Daily Energy Standup Episode #118 -Energy Hypocrisy is killing whales, encouraging child abuse and inflation. – what happened?

00:00 – Intro
04:10 – Dark side to solar More reports Tie panel production to toxic pollution
09:02 – Why OPEC is increasingly frustrated with the IEA
12:01 – Copper mine Flash is warning of huge crisis for world supply
14:50 – Kill the Wales
17:58 – Alaskan trucking fleets promised 150 k driver salary amid drilling boom
20:28 – Demand for electricity will exceed summer supply
21:33 – Market Updates
26:50 – Outro

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

Michael Tanner: [00:00:15] What is going on, Everybody. Welcome into another edition of the Daily Energy News Beat Stand Up here on this gorgeous Monday, May eight, 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 was your weekend? [00:00:38][23.0]

Stuart Turley: [00:00:39] Yes, a beautiful day in the neighborhood here in Abilene, Texas, West Texas. You got to love West Texas. [00:00:44][5.1]

Michael Tanner: [00:00:44] You got to love it, even though it is warming by a 10th of a degree every decade. So I hope you stayed cool this weekend. Oh. [00:00:52][7.8]

Stuart Turley: [00:00:54] I love it hot dude. [00:00:55][0.8]

Michael Tanner: [00:00:55] Now you do prefer hot. We hope everybody who’s listening had a great weekend we have an excellent show for you lined up Absolutely stacked guys First article Dark side to solar more reports type panel production to toxic pollution Stu will cover what’s going on in the solar pollution area. [00:01:14][18.5]

Michael Tanner: [00:01:14] Next up, Why OPEC is increasingly frustrated with the IEA. Join the line. OPEC, they’re finally coming around to The IEA Stu will cover what’s bothering OPEC with the IPA. Next up, Copper mine flashes warnings of huge crisis for world supply. This is not good Stu will dive into that. [00:01:34][20.2]

Michael Tanner: [00:01:35] Specifically picked out for me. Next up, Kill the Whales. On Friday, Joe Biden signed an executive order directing all federal agencies to work towards environmental justice for all. Stu, will cover how that means we are going to kill all the whales. [00:01:49][13.7]

Michael Tanner: [00:01:49] And then quickly, we will cover Alaskan truck driver fleets promise up $150,000 per year in terms of a salary amid drilling boom. This is one of the positive externalities of inviting drilling into your area is they brings in a lot of high paying jobs and you don’t necessarily need to be, you know, sick 12 years of college under your belt you just need your CDL. So this is still we’ll dive into what’s going on with Alaska truck drivers sells. [00:02:14][25.0]

Michael Tanner: [00:02:15] And then finally, this one hits close to home. Demand for electricity in Texas will exceed supply this summer. Dun dun dun. Better stock up, I guess. Stu will kick it over to me. I’ll quickly cover what’s going on in the oil and gas finance markets on lots of earnings. I highly recommend you guys check out EnergyNewsBeat.com Category earnings. You can do it up at the top toolbar or just in the search bar type earnings we’ve got like ten companies who drop earnings. We’re not going to be able to cover them all. I’ll get to one northern oil and gas because Stu and I personally just love their business model. [00:02:46][31.3]

Michael Tanner: [00:02:47] I’ll cover what’s going on in the oil and gas markets we’re back up to about 71-32 after seeing, you know, last week weekly lows under 66 for a bit. Give an idea of what’s what to look for this week. It’s it’s pretty spicy natural gas about $2.11 as we record this this afternoon here on the seventh. We will get to all that and a bag of chips here, guys. [00:03:07][19.9]

Michael Tanner: [00:03:07] But first, as always, these stories are brought to you by the world’s greatest website,www.EnergyNewsBeat.com The best place for all your energy news Stu does a great job of curating as I mentioned in this busy earnings season we’ve got categories for everything earnings I mean I’ll just run through we’ve got downstream ENP energy crisis, energy policy, EIA, News Grid, midstream, offshore upstream, international, EU, geopolitical, OPEC, Opec+, Russia, Saudi Arabia, UK, Ukraine. [00:03:32][25.1]

