ResNet Review

Jack Husak — Mon, 30 Sep 2024 20:55:32 +0000

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ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for September:

MOST LIBERAL STATE IN THE US SAYS WIND IS STILL NOT GREEN ENOUGH 🙊

MOST LIBERAL STATE IN THE US SAYS WIND IS STILL NOT GREEN ENOUGH

The Biden administration on Friday canceled a planned auction of offshore wind development rights off the coast of Oregon after the state's governor said she did not support the sale.
- Let’s not act surprised that the state liberal enough to fully decriminalize hard drugs has a governor who uses them while coming up with her energy policy.
Oregon Governor Tina Kotek sent a letter to BOEM Director Elizabeth Klein seeking a halt to offshore wind leasing off the Oregon coast. Kotek cited broad concerns from labor, fishing, conservation and renewable energy groups and said the state needed more time to complete an offshore wind "roadmap" process required by a state law passed earlier this year.
- Yes, the same group fear-mongering climate change concerns for 20+ years telling us the earth will be ending soon if we don’t do something… needs more time to get their roadmap process down before doing something.
"I remain convinced that offshore wind holds exciting promise to be part of our nation’s clean energy future, but in Oregon, actions of significance must be done the Oregon way," Kotek said in the letter.
- When asked if by “The Oregon Way” she meant continuing passing legislation that incentivizes hard drug use as a means to distract citizens from the trainwreck of an operation their government is running, Kotek replied “yes, the oregon way, that’s what I said.”

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

Fall 7

API:	4241534257

Location:

Scurry County, TX

Operator:

Oxy

A Little About ResNet

ResNet AI Inc. is an oil and gas software company that specializes in operations surveillance and asset management software, as well as bespoke digital & reservoir services. Our mission is to Unite the Field & Office towards common corporate objectives. Our software and services are purpose-built for oil & gas applications, and if this newsletter isn’t testimony to that - then you should check out Tinder for the Oilfield, or WellTender, or as we Shalennials call it: Tender 🔥 - where you can swipe right, swipe left, and get the right guy to the right job at the right time 😎

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ResNet Review Volume 21

Thu, 29 Aug 2024 21:14:23 +0000

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Here’s our top Energy Headlines for August:

PRAY FOR WIND IN NEW ENGLAND 🙏

PRAY FOR WIND IN NEW ENGLAND

This month, New England states will announce the results of the first multistate procurement of offshore wind in the United States.
- Grab a pencil and a notebook because you are about to witness a masterclass in how to waste taxpayer money delivering expensive electricity to consumers.
Developers Orsted, Avangrid, and Engie bid to secure up to 8.5 GW of new offshore wind capacity in Massachusetts, Connecticut and Rhode Island. The multistate procurement will streamline the process for offshore wind investors and should lead to “cost reductions from proposed projects" due to economies of scale, Katie Scharf Dykes, the Commissioner of Connecticut's Department of Energy and Environmental Protection (DEEP), told Reuters Events.
- God, grant me the confidence to have the highest electricity costs of any region in the US (Maine, Rhode Island, Connecticut, Mass are all in top 10 most expensive)... while being located next to one of the largest energy sources (Marcellus) in the entire world…. And give a straight face quote talking about “cost reductions” from offshore wind projects.
The six New England states applied for federal funding for new transmission through the U.S. Department of Energy’s Grid Innovation Program (GIP). Under the “Power Up New England" plan, the states want to build new and upgraded transmission points of interconnection in Southeast Massachusetts and Southeast Connecticut and install battery storage systems to optimize delivery.
- The same part of the country that would rather burn heating oil imported by cargo ships than build a pipeline to burn nat gas because it’s “greener” now wants the government to build transmission lines and battery infrastructure for their wind farms.

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

Hot Potato 26 23 Federal 232H

API:	3001549043

Location:

Eddy County, NM

Operator:

Devon

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ResNet Review

Wed, 31 Jul 2024 20:30:00 +0000

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ResNet’s Guide to the Presidential Debate 🗽

RESNET’S GUIDE TO THE PRESIDENTIAL ELECTION

With the election mere months away, let’s take a look at recent headlines to evaluate each presidential candidate from an energy policy perspective.

