Is the White House is releasing 26 million barrels – Are they manipulating the oil market to lower prices so they can replenish the SPR?
Today’s Top Stories
U.S. to sell 26 million barrels of strategic reserve oil mandated by Congress
Energy crisis: Europe’s spend to shield consumers nears €800 billion. Where is the money going?
U.S. natgas fall 3% on milder weather despite Freeport LNG return
Biden’s Offshore Energy Boss Says Climate Crisis Is Opportunity
Highlights of the Podcast
00:00 – Intro
02:52 – European gas slides on signs of worst energy crisis averted
05:29 – The U.S. to sell 26 million barrels of strategic reserve oil mandated by Congress
09:02 – Energy Crisis Europe’s spend to shield consumers nears £800 billion.Where’s the money going to?
11:49 – The UAE is worried about an oil supply shortage in 2024
16:46 – Biden’s offshore policy boss says climate crisis is an opportunity
27:48 – Outro
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Daily Energy Standup Episode -61
Automatic Transcription Edited for Grammar. We disavow any mistakes unless it makes us better-looking or appear smarter.
Michael Tanner [00:00:07] What is going on, everybody? Welcome to another edition of the Daily Energy News Beat. Stand up here on this gorgeous Wednesday, February 15th, 2023. As always,.
Michael Tanner [00:00:18] I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas,.
Michael Tanner [00:00:24] Joined by the executive producer of the show, the purveyor of the show and the director and publisher of the world’s greatest website, EnergNewsBeat.com, Stuart Turley, My man. How we doing today?
Stuart Turley [00:00:34] This is Beatle day and neighborhood man. I felt like I was a squirrel in a cage running around on a hoop. Today is a great day.
Michael Tanner [00:00:41] Yeah, that’s a that’s a heck of an analogy. I’m going to have to put that one in the bank to remember that. I just picture you on a hamster wheel, losing your mind.
Michael Tanner [00:00:51] But you stayed sane enough to line up a great show in reality, I think we have some great articles.
Michael Tanner [00:00:58] First article we’re going to cover today, guys. [00:01:00]European gas slides on signs that the worst of the energy crisis has been averted. [5.1s]
Michael Tanner [00:01:06] Next article We have as [00:01:07]U.S. to sell 26 million barrels of strategic crude oil reserves mandated by Congress [6.6s] when you think they couldn’t get any dumber.
Michael Tanner [00:01:18] Next, we have [00:01:19]Energy Crisis. Europe’s spend to shield consumers nears €800 billion. [6.1s] Where is the money going to? We’ll dive into the audit of where it’s all going.
Michael Tanner [00:01:30] Next. We have the [00:01:31]UAE is worried about an oil supply shortage in 2022. [3.1s] I’m fascinated by this one. I’m very interested in what their analysis shows. Clearly, they’ve got Goldman Sachs running
Stuart Turley [00:01:43] Clearly, I was about to say that.
Michael Tanner [00:01:45] I mean, it’s it’s clear. Next article, it was [00:01:47]Biden‘s offshore energy boss says climate crisis is an opportunity. [3.6s] I mean the old saying goes never let a good crisis go to waste. Stu will then kick it over to me.
Michael Tanner [00:01:59] I’ll quickly talk about what happened in the overall markets, specifically the crude oil and natural gas markets. Freeport starting some exports. I think that’s part of the reason why we’re seeing prices on the natural gas side up. Also some mixed whether crude oil currently trading about 7874. I will cover all that and a bag of chips guys.
Michael Tanner [00:02:17] But first as always check us out world’s greatest website www.energynewsbeat.com you will literally become smarter the more you go to it hit it all the time all day every day.
Michael Tanner [00:02:30] If I was a YouTuber and I was a kid, I would say smash that like but but don’t. Lightly tap, follow or bookmark it on your computer be convenient energynewsbeat.com. I love the pleasantries tho Stu. Where do you want to begin?
