The world needs trillions of dollars just to meet normal decline curves, and we are tracking the oil and gas businesses’ returns to investors as consistent compared to renewable energy sources. Consumers and investors want low-cost and reliable energy, and with leaders like Gavin Newsom representing the United States at COP30, we can rest assured there will be a national security incident in California.
Oh, wait, the National Security issue showed up in the form of imported Jet Fuel from India. Gavin Newsom’s Total War on Oil and Gas Has Been a Giant Success – In Fact, Too Successful, with Jet Fuel Shipped in from India
Gavin continues on the path to devastate California and has created a National Security Risk. His speech at COP30 is a warning.
The CEO of Chevron is on target, and is leading his company to more profits and returns to shareholders.
Daily Standup Top Stories
Mike Wirth, Chevron CEO, Believes in the Future of Oil, Gas, and Chevron
In a landscape where energy markets are grappling with uncertainties around oversupply and the push toward renewables, Chevron CEO Mike Wirth stands firm in his optimism for the oil and gas sector. Speaking recently, Wirth […]
Labour Faces a Choice: AI or Net Zero—They Are Not Compatible – Insights from Kathryn Porter
In a recent op-ed for The Telegraph, energy analyst Kathryn Porter laid bare a stark reality for the UK’s Labour government: the ambitious pursuit of AI-driven economic growth is fundamentally at odds with the rigid […]
Sweden’s Pension Funds Face Eye-Watering Losses After Investing Heavily in Net Zero Projects
In a stark warning to global investors chasing the green dream, Sweden’s pension funds are reeling from massive financial setbacks tied to ambitious net-zero initiatives. Once hailed as pioneers in sustainable investing, these funds poured […]
Enbridge Updating Expansion Plans to its Mainline and Flanagan South Systems to Export Canadian Oil
In a significant move for North America’s energy landscape, Enbridge Inc. has announced the final investment decision on its Mainline Optimization Phase 1 (MLO1) project, greenlighting a $1.4 billion expansion to enhance the flow of […]
Ukraine Claims Strike on Rosneft’s Refinery – We summarize 2025 Energy Strikes in the Ukraine – Russian War
In a bold escalation of its campaign against Russian energy assets, Ukraine’s military claimed responsibility for a drone strike on Rosneft’s Ryazan oil refinery, one of Russia’s largest facilities, on November 15, 2025. This attack […]
U.S. Rig Count Up this Week by One
The latest weekly rig count report from Baker Hughes, released on November 14, 2025, shows a modest increase in U.S. drilling activity. The total number of active rigs in the United States rose by one […]
Highlights of the Podcast
00:00 – Intro
00:15 – Mike Wirth, Chevron CEO, Believes in the Future of Oil, Gas, and Chevron
03:42 – Labour Faces a Choice: AI or Net Zero—They Are Not Compatible – Insights from Kathryn Porter
06:05 – Sweden’s Pension Funds Face Eye-Watering Losses After Investing Heavily in Net Zero Projects
09:41 – Enbridge Updating Expansion Plans to its Mainline and Flanagan South Systems to Export Canadian Oil
10:45 – Ukraine Claims Strike on Rosneft’s Refinery – We summarize 2025 Energy Strikes in the Ukraine – Russian War
15:23 – Market Update
16:35 – U.S. Rig Count Up this Week by One
16:39 – Frac Count Update
17:53 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:00] Shocker. Chevron CEO believes Chevron is the future. Why? Find out next on the Energy News Beat stand-up. [00:00:07][7.0]
Stuart Turley: [00:00:15] Mike Wirth, Chevron CEO, believes in the future of oil, gas, and Chevron in a landscape where energy markets are grappling with uncertainties around oversupply, glut, oil on the water, and the push toward renewables. Chevron CEO Mike Worth stands alone in his optimism for the oil and gas sector. Michael, this is out of the park huge. Speaking recently, he dismissed fears of a looming glut in oil supply, emphasizing a balanced outlook that aligns more closely with OPEC’s projections than those of the IEA. Imagine that. When you take a look at brushing off oil concerns, he actually is increasing his capex, and they’re reducing their budgets by laying off middle management. So when you listen to this, Michael, modest cap et cuts signal confidence in demand. Chevron’s cap 2025 capex plans further illustrates Worth’s bullish outlook. The company announced a reduction of 1 billion from its previous guidance from a new annual range of 18 billion to 21 billion through 2030. This is very important. When you take a look at AI, AI is actually wiping out middle management. Now, is it gonna really hurt their production? No, anybody that can turn a wrench is still gonna be employed. Ruth is focusing on internal efficiency, targeting three billion to four billion in structural cost reductions by 2026. It’s pretty important. [00:01:51][95.8]
