Daily Energy Standup Episode #131 – Protesters Fight for Climate Justice as Shell Shareholder Meeting Turns Tense

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Climate protesters dragged away from Shell shareholder meeting: ‘Go to hell!’

Climate change protesters were dragged away as they tried to storm the stage at Shell’s shareholder meeting Tuesday, while activist investors added pressure with a resolution demanding the global oil and gas giant beef up its emissions […]

Beijing and Washington Are Battling Over Africa’s Green Future

In March 2023, three renewable energy players—Conjuncta from Germany, Infinity from Egypt, and Masdar from the United Arab Emirates—signed an agreement with Mauritania’s government to develop a colossal green hydrogen project in the country, worth […]

S&P Global Warns That A U.S. Default Would Wreak Havoc On Global Energy Markets

As the standoff over raising the debt ceiling continues, the United States is potentially days away from running out of cash and defaulting on its debt. S&P Global Commodity Insights has warned that a U.S. […]

Climate Act Reality Strikes As New York Admits it Needs Gas!

Suddenly, in order to implement the Climate Leadership & Community Protection Act (Climate Act) net-zero transition the Integration Analysis, the New York Independent System Operator and the New York State Reliability Council all agree that a new resource […]

ExxonMobil Sells Williston Assets

Chord Energy Corp. has entered a deal to acquire hydrocarbon development areas in the Williston Basin owned by ExxonMobil Corp. for $375 million. The definitive agreement with XTO Energy Inc. and affiliates, which are ExxonMobil […]

Highlights of the Podcast

00:00 – Intro
03:49 – Climate protesters dragged away from Shell shareholder meeting. Go to hell
08:46 – Beijing and Washington are battling over Africa’s green future
11:12 – Climate Act really strikes as New York admits it needs gas
13:30 – Market Updates
13:43 – S&P Global Warns That A U.S. Default Would Wreak Havoc On Global Energy Markets
14:36 – ExxonMobil Sells Williston Assets
17:07 – 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 Thursday, May 25th, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas Texas, joined by the executive producer of the show, the purveyor of the show and the Director and Publisher of the world’s greatest website, EnergyNewsBeat.com Stuart Turley, my man. How are we doing today? [00:00:38][23.5]

Stuart Turley: [00:00:40] Its a Beautiful day in the neighborhood, Man! We got us another whopper of a show. [00:00:44][4.1]

Michael Tanner: [00:00:45] These are some absolutely insane things have happened. Stu, First up on the menu for today, this one is probably one of the crazier stories we’ve had in a few months. Climate protesters dragged away from a Shell shareholder meeting. Quote, Go to hell. This is an absolutely wild story about what went on at today’s Shell shareholder meeting Stu will dive into all of the juicy details. [00:01:06][21.8]

Michael Tanner: [00:01:07] Next up, Beijing and Washington are battling over Africa’s green future. This is really surrounding the context of Africa is becoming one of the most critical players in the new energy future they have a lot of obviously rare earth and critical minerals that are much they have a lot to do with this, quote-unquote, new green economy. They also have a lot of natural gas and it’s very interesting how things are being sliced up Stu will cover those geopolitical batters. [00:01:33][26.3]

Michael Tanner: [00:01:34] Next up, this one, Spooky, guys. S&P Global warns that a U.S. global default would wreck Havoc on global energy markets. Dun dun dun. I don’t think this really comes as a surprise to anybody who follows the markets. I know Stu was saying when I when he originally said, easy go this one. Spooky. But it’s Duh! because. Yes, you know, I think the global energy markets will not perform terribly well and Stu will dive into what S&P is saying about that. [00:01:57][23.4]

Michael Tanner: [00:01:58] Next up, Climate Act reality strikes as New York admits it needs gas, which is always good. We love a good climate hypocrisy stories so Stu will cover what’s going on with our friends in New York. Our second favorite state behind California by California. [00:02:13][15.7]

Stuart Turley: [00:02:15] Now Germany, California and New York. Okay. [00:02:18][3.0]

