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

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Stuart Turley [00:00:00] Trump announced that America’s trove of coal burning power plants once it began will be operational. This is very, very important. Lee Zeldin said he’s rolling back to 31 environmental regulations, including some that limited pollution that can be emitted from coal burning, power plants. This is critical because we cannot shut them down yet. We need to keep them open. I think that clean coal technology is a technology that we need to get better and export it.

Michael Tanner [00:00:41] What’s going on, everybody? Welcome in to the Monday, March 24th, 2025 edition of the Daily Energy Newsbeat Standup. Here are today’s top headlines. First up, sticking in the UK. UK’s Heathrow Airport power outage sheds light on net zero policies. Staying in the U.K., they aim for 95% low carbon electricity. By 2030, that’s a whole bunch of gobbledygook. I don’t even know what it means. We’ll dive into that one. Next up, big oil retreats, Europe’s energy giants ditch green pledges. So they’re, they’re moving away from where, where Great Britain is coming back at home. Trump moves to reopen coal plants, citing U S need, uh, U S energy needs and global competition will end the new segment with natural gas prices, driving up electricity costs. Around the country Stu will then toss over me. I will quickly cover what happened in the oil and gas markets We’ve got some interesting rig count numbers and a big big deal coming out of the mineral space Oxy decides to sell a nine hundred and five million dollar minerals portfolio to elk range resources out of Dallas where we’re at two hundred and fifty thousand net royalty acres a lot of different angles to cover this on and we Will cover it We will cover all that in a bag of chips, guys. As always, I am Michael Tanner, joined by Stuart Turley. Where do you want to begin?

Stuart Turley [00:02:11] Hey, let’s start with our buddies over there in the UK. Holy smokes, you can’t buy this kind of entertainment today. The UK’s Heathrow power outage sheds light on net zero. The second line in there is London’s Heath Row Airport had a major power outages and relied on biofuel backups. Holy smokes. It was at a standstill on Friday, Michael, because of a power outag due to large fire nearby and a disruption. It affected more than 1,300 flights in the coming days and the cause is under investigation. Well, we found a few of those on the Texas Alliance put out there a video of a guy admitting it appears Heathrow had changed its backup systems in order to be, wait for it, net zero. Their net zero went to biofuels, Michael, And they caught on fire. And so you sit back and kind of go this brings up a gigantic question Michael biofuels Which is also ethanol I put in here and did a little research on Grokon X Why don’t we get rid of ethanol? I’ve written about this before ethanol takes more energy to To produce it to a cost an average of two dollar two miles per gallon per car think about how much that is and then you think about the cost it roughly cost for fifteen point six billion gallons roughly twenty six point four billion it cost the united states every year that’s not including car maintenance or anything else.

Michael Tanner [00:03:56] Yeah, um, I mean, do you want to know the reason why we still use ethanol? And I, before I say it, I want to say, I love farmers. I think farmers are the backbone of this country, but the reason why ethanol is subsidized by the United States is because it’s really a direct subsidy for the corn industry, which is the majority of the farming that gets done in the country. So you’re, you’re at a, you know, you, you know, we need farmers. The question is. Do we need them producing corn? And the problem is you have most of the agriculture in the United States still producing corn because the country and the United States is buying it to use ethanol, which is less energy efficient. So it all, and this was done, Stu, when was this done? This was done way back in your favorite president, Bush era, as a way to garner support throughout the middle of the country. because… If you can imagine the middle of the country used to be some I mean you now look at a map of Democratic and Republicans and it’s basically red in the middle and you’ve got these little strips of blue on the outside used to Not be used to me more of a checkerboard used to have a lot of places like Iowa in the Midwest used to Be not necessarily hardcore, you know Marxists or you know Communists, but they used to definitely have some left-leaning tendencies and you would find pockets of places in Iowa, pockets in places of, of Nebraska, Kansas, and throughout that Midwest where there was some left- leaning stuff. So what did, what did the administration back in 2000, I think it was like three or four do in the, in, in the midst of I think, it was right before the 2004 election where it was, there was a chance that Kerry was going to win. Well, you start, you know, encouraging ethanol. It’s a direct subsidy to those people. So That’s my problem, ultimately, from an economic standpoint of subsidies. It’s hard to wind them back. Once you get somebody hooked on money, their standard of living raises, and you can’t roll that back. So I don’t know what to do about this ethanol thing, but I agree with you. We got to figure out something.

