Daily Energy Standup Episode #205

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Why are Saudi Arabia and Russia continuing with oil production cuts?

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

Michael Tanner: [00:00:15] What is going on. Everybody, welcome into another edition of the Daily Energy News Beat Standup here on this gorgeous Monday, September 11th, 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, EneryNewsBeat.com, Stuart Turley, my man, how are we doing today? [00:00:37][22.0]

Stuart Turley: [00:00:37] It’s a beautiful day in the neighborhood, Michael. We’re going to have a lot of fun. [00:00:40][2.7]

Michael Tanner: [00:00:40] We are. I appreciate you coming over this weekend. Help me get moved into the new studio. Here we are. I am fired up and ready to go. You probably see a few tweaks going on behind me, but will dial it in guys for you, the viewer. But we have an absolutely banger of a show lined up. Did not stop Stuart from going absolutely crazy this week. He also held down the fort the last two days. So we got an absolutely wild one and a big one lined up. First up, why Saudi Arabia and Russia are continuing with oil production cuts. Probably the biggest news last week cause oil to go absolutely crazy. We will cover everything. Saudi Arabia, OPEC and production cuts. Well, then kick it over. Biden does also something fairly crazy. He cancels those previously issued ANWAR oil and gas leases. That’s up in Alaska. So remember that Willow project? No more now. So we’ll cover, you know, talk about the energy and oil and gas crisis. Two large stories coming to move prices, which really, in my opinion, was the biggest story of last week as we sit here, over $87, even seeing $88. We did also have some interesting abroad stories. Western sanctions begin to start failing as the EU begins to import more Russian gas and China continues to beat the US in the tech war as always do. Keeps it scary. And then we’ll come back home. Three members of the Louisiana Public Service Commission punt on protecting our power grid from foreign threats. ERCOT goes ahead here in Texas, moves out of emergency operations, thank goodness. Still asks for conservation. Not in this department, I will tell you that much. And then finally, quickly, Dutch police use water cannon, detain 2400 climate activists. Looks like a summer backyard party. A great cover photo. Unfortunately, I won’t be able to unsee it. And then stool kick it over to me. I’ll quickly cover what’s going on in the finance realm. Again, we saw oil above $87. I kind of break that down from a few different vantage points. And then finally, we saw last week while I was on leave here, Magnolia Oil and Gas goes ahead and acquires Giddings oil and gas, which are about 5000 BOE D per day. So we’ll kind of break what that means in context to a lot of her stuff and then we’ll let you guys get out of here and get back to work on this Monday. Before we do all that, guys, as always, the stories and analysis you’re about to here are brought to you by the world’s greatest website energnewsbeat.com. The best place for all of your energy news doing the team does a great job of curating that site to make sure it’s up to speed in real time with everything you need to know to stay up to speed on the energy business. You can subscribe to the show on Apple Podcasts, Spotify, or you can interact and subscribe on YouTube at Energy News Beat. That’s one of the best ways to support the show. So we appreciate everybody who’s gone in subscribe. And if you haven’t go do that now, you can interact with the show [email protected]. You can check out our new data product Dashboard.energynewsbeat.com. It’s kind of our data news combo and which we’re trying to push hard at. Team is hard at work at V2, so we appreciate all the support there but I’m Brett breathless do we got to absolutely bang our show Where do we want to begin? [00:03:23][162.7]

Stuart Turley: [00:03:24] Okay, let’s start with Saudi Arabia and Russia. You know what? I can’t even do it without having an imitation of Putin today. So I know you’ll be thrilled by that. Okay. Yeah. Okay. So here we are. Here we are. Why are Saudi Arabia in Russia continuing with oil production cuts? Michael, let’s set the stage for a little bit of what just happened last week. Last week, there was a continuation of the cuts, extenuating ations last week from OPEC and opec+ despite I don’t see $1 million for Saudi Arabia through the end of 2023 barrel per day, 1 million barrel per day cuts through the end of the year. Moscow is doing 300,000 barrels per day through the end of the year. Both said last week those are going to be reviewed every month and it both of them in that article last week were a slap to Biden. So it was kind of like all of a sudden, wait a minute, now there’s an analysis coming out of Riyadh saying that there may be an underlying current, Michael, for continuing the reviewing. And we’re going to get more information on that as we get rolling along. [00:04:36][72.0]