Michael Tanner: [00:02:18] Hey, the same thing. Stu will give it over to me I’ll cover what’s going on in the oil and gas markets. We saw a crazy EIA draw around 14.6 million barrels. Oil prices were buoyed a little bit to 74 20, offset by the fact that the overall markets did not do well today. We saw a little late rally throughout the day. But really with some overall softness subsequently around the debt ceiling. [00:02:40][21.9]

Michael Tanner: [00:02:40] And then we did see a little bit of a very small divestiture from Exxon in Williston they go ahead and sell two core cord energy for 375 million. I will cover all that and a bag of chips, guys. But first, check us out online world’s greatest website www.EnergyNewsBeat.com which were all the stories we were about to cover come from. I promise you you will stay up to speed if you check that link every day. Hit it. If I was on YouTube, I would say smash that like button but we’re not we are on YouTube but I’m not a YouTuber, If I was 16, I’d say Smash that like button, but don’t. [00:03:15][34.7]

Michael Tanner: [00:03:16] But seriously, Stu does a great job of curating the website, making sure it’s up to speed with everything that you need to stay on the Energy News. There’s so much that happens, guys. It’s all over the place Dashboard.EnergyNewsBeat,com the best place for your energy and data news combo we’re working on building that too out slow and steady. It’s going to go behind a paywall at some point, guys, so get it while you still can. Where do you want to start things off, Stu? Lots. Lots to talk about. [00:03:39][23.2]

Stuart Turley: [00:03:40] Let’s go ahead and start, as was some climate protesters. You gotta Love it! [00:03:43][3.4]

Michael Tanner: [00:03:44] This is one of the crazier stories that has has come our way in a while. [00:03:48][3.9]

Stuart Turley: [00:03:48] Okay. Climate protesters dragged away from Shell shareholder meeting. Go to hell. I’m sorry. This one had a video with it out of the New York Post, but I just left it out of the story because we’re going to have our Mrs. Producer, you know, fly in the picture cause they’re just as funny as the video. Michael Shell Chairman Andrew Mackenzie could not start the meeting for more than an hour as dozens of protesters stood up shouting and saying, Shut down, shell, go to hell, Shell. [00:04:24][35.5]

Michael Tanner: [00:04:25] Hey, it’s catchy at least. [00:04:26][0.8]

Stuart Turley: [00:04:26] It is. Hey, do, do, do, do, do, do. Okay, Let’s take a look at the first one. The first guy coming across that Mr. Producer is going to bring up is a guy laying there looking at the camera and he’s looking at it. Michael, Everybody else is Looks like they’re being held in terror as they’re their hostages. And then you look at this one guy going, I’m taking a nap. I mean, he’s busy. How do you be a protester like that? Then you take a look. Let’s go slide down to…. [00:04:54][27.7]

Michael Tanner: [00:04:54] You’ve got like and then you’ve got like a Latin on the right like just looks like he’s he’s took one too many edibles and is just chilling out like, oh I’m here and Shell oh, I didn’t know this is what we were doing today. I don’t know You said get in the van so I’m. [00:05:08][13.4]

Stuart Turley: [00:05:08] Here. Yeah. I’m wondering how much they got paid a banana cookie, I’m not sure and then when you go to the next picture, this lady looks like she’s related to a donkey. I think I don’t want to get in trouble. Shut down, Shell and she’s can you tell if she’s neighing or whinnying or. [00:05:29][21.0]

Michael Tanner: [00:05:30] I think it’s Neighing. [00:05:31][0.6]

Stuart Turley: [00:05:32] Neighing. [00:05:32][0.0]

Michael Tanner: [00:05:32] Thats the Correct term. [00:05:32][0.6]

Stuart Turley: [00:05:33] Okay. And then let’s go to the next guy he is being hauled down he looks like just absolutely a hoop. Michael, what do you think this guy looks like? He did. He did something really bad. [00:05:45][12.1]

Michael Tanner: [00:05:46] This guy, I bet, is a this guy is he’s a pain in real life. I bet. Like to get to the point where you’re going to get I mean, it’s just. [00:05:54][7.3]

Stuart Turley: [00:05:54] That’s bad experience podcast listeners he is being Polite [00:05:59][4.5]