Stuart Turley [00:06:02] Well, let’s go roll on to the UK aims for 95% low carbon electricity. This is absolutely this is articles from City AM. It’s about energy entertainment. There is absolutely zero way, Michael, that the UK can get the 95% low carbon. They’re fast tracking. Michael, they’re fast tracking. Four billion dollars of investment. their grid is the one of the most unstable conglomerate messes in the planet giving developers developers a head start in the global race to secure essential materials and equipment will help avoid delays get it is just absolutely pathetic what the great britain’s or the folks in the uk are putting up with the the uk energy policies are a example of what not to do

Michael Tanner [00:06:57] Yeah, I mean, it’s, and we know this isn’t going to work. We’ve seen California move away from this. They said that EVs were going to be here by 2030 and now they’ve moved that back to 2050. We’ve, we’ve seen it all throughout. We’re about to talk about what’s going on in Europe right now. For some reason, the UK still has to be clinging to this idea. And it’s really in it’s wealth theft, in my opinion, it stealing wealth from the average, the average person and trying to put it in the hands of in an order to divert. quote-unquote power from one sector to another immediate straight robin

Stuart Turley [00:07:31] It is. It is a wealth transfer from the rich to the richer. Let’s go to the next story here. Big oil retreats from Europe’s energy giants on ditch green pledges. I found this one very interesting. Europe’s oil and gas giants are increasingly scaling back their climate goals. Norway’s state-controlled energy giant Equinor laid its roadmap to achieving net zero. We love Norway. Norway is a fantastic country, but they were going to close down all of their natural gas. Now they’re the number one supplier of natural gas to the EU. They love them some natural gas. The energy transition has started. This is a quote. But the opportunity for high value growth is more limited than we anticipated, Equinor CEO Anders Opetl said on Thursday. What is the difference between the US oil majors and the European oil majors? The US oil major kind of stayed their course with the exception of Occidental, and Occidental really tried to play in the carbon capture and go into that route, that’s where their success was. Shell and Equinor appears to be systematically scaling back its energy investments, and doing more like the U.S. made.

Michael Tanner [00:08:56] Yeah, both have ditched their wind investments. You know, you mentioned Shell. They announced early or late last year that they’re ceasing new offshore wind investments after doing some kind of corporate restructuring under the current CEO, Whale Swan, you know. And what’s hilarious is he’s citing and he’s sighting looking to boost profitability. So, I mean, they’re, they used to kind of hide it in the press releases by saying, Oh, well, we’re just. Well, reorganizing to be more competitive and they used to hide. Now they’re just outright saying, yeah, it’s to boost profitability. So, I mean, it’s the funny part, you know, the company spokesperson said, while we will not lead new offshore wind developments, we will remain interested in off-takes where commercial terms are acceptable. Now, that means they’re not doing anything because they’re not going to find any commercial terms acceptable and are cautiously, I mean I’m dead serious, this is the quote, and are cautiously open to equity positions if there is a compelling investment case. I mean that’s as, that’s so, IR guy of the week, right there, whoever came up with that, because that’s saying, oh, we’re open to it, but we’re not ever gonna actually do anything. But we’ll listen, we’ll take a meeting, we’ll let you wine and dine us if you have some new, I mean, it’s unbelievable how quickly they’re running backwards from this and how they’re not even hiding it anymore.