Michael Tanner: [00:01:51] Yeah, I I think at a high level, I mean, what do we expect the CO of Chevron to say? He’s not gonna say oil’s dead. He’s got a fiduciary responsibility to the shareholders to make sure that at least the sentiment around his company is good. So I’m not too and I’m not reading too much into oh, Mike Worth thinks there’s no oil glut. Well, of course he’s gonna say that. His PR guy would literally shoot him metaphorically if he came out and said there’s an oil glut, because that just goes against the business. Now, I do find what what interesting here, what are they doing? You just mentioned that they’re cutting back about a billion dollars on their guidance. What does that mean? It means they may not be as bullish as they say they are, or they feel like they can be more efficient with every dollar that they spend. And specifically, I think you talked a little bit about what’s going on with AI. I think it’s the fact that they are trying to pivot and and they came out and said this. They’re trying to become in a and really work towards an energy demand company versus an oil company. Right. I think will be extremely interesting. And I think you will see oil and gas companies get into the data center space, whether it is they actually start, you know, investing in data centers themselves and then supplying their power to that, or they just become a power generation company. I mean, to lock up all these deals. I think it’s really fascinating. Do I think Chevron’s in an interesting position to go forward? Yeah, I think they’re in a fine position to go forward. They own some very great acreage positions. It’s you know, some of the acreage that money can’t buy. It’s one of the reasons why they swooped up Hess. Now all of a sudden they’ve got access to the insane profits. Coming out of Guyana and they don’t really have to do anything because it’s just, you know, they’re not the operator. They just get a hey, we’re drilling another well. Great. Where do we send the money? That’s truly how it works. And so I I think from this standpoint, it, you know, do I think Chevron is is absolutely going to crush it over the next five to ten years? No. But they’re going to be a steady dividend and you could do a lot worse investing in Chevron than you could in some of these other boomer bust stocks. [00:03:38][107.0]
Stuart Turley: [00:03:38] Oh, yeah, we got a few more stories about investing coming up. Hey, let’s go to the next one. Labor faces a choice AI or net zero. Door number one or door number two. They’re not compatible. Insights from Katherine Porter. Katherine Porter is outstandingly a huge energy leader in the UK. In a recent op-ed for the telegraph, energy analyst Katherine Porter laid bare a stark reality for the UK’s labor government. The ambitious pursuit of AI-driven economic growth is fundamentally at odds with net zero policies. Michael, COP 30 happened last week. Guess what Ed Miliban, the head cabano there in the for energy did? He flew to Brazil twice, not once, but he went back to the UK for meetings and then flew back. How much CO2 did that net zero moron burn? You gotta sit back and kind of go, what’s good for me is not good for you. I mean, this guy is absolutely an idiot. Countries aggressively pushing net zero targets, often through heavy reliance on intermittent reliability like wind and solar are paying a steep price. Germany’s energy wind serves as a cautionary tale. The nation’s push to phase out nuclear and coal has led to bizarre policies, including a tax on the sun for solar panels. Unbelievable when you sit back and go, net zero is absolutely equal to deindustrialization. And again, I have said this many times. We’re gonna break out into two groups. The group that is going to net zero in deindustrialization will rely on China for all their industrial manufacturing and all the pollution goes to China. And then the year everybody else in the world is going to go to realistic energy policies and they’re going to trade with each other. So the trading blocks around the world are going to change. [00:05:38][120.0]
Michael Tanner: [00:05:39] No, absolutely. And I think this article and you stated it very, very, you know, great is we’re gonna have two different classes of folks. We’re gonna have the people that embrace this stuff, and then you’re going to have this stuff that just sort of kind of just, you know, fiends out on the end there. And, you know, people who don’t have access to this type of stuff. I think it’s going to be crazy. And like I said, you’re going to see these two crafts. So I th I think you said it great. [00:06:04][24.8]
Stuart Turley: [00:06:04] All right. Hey, let’s go to this next one. I had fun writing this one. Sweden’s pension fund faces an eye watering loss after heavily investing in net zero projects, along the net zero theme since I’m on a roll. In a stark warning to global investors chasing the green dream, Sweden’s pension funds are reeling from massive financial setbacks tied to ambitious net zero initiatives. Once held as pioneers in sustainable investing, sustainable investing. I love that one. These funds poured billions into high-risk clean energy ventures only to watch them crumble and market realities. This debacle highlights the peril of over reliance governance subsidies and unproven technologies. Michael, you asked, how much did they lose? That’s a great question, Michael. Thank you for asking that. Let’s go to this one. They lost AP2, the fund had invested 1.46 billion Swedish kroner or 150, 117 million pounds in the company, much of which is now wiped out. Similarly, the AMF pension invested 1.9 billion kroner or 153 million at risk at 2% in Northvolt, representing a significant to its portfolio. Sterga also focused on green steel production. You gotta be kidding me. Green steel production does not work using Michael. Wait for it, hydrogen instead of coal. That is not. Fiscally possible. I mean, it is just absolute. So you take a look at the two different paths that they could have done. They they could have either gone down and invested in Chevron, Exxon, or in Bridge, which we’re going to talk about on the next story here. And you sit back and take a look at it, they could have made seven percent to ten percent on their money. Let’s see, losing billions, making seven to ten percent. I went to Oklahoma State, but the math does not math up. [00:08:13][128.6]