Michael Tanner: [00:04:36] You mean the the revision downward? [00:04:37][1.4]

Stuart Turley: [00:04:38] Yes, they are. Yeah. This is all dependent on whether or not Biden’s tows the line and if they are now trying to hit him in the head. There’s more to this story coming out. [00:04:50][12.0]

Michael Tanner: [00:04:51] So you think this is all political? This is not a just pure financial move in order to strengthen what may or may not be a possible IPO of Saudi Aramco, as we’ve discussed on this show at Absolutely. [00:05:05][14.4]

Stuart Turley: [00:05:06] Is what, 50 billion in that new IPO. [00:05:07][1.6]

Michael Tanner: [00:05:08] Or whatever the break their old record and maybe they’ll break their old record of 25.9. [00:05:11][3.2]

Stuart Turley: [00:05:12] Right And here’s here’s. Why that they’re still going to keep that up. This is more of an affront to Biden because Biden is now. Let’s take a look at what came out, Janet Yellen, three or four when she started last year to do the SPR. Michael, he went to China and asked China, can we give all of this oil out of the SPR? They have no more oil out of the SPR to help reduce the prices. Well, guess what’s happening? This is a punishment because now Biden’s in a pickle. He can’t replenish the SBIR. He has no arrows to do both for the next election. Here’s the next squirrel on this analysis, Michael. This we just add Russia is now reducing all of their refined products coming out of diesel. The EU and the north east are going to get hurt by diesel. All of this is back to Putin being mad at the US. All interesting. [00:06:17][64.1]

Michael Tanner: [00:06:17] It’s really interesting in it. It’s fascinating to me that on two levels you can make a decision. I mean, it’s it’s the classic two birds, one stone, because I think you’re right. I think we’re both right on both accounts. I think your analysis is correct that Saudi Arabia is probably trying to is not necessarily pumped with the Biden administration for for a variety of reasons. They probably want Trump back in office for a variety of reasons. But I also think there’s definite some financial gains. I mean, $100 Brant Oil makes an IPO of Saudi Aramco pretty attractive. So I think it’s it’s a case of both. They shelled out a lot of money in their Saudi investment funds on both on the soccer front, we’ve seen what they’ve done with the live golf merger. PGA So if they ever have time, they need cash. It’s now and they see an opportunity to both hurt the Biden administration and make more money. It’s as Michael Scott would say, a win win win. Not for the U.S., though. Who gets hurt you, the consumer, because gas prices are going up, up, up. [00:07:09][51.5]

Stuart Turley: [00:07:09] And it’s going to go up. Michael, let me throw this financial piece at you. I want to ask your opinion on this. We have 7.6 trillion in interest bearing US public debt will mature within a year. But you think Saudi is looking at that, knowing that we are going to be in Financial Squirrel Fest coming up? Do you think that has anything to play with it? I personally think it does, but what are your thoughts? [00:07:35][25.8]

Michael Tanner: [00:07:36] Yeah, I mean, I think so. I think I think they’re you know, what’s interesting is and I when I was talking was with somebody about this this late last week is people always you know NBC should love in an ideal world, the Saudis should love a democratic regime because a democratic regime over the last 30 years has produced the largest spikes in oil prices and probably the majority of the oil wealth that’s exist. And I mean, think about what oil was during the Bush administration, what oil was during the Trump administration. Oil was so low, Trump had to fly to West Texas to go on a rig to try to say that he supported the oil and gas business. There was like three rigs running at $20 oil. So, yes, love me some Trump, don’t get me wrong, but they’re not great for oil prices. So there’s that squirrel that goes into it is that normally you would think a, you know, a you know, a Saudi regime would love a Democratic president, if only because the sentiment around a Democratic leadership is we’re going to lead need less oil and a.k.a, prices go up. So it’s very interesting on one hand where you would you like the Democratic administration if you’re overseas or if you’re in the Saudi government and then you also don’t for other reasons, because probably what Biden is doing that is causing members to not like him has nothing to do with oil and probably everything to do with a lot of what’s going on probably behind the scenes, black ops, all that stuff that I don’t even want to get into. [00:08:56][80.1]