Michael Tanner: [00:03:33] And that’s only half of all of the different categories that you can choose. So I would recommend going to our website searching by any category you need a great way to navigate the website. You can also see all of the stories are about to hear in the description below. Our team does a great job of curating that and make sure that everything’s there. I notice they’re doing a great job of putting the timestamps in there, so keep it up guys that’s awesome. [00:03:51][18.7]

Michael Tanner: [00:03:52] Dashboard.EnergyNewsBeat.com The best place for all your data and news combo. Get it while you still can. You never know when that might go behind some sort of subscription paywall. So so be on the look out there, guys. I’m out of breath though Stu, let’s kick this off. Where do you want to begin? [00:04:05][13.6]

Stuart Turley: [00:04:06] Hey, what a great job there, Michael. A the first one coming around the corner Dark side to solar More reports Tie panel production to toxic pollution. Energy hypocrisy is real and is on the top of the list of hostile opposing forces to humanity worldwide. [00:04:24][18.4]

Stuart Turley: [00:04:26] There’s a great quote in there that’s part of the quote from this guy let’s see where it is. Energy hypocrisy is real and it’s on top of the list of the hostile opposing forces to humanity worldwide. Stu Turley, I wonder who that guy is. All right. This article is actually from Michael Shellenberger. I love me some. Michael Shellenberger. [00:04:45][19.0]

Michael Tanner: [00:04:46] Love. Michael Shellenberger great guy I listen to his podcast all the time. Didn’t he run for governor of California? Kind of. [00:04:53][6.6]

Stuart Turley: [00:04:53] He did, and he even said he’d come on our podcast and then he got into the run for governor and he’s like, ghosted me. I had his book. It was a good book and I was going. [00:05:03][10.3]

Michael Tanner: [00:05:03] To say he wrote San Francisco, which is a real interesting book and then what’s the other one? This one haven’t. I haven’t. [00:05:11][7.5]

Stuart Turley: [00:05:11] I have it. Yeah, I have it. And I. [00:05:14][2.4]

Michael Tanner: [00:05:14] Whatever. Okay, let’s. Let’s go ahead. [00:05:15][1.4]

Stuart Turley: [00:05:16] Okay. Solar panels I love me some solar. I love me some wind. But let’s do the lowest cost kilowatt. Let’s go into this here right now. Conventional wisdom today holds that the world will quadruple the number of solar panels in the world over the next decade. And that’s not even taking into consideration the impact of possible new regulations and incentives launched by that green friendly Biden administration said. It’s a lesson Love and Doran write in the HBR. [00:05:48][32.8]

Stuart Turley: [00:05:50] Okay the volume of solar panels will destroy the economics of solar even with the subsidies, they say, by 2035. Here’s how the pollutants that are in solar panels. There is no plan to recycle. So if you are truly a lover of the planet, which I am, I love me some planet, I happen to live on it. You’ve got to recycle the solar panels, Michael. And if you can’t recycle them, these things go into waste and cause more damage than any oil ever thought of doing? [00:06:27][37.2]

Michael Tanner: [00:06:27] Well, because we just ship our trash overseas and it’s out of sight, out of mind. No, it’s not. [00:06:33][5.5]

Stuart Turley: [00:06:33] We know this is going into landfills around the U.S. This is. But this is in your backyard. [00:06:38][5.0]

Michael Tanner: [00:06:39] Oh, 1,000%. But most of our trash gets shipped overseas that’s true. Like Africa is the dumping ground of the world china dumps all of its trash into Africa. We send a lot of our electronics to all the electronics to China, which end up. [00:06:52][13.2]

Michael Tanner: [00:06:52] So what I’m saying is, yes, this being this stuff’s being recycled, not recycled it is being sent elsewhere, which is horrible. I thought this paragraph was interesting in this article. A new major study on the economics of solar that was published in the Harvard Business Review. [00:07:05][12.4]

Michael Tanner: [00:07:05] The Harvard Business Review finds that waste produced by solar panels will make electricity from solar panels four times more expensive than the world’s leading energy analyst thought. Here’s a quote from that. [00:07:16][11.0]

