Because if oil goes to 120, oh, Exxon’s wiping them off the table. Chevron’s going to just keep we’ll take you hundred billion. Let’s go. [00:24:50][22.8]

Stuart Turley: [00:24:51] Yep. He’s a hit man being brought in to sell it. [00:24:53][2.9]

Michael Tanner: [00:24:54] We’ll be bidding on it. Oh, yeah. Financing by, you know. [00:24:57][3.4]

Stuart Turley: [00:24:58] Oh, we can raise the money, write an IOU. [00:24:59][1.4]

Michael Tanner: [00:25:00] I just. Scott will write you an IOU. I owe you a billion. You give me pioneer. [00:25:05][4.2]

Stuart Turley: [00:25:06] We’re going to pretend we’re politicians we’ll just go to print it. [00:25:09][3.7]

Michael Tanner: [00:25:10] You think he’d sell? You think he’d self-finance it to us? [00:25:12][2.3]

Stuart Turley: [00:25:13] Oh, shoot. Yeah. Me. [00:25:14][1.3]

Michael Tanner: [00:25:15] Ha ha ha ha ha! I’ll get him on the bus. Never go that’s never gone wrong before. [00:25:19][4.3]

Stuart Turley: [00:25:20] Oh, no. [00:25:20][0.2]

Michael Tanner: [00:25:20] Feller financing something. The only upside with that. You got anything else today, Stu? No. [00:25:27][6.7]

Stuart Turley: [00:25:28] Let’s just quit abusing him as a joke, folks. [00:25:30][2.2]

Michael Tanner: [00:25:31] Alright guys well, we appreciate you sticking with us. We’ll let you get out of here we’re off tomorrow. You get the weekly recap of mainly me, but we’ll get a little bit of these segments in here, So we’ll really see you guys on Monday. Stay strong and yeah, have a good weekend. [00:25:31][0.0]

EnergyNewsBeat.com

Sandstone-Group

The post Daily Energy Standup Episode #111 appeared first on Energy News Beat.

  


Tags


You may also like