Stuart Turley: [00:08:56] Nope, neither do I. [00:08:57][1.0]

Michael Tanner: [00:08:58] But you see what I mean? It’s just it’s. [00:08:59][1.2]

Stuart Turley: [00:08:59] Interesting. Absolutely. And one of the things, Michael, that we always that people are asking me about, the advantage of it, energy news me is I look at all types of energy articles and there’s a lot of back players behind the scenes. And if you read one article, that’s not the whole story you got to read even. [00:09:19][20.2]

Michael Tanner: [00:09:20] That’s like, Let’s move up to Alaska. This is, I think, another crazy oil story that I think blends into why prices. We saw a dramatic spike in prices this week. [00:09:29][9.2]

Stuart Turley: [00:09:29] Now, Michael, I want to ask you this one after let me go ahead and get started on this. Biden cancels previously issued and more oil and gas leases in Alaska. If I had a chicken this chaps it and it would be 24 hours. He announced he was canceling all previously oil and gas leases in Alaska as in or Saudi Arabia and Russia announced oil production limits would continue. Wow. Where’s that one? That goes with our previous article. You sit back and kind of go, Look, Only 24 hours before Joe announced he was canceling all of those, Saudi Arabia and Russia announced they would limit their production is. There’s a correlation. [00:10:15][45.5]

Michael Tanner: [00:10:16] No, I think this is a and I think I flubbed I don’t think this has much to do with the Willow Project. And I think what you’re seeing is this cancellation of these Arctic revue oil and gas leases as oil gets to $100 probably means the Biden administration saw oil gets to a hundred bucks. People are going to want to drill this and we can’t allow this to be drilled or else we’re going to absolutely get slaughtered by our underlings. Remember, he’s running for president here and he’s got to show his base who there are people much left of him trying to run. And if you’re on the Democratic side, you probably think Biden is too far to the right. I mean, that’s weird for us to think about, but think about some of the stuff that Biden has done. He’s actually approved, again, that Willow project, which he got absolutely slaughtered for doing that. So I think this is a olive branch in the other direction saying, holy smokes, if oil does become $100, there’s a good chance this stuff may or may not get developed. It’s already been leased. We better go ahead and revoke this before anybody gets too spicy out there. And kind of as a olive branch toad as he begins to really enter campaign mode. And I think you’re going to see a lot more of this happen going forward, as in, you know, as we get closer and closer to the election, I think you’re going to start seeing him shift farther and farther to the left in order to appeal to everybody in his base, or so I think. And I think this is step one specifically on energy, But it doesn’t do anything to help the supply shortage that is suspected to be coming. Again, this is why we’re seeing prices so high. So it’s a pretty crazy move. [00:11:43][87.4]

Stuart Turley: [00:11:44] It is. But let me throw this at you. Here’s a quote in here. And as the climate crisis warms the Arctic, more than twice as far as the rest of the world, we have a responsibility to protect this treasured region for all ages, Biden says. Let me this is a forest, the East Coast in the hole. Everybody’s buying Russian Arctic, natural gas, LNG. And this is a farce. You want to save it and least we do it ecologically. Correct? [00:12:16][32.3]

Michael Tanner: [00:12:17] Ecologically. We’ve got to put that on a t shirt. We do it ecologically. I’m not sure if that’s a word, but I absolutely love it. Put that in Webster’s. What’s next? [00:12:25][8.5]