Michael Tanner: [00:05:59] Theyve got him by his both his legs and his arms. He’s literally on all fours they’re carrying him out. [00:06:04][4.9]

Stuart Turley: [00:06:04] Oh, yeah and none of these guys that are bouncing him are lightweights. [00:06:07][2.8]

Michael Tanner: [00:06:08] Yeah, that guy in the back is smiling a little bit he knows what’s going on he’s like, this dude’s insane. [00:06:13][4.3]

Stuart Turley: [00:06:14] Yeah, he knows this picture is going viral. [00:06:15][1.8]

Michael Tanner: [00:06:17] Yeah, I’m going to be a he’s you know exactly what he’s thinking I’m going to be on the Energy News Beat later. [00:06:21][4.8]

Stuart Turley: [00:06:22] Oh, yeah. Hey, if you’re listening, Mr. Big Guy in the background, we want to interview you as you were tossing them out. So and then let’s go to the next one here, and then we’ll get to the real me to the story. [00:06:34][11.7]

Stuart Turley: [00:06:34] Ms.. Producer, can you haul in that one lady, and this one was a lot different she’s in the in the room itself. There is a gentleman and she’s got her dress down and I mean, they’re picking her up and she’s looking like she really could go to the bathroom I’m sorry for saying that. [00:06:54][19.7]

Stuart Turley: [00:06:55] But doesn’t it look like she’s a kid that is going I’ve got to go to the bathroom and her dad is talking to her right there and he’s like, if you don’t, I guarantee you he bought her one too many candy canes at the grocery store and she’s throwing a temper tantrum. [00:07:11][16.5]

Michael Tanner: [00:07:12] Okay. Oh, I don’t know what I don’t know what’s worse, that or the one below it where it’s the old lady who refuses to get up. [00:07:20][7.8]

Stuart Turley: [00:07:20] Oh, yeah and she’s screaming I’m like, This is absolutely a hoot. And yeah, I mean, you just got to love it. Now, here’s some things that are in here this is entertainment. [00:07:31][11.1]

Michael Tanner: [00:07:32] Why were they protesting? So that was funny but why were they protesting? [00:07:35][2.7]

Stuart Turley: [00:07:37] The activist, including members from Greenpeace Extinction Rebellion, say Shell and other fossil fuel firms are making record profits at the cost of the environment. Nobody bothers to tell anybody. Two things, Michael Record losses that it takes to get to this point of record profits. And Michael, do you think any of those protesters had cell phones? [00:08:00][23.2]

Michael Tanner: [00:08:01] Yeah, they were all probably tweeting about it from there. [00:08:02][1.6]

Stuart Turley: [00:08:03] Yeah, well, guess what? You got to have oil to get a cell phone. [00:08:06][3.3]

Michael Tanner: [00:08:07] Hello? Hello, McFly. Hello. [00:08:09][2.5]

Stuart Turley: [00:08:10] All righty. I mean, you got to have oil in order to get normal society they’re missing the point. Let’s have a talk about how to get to carbon net zero in the fastest, most efficient way. But that’s for a whole nother story anyway, I got really tickled at this. [00:08:26][16.0]

Michael Tanner: [00:08:26] Yeah. I mean it’s it’s you’re going to start seeing a lot more of this I’m surprised. You know right now it’s in the UK. It makes sense, but it’s only a matter of time before it’s Chevron they’re going to be doing sit in at Chevron I mean, this is this is coming to America. [00:08:39][12.2]

Stuart Turley: [00:08:40] As soon as Soros gets a good idea, he’s going to be bands and people to do it. So let’s go to the next one here. Michael. Okay. Beijing and Washington are battling over Africa’s green future. This one, chaps, my chicken. I am really not too pleased with how the West has been really trying to take advantage of Africa. They try to go out and Africa is home Michael, you and I both know how much critical minerals are there. [00:09:10][30.5]