Michael Tanner: [00:07:16] The economics of solar this is why Atlee Atlas and Luke von Wasson hope if you don’t think those guys are smart, I can’t help you here. The Institute. European Administration. But for what? One of the leading European business schools. I don’t even know what that means. And some dude from University of Calgary said the economics of solar will quickly darken as the industry sinks under the weight of its own trash. [00:07:39][22.6]

Stuart Turley: [00:07:40] And wind is just as bad. [00:07:42][1.8]

Michael Tanner: [00:07:43] True. But I think that’s I mean, in this specific case, I found that one of the most compelling paragraphs in this article, if only because, you know, it goes on to say that the volume of solar panel weights will destroy the economics of solar. Even with the subsidies, they say by 2035, discarded panels will outweigh new units sold by 2.56 times. In turn, this would catapult the leverage cost of energy, the low which everybody talks about to four times the current projection. [00:08:07][24.7]

Stuart Turley: [00:08:10] Another key thing in here in this article, Michael, the HBR authors who are business school professors looked at the economics from the point of view of the consumer or customer and past trends and calculated that customers would replace the panels sooner than every 30 years. My calculations are coming in on wind farms. I haven’t even done solar yet around that eight year mark, and I’ve been validated. I’ve been validated, as we say here in Texas. [00:08:42][32.5]

Michael Tanner: [00:08:43] Validated this this the Stu number. [00:08:46][2.8]

Stuart Turley: [00:08:47] This 8 years Baby. [00:08:48][1.0]

Michael Tanner: [00:08:48] The Stu Calculation. [00:08:48][0.3]

Stuart Turley: [00:08:49] Hey, and they only come net zero on wind farms around ten years on carbon. Net zero. [00:08:55][6.1]

Michael Tanner: [00:08:56] No kidding. What’s next? [00:08:57][0.8]

Stuart Turley: [00:08:58] Okay, let’s go to the next one I love me an OPEC’s story and Why OPEC is increasingly frustrated with the IEA. First, the EU and the IEA need to be thrown out. Yes, this is all blow them up. I mean, excuse me. Figuratively, just wipe them off the face of the earth, figuratively, and disband them. [00:09:18][20.2]

Stuart Turley: [00:09:18] Okay. Where we have been, tensions between the OPEC and the IEA for a very long time. The IEA, Michael, has been in bold, aggressively pushing for a global energy transition, a position that OPEC believes is dangerous and ignores the data that shows that more oil will be needed. [00:09:42][23.9]

Stuart Turley: [00:09:43] Michael, You know, I have a lot of respect for the Saudi Arabian people. I mean, the Saudi Arabian leadership, they are going down the renewable path with caution. They’re putting money behind it. They’re taking the profits from the oil that is much needed. [00:09:59][15.9]

Stuart Turley: [00:10:00] But they’re doing Hydrogen they’re taking their time and they’re thinking past the next election cycle. They’re actually doing it very nicely. Saudi Arabia happens to be the whole controlling part of. OPEC. [00:10:13][13.3]

Michael Tanner: [00:10:14] I mean, these are pretty crazy back and forth going on with OPEC and the IEA. I mean, last week you’ve got IEA’s director, the executive director, gone on record saying OPEC should be, quote, very careful about raising oil prices, saying this would provide a, quote, additional boost to the global energy transition away from fossil fuels. [00:10:33][19.5]

Michael Tanner: [00:10:33] Then OPEC’s secretary comes out and says, no, no, no, no, no that the finger pointing and misrepresenting the actions of OPEC and OPEC plus were, quote, counterproductive. He’s got a much longer quote down here. [00:10:45][11.2]

Michael Tanner: [00:10:45] He says, quote, The IEA knows very well that there is a confluence of factors that impact the market, a knock on effect of COVID 19 monetary policy, stock movers, algorithmic trading, commodity trading advisors, SPR releases, coordinated or uncorrelated geopolitics to name a few. And blaming oil for higher inflation was erroneous and technically inaccurate, as there are many other factors causing inflation. I call that a firebomb. [00:11:10][24.7]

Stuart Turley: [00:11:11] Oh, look at the next one down, Michael next paragraph we don’t think cuts are advisable at this moment, given market uncertainty and we have made that clear. Hats off to them. I love me the leadership there. [00:11:24][14.0]