KAMALA HARRIS

WSJ reported Kamala Harris performed her first political backflip of the presidential campaign, reversing her support for a ban on fracking for oil and gas. Running for president in 2019, Ms. Harris averred “there’s no question I’m in favor of banning fracking.” While popular among progressives, a fracking ban doesn’t play well in working-class areas, especially Pennsylvania, which is the second largest natural gas producing state after Texas.
- Ahhhh, the old flip flop-a-ruski. This feels like a classic “a ducks opinion of you depends on wether or not you have bread” situation. She needs to win Pennsylvania to have a shot at winning the election. 5 years ago she gladly supported a policy that would have unemployed hundreds of thousands of Pennsylvanian workers, but now she needs those people to vote for her. Don’t love it.
- Conclusion: While we appreciate she switched allegiance to the good guys (for now), this kind of feels like she quit drinking just to pass her DUI class. Our concern is as soon as she’s off parole she goes right back to taking laps around the dum-dum park talking about how we need to ban fracking in the US with no viable alternative so we end up shipping heating oil in from cargo ships like her friend Elizabeth Warren does in Massachusetts.

RFK JR.

Robert F. Kennedy, Jr.'s presidential campaign walked back his promise to ban hydraulic fracturing, also known as fracking, as part of his plan to combat plastic pollution. In a statement to Fox News Digital, the campaign said Kennedy, if elected president, would implement a "phase out" of fracking which would be achieved by ending taxpayer-funded subsidies for the industry and allowing the free market to work.
- “Phase out” sounds scary but what’s it mean? Phase out like when I said I’m phasing out Zyn by going from 6 milis to 3 milis but then I end up just popping a 3 mili every 20 minutes instead of a 6 mili every hour thus actually consuming more Zyn? Or phase out like the way the CIA phased out RFK’s uncle? Need some clarity here but don’t love it.
- Conclusion: We want to get behind RFK. But we can’t. At the end of the day, RFK is a crypto guy. He’s not a gas boi. He said he has most of his money in bitcoin which means he likely has none of his money in highly levered small cap Haynesville dry gas producers drilling $40M exploration wells at $2 gas. Hard to relate to a guy like that.

BIDEN

While he announced earlier this month that he decided to drop out of race, The Biden administration continues to do good work on the energy policy front. Biden’s administration recently announced it would seek to curb U.S. emissions of powerful industrial greenhouse gasses such as nitrous oxide as it enters a new phase in the national strategy to fight climate change.
- What I like about Biden is that in order to personally contribute to the reduction in nitrous emissions, he apparently decided to huff as much of it as he possibly could right before his debate with Donald Trump. In fact, if you view every television appearance and energy policy decision that Biden’s made through the lens of “that guys huffing nitrous to reduce greenhouse emissions” then he’s actually had a remarkable term all things considered and if you disagree then frankly I’d like to see your favorite politician try to run a country while being high on whippets.
- Conclusion: RIP old friend. Banning LNG exports was a bad look. Maybe the worst energy policy decision of the last century. Especially when you consider it was just blatant pandering to people who are 1. already voting for your party 2. Too stupid to understand that this policy actually hurts the cause they purport to care so deeply about (lowering emissions). You think inhaling nitrous is intense try inhaling fumes from a pile of dung you burn to heat your 3rd-world home because some politician had to cut your access to clean/reliable energy so he could curry favor with people who glue themselves to tennis courts in the name of saving the planet.

TRUMP

WSJ writes that as Donald Trump accepted the GOP presidential nomination earlier this month, he reminded the oil industry why he is their man. “We have more liquid gold under our feet than any other country by far, we are a nation that has the opportunity to make an absolute fortune with its energy,” Trump said.
- Winner! Winner!
- Conclusion: After careful consideration and thorough analysis, ResNet has decided to officially endorse the only presidential candidate who has never publicly declared he wants to ban fracking (and thus terminate our jobs and livelihoods).