Stuart Turley: [00:12:26] Okay, let’s go to the next one. This one. Western sanctions are failing. Surprise. EU imports. More Russian gas in China beats us in the tech war. There’s some interesting points in here. It it really is pointing out the number of countries under the EU, UN or US trade sanctions since 1960 through 1922. They really started kicking in and or Trump. But boy, when Biden got in it was like they have continued to weaponize it. Let’s come in near here. Now, what happened under Trump’s sanctions? Michael Nothing like the US was now revered because he picked his battles. He did not just go willy nilly out there and started throwing sanctions. He used sanctions and targeted response. And then if you take a look, China has the world’s largest economy. When you measure its GDP purchasing power and Russia has the sixth biggest economy, those two animals together are pretty crazy. Now, China is advancing technology despite our sanctions. Sanctions don’t work. They’re going to steal from us no matter what happens. Michael. Well, of. [00:13:42][75.8]

Michael Tanner: [00:13:42] Course. I mean, they’re the largest purveyor of intellectual property theft in the world, So, I mean. [00:13:47][4.8]

Stuart Turley: [00:13:47] Oh, yeah. And so Bloomberg now put out that the mate 60 Pro is always you always first want to use the most advanced Huawei. [00:13:56][9.2]

Michael Tanner: [00:13:57] Yeah. Shall we go to Huawei phones should energy news be go to Huawei phones or a. [00:14:01][4.0]

Stuart Turley: [00:14:01] Tesla phone I’m all in I think Tesla phones would be great. [00:14:05][3.5]

Michael Tanner: [00:14:05] Okay what what’s that got to do with a Huawei phone? [00:14:08][2.9]

Stuart Turley: [00:14:09] I using it. [00:14:10][0.8]

Michael Tanner: [00:14:10] Exactly. But it doesn’t have a CCP chip in it. [00:14:14][3.8]

Stuart Turley: [00:14:15] But you know, I don’t know that the Apple chip is any better than this because I know that the Biden administration. Yeah. [00:14:21][6.1]

Michael Tanner: [00:14:22] I don’t know. I would trust I’m trusting Apple over Weiwei You’re saying. [00:14:26][3.4]

Stuart Turley: [00:14:26] I would do. Let’s go to the next one here. Three members of the Louisiana Public Service Commission on protecting our power grid from foreign threat. This one is great. Yeah, it’s great. Yeah, nice. We got a real problem here. And, Michael, you and I both have been laughing. We’ve been in Texas, and, boy, our ercot’s just putting themselves silly, trying to protect our grid and keep everybody in line. But last month, the Louisiana Public Service Commissioner Eric Kamara schemata, I guess, is how you pronounce it. How do you butcher a Louisiana name from a guy from Texas? Now the big estimate is Spousal Echo, Texas, Lone Star Infrastructure Protection Act of 2021, which prohibits Texas business. This governments firm contracting within and these owned or controlled by individuals from China, Russia, North Korea and Iranian. This actually came out from a pretty cool group, the Center for Security Policy or and this is really interesting from the standpoint I’ve asked their CEO to come over and visit on the podcast as well to the discovery of malicious Chinese malware embedded in the deep inside networks of the power grid. This group was just pining. They didn’t want to even follow along. There’s even evidence that it’s all this malware is in our grid and they didn’t want to stop it. In Louisiana, Foster Campbell’s vote no is hardly a surprise. His district is home to Barksdale Air Force Base. Yeah. [00:16:01][94.2]

Michael Tanner: [00:16:01] I mean, it’s. [00:16:01][0.4]

Stuart Turley: [00:16:02] Barksdale Air Force Base is a whole of the Air Force. [00:16:05][2.6]

Michael Tanner: [00:16:05] If we’re allowing China to build our crater for infrastructure, I’m. I’m sorry. I mean, I know they’re listening in on this conversation, but that’s a crime in a half to allow a foreign adversarial government to build and implant malware into critical systems. I mean, it’s they’re getting so far as to just fly balloons over us. They really don’t care anymore. [00:16:28][22.9]