Stuart Turley [00:10:20] Let me give you a industry translation. You say, what did you just say? You said we’re cautious, read that line again.

Michael Tanner [00:10:29] We’re cautiously open to equity positions if there is a compelling investment case.

Stuart Turley [00:10:39] That translates to, holy crap, Batman, the subsidies are drying up and there’s absolutely no way we can make any money is what that translates into to an oil and gas investor. You said it best. Let’s move on. Trump moves to open coal plants, citing U.S. energy and global competition. This story goes really in line with the next story, also natural gas driving up electrical prices. Cold Michael accounts for 15% of all power generated in the U.S. This is down from 50% in 2000 according to the U S IEA. But on a truth social post Monday, President Trump announced that America’s trove of cold burning power plants once it began will be operational. This is very, very important. Lee Zeldin said he’s rolling back to 31 environmental regulations including some that limited pollution that can be emitted from coal burning power plants. This is critical because we cannot shut them down yet. We need to keep them open. I think that clean coal technology is a technology that we need to get better. and export it to the countries that are going to be burning like India and China, let’s sell our great technology to them and then put energy as an export service. That to me would make more sense. Let’s get clean coal going as opposed to just king coal.

Michael Tanner [00:12:13] no you’re absolutely right uh… we need low-cost power and wherever we can get it the free market will figure out where the best is so i’m all with moving rolling back regulations and saying okay now all different sources of energy are available what does the free-market decide it decides cold great if it decides natural gas great right it decides wind power Great, but let the free market, uninhibited by subsidies, uninhabited by regulations, whether it’s harder for fossil fuels and easier for quote unquote renewables, let the free market will decide what’s most efficient and the capital will move towards that.

Stuart Turley [00:12:57] The ideal solution, in my opinion, is nuclear, as I’m sitting here for our podcast listeners with my great hat that says, oil and gas executives for nuclear, I’m a nuclear kind of guy. But you know what? How can we get a nuclear plant done in the United States? UAE did one in four and a half years. We are going to have some serious problems in three years, dude. Let’s go to this next story. Natural gas prices drive electric cost upward. This is from, uh, Leonard Hyman and William Tiles from oilprice.com but this is talking about the markets Michael in natural gas from a how it is funded for the gas generator they did not put in long-term contracts so they were trying to do spot pricing And so spot pricing for natural gas gets a little dicey in the United States. It’s a little easier because we have a much different pricing kind of a thing. The bottom line in this is there are not enough manufacturers for the, the manufacturers of gas turbines have not scaled up their capacity to manufacture all those units needed to power a largely gas fired network. We are seeing shortages going out 20 years, Michael. This is frightening.

Michael Tanner [00:14:19] Yeah. Um, I mean, it, again, if you don’t have access to energy, you know, prices, you’re, you’re going to pay more to, to get natural, you to get natural gas. And I think what’s interesting and what you’re seeing in, in this attempted ceasefire conflict that’s going on in the, in between Russia and Ukraine right now is really it’s all coming down to energy. I think they’ve They both, I think, want to stop this war, but I think now, obviously, you’ve got a borders issue, you’ve go the NATO issue, and you’ve the energy issue.

Stuart Turley [00:14:50] Well, let’s let’s put another twist, put a a bookmark here, Michael, because President Trump is wanting to export LNG. Well, LNG is only about 36 shipments right now a month out of the United States. You can back into how many billions of dollars of LNG that is and how much that can offset trade. But if you were actually shipping out nuclear reactors or you shipping out clean coal technology or you are actually doing what President Trump is talking about doing, Michael, he’s actually talking about taking ownership of the Russian nuclear power plant that was built by Russia that is owned in Ukraine and then leasing it back to the Ukrainian people to keep interest there. that just got my head thinking and thinking wait a minute if we actually became utility companies for countries around the world that would absolutely be a long-term business model that is sustainable that is how russia got to 38 percent of their gdp is energy exports not just natural gas.