Michael Tanner: [00:11:25] Yeah. I mean, we’re just we’re just waiting to get sponsored by OPEC, Stu is trying to get sponsored by OPEC. [00:11:30][5.1]

Stuart Turley: [00:11:31] Hey, we like it. I don’t care if it’s renewable I don’t care. Let’s have the technology. Let’s have a responsible discussions. I love ESG. Just let’s do it right. Let’s not print money. [00:11:43][12.4]

Michael Tanner: [00:11:44] Okay. That segment is brought to you by OPEC plus contact OPECplus dot org for all your oil needs. [00:11:50][5.9]

Stuart Turley: [00:11:50] Last time I talked to an executive over there at Russia’s Gazprom, you know, he was about to sponsor the show before he was arrested. [00:12:00][9.4]

Michael Tanner: [00:12:00] What’s next? [00:12:01][0.4]

Stuart Turley: [00:12:01] Copper mine Flash is warning of huge crisis for world supply. Michael, I don’t even want to know how I pronounce this one. Togo in southern Mongolia, just north of the Chinese border, is key to the Rio’s efforts to move beyond its dependance on iron ore and expand in copper. [00:12:23][21.4]

Stuart Turley: [00:12:24] There is a huge crisis. Doug Kerwin I can pronounce that name, thank goodness. One of our earliest geologists to work at the deposit that became Togo is spelled o y. You told Geo Eye. If any of our listeners know how to say that, please. [00:12:42][18.7]

Michael Tanner: [00:12:44] It says it. We can refer to it as Turquoise Hill. [00:12:46][2.8]

Stuart Turley: [00:12:47] Oh, well, I can. I can’t say that Turquoise Hills yet. Turquoise is Turquoise Hill named after the area’s rock stained by oxidized copper. Well, there is no way we can supply the amount of copper in the next ten years to drive the energy transition and carbon zero. It’s not going to happen, adds Kerwin, now an independent consulting geologist. There’s not just enough copper deposits being found or deployed. Holy smokes, this guy knows There are what he’s talking about. [00:13:21][34.0]

Michael Tanner: [00:13:21] Yeah, I think it’s interesting. You know, the in the next paragraph down they mention a wood Mackenzie estimate that said we’re going to be 6 million tonnes of copper short by the next decade, meaning we would need 12 more turquoise hills in order to come online within that period. [00:13:35][13.7]

Michael Tanner: [00:13:35] It takes five years to turn mine’s on line. It’s not going to happen. You know, it’s it’s really tough to get new mines, you know. You know, Bloomberg NFE estimates that appetite for refined copper will grow by 53% by 2040, but mine supply will only climb by 16%. You know, that means copper prices. [00:13:55][19.9]

Stuart Turley: [00:13:58] You know what that means? All the supply chain for everything, even updating to the grid, updating to anything. Electricity, energy is going to become more and more expensive. So we got to cut costs where we can. And I know how to do that. [00:14:17][19.3]

Michael Tanner: [00:14:17] Yeah. I mean, you already see companies getting in to copper newmont had a record bid for Newcrest Mining, which is an Australian pure gold mining, but also has a large copper portfolio. BHP group just completed its acquisition of Aussie of Oz Minerals, which is a copper producer and one of their largest in decades. The M&A is moving towards mine in the mining space, moving towards copper in a big way. [00:14:42][24.4]

Stuart Turley: [00:14:42] Oh yeah, absolutely. [00:14:43][0.6]

Michael Tanner: [00:14:45] What’s next? [00:14:45][0.3]

Stuart Turley: [00:14:47] Look at this. Look at this one. Michael Kill the Wales. Okay, Michael, you and I have been having some discussions. You just don’t care about the whales. Me I love me some whales. I’m a humanitarian. I care about people you heartless to the core. All you do is you care about finances and making money and me, I’m over here going green is good, but let’s finance it properly. [00:15:15][27.9]

Stuart Turley: [00:15:15] On Energy News Beat. I love this picture there’s a sniper scope pointed at a whale flag. I just got really tickled at this one. It was authored by James Rickard via The Daily Reckoning. This came in on one of our feeds that we pay for,. [00:15:31][15.4]