Stuart Turley: [00:16:29] No. And Procter Gamble’s boat. No. Is surprised. Barksdale Air Air Base is the eighth Air Force. Michael, do you know what the eighth Air Force is? The eighth Air Force is the same Air Force that saved everybody from the Germans. They bombed and it’s not out of the German now. My dad was chief of staff of the eighth Air Force One, Parkdale, Barksdale School. But it’s a military base under attack from China. Anyway, I got all worked up. [00:16:57][27.8]

Michael Tanner: [00:16:57] But let’s put more malware in there. [00:16:59][2.0]

Stuart Turley: [00:16:59] Oh, but it’s the whole grid, Michael. It’s funny grid. [00:17:02][2.9]

Michael Tanner: [00:17:03] Speaking of a sweet grid, let’s talk about ERCOT. [00:17:05][1.9]

Stuart Turley: [00:17:06] Pay I put on here, and this is this is just a real quick story. Really, really quick. They just finished the they moved out of the emergency operations center. They were at a level two, I believe it was. What was their level emergency? They asked, do they still ask for conservation from everybody? It was the end of the emergency alert. Two had been issued. It was the first time since the 2021 storm. [00:17:33][27.1]

Michael Tanner: [00:17:34] So now we can go back to cranking up our AC. I mean, I never stopped here. I turn, I dial there, I dial everything up, you know, fire it all up. I’m running quick. [00:17:43][9.7]

Stuart Turley: [00:17:44] Well, and you should you and your dog have the same fur coat. When we sit here and we take a look at ERCOT. ERCOT moves out of emergency operations, still asks for conservation – Energy News BeatRight now, as of September 10th. And when we’re filming this, it is 12,000 megawatts of solar excuse me, 10,000 megawatts of solar, 10,000 megawatts of wind and 22,000 of natural gas, 5000 of coal and 5000 of nuclear, we’d be dead meat without the fossil fuels. [00:18:26][41.8]

Michael Tanner: [00:18:26] We would I mean, it’s it’s it’s doing you know, it’s doing like exactly over, you know, about more than half of all electrical generation. I mean, solar and wind. It does have a huge does have a large current capacity to produce. Again, the problem is it’s very and when you look at things like natural gas and nuclear on that list, do the only things that are baseload energy. I would not build baseload energy my any building baseload energy on anything but natural gas or nuclear. Now what I would do was install backup grid generation on my house, maybe buy some solar panels on my roof. I would have a small little backup generator in order to tap into that if, say, I was buying energy on the spot market and want to do not for a given period. [00:19:13][47.0]

Stuart Turley: [00:19:14] I would love me some solar. Here’s my here’s my reason for not buying solar and putting them on my house. [00:19:20][6.1]

Michael Tanner: [00:19:21] On your hydro. [00:19:21][0.7]

Stuart Turley: [00:19:22] Where you are, where I am. But no, I still want that backup. Here’s the thing. I don’t want to put solar panels on my house until they are recyclable. Right now, solar panels last between 510 years. They are not recyclable, period. Yes. Oh, you can recycle them, but the economics are cheaper to throw them on a boat and send them to Africa and they just pile up in there. They’re awful. So as soon as I don’t want to be hypocritical. All right. Let’s go to our last story here. Oh, by the way, on the Michael on the energy news Beat top bar menu bar. We’ve got the link to the ERCOT dashboard so people can just kind of quickly check in every once in a while on that. [00:20:02][40.3]

Michael Tanner: [00:20:03] Yes. Yes. [00:20:03][0.4]