Michael Tanner [00:16:00] No, I mean absolutely, it’s not a bad idea, you know, I think there’s some national security issues that come with that.

Stuart Turley [00:16:10] Absolutely. But I didn’t say I approved of us managing that thing. I just said it was an interesting business idea for everybody but Ukraine. I want out of Ukraine. I want that clear.

Michael Tanner [00:16:22] Yeah, well, yeah, I mean, the problem is we got ourselves involved with Ukraine in 2014 when we decided to overthrow the government that was there. So now, unfortunately, we got ourselves into this problem. We’re going to figure out a way to get ourselves out.

Stuart Turley [00:16:36] Well, get rid of the CIA and then I think we can, but we’ll just leave that alone.

Michael Tanner [00:16:39] Absolutely. I mean, so all right. Well, let’s go ahead and jump over to finance guys before we do that. Let’s go ahead and quickly pay the bills. As always, thank you for checking us out here on the world’s greatest website, Energy Newsbeat.com, the best place for all your energy and oil and gas news. Stu and the team do a tremendous job making sure that website stays up to speed, everything you need to know to be the tip of the spear when it comes to the energy and the oil and gass business. Go ahead and hit that description below. for all links to the timestamps, links to the articles. You can also hit the link for our sub stack. The energy newsbeat dot sub stack dot com. Highly, highly, highly recommend you check that out. It’s really the best way to support the show. Go there. Um, stews dropping a lot of custom articles that don’t get on energy news beat dot com great way to just subscribe and stay up to speed with what we have going on. on a more personal level. If you do feel so inclined, go ahead and sign up for a paid subscription. That’s the best way for us to keep the lights on here before we have to put coal fire generators background here. We like the natural gas we’ve got flowing, but we will get on. We’ll move to mice power if we need to. We’ll get a couple of mice losing their mind in the back here if we to keep this podcast going. I promise you that. But thank you to everybody who has subscribed there. And as always guys, investinoil.energynewsbeat. dot com if you want to be called come Billy Bob Thornton from land man it’s a great way to get ahead in your 2025 taxes it’s great way Stu’s got uh Stu’s gotten up right now great way to get ahead on your 2025 tax is a great to give yourself um some monthly distributions um and always always always you get to now tell everybody at parties that you’re an oil man so I mean what’s better than that and finally Guys, thank you to Reese Energy Consulting for also helping us keep the lights on here. We’re a huge fan of everything they do. If you’re an upstream oil and gas company and you haven’t and you’re not working with an oil and gasses marketing company, I highly recommend giving them a call. You’re losing $0.15, $020 per MCF by not negotiating your contracts. You’re loosing $1, maybe $1.50 on your oil contracts if you’re using them with your first purchase. So I highly recommended calling them. If you’re in the midstream or downstream space, there’s some of the experts when it comes to LNG, all which ways. Whether you need help getting a large ramp permitted, whether you’re in the process of building and you need, and you, and, and need help, you know, figuring out plans, sourcing material, if you need crude oil or jet fuel to sell, they’ve got everything, guys, Reese Energy Consulting. And if you need training on anything, Reese energy training, we appreciate them over there. But Stu, let’s jump into the markets here. S&P 500 on Friday, basically flat, little small pop at the end of the day. NASDAQ was actually up a little bit more, up about 4 tenths of a percentage point, 2 in 10-year yields. Actually a difference, your 2-year yield dropped by about 3 tenths, 10- year yield jumped up by about .2 percentage points. So the spread on that was about 2.5, which is generally, you know, usually that spread follows each other, but very interesting there. Dollar index was up about 3 quarter, or 3 tenth of a percent point. Bitcoin over the weekend. It’s about 1.5 percentage points to the upside about $85,000 crude oil jumped about 21 cents or about 3 tenths of a percentage point closed at 68 28 Brent oil basically the same was up 4 tenths of a Percentage point or 34 cents 72 15 natural gas slid a little bit through Thursday and Friday Closing