Michael Tanner: [00:08:13] Yeah, I think you’re absolutely right on the math, not mathing here. I again, I think people made all of these net zero decisions to without really thinking about the I don’t want to say the consequences, but thinking about the root profile. If you’re making an investment, and you know, we talk about this with people when it comes to investing in oil and gas products all the time. If you’re investing solely based on a tax deduction, well, don’t be surprised when revenue doesn’t eventually come your way because they design the product just for tax benefits. So it’s a little bit like this if you’re they’re making all these investments because oh, it’s great. Oh, there’s great tax benefits for the developers, and oh, there’s these theoretical revenues that may or may not happen. [00:08:50][37.0]
Stuart Turley: [00:08:51] Whoops. Right. Oops. Rutro. Hey, let me point out nuclear. Nuclear is oversold right now. And when you take a look at nuclear, we I would not want to invest in too many of the different companies. I am looking at, as a day trader, looking at the nuclear companies that have the potential of already licensed and micro nuclear reactors that can be mass produced. And I got my eye on a few of those. And the reason is because they’re going to have reoccurring revenue faster than the big ones putting in the Westinghouses and all the other big nuclear plants. You’re 10 years away from getting any money coming back into those. And I think those are oversold. But you look at the micro nuclear reactors. I think that if they’ve got a plant and they’re going to be able to mass produce them, those are the ones to go look for. Let’s go to the next story. Enbridge updating expansion plans to its mainline Flanagan South systems to export Canadian oil. Love me some Canadian oil in a significant move for North America’s energy landscape. ML01 for Okies, a project green lighting a 1.4 billion expansion to enhance the flow of Canadian crude to U.S. Refining market. This is huge. Michael, you ask, how much oil, Stu? Hey, total capacity boost from ML01. Thanks for asking that, Michael. Amounts to 250,000 barrels per day with a new capacity is expected to come online in 2027. This is huge. The implications for investors more money for midstream. [00:10:33][102.4]
Michael Tanner: [00:10:34] Yeah, no, I think what you’re seeing with with the midstream space is there’s an explosion of what’s going on. So I I completely, completely get it. And I I again I think it’s fascinating. [00:10:44][9.8]
Stuart Turley: [00:10:45] Hey, let’s go to the last story here for me. Ukraine claims spike in rose strike. Excuse me, not a spike, but a strike. Yeah, it was a spike. All right. Hey, you see spike in corner? No, it was strike. It was a strike in the corner. Ukraine claims strike on Rosenfett’s refinery. We summarize the 2025 energy strikes in the Ukrainian Russian war. I went ahead and I said, wait a minute, who’s been bombing who? And I went ahead and put in here a whole list of all of the Ukraine drone strikes on Russian energy, including other countries. And then all of the Russian strikes. And the winner is when you go through this entire list here, cumulatively, Russia has destroyed or damaged 80% of Ukraine’s thermal capacity and have power generation, causing rolling blackouts for eight million people. They’re getting mean, and all I want is an end of the war, Michael. I could care less who who wins at this point. The winner will be when we end the war. [00:11:49][64.3]
Michael Tanner: [00:11:50] Yeah, no, absolutely. It’s it’s going to be when we end the war. Hopefully it ends soon. I think, you know, we’re about to talk a little bit about why prices went up so much on Friday has a little bit to do with what’s going on here and the suspension of oil. And I think what happens with this Russia Ukraine war, I think, is going to drive prices as we move into kind of this [00:12:07][17.3]
Stuart Turley: [00:12:08] And and and real quickly, I I just want to say Iran seized an oil tanker in the Strait of Hormuz amid heightened geopolitical tensions. This was a tanker, it was gasoline type products or something, and it was from the UAE. This is the first time these chatterheads have done this one. So I’m a little bit really concerned that they’re now embod in embrazened enough to do this. We’re not out of the geopolitical woods yet, dude. [00:12:33][25.5]
Michael Tanner: [00:12:34] No, we are we are not. And speaking of those geopolitical worlds, let’s jump over and talk a little bit about that. But first we’ve got to pay the bills. [00:12:40][6.4]