Stuart Turley: [00:15:31] And this one says, On Friday morning, Joe Biden signed an executive order directing every federal agency to work towards environmental justice for all. If the future of the planet is on the line, then you can justify whatever extreme measure you want to enact. [00:15:51][20.1]

Stuart Turley: [00:15:52] I’m sorry. I’m getting really tired of this when we can even have a discussion here are the facts. They got it backward. I love the way he phrased it. There’s a slight warming trend from 1985 to around 2005, although there’s nothing unusual since 2005 there’s been a slight cooling trend. But again, that’s not unusual. Okay. Let’s leave climate change off of this discussion. [00:16:19][27.3]

Stuart Turley: [00:16:20] Let’s talk about wind farm and the damage that we are doing to children. I know that you don’t like abusing children, Michael. I you relate to them at the mall. They all come up to you, Michael. They come up to you because you’re the same height. They love you. Okay, So you’ve got to put into your mind the copper mines. The kids have to be listened to Michael Go Champion them. Please, Michael, I implore you, save the whales and the children. Michael for a podcast. Listeners, I’m begging Michael to just change his ways. [00:16:58][37.9]

Michael Tanner: [00:17:00] No, I that was good. Actually, I am with you on. I think wind is a bad investment, even for a finance perspective. I don’t think, you know, talking about leverage, cost of energy, talking about the recycling game, talking about some of the negative second order effects that happen from this. My only thing is if a few whales die, I’m cool with it. It’s really all my it’s all it is. That’s all I’ve been saying this whole time. [00:17:26][26.6]

Stuart Turley: [00:17:27] Oil saved them the first time when we had. [00:17:30][2.9]

Michael Tanner: [00:17:30] Wind is going to kill them the wind is gonna kill them. [00:17:31][1.3]

Stuart Turley: [00:17:32] Going to kill them again and oil and natural gas are going to save this time. [00:17:36][4.5]

Michael Tanner: [00:17:37] It’s a good point, actually we’re going to have to save them twice Whats Next? [00:17:40][3.2]

Stuart Turley: [00:17:41] Sorry. But Michael, thank you for standing up for the children I know that Mama Tanner is going to be all over and proud of you now. [00:17:48][7.6]

Michael Tanner: [00:17:49] Yeah, absolutely. [00:17:49][0.3]

Stuart Turley: [00:17:50] She’s not going to quit she’s going to quit calling me and telling me bad things. All right, Alaskan. I love me Alaska, you know that. Been up there. Love it. Alaskan trucking fleets promised 150k driver salary amid drilling boom. This was up on the North Slope and at the head of the Keystone pipeline and not the Keystone the Alyeska pipeline. I was just daydreaming about the Biden administration killing off the Keystone. [00:18:16][26.2]

Stuart Turley: [00:18:17] A Six figure salaries for Alaskan truck drivers but the job isn’t for everyone. Oh my you got to be tough. I mean, it it is a tough one. But Michael, if I had to do it over again, I would have either gone into the Army or I would have gone to be an Alaskan truck driver rather than go to college. I should not have gone to college. [00:18:39][22.6]

Stuart Turley: [00:18:41] Their driver compensation went up 11% each round trip to Fairbanks and Prudhoe Bay pays around 1500. Drivers can expect to make 100 to 115 trips to Prudhoe Bay. This means that Alaska West expressed drivers can earn around 150 to 170K in addition to benefits. [00:19:02][21.8]

Stuart Turley: [00:19:03] They actually when I was working with the Alyeska Pipeline groups selling technology up there, they’d pay they had to pay expenses. They had to put you up in bunks, man, if you’re a young buck and you want to make some serious coin, that’s how you do it. [00:19:19][15.6]

Michael Tanner: [00:19:19] Yeah, no kidding. I mean, you can make a lot of money working some very tedious, tedious, dangerous, but necessary jobs in the oil and gas business. And we need those people, obviously, as you know, you know, they specifically mentioned this ConocoPhillips Willow project. [00:19:35][16.1]