at $3 and 98 cents on the day xop contract was down about 1.4 percentage points or about 131.36. So, really when we go back to oil prices, basically the second week of gains and really that comes back to just slight tighter supply that’s being forecasted. I think the Iranian sanctions that were dropped a month ago and then the freshest ones that were drop this week, really I think has tightened the quote-unquote supply outlook. You know, we did see on Thursday that the U.S. Treasury announced these new Iran-related sanctions, which actually target independent Chinese refiners, among other entities and vessels that are actually buying the Iranian crude. So not necessarily sanctioning Iran, but sanctioning the people that they feel like Iran is selling to, which is super interesting. You know basically, Scott Shelton, he’s an energy analyst at TP. ICAP, his quote was, that probably sent a message to the market that Chinese companies, the largest buyers of Iranian oil. are not immune to sanction pressures from the US. It’s the fourth round of sanctions that have come down on Iran, so fairly interesting there. It also, there is a new OPEC Plus plan for some actual cuts now. Now, it’s not out of Saudi. It’s out of seven other members. They haven’t really leaked who those members are. To give you an idea here, seven members. are to cut output further to compensate for producing more than agreed levels. So basically what’s the monthly cuts are going to be between a hundred and ninety eight thousand barrels per day and four hundred and thirty five thousand barrels into June twenty twenty six. What’s hilarious is that there’s monthly increases of a hundred thirty eight thousand uh… from April which reverses five point eight million of cuts that have happened since twenty twenty two. So basically, what they’re saying is We’re raising oil production over here. But now we’re signaling that we’re cutting production over here in order to cap where that price is. So this really falls back on the concept of, you know, Saudi, who runs OPEC, needs higher oil prices in order balance their budget. They can’t necessarily afford to drive out U.S. shale. And I think the idea that I think a lot of people are running with is, well, Saudi just wants to now get on Trump’s good side. They want to flood the market. They want to drive down oil prices. Well, they’re not in bed right now with US shale in terms of wanting to kick them out. That was what happened in 2014 to 2018. They wanted to drive US shales out of business and regain market share. It worked for a little bit, not really though. And so it’s a little of, look what we’re doing over here, but look what we’re do over here. And the net output is basically the same, basically that three of those countries, Iraq, Kazakhstan, and Russia are who they’re wanting to see. Basically, roll back some of these increases because they’re producing more than they should. Kazakhstan’s oil output did reach a record high in March on the back of multiple oil field expansion, which actually further exceeded the production quotas that they’re under. That’s according to two sources, according to Reuters. We also did see rig count on Fridays. We did see one rig get added, which is fairly interesting. My guess is it’s a natural gas rig. count sitting at 500. and ninety three so slight slight but minimal change there are we did see in canada we dropped nineteen rigs in canada and internationally we were fairly flat the only other thing i saw stu on on on friday was was the announcement from elk range royalties uh… otherwise known as elk range which is a uh… mineral royalties company backed by ngp uh… they go ahead and make a deal with oxy to buy 250,000 net royalty acres. for an approximate transaction price of nine hundred and five million dollars you know cat they don’t tell us if it’s all cash all stock how it actually works my guess is it’s cash because what oxy came out and said was this was part of their long term plan of driving down their debt and what i find interesting is so you know a normal oil and gas setup is you know you pay for you know for well cost ten million dollars the operator Pays $10 million. and they only receive 75, you know, 100% of the cost, they only received about 75, 80% of their revenue because there’s a portion of that that’s carved off for the mineral owners. Well, you a strategy that Diamondback is taking has gotten into with Viper Minerals. What a lot of these large oil companies do is if they’re gonna develop a