[00:12:41] As always guys, the news and analysis you just heard. Is brought to you by world’s greatest website, www.energynewsbeat.com. 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 gas business. Go ahead and hit the links in the description below for all links to the timestamps, links to articles, and specifically subscribe to the show on YouTube,subscribe to this show on Apple iTunes. Give us a follow there. Subscribe to our show on Spotify. Please leave comments there and subscribe to our sub stack, www.energynewsbeat.substack.com. That’s probably the best place to support the show. Stu does a great job of releasing two to three articles a week that really encompass the big themes that are going on. We also drop all of our podcasts there, which give a little bit of a breakdown. We just had a great, great podcast. So I highly, highly recommend everybody subscribe to the energy newsbeat.sub stack.com We’d also like to thank friends of the show Reese Energy Consulting for supporting the show guys. Reese Energy Consulting is the foremost midstream expert. Guys, if you had at all. Are dealing with issues in the midstream space, whether you’re an upstream company and need help with your first purchaser’s contract or renegotiating your gas contracts or figuring out where you’re gonna tie in your next pad because you’ve got multiple different options and you’re trying to break it all down. Reese Energy Consulting can help. If you’re in the mainstream space, I need an extra pair of hands, need some permitting or regulation help, or need some red team analysis on a final investment decision, guys. They have the team that can help you check out ReeseEnergyConsulting.com They have clients everywhere and all throughout the country from two people in a garage all the way up to the largest publicly traded companies in the world. So if you’re wondering, are you a good fit for them? The answer is yes. ReeseEnergyConsulting.com And finally guys, investinoil.energynewsbeat.com We are coming up on the end of the year. And I promise you guys, you do not wanna be paying money to Uncle Sam. You wanna keep as much money in your pocket. You wanna diversify your portfolio a little bit and you want to get some dividends. You can do that by investing in oil and gas. Check out investinoil.energynewsbeat.com Fill out our portfolio survey and our tax calculator. And guess what, you guys, you guys are gonna get and get a nice ebook that tells you here’s what you should look for when you invest in oil and gas. And also figure out what your tax burden is and figure out how much you might save relative to your tax burn if you did invest in Oil and Gas, guys. We practice what we preach here, guys, we do this stuff ourselves. Investin oil.energy newsbeat .com Don’t give your money to Uncle Sam. Figure out and find out if oil and gas investing is for you. Depending on if you qualify, we will, again, send you all that information and we may or may not point you in the right direction. Again, investin oil.energynewsbeat.com.[00:15:20][159.1]
[00:15:23] All right. I mean, pricing on on Friday, Stu went a little crazy. We were, you know, it was sort of really all over the place. We started the morning a little bit down. We are down somewhere around $57, spiked all the way up to above $63, fell back down to below $59.50, and then rose itself all the way back up to above 60, about a 6050. We sell it at settled at about 60 oh nine. And that has really a lot to do with the Russian with these attacks going on in Russia as Russian announced that their port was suspending oil exports relative for a few days. And it’s the port of Norvo Nordis halted oil exports following that drone attack that specifically you mentioned in the last this port exports about two percent of global supply or about two point two million barrels per day. And that oil pipeline transnaft also suspended crude supplies to that outlet, according to do industry sources. We love Giovanni Stavano, he’s a commodity analyst at UBS. The intensity of these attacks has increased, it’s much more often. Eventually, they could hit something that causes lasting disruption. So we’re getting ready for Nord Stream all over again, except on land. But someone better watch where those Ukrainian seals are relative to that. The other thing we saw on Friday, Stu was rig counts. They were up by one. We saw the frac count spread actually jump by two. So you know, seems to be, you know, some activity coming back. The question is, does it have to do with pricing? Does it have to do with some other stuff? We will not know. So I think it’s it’s going to be interesting to see what happens. But otherwise, Stu, it’s kind of all quiet on the Western front. There really wasn’t anything on the earnings side that was interesting. We sort of wrapped everything up. MA is is slightly we I we do say there is an interesting story floating around there that Total Energies is going to do a reverse merger in their upstream unit with Apache to create this new unit that, to be honest, I don’t know the reasoning behind it. You know, Apache isn’t necessarily known as like the greatest operator of all time. But but this would make a super powerhouse. So we’ll we’ll be covering this and and and you know, as this rumor kicks up, we will probably cover it a lot more. But could be fascinating, Stu. That’s really all I have. What’s got you worked up next week? What are we worried about? [00:17:32][129.7]
Stuart Turley: [00:17:33] Not a thing. I am looking forward to it. Want to give a shout out to Tracy Shukar and Josh Young. We had already about 8,000 people watch that thing. We rolled out last week. It was pretty cool. Nice investment and it great to have good investment folks on the podcast. [00:17:48][15.0]
Michael Tanner: [00:17:49] Absolutely, guys. We really appreciate them coming on and appreciate everybody watching. But for that, guys, we’re gonna let you get out of here. Start your week. We appreciate you checking us out here on the Energy News Beat Podcast for Stu Turley. I’m Michael Tanner. We’ll see you next time. [00:17:49][0.0][1049.7]
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