Michael Tanner: [00:19:36] You know, that’s going to bring economic development to wherever it comes. And I think that’s that’s one of the positive second order effects of any type of capital spending. Yes. Even wind farms are going to have a positive effect if they do initiate jobs at some level, it’s not all bad. But when you. [00:19:50][14.0]

Stuart Turley: [00:19:50] Talk about. [00:19:50][0.2]

Michael Tanner: [00:19:50] Sustainable, when you talk about sustainable jobs and you talk about then things, they’re going to help move forward. Obviously, we prefer the investment go more into the natural gas, which is this is exactly what this will a project is, is much more of a natural gas play. [00:20:02][11.8]

Michael Tanner: [00:20:03] There’s a huge natural gas field on top of this so I think increasing specifically the United States, our natural gas production and continuing to make sure that we can completely insource that from ourselves is is great. But you love to see this. [00:20:14][11.1]

Stuart Turley: [00:20:14] Oh, absolutely. Michael and I. [00:20:16][1.9]

Michael Tanner: [00:20:16] Love Freightwaves to this is an article by freightwaves, a great website. It really great information on trucking. [00:20:21][5.0]

Stuart Turley: [00:20:22] Yes, we love them we love our truckers we love our oilfield guys last story here, Demand for electricity will exceed summer supply. Michael if you’re wearing a fur coat all the time, you are absolutely going to be miserable like my beloved dogs. They’re going to absolutely be miserable. And I know, you know, some folks that wear fur coats for a living, I model of them by the way. [00:20:45][23.2]

[00:20:46] We’re going to cover this later because I’ve got some more things that are in happen with ERCOT later in the week. So I’m going to go ahead and turn it back over to you, because the producers giving me the hook here saying we’ve gone too long. [00:20:56][9.9]

Michael Tanner: [00:20:57] Yeah. I mean, this is this is not good. Basically, what they’re saying is, I mean, look, this is what they’re saying do they’re saying that this summer, especially on a hot day when the sun sets and it’s not windy, Texans may be asked to conserve. That happened 12 times last summer. I’m going to die. [00:21:13][16.6]

Stuart Turley: [00:21:14] Yes, you are. How’s Fur Coat going for you? [00:21:16][2.3]

Michael Tanner: [00:21:17] I mean, I’m going to need a shave probably I’m going to have to go through like weekly shaving. [00:21:20][3.3]

Stuart Turley: [00:21:21] Right. Pretty bad when your dog Sandy goes mad. Dude, I’m feeling sorry for you. [00:21:25][4.1]

Michael Tanner: [00:21:25] Yeah, exactly. She’s the one feel it’s okay with me. [00:21:28][3.0]

Stuart Turley: [00:21:29] All right thank you, Michael. It’s off to you now. [00:21:30][1.5]

Michael Tanner: [00:21:30] Yeah, I mean, we’ve we’ve got a quick segment here. I think it’s important to cover what’s going on in for oil and gas prices. We’re currently at 7132 for oil. And I mean, after seeing a increase on Friday, we still cap our third week weekly fall mainly just off. That’s an economic woes. Again, we saw bases Idaho Power come out and increase the Fed funds rate to 5 to 5 and a quarter from guidance. [00:21:54][23.9]

Michael Tanner: [00:21:55] Not sure what’s going to happen with that number going forward but again, as the U.S. economy goes, so we’re oil prices. As far as an outlook on what’s happening with oil prices this week, I think it’s continue to be volatile. I don’t think we’re going to see below 70 March, but I don’t think I’d be shocked if I see us at 80 anytime soon. But again, I tend to play it a little more pessimistic than most people. [00:22:14][18.6]

Michael Tanner: [00:22:14] Natural gas continues to hover at that $2 and ten mark to 20 mark Stu. I mean, what are your thoughts on on I mean, from from a natural gas perspective, you know, this is much more obviously in the short term way to continue to see volatility. Do you see natural gas in a very prolonged bearish cycle or do you see it as this sort of a chasm that we’re about to climb out of and we’re going to see four or five, $6 natural gas here come the end of the year. [00:22:42][27.8]

Stuart Turley: [00:22:43] I think we’re in a long term little bit of a bear defined by a year I think natural gas is a very, very good long term play, and I think it’s because we’re going to need it more. However, let’s say if you’re planning on LNG exports to help make up for some of that bandwidth takes two years to bring on a permanent administration. [00:23:09][25.5]