huge area, they have a 300,000, 200,000 100,000 acre position. What they’ll do is attempt to not only buy the working interest, but they’ll try to go front run and buy the minerals. Because now all of a sudden if you own 100% of the working interests and 100% percent of the revenues, a lot of these single well economics look a lot better. It’s easy to justify single well economic when you put a dollar in and you’ll theoretically get a dollar out. It’s not quite how it works obviously, but let’s just look at it from that perspective. You put a dollar in to only get a 75 cents out you know, for every dollar you put in, you better hope that the revenue coming out is, you’ve got that 25% or 20% margin that you have to make up. So obviously on a portfolio level, you’re buying the minerals and you hope that cost of the minerals, you know the increase in your overall net revenue interest outweighs the cost you paid for minerals. They’re all a bunch of stuff, but they love to do this because on a single well economics level, it allows, you know it allows your half cycle stuff to look a heck of a lot better and the market really likes it. So, oxy now! going and selling minerals in the D.J. Basin, which is one of their few, you know, which is a asset that they have that has not necessarily been neglected, but something that I don’t think people know that Oxy is one the larger operators in Colorado. The fact that they’re selling the minerals in Colorado is a signal to me, one, they really are worried about their debt, and two, they’re getting ready to actually shed their Colorado asset in general. You wouldn’t front run and sell your minerals off if you aren’t then thinking about going and selling the entire asset. Now I think the interesting part is, why wouldn’t you keep the minerals with the asset when you go to sell it? It probably tells you they want too much for the assets and nobody is willing to drop, you know, say five billion dollars plus another billion if you, you know on the royalties and they’re just, they feel like they actually can get better value. You know, the idea is the sum of the parts is greater than the whole. They actually think they can get more cash by separating them. So I think it’s a great deal. If you’re elk range, I think Colorado. is an underrated from an oil production standpoint. I have a lot, you know, being from there, I have lot of contacts there. There’s some big, big, big wells up there. They’re also, some of these minerals are also underneath Chevron and Civitas, who actually account for actually half of the wells that were sputted in 2025. So there is some diversification there, but I do find it extremely, extremely interesting that Oxy goes ahead and makes this decision. Obviously we know they needed to reduce their debt. They’ve said that. I think what this is a signal of is they’re, you know, winding down this portfolio in Colorado from the standpoint of let’s offshore the minerals, and I wouldn’t be too shocked if in six to eight months we start hearing rumors of their Colorado asset being heavily on the market. I know it’s been on the market and there have been discussions about that. The question is, you now, an asset that’s spitting off $700 to $800 billion of cash flow a year or so they, or excuse me, $700 billion a year, $ 700 to $ 800 million a year of cash flow, the question is what does that sell for right now? And I think that’s the hard part is do you take a lesser value and take a little bit of a wash on the asset to lower your debt value? And the question is, who’s going to pay all the cash? If you’re reducing debt, Stu, you can’t take stock as part of the transaction. You’ve got to take cash. And so now, $5 billion in cash is a lot more difficult for somebody to come up with than $5 billion if a public company wants to come in and buy this than doing a half cash, half stock deal. does oxy really want stock no they want all cash so I think it’s going to be really interesting um you know I know a few of the people that work over there are elk range they’re great people ngp does a lot of great work in the private equity states but I think this says more about what oxy’s feeling about Colorado and where they feel like they can actually divest in order to bring down their overall debt load because I think that the dirty little secret on the street right now is their acquisition of crown rock great assets but I don’t think it I think way it was a way. It’s turning out to be a way over value of where their assets were.