Stuart Turley: [00:20:04] Let’s go to the Dutch police use water cannon to detain 24,000 climate activists. I think it looked like some. Our backyard party. Now, do you recognize the guy in the front there? Is that look like a Conner on drugs or something? I’m just kidding. But when we go in and we take a look at police deployed water cannons to disperse thousands of climate activists protesting on a highway in the Netherlands to demand an end of government subsidies for the fossil fuel industry. Michael, this really gets me worked up more than 10,000, but they detained 24,000. Here’s why. The protesters are claiming that there is €37.5 billion, almost $45 billion in subsidies in the in the Netherlands going to the shipping industry. That is not subsidies to the fossil fuels. These people are chowder here. Michael, They aren’t done with climate. I wonder if if any of those left wing folks are paying for this. Michael we are starting a brand new water cannon ourselves for energy news. Be okay. I’m holding up our latest water cannon edition. Oh, yeah. Here we go. Boo! Boo! Boo! Boo boo! The white energy news. Me and B is going to be available for sale on the website for our water cannons, too, to put away anything on our. [00:21:43][98.9]

Michael Tanner: [00:21:43] Merch website that doesn’t exist. Yes, you can buy Merch Dot Energy, Newsweek.com. [00:21:47][3.9]

Stuart Turley: [00:21:51] What a bunch of chatter heads. I’m sorry, I get word absolutely funny. [00:21:54][3.2]

Michael Tanner: [00:21:55] But it does look like a block party. I would like to go D so next time they have one of these. I would love the directions. You got anything else for us on the news side? [00:22:03][8.4]

Stuart Turley: [00:22:04] That was all fun. [00:22:04][0.5]

Michael Tanner: [00:22:05] Well, I’ll. I’ll finish up, guys. As always, I was out those last two days, so there’s. There’s a couple of things I want to cover. I mean, mainly the big news of oil prices last week was we finished the week on a nine month high on worries about tight supply. And on Friday specifically, we were almost up 1%. But that brought us to about a nine month high, mainly off the back of the two articles we covered at the beginning of this show, which was the Saudi Arabian and Russia continuance of their oil cuts and then the Biden cancellation of these Arctic leases. Again, it all comes down to the sentiment around will there be oil available as prices rise? Remember, more oil and gas reserves get a lock, the higher oil prices go. Obviously, their stuff, the deeper their stuff, you know, uneconomical oil becomes more economical. Trust me, it’s part of my day job. I run these numbers every day. It’s a miracle what $5 will do to a now will and gas project, especially if it’s on the ropes or not. And management teams love. Oh, give me a get. Just give me it on today’s price stack. That’s how it works though. So I digress a little bit. My point being, as we get closer to this hundred dollar number or really 90, if you’re talking about WTI, it’s going to be interesting to see the projects, you know, what that rig count does, because remember, Stuart, we had rig counts happened last week and let me pull that up. But recounts were only up one considering this insane move. Now, again, you usually see about a three month lag with rig counts. We’re currently sitting again, 632. That’s only up one from last week, but it’s down 127 from last year. And oil prices were about the same as they are now. That’s the funny part. STU So to give you an idea, that’s the lag on rigs. Now, we obviously this was coming down, you know, last year around this time, oil over the summer was $100. We saw $120 at one point for oil prices. So obviously there’s going to be a little bit of a lag, but it’s going to be interesting to see how rig count moving forward go. And I think quarter for quarter one would be my prediction for a lot of these rig service companies when, you know, if you’re going to buy, you’re going to start we don’t give investment advice here, but if you’re looking at, you know, allocating some of your portfolio away from EMP and into the service companies, because, remember, as oil prices go higher, you know, service companies are more sensitive to oil prices. So if you’re bullish on oil, one of the best things to do is find a, you know, a pure oil player. You know, get out of Exxon, get out of Chevron, get out of Shell, get into a you know, a completely independent operator go heavy on a rig contract. I mean, there’s there’s a few out there right now, maybe even a frack company. I don’t know. We don’t give investment advice here because because we’re idiots. But it’s something I would necessarily take a look at with this. This happened on Thursday or I think it was Wednesday, actually. But Magnolia Oil and Gas came out and announced their acquisition of Giddings. I kind of read the headline. The transaction highlights here. This enhances, you know, gives them about 48,000 net acres, 96% of that is operated with about a 91% working interest brings Magnolia’s total to over 500,000 acres. High margin production. They claim this is all again Gulf Coast pricing. So you get a nice little premium up down there. I’ve seen that firsthand. It’s nice. I wish I had five. A thousand barrels a day like Magnolia now does on that pricing. One of my favorite words immediately accretive to key financial metrics. I saw somebody tweet this last week. I forget who it was, but it was a great tweet. It was like a creative is the best word of all time. You know, drop the rig. It’s accretive to cash flow, got to rig, it’s accretive to production. You can literally use it in any realm to make anything sound good. So in this case, this acquisition is accretive to key financial metrics. This was valued at 2.9 times estimated 2024 EBITDA, which is actually pretty big considering some of the numbers we’ve seen in the low twos. This 2.9, Do we see a three? I mean, again, as we move up towards this 85, 90, 90 million or $90 oil, these these EBIDTA numbers are going to go up. Give you an idea of the cash outlay at closing is $260 million, which could also be an additional $40 million based upon future commodity pricing. You know, these are all Eagle Ford Austin Chalk locations and they’re kind of folded right in in terms of, you know, it’s a really nice development program that Giddings had. Right. That’s going on right now that’s going to be able to merge closely, according to them. So, you know, decent, decent for Magnolia. Again, if oil prices continue to rise, this will be a extremely attractive price that they got it at only 2.9 times that 2024 EBITA. You know, as we see oil prices creep up, it’d be interesting to see how big those numbers get. We’re going to get back into the threes, back into the fours. Who knows? Somebody will, though. Somebody will make a killing on this and it will probably be those double Eagle guys who have sold out six times. They’re working on number seven. I miss anything, Stu. What else should we be worried about? [00:26:52][287.8]