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

Independence D30-777

API:	512347684

Location:

Weld County, CO

ENV Basin:

Denver Julesburg

Operator:

Chevron

First Production Date:

4/1/2019

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ResNet Review

Thu, 27 Jun 2024 19:07:09 +0000

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

Summers, E. L. ET AL Unit 1

API:	4232130928

Location:

Wyoming County, PA

Operator:

Hillcorp

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ResNet Review

Thu, 30 May 2024 19:49:12 +0000

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Here’s our top Energy Headlines for May:

THE ROCKEFELLERS HATE US 😤
TEXAS DIDN’T HEAR NO BELL 🔔

THE ROCKEFELLERS HATE US

The Rockefeller Family Fund is funding litigation and other support for more than 30 lawsuits around the U.S. against the fossil fuel industry. Exxon is a defendant in all of them. The cases aim to collect billions of dollars from Exxon and its peers for their contributions to climate change and the damages caused by it.
- This article is insane. Imagine if 100 years from now, Michael Jordan’s grandkids decided they were going to spend their inheritance suing Nike.
A fifth-generation heir to the Rockefeller fortune, Miranda Kaiser was busy raising her children in Florence, Italy, when her older brother presented her with his dying wish. After being diagnosed with terminal brain cancer, David Kaiser asked his only sibling to become the new standard-bearer for the campaign he had started against Exxon Mobil and other oil companies over what he saw as the industry’s deception about climate change and responsibility for its consequences.
- First of all, what an outrageously alpha dying wish. Not “look after my kids” or “hey can you take care of mom”. No. “Hey, can you continue funding frivolous lawsuits against the 17th largest company in the world on my behalf? Yes, that company our grandfather started that gave us all the money.” GTFO
Kaiser described the campaign as a moral imperative for the Rockefellers, who derived so much wealth from fossil fuels. “It would be unconscionable to benefit from something that you then know is harming the world and not do something about it,” Kaiser said.
- When Kaiser was asked, “hey what about instead of suing Exxon and accomplishing nothing, and since you seem so turned off by where all your money came from, what if you just gave the $10 billion that remains in the Rockefeller Trust to support solutions that actually lower emissions (rather than suing a company already investing $20B in said solutions)?”... she declined to comment.
Kaiser’s campaign is making a “mockery of the legal system,” said Exxon spokeswoman Emily Mir, adding: “Using family wealth and status to do their personal bidding is somewhere between privileged and unethical, and even more importantly, it does nothing to lower emissions.”
- Ouch.
The Rockefeller Family Fund influenced President Biden’s decision in January to pause approval of new liquefied natural gas exports.
- Ahhh okay. So The Rockefellers don’t want to actually decrease carbon emissions, they want to INCREASE them. This all makes sense.

TEXAS DIDN’T HEAR NO BELL

The operator of the Texas power system, ERCOT, is on track to smash generation records from both clean and fossil fuel sources in 2024 as total power needs continue to grow.
- Texas truly going for the Triple Crown: 1. Most clean energy generated 2. Most fossil fuels power generated 3. Most Zyn consumed
Clean power generation total through May 27 was a record 3.35 million megawatt hours (MWh), according to LSEG.That tally marks a 7.5% advance over the same period in 2023, and highlights the rapid pace of power sector decarbonization efforts in key markets across the United States.
- Reminder: make sure everyone puts their local environmentalist in a pretzel today by reminding them that Texas (not California) is the largest producer of clean energy in the US.
To accommodate the volatility in clean power output levels, ERCOT operators maintain large volumes of fossil fuel-based power round-the-clock. In 2023, ERCOT gas-fired power generation increased by 54% from the total generated in May.
- Nothing screams “please God let the AI data center demand save us” like gas-fired power generation being UP 54% and nat gas prices being DOWN 49%.

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

Memorial 7-67-3-34

API:	512352018

Location:

Weld County, CO

Operator:

Enerplus

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ResNet Review

Tue, 30 Apr 2024 19:23:25 +0000

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Here’s our top Energy Headlines for April:

BIDEN <3 OIL COMPANIES (FOR NOW)

Heading into an election in which energy prices figure to be a key issue, President Biden and some of the country’s biggest oil companies have reached a surprising détente.
- Is this true love or just fake