Stuart Turley: [00:23:10] If the administration wanted to save the way, I mean, excuse me, save the Europeans, it would be a different story. If the Northeast would put in pipelines, it’d be a different story if we would move in the you know what, the EIA, the U.S. version of the IEA, basically said that the reason our smog and pollution has gone down is because of large amounts of coal plants being retired and moving to natural gas. So in order to move to natural gas, which would help the environment, help jobs, energy security, two years. [00:23:47][36.8]

Michael Tanner: [00:23:48] Interesting. Okay. Well, yeah, I mean, you’re right. I don’t think we’re going to be able to turn much of that stuff on. So I tend to agree with what you’re saying. We also saw record. Counts drop on Friday. We had a negative seven drop. We were last week, we were above 750. This week we check in at 748 rigs that’s still up 43 from last year. We saw no change in the Canadian market and we saw 17 rigs added in the international market. All those numbers are courtesy of Baker Hughes. [00:24:16][28.0]

Michael Tanner: [00:24:16] I think the only other thing, as I mentioned in the in the early in the opening segment, go to our Web site, guys. Check out the category earnings we like ten companies drop earnings and you can go see wide. [00:24:26][9.4]

Michael Tanner: [00:24:27] We’ve got Crescent Point, we’ve got Bay Techs, we’ve got EOG, we’ve got Enterprise, we’ve got Sandwich, we’ve got Kotara, got ConocoPhillips, we’ve got and Shell, all those just dropped on a Friday. I would highly recommend though, check if Thursday and Friday, go check out our website you’ll be able to see all of those. [00:24:42][15.7]

Michael Tanner: [00:24:42] We wanted to highlight specifically northern oil and gas costs tonight from a non-op perspective, really like what Northern is doing and what I mean, non-op. I mean, they are not operators. They have a really small lean team and they invest non-op, which means, yes, they are working interest. [00:24:56][13.9]

Stuart Turley: [00:24:57] And good management. [00:24:57][0.4]

Michael Tanner: [00:24:58] Good management, but they don’t necessarily all they do is they’re just managing the assets from a non-operated interest standpoint. They had a record adjusted even at 325 million. Obviously that’s non-GAAP. So we’d have to read the fine print on that. [00:25:11][13.6]

Michael Tanner: [00:25:11] On record quarterly production, about 87,000 Bowie per day that’s 62% oil, an increase of 23% from the first quarter of last year, 83 million of free cash flow. Despite increased development activity and volatility in commodity prices, they closed an acquisition of 39.9% non-operated working interest in a project out there in the Permian Basin for $319 million, which is absolutely crazy great for them. [00:25:37][25.9]

Michael Tanner: [00:25:38] They declared a dividend of $0.34 per common share, an increase in 13% from fourth quarter and declared a 37% common dividend for the second quarter of 2023, representing a 9% increase in the first quarter, repurchased 9 million shares and retired about 19 million of eight and a half or eight and a quarter senior notes and increase their repurchase authorization for their senior notes by 100 million all around good news for Northern. They continue to chug along. Stewart non-Op continues to win, in my opinion. [00:26:06][28.3]

Stuart Turley: [00:26:07] Yep. As long as they got good management, you can get slaughtered. If you have bad management. [00:26:13][5.9]

Michael Tanner: [00:26:14] Yes, you can Stu anything they need to be watching out for this week. [00:26:16][2.7]

Stuart Turley: [00:26:17] It’s going to be pretty crazy. I just want to give a shout out to all of our fans that are listening out there. It is just crazy how popular the show is. Michael and the feedback I’m getting is that you’re always doing a ben tastic job, so thank you and save the whales and the kids. Thank you very much. [00:26:31][14.0]

Michael Tanner: [00:26:31] I don’t know who you’re talking to, but I’m sure they’re lying to you. We appreciate you guys. We’ll let you get out of here hope you have a great week for Stuart Turley on Michael Tanner World’s greatest website Guys EnergyNewsBeat.com we’ll see you tomorrow. [00:26:31][0.0]