Stuart Turley: [00:26:53] Well, other than our debt coming up, the 7.2 trillion coming to Nevin. [00:26:58][5.5]

Michael Tanner: [00:27:00] What’s that? 7.2 is that I credit card debt. [00:27:03][3.0]

Stuart Turley: [00:27:04] What’s that? That’s government debt. [00:27:06][2.6]

Michael Tanner: [00:27:06] I thought it was like 30 trillion. [00:27:07][1.0]

Stuart Turley: [00:27:08] I got it right here. It’s 7.6 trillion of US debt is coming due in the next 18 months. [00:27:15][6.7]

Michael Tanner: [00:27:15] Sweet, sweet, sweet, sweet, sweet. So that’ll be. [00:27:18][2.2]

Stuart Turley: [00:27:18] Its it’s within the next year. [00:27:20][2.0]

Michael Tanner: [00:27:21] Ramping up your checkbook. Maybe open up your checkbooks. [00:27:23][1.8]

Stuart Turley: [00:27:23] Oh, what’s a few trillion. [00:27:24][0.9]

Michael Tanner: [00:27:25] Who’s got it. So anything else do what should people be worried about this week outside of the debt. [00:27:29][4.0]

Stuart Turley: [00:27:30] Now I just buckle up The heat wave is broken. We’re going to have to see whether it was I. [00:27:37][6.7]

Michael Tanner: [00:27:37] Don’t know if it’s going to get I don’t I again, I I’m not familiar with Texas numbers, but today and yesterday were some of the first days that I wasn’t dying outside. So if we could stay like this, I will survive. So with that, guys, I hope you have a great Monday. We appreciate you checking this out. Yeah, you can survive this week if you’ve got meetings. I know you do. Okay. Don’t bang your head out. You’ll be able to get through it, and sooner or later, we’ll get you through. This week. We will be with you this entire week on the full team to keep you up to speed on everything with the energy business guys. But we’ll let you get out of here. Get back to work for Stuart Turley. I’m Michael Tanner. We’ll see you tomorrow, folks. [00:27:37][0.0]

[1600.1]

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