Stuart Turley [00:28:56] I think what you’re going to see is Occidental leadership has absolutely been right on track in the past. I think they understand what’s coming around the corner, and if you’re in a Democrat-run state like Colorado, get out now while you can.

Michael Tanner [00:29:11] So this is where I’ll disagree with you slightly. I think Oxy’s leadership is cooked, and I wouldn’t be shocked if we see a leadership change in the next two to three years. I think their two largest M&A transactions, Anadarko and Crown Quest, have turned out to be pretty disastrous from a debt standpoint. They’re now turning around and having to sell. large cash flowing assets. Yes, Colorado is tough to operate in, but it really only makes sense if you’re Chevron, Oxy, or Civitas. If you’re a publicly traded company who has lobbying power, who has enough cash. I mean, they’re big wells in Colorado. Again, it’s about how much oil you make versus how much you have to spend. And okay, great. If you have spend a little bit more money to comply with regulations, but the margins are still there because the oil production is so great, why not? premiums in Colorado are great. I get that the leadership is there, but you know there’s an entire country, or there’s entire portion of that state that relies on oil and gas for the economy, relies on for their schools and all that stuff. I mean, you know, yes Colorado is extremely liberal, but I think you’re from a standpoint of that’s just Boulder in Denver. I think that you have to look at the wide, you look at what’s going down in the San Juan Basin, you have everything that’s going on really in Weld County. I don’t think it’s a bad state to operate in, I just think you’re going to see, it has to be a large public operator is really the only company that can come in and operate these assets. So that shrinks the amount of people who can come buy this asset. Again, I’m gonna take the opposite stance. I think Oxy’s leadership is cooked. I think their investments in carbon capture have not panned out terribly well, considering where the state of kind of the market has gone, the market is backed off of renewables and backed more into oil. on which means they have to put up a lot more money to go by crown rock with the inventory may or may not be that here’s a big if scott sheffield’s coming out basically say gap i years in the tours out by twenty twenty eight brown rocks inventory is gonna be out by next week they you know they didn’t have as much so uh… i it’s me very easy i think oxy’s in for a bunch of changes

Stuart Turley [00:31:12] I would agree, but I also think that if Oxy, if let’s say Kamala Harris had won, Oxy would be ahead of the curve because the subsidies would still be rolling.

Michael Tanner [00:31:23] yeah i disagree though because everybody even even even at the end of of joe biden’s term people role it didn’t nobody woke up when trump won it was like oh when does it make it we’ve been to even talk about this for eighteen months now that all of us to work on

Stuart Turley [00:31:36] I said nothing to be done, Michael, because of all the regulations and everything else.

Michael Tanner [00:31:41] The difference is regulatory capture is real, though. If you’re a large public operator with a market cap in the tens of billions of dollars, like Oxy is, like Chevron is, you actually like regulation because it keeps out your competitors and you’re the only one that can comply with. Regulatory capture in the oil industry is super real. Oh, yeah. So, again, I’m of the mindset, I think you’re gonna, I think, you know, you’re in for a… you’re you’re in for a uh… pretty uh… fascinating uh… span over the next eighteen months for oxy and uh… i wouldn’t be too shocked if we see some some leadership changes there

Stuart Turley [00:32:18] Back to the Kazakhstan article, just real quick, Chevron is 50% of their production out there, ExxonMobil is 25%, Luke Oil is 5% which is Russian, United States is involved in that heavily. We’re seeing the US majors really interested in putting in oil and gas wells around Bye!

Michael Tanner [00:32:44] Yeah, absolutely, absolutely. Um, it is going to be Kazakhstan’s very interesting. So, all right guys, um, another week, Stu, what are you worried about?

Stuart Turley [00:32:52] Oh, just buckle up, get ready for some entertainment. Uh, hats off to the young man that won the, uh, uh from Oklahoma state. That was a, uh he’s a lieutenant, I believe in the U S air force and was able to win, uh and beat a reigning champion, Olympic champion for the NCAA, uh well done and a lot of respect given to president Trump loved it.

Michael Tanner [00:33:18] um… it’s we we we love a good wrestling match so congrats to oklahoma state and congrats uh… to to uh… the u.s. military on a nice win there but with that guys we’ll let you get here get back to work start your day uh… we appreciate that start your week with energy newsbeat and for Stuart er that i’m michael tanner we’ll see you tomorrow folks.