Stuart Turley [00:02:47] You crack me up. Okay, let’s start with European gas slides. Okay. [00:02:52]European gas slides on signs of worst energy crisis. Worst as the energy crisis averted. [6.9s] All right, let’s cover some of this and I’m going to go hogwash here in a second.
Stuart Turley [00:03:07] Europe’s fears are rationing. Blackouts haven’t materialized due to a combination of a couple of things Mild weather curbed heating demand, while the content raised due in the continent, not not in continent like Joe Biden, but continent, so raced to import liquid natural gas to offset pipeline flows.
Stuart Turley [00:03:32] Well, we know in one of our earlier podcast, we talked about Norway picking up a big chunk, and that is huge for Norway as well as Europe.
Stuart Turley [00:03:45] But in addition, several nuclear reactors have returned to service in France, which has extended its outage in its fleet the return of Germany’s German reactor before its final closure in April with another unit in Slovenia has also been beneficial.
Stuart Turley [00:04:06] Let me explain something here, Michael. The explain away, baby.
Stuart Turley [00:04:14] Nuclear reactors, 50 ballpark reactors in France, 25 are operational again give or take one or two and the maintenance has been so bad on those things that I don’t know how long they’re going to keep those going.
Stuart Turley [00:04:33] So nuclear reactors are not something that you should go to the lowest contractor or have no maintenance. How long can this go on that they’re out of the woods?
Michael Tanner [00:04:45] Okay, that sounds fine. So now we’re we’re low balling nuclear maintenance and creating thermal reactors that are prone to destabilization in the heart of Europe. That’s great. Sweet. That’s fine. That’s fine.
Stuart Turley [00:05:00] But as we get excited about nuclear and we get excited about going to net carbon, net zero maintenance is critical and for the last 15 years, the French have not paid attention to it. So this article is all we-eee. But it’s not.
Stuart Turley [00:05:18] So let’s go to the next one.
Michael Tanner [00:05:22] Let’s go to the next one.
Stuart Turley [00:05:24] Hey, let’s cover this one. You can’t beat a story like this with a dead horse. [00:05:29]The U.S. to sell 26 million barrels of strategic reserve oil mandated by Congress. [6.4s]
Stuart Turley [00:05:37] All right. That dead horse just got up, and we’ve been beating it again like you wouldn’t believe. I thought that dead horse was all done and dead.
Stuart Turley [00:05:45] [00:05:45]The department has considered canceling the first fiscal year 2023 sale. Of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. [13.0s]
Stuart Turley [00:06:00] Here’s the catch. And Michael, we talked about this a few weeks ago.
Stuart Turley [00:06:04] Average price that was in the strategic reserve was $26 a barrel. The average cost, when you consider the amount of money, cost of capital and everything else, even at today’s price, is well over $85 by the time you put in cost, the capital costs and everything else.
Michael Tanner [00:06:28] Absolutely.
Stuart Turley [00:06:29] Guess where all that money went?
Michael Tanner [00:06:32] You know, probably back into MAXINE Waters pockets.
Stuart Turley [00:06:36] Absolutely. You’re well done, my young.
Michael Tanner [00:06:38] I’ve learned from the best. Was that the right answer?
Stuart Turley [00:06:42] That was the right answer, dude. We’re going to the next one.
Michael Tanner [00:06:46] Well, I don’t know what time you got to give me a chance to comment on the stupidity. You can’t let me pass me over. I mean, there’s not much more I want to add. If only if you didn’t. Did they not?
Michael Tanner [00:07:03] I mean, what I love is that, you know, I think these movies remember, they were trying to buy oil at 69 to $72. That was the stated goal of the administration.
Michael Tanner [00:07:16] So what I think this 26 million barrel release is, is a last ditch effort to get the price down to 72 so they can buy and replenish exactly what they claim they did so if anything, this is them trying to influence the oil markets. I mean, it’s insane. The U.S., the you know, the Jennifer Granholm is the world’s most influential oil trader. Ooh, that’s spooky. Ooh, that’s.