Stuart Turley: [00:09:11] And three renewable energy players can chunk it from Germany, Infiniti from Egypt and Masdar from the United Arab Emirates. Sign an agreement with Mauritania’s government to develop a colossal green hydrogen project in the country worth a staggering 34 billion. This ambitious project aims to produce up to 8 million tonnes of green hydrogen a year. Okay. Do you know what you could do with $34 billion of natural gas infrastructure? [00:09:46][35.2]

Michael Tanner: [00:09:48] I mean, you could do so much more. I mean, I think that’s the unfortunate part is a lot of money. [00:09:52][4.2]

Stuart Turley: [00:09:53] Unfortunate part let’s get them some electricity and then let’s go to the next where, you know, let’s take them in a step. I understand let’s get there. But we’re abusing their land now why don’t we work out an arrangement on this? [00:10:10][17.0]

Stuart Turley: [00:10:11] Let’s say we take some of your critical minerals at a fee at a higher rate let’s let them make a lot of money. Let’s make sure they’re not hiring kids, abusing kids, and then let’s let them buy at cost or whatever but let’s treat them with respect. This is treating them unmercifully wrong, in my opinion. [00:10:34][23.4]

Michael Tanner: [00:10:35] Yeah. I mean, as always, Africa’s going to get it is going to take it in the drive-through they’ve done it for centuries now.drive-through They’ve taken it in the drive through in more ways than one. They’re going to continue to take it to the drive-thru on this one. And unfortunately, it should be U.S. policy to make sure that doesn’t happen. But unfortunately, we’re about to be the center of it. [00:10:51][16.8]

Stuart Turley: [00:10:52] Oh, I it’s just it makes me airsick, and uhm oh, the African reporter I absolutely love. If you ever listen to the show on Twitter, I’ll get his name, put it in the show notes he’s always welcome on here so we can talk about Africa and energy. [00:11:09][16.6]

Michael Tanner: [00:11:09] Yeah. Okay. What’s next? [00:11:10][1.1]

Stuart Turley: [00:11:11] Let’s go to Climate Act really strikes as New York admits it needs gas. Oh, Michael, I am so proud of you. In the beginning of this show, you said, you know, energy hypocrisy is real it is the net suddenly, in order to implement the Climate Leadership and Community Protection Act, the Climate Act, net zero transition, the integration analysis, the New York superintendent systems operator in the New York State State Reliability Council all agree that a new resource that has all the characteristics of a natural gas fired turbine turbine but no emissions is needed. [00:12:00][48.8]

Stuart Turley: [00:12:01] New York Public Service Commission has initiated a process to identify technologies that can close the gap between the capabilities of renewable energies and future systems. You know what that is? [00:12:14][13.1]

Michael Tanner: [00:12:15] That’s natural gas. [00:12:16][0.7]

Stuart Turley: [00:12:18] No. [00:12:18][0.0]

Michael Tanner: [00:12:20] But I mean, you got to read down here. I mean, read down here they specifically talk about the dispatchable part of why they need to they need this. They specifically say the New York you know, they all agree that a new resource provides all of the services of an existing natural gas fired generator used without the emissions is needed. [00:12:38][17.3]

Stuart Turley: [00:12:38] Right but if you go in and electrify everything possible and power the electric grid with zero emissions generating resources by 2040, if you pulled all the resources or carbon capture or all that other kind of stuff, yay! do it on natural gas that’s cheaper than putting in wind farms, solar panels, killing kids. You know, it it’s a lot cheaper to do it that way. [00:13:04][25.3]

Michael Tanner: [00:13:04] I mean, when New York starts telling me we need natural gas, like, believe, like, believe him. [00:13:10][5.7]

Stuart Turley: [00:13:10] Oh, yeah, But this is going to go in one climate activist ear and out another. [00:13:16][5.7]

Michael Tanner: [00:13:17] You know, getting out. [00:13:18][0.9]

Stuart Turley: [00:13:18] And they’re going to then they’re going to be there’s at the next shell meeting. Okay, Now, that’s it for me, man that was a great, great show today. Yeah. [00:13:27][8.6]

Michael Tanner: [00:13:28] We’ll wrap it up fairly quickly, guys. Oil trades up to 72 excuse me, 74, 22. That’s up about a quarter by about a full percentage point, maybe about three quarters of a percentage point on the aggregate, mainly due to a few things. I mean. [00:13:42][14.0]

Michael Tanner: [00:13:42] Obviously we saw the overall global markets down heavy during the morning trading session, do rally a little bit in the afternoon, but things ended about three quarters of a percentage point down. The dollar did or the dollar did finish up, which is interesting. Why why does oil finish up when it was a 14.6 million barrel draw from the Strategic Petroleum Reserve. You can check that out Dashboard.EnergyNewsBeat.com you see that right there on the home page there. [00:14:08][25.5]

Michael Tanner: [00:14:08] One of the larger draws and very unexpected. We saw the API come out on Tuesday and said it was going to be somewhere in the 6 to 7 range, 14.6 huge enough to really kind of stabilize markets, you know, with all of what’s going on globally. We just kind of talked about, you know, default, you know, why defaulting on our debt is going to be absolutely terrible on the global energy markets you know, we will continue to cover all of that. [00:14:33][25.4]

Michael Tanner: [00:14:34] Really the only other thing I think that happened that was interesting was Cord Energy they went ahead and acquired a deal in the Williston Basin, owned by Exxon for about 375 million. It’s about 62,000 acres. 70% of that acreage is undeveloped. [00:14:46][12.8]

Michael Tanner: [00:14:47] So to give you an idea, here’s my favorite thing going back to location Stu upon closure of the transaction, the Houston city based exploration production company would have 123 net 10,000 foot equivalent locations. What are those? What are those locations? How do they classify those? I’m going to tell you that’s what I’m interested in, How do they classify them? [00:15:09][22.2]

Michael Tanner: [00:15:10] Let’s go pull a press release. Let’s. The press release? Did they did they throw a number out in the press release? Here we go, Chord energy analysis. Give me. [00:15:17][7.6]

Stuart Turley: [00:15:17] Get the dirt, Michael. Go, Michael, go, Michael. [00:15:19][1.9]

Michael Tanner: [00:15:20] Nah.. they really have anything interesting? Tier one. Okay. No, they got these low cost tier one assets. So all one of all 123 of these 10,000 foot locations. Okay are tier one,. [00:15:33][12.7]

Stuart Turley: [00:15:33] Is that is that an IR tier one and IR Man of the week?. [00:15:36][3.0]

Michael Tanner: [00:15:37] Okay no no guy of the and I don’t know where this acreage is I’d have to look but I’ll go out on a limb and say they’re not all tier one. Now who knows? We’ll see. We’ll see. It is 100% held by production, which is helpful. So you don’t have to really drill these you can keep rolling these into, oh, look, we’ve got locations, let’s just roll it in but we’ll see even cities choke it up a long back there thinking about those locations. I mean, I’m with you, Sandy. It’s it’s horrible. [00:16:06][29.0]

Stuart Turley: [00:16:07] She’s yakking up a bone. [00:16:08][0.7]

Michael Tanner: [00:16:09] Yeah, no kidding. You know? Oh, she’s like, what is our what’s that from my. Oh, what’s that movie? Christmas vacation I was just hacking up a bone is what it is. You got anything else, Stu? It’s our last show for the week we got a weekly recap tomorrow. What should people be scared about going into the weekend? [00:16:25][15.8]

Stuart Turley: [00:16:27] The missing tons of nitrate. [00:16:31][4.3]

Michael Tanner: [00:16:32] The Ammonium we’re still on that. Okay. [00:16:33][1.1]

Stuart Turley: [00:16:34] I did a calculation that is 18 Oklahoma City bombings of fertilizer that is missing. [00:16:41][7.0]

Michael Tanner: [00:16:41] That’s scary. I’m good. I’m good. I’m good. I’m good. I’m good. So. [00:16:45][4.0]

Stuart Turley: [00:16:46] Right. Hey, we’ll have a great one Michael, great job today. [00:16:49][2.5]

Michael Tanner: [00:16:49] Yeah. Well, we appreciate you guys we will see you on Monday. Have a great weekend, Enjoy the weekly recap tomorrow and stay strong out there, We’ll see you Monday! [00:16:49][0.0]