Stuart Turley [00:07:40] Well, let me give you my one and a half cents that is actually worth less than that. Now,. What you’re seeing is me. And at my age, it’s probably deflation.
Stuart Turley [00:07:54] But when you sit back and take a look, the if the Biden in the House right The House of Representatives, the House as we I’m sorry, that was running the House last week.
Stuart Turley [00:08:16] But the House last week voted in order to try to get a bill for not selling the SPR, the SPR to China. Guess what the Biden administration is going to do this before they can get it even approved or through the Senate.
Stuart Turley [00:08:34] They’re going to get this SPR sold so they can sell it to China and last time Sunoco or Boehner heightens Boehner, Hyde and Hunter Biden’s company bought it. So anyway, thanks for. Let me get that off my chest.
Stuart Turley [00:08:51] Good to see you. We couldn’t go whole show measuring machine. Hunter Biden, what do you got next for us?
Stuart Turley [00:08:57] Oh, yeah. Let’s cut that one up before I lose that blood vessel again. Okay. Energy crisis. [00:09:03]Europe’s spin shield to the consumers nears £800 billion or euros. Where’s the minor money going? [10.5s]
Stuart Turley [00:09:15] You got to like this one. How much money have the European countries spent on the country? Energy crisis. Norway spent €8.1 billion, according to the Bruegel analysis. Britain allocated €103 billion. And now here’s the funny part of this, Michael, in a different article.
Stuart Turley [00:09:46] Russia. Are you holding up your hand for a podcast? Listeners? Are you asking me to hold and hope them reading, Oh, okay, your hand was up and I was like, Wait a minute, I’m waiting on the edge for the great Michael to say something now. Okay, There’s.
Michael Tanner [00:09:58] Not much going on. There’s not much going on in here. Trust me.
Stuart Turley [00:10:01] Okay, so Russia is now busted because they’re selling oil more than the sanctions, more than the $60. So that’s playing into their sanctions could have saved a lot of money by not doing them the way they did. So let’s come on down here to this other part here.
Michael Tanner [00:10:22] My only question is this do so where is this this 800 billion? Is that just going into the pockets of like energy companies to sub? Is it direct payments to oil and gas or natural gas electrical providers? Is it rebates on rebates?.
Stuart Turley [00:10:36] On? It is grades, electrical providers to try to offset the rise in prices, to hold it down for consumers? Here’s the price..
Michael Tanner [00:10:47] I see. So a natural gas, electrical, so a natural gas plant buys it at market price, which they can’t afford anymore because it’s $97,000 for an embassy that’s over in Europe.
Stuart Turley [00:10:58] Right.
Michael Tanner [00:10:58] Then half due, then that’s okay. That makes more sense in my mind.
Stuart Turley [00:11:01] It does. However, there is graft going on and in there it is saying that you go back and take a look.
Stuart Turley [00:11:12] What happens any time companies get money that’s designated for clients, for consumers they pocket part of it.
Stuart Turley [00:11:19] What happened when Tesla and all the EVs or Ford or any of these others that were coming out with cars and at the tax break, all of a sudden they all increase their car prices by within a dollar of the tax breaks.
Stuart Turley [00:11:37] So it’s not going to do anything for the consumer. So anyway, I’m with you.
Stuart Turley [00:11:43] What do you got next?
Stuart Turley [00:11:44] Yeah. Both of us are going to kick that one down again. This next one is kind of fun. [00:11:49]The UAE is worried about an oil supply shortage in 2024. [6.2s]
Stuart Turley [00:11:56] Michael. My head’s exploded. It used to be supply. It used to be demand. Now we got geopolitical. We got MAXINE Waters running around. I don’t even know what to think anymore. However, this is like our article yesterday.
Stuart Turley [00:12:14] The industry has been plagued by several years of chronic underinvestment. OPEC’s Secretary General, Haitham Al. Gas, I believe, is how you pronounce it, said earlier this week. So there all everybody. We’ve been saying it for a long time that the world needs, I think, two and a half trillion dollars of investment just to keep our decline curves from failing, let alone a bump in demand.
Stuart Turley [00:12:46] There was another article that came across the news desk today that said demand in the U.S. gasoline market is going up.
Stuart Turley [00:12:54] So I can see why they’re saying that in this. What are your thoughts?
Michael Tanner [00:13:02] Well, I mean, I think they’re hinting at something that is definitely true. I mean, they these guys intimately are aware of base in wide countrywide declines in terms of their ability to, you know, bring new wells online. I mean, if there’s anybody there’s anybody that’s more intimate or aware of that,.
Michael Tanner [00:13:21] It’s places like Saudi Arabia, places like the UAE. It’s places where they rely so heavily on oil and gas that runs their country that they’re they’re intimately aware at the top levels that, you know, oil wells decline.
Michael Tanner [00:13:34] I don’t think, you know, the average person would think in oil, when you push oil wells, it produces oil. Well, no, it fades over time and a lot of times, especially today, it fades really quickly.
Michael Tanner [00:13:46] You get majority of your production back in that first 6 to 9 months and then the rest of the year, you better hope you’ve paid out or close to pay out because then you’re going to steady off at a much, much lower rate than that thing turned on at. So.
Michael Tanner [00:13:58] I think for people who don’t get that, which is pretty much everybody not in the energy business, it can be a little wonky when you think, well, how why can’t they just grow production? They’re drilling wells. Yeah, well, the wells are the drilled last year, you know, we’re not quite are now doing way worse than the new wells the drilling, the new wells, the drilling aren’t quite coming in as high as the old ones. But that’s the other thing I think about.
Michael Tanner [00:14:19] These new wells aren’t as productive as the old wells that we drilled. Why? Because it’s depleted. I mean, there’s only you know, yes, there’s a lot of oil still left, but there is only so much oil out there. You can’t just go out and just poke a hole anywhere and find it. So I think it’s a combination of anything.
Michael Tanner [00:14:35] I mean, they do have obviously a vested interest in high oil, high oil prices and I think this is part of their their hope in them saying this is going to hopefully keep prices where they’re at and if this actually comes true, it’s great for them because they’re going to they’re selling enough oil that at $100, Brant. I mean, they’re making ungodly amounts of money.
Michael Tanner [00:14:53] I mean, that’s they got a taste of it for like six months. They’re like, Ooh, we need that back. We need that back. That was fine. You know, everyone was partying, I’m sure infrastructure. Saudi Arabia is building some trillion dollar line city. I mean, it’s disgusting what’s going on.
Stuart Turley [00:15:08] With the cost.
Michael Tanner [00:15:09] We will do a podcast from that hotel, by the way.
Stuart Turley [00:15:12] Oh, yeah. And oh, you bet. And so when you take I was visiting with. Oh, the head ambasador.
Michael Tanner [00:15:23] NBS?
Stuart Turley [00:15:23] Yeah. No, not NBS, but he. Novak.
Stuart Turley [00:15:28] He was….
Michael Tanner [00:15:29] Sandra Novak, the energy secretary from Russia. How he knew you were a Kremlin?
Stuart Turley [00:15:36] No, actually, he was. The this Novak was over there Gas Corporation. I met at an energy conference, and we were talking about the gas, Gazprom and so he was actually one of the hedge monkeys over there at the Gazprom.
Stuart Turley [00:15:54] They bring the market and their cost, Michael, is less than $0.15.
Michael Tanner [00:16:01] Mm hmm. Wow. It’s insane.
Stuart Turley [00:16:05] It’s invade dead..
Michael Tanner [00:16:06] 15, set lifting courses. Absolutely In…
Stuart Turley [00:16:09] I never I had to I had to ask that again in my broken English that is usually a cross between Texan and Oklahoman. He barely understood that. But I say
Michael Tanner [00:16:21] Think about it. There’s a whole industry of land. Men that don’t exist in Saudi Arabia.
Stuart Turley [00:16:25] No. In Russia.
Michael Tanner [00:16:26] There’s. There’s literally an entire wing of the business that doesn’t exist in Saudi Arabia because they don’t they don’t they don’t need to go run title.
Stuart Turley [00:16:35] Now or.
Michael Tanner [00:16:36] Pretty Obvious. It’s oh, who owns this.
Stuart Turley [00:16:39] Or royalties or anything else. That’s right. You got it dead on, right? Well done.
Michael Tanner [00:16:44] What’s next?
Stuart Turley [00:16:46] Biden’s offshore policy boss says climate crisis is an opportunity. What did you say? The Democrats always say.
Michael Tanner [00:16:56] Never let a good crisis go to waste.
Stuart Turley [00:16:58] I’m going
Stuart Turley [00:16:58] Change that phrase.
Stuart Turley [00:17:01] Let’s change it from now on to politician, because I don’t care if you’re Republican or Democrat. If you’re anybody with it, suppose it elected official.
Stuart Turley [00:17:10] Do not let a thing go. I’m tired of all of them. Okay, let’s move on. Let me get.
Michael Tanner [00:17:17] They’re tired of you to stew. I hope I hear you, too.
Stuart Turley [00:17:21] I can’t wait to meet some of them and make them mad again. Okay. This one gets me kind of worked up from the standpoint [00:17:28]The President has been clear we are in a climate crisis. [4.6s]
Stuart Turley [00:17:34] We have a responsibility as the federal government to do something about that and we can turn that opportunity into transition. Cleaner sources of energy, Clean told Bloomberg in her first interview in her new role.
Stuart Turley [00:17:48] At the same time, focus will be done doing it on the way that supports communities while tapping Americans march and innovation, she added.
Michael Tanner [00:18:00] Yeah. I think it is interesting, though, they also point out in this article that they’re still planning as much as 11 auctions for offshore oil and gas leasing between mid 2023 and 2028. So they’re they’re they’re only going so far.
Stuart Turley [00:18:16] And in which which of the leases and those kind of things.
Stuart Turley [00:18:20] [00:18:20]Under the Inflation Reduction Act, the government’s ability to issue new renewable energy rights is tied to the sale of oil leases. [7.8s]
Michael Tanner [00:18:28] [00:18:28]Ahh… [0.0s]
Stuart Turley [00:18:31] That was the good thing Manchin did but it still doesn’t mean that they can they can sell the leases but what’s going to the large big oil companies are going to be nervous because they’re going to slow walk the permits.
Stuart Turley [00:18:46] Once you buy a lease, then you have to go get the permit. Once you get the permit, then you can start the process but then what happens?
Stuart Turley [00:18:54] You’re going to get somebody like Depends man, Doctor depends up there saying, Hey, wait a minute, we don’t want you know, we don’t want oil and gas. So, you know, that’s a new super superhero from DC Comics. Depends.
Michael Tanner [00:19:13] Diaper man. For all your needs.
Stuart Turley [00:19:19] For all your needs.
Michael Tanner [00:19:20] I’m the diaper man. Yeah. I mean, I’m. I’m. I’m with you. You know, I think it’s. It’s a great thing that that man she did getting that provision in there.
Michael Tanner [00:19:31] But I don’t think permitting is really going to be the issue with it I think it’s how these zones that they’re going to auction off, are they going be the best zones?
Michael Tanner [00:19:39] I mean, how much more, especially if we’re not seeing oil and gas prices, there’s a select few of companies that can buy these leases.
Stuart Turley [00:19:47] Okay. I want to ask this squirrely question. Speaking of hamsters on gerbil Will, let me ask this one. Not that, but. Okay.
Stuart Turley [00:19:57] All wind locations are good for wind. May not be good for drilling. What the. Hey, Batman. So what happens if there’s a good drilling location. And these guys, these chatter heads are only going to go over here, and they’re only going to do this area. But we. The gas is over here.
Stuart Turley [00:20:17] We got a good seismic a you know, we we go in and we know where there’s oil and gas now. But if they want the wind,.
Michael Tanner [00:20:24] Do we? Do we?.
Stuart Turley [00:20:26] A lot better than we did it on.
Michael Tanner [00:20:28] I sat in on a meeting today. We plugged the well, is what it is. Drill a dry hole. Welcome to the business.
Stuart Turley [00:20:35] Considering my granddad discovered the North Slope. Yeah. Back. Back then. Yeah, we know a lot more of that need. He was a brilliant dude. I got half his brains. Okay?
Michael Tanner [00:20:47] Not at all.
Stuart Turley [00:20:49] Well, these Thanks Dude. But he was smart.
Michael Tanner [00:20:54] What do you got next? Are you done?
Stuart Turley [00:20:57] I’m done.
Michael Tanner [00:20:58] Well, I’ll keep it pretty light over here on the [00:21:03]oil and gas market side. [1.2s] As we record the set about actually on Valentine’s Day here at about 550 or. Crude oil trading, 7881.
Michael Tanner [00:21:16] I think the big you know, kind of fascinating news that dropped today in the afternoon was the API came out we had a forecasted 300,000 barrel build. API projects 10.7 million barrel build. The EIA looks to confirm that at 10:00.
Michael Tanner [00:21:34] Probably as you listen to this on the EIA will all already have dropped their numbers. I’ll make that comes out at 10 a.m. Wednesday’s Central standard time or 1030. I think it’s one of those numbers. You could check it out. Dashboard on EnergyNewsBeat,cin for all your data updates. I would be remiss if I didn’t plug our own product.
Michael Tanner [00:21:55] Suzuki Very interesting to see how things trade relative to what that number comes in. Do I think again, Russia slowing down their supply makes it fairly simple. On the demand side, I think you can you know, the real question is,. You know, these guys like Saudi Aramco, UAE, they believe that long term we’re going to have less. We’re going to be undersupplied.
Michael Tanner [00:22:14] The real question is right now, tomorrow, day, next month, where are we at right now? I mean, I wouldn’t say it’s balance, but it’s not as tight as I think people think. So I think as we move forward into, you know, Q3, Q4, roll into 2024, things will starting to tighten up. But I think in an interim that there’s enough on both sides.
Michael Tanner [00:22:34] Looking at natural gas futures currently trading $2.58. You know, we had a little bit of a cold streak come through, which is always good. It was actually raining this morning here in Dallas and throughout that Midwest, it stayed fairly cold.
Michael Tanner [00:22:49] I think we also are prepping for the fact that Freeport has begun delivering and exporting LNG. I’m reports coming out that they’re about 50% capacity right now, which is always going to do well. So it’ll be interesting to see how much that will drive prices up considering the weakness in the overall markets.
Michael Tanner [00:23:07] But that’s really all that that’s happened in today Stu. I thought the other interesting note that really dropped right before we sat down was we had a little bit of an M&A deal. First, vital energy.
Michael Tanner [00:23:20] They announced a middle in Basin acquisition, specifically acquiring the assets of Driftwood LNG Operating LLC, or known as Driftwood Energy for industry folks to give you an idea, the deal was for 1.57 million shares of vital common stock they are a publicly traded company on the Nasdaq or excuse me, on the New York Stock Exchange and also 127.6 million of cash to give you an idea, that’s about 215 million when you would convert that stock to cash at today’s prices.
Michael Tanner [00:23:56] So about 250 million, which basically works out to their PDP. So to give you an idea, they’re. It’s about, you know, 5400 a BOE equivalent. If you go ahead and do, you know 50, you go ahead and do about a 50,000 flowing BOE you get somewhere in like the 250 range, 250 million if you do a 50,000 per following body numbers,.
Michael Tanner [00:24:23] They got a little bit less I mean, it’s a market rate. It’s a good deal. I mean, you know, driftwood, private equity backed, you know, so they’re they’re they’re they’re investment teams trying to cash out as much as they can it’s only 63% oil, 50% decline over the next 12 months.
Michael Tanner [00:24:39] So there’s a lot of oil that’s I mean, think about that right now. In 12 months, it’s going to be 2200 barrels of oil a day because it’s all these new wells they’re drilling on. Like they had a pretty successful drilling campaign to be interesting to see the economics on those because it’s lower Midland Basin. I think it’s a Wolfcamp D is what it looked like I was scoping around on their website.
Michael Tanner [00:25:01] You know, it’s up to Reagan County. They’ve got 16,000 acres maybe there’s some undeveloped locations there. 80% of the transaction value was actually allocated towards opt in so there’s where they think most of the upside is.
Michael Tanner [00:25:14] But again, you’re looking at only 63% oil so there’s a lot of liquids or there’s a lot of gas over there and at these prices about is what it is with you know it got it stopped doing a natural gas transaction.
Michael Tanner [00:25:26] Now as you know, the bachelor party was at two weeks ago, I got a guy who works in a, you know, oil and gas man, our private equity company and they were in the middle of trying to buy a gas deal and he says it’s just tough because, you know, every three days we got to update our price tags and the deals just get worse, worse, worse. Things tighten up. All of a sudden, the dynamics, it’s it’s hard to change when there’s so much flex in there. It’s really interesting.
Michael Tanner [00:25:47] He wouldn’t fork over the details. I’m working. I’m trying. I’m getting sources. Baby, we’re about to be legit news. Well, you know, some point I’m going to be breaking stories. At some point, we’re going to be we’re going to be breaking our own stories here. One day I will break story on this show. I promise you that, folks. Oh.
Stuart Turley [00:26:02] I break every story I touch.
Michael Tanner [00:26:06] No kidding. You know, congratulations to guys over Driftwood and specifically their private equity company. What’s the name of it? I think it’s a cardinal. You know, Cardellini, an energy capital.
Michael Tanner [00:26:18] I mean, to give you guys an idea, these are the guys behind the bison oil and gas folks. Grid, oil and gas. One A-10, our friend over our friend D, r, W and one energy partner. So,.
Michael Tanner [00:26:30] You know, they’re experienced in this they understood when they needed to cash out so hats all around vital get some decent assets into the stock play for a public company instead of doing share buybacks, they go acquire some assets.
Michael Tanner [00:26:42] Now I don’t hate it. Good value I think. But it’ll be interesting to see in a year how these type curves look, because they could have either, you know, they could have massively overpaid for this depending on how that decline frame looks, if it’s more like 65, 75% awful.
Stuart Turley [00:26:57] You’re saying that if we had combo curve and we had you, then we could evaluate that. What I just heard.
Michael Tanner [00:27:05] Yeah, we could. If we could have done a lot of different stuff. If we had combo cover, I’m sure that it’d be interesting to see what software was used and involved with this. But it.
Michael Tanner [00:27:15] But yeah, it definitely be good. So, um, you know, I heard you had a good interview with or David Black neighborhood interview with their CEO today, so.
Stuart Turley [00:27:24] Yeah, it’s good to talk to him again. So, Arman.
Michael Tanner [00:27:28] Yeah. It’s great. We need you. Trust me. We need you. You got anything else to do now?
Stuart Turley [00:27:34] I just. It’s a beautiful day in the Ozarks.
Michael Tanner [00:27:37] Yeah, that’s that’s a new one. So with that, guys, we’ll let you get out of here. Get back to work.
Michael Tanner [00:27:42] Thank you for checking us out. World’s Greatest News website EnergyNewsBeat.Com Daily Show. Stuart Turley. I’m Michael Tanner. We’ll see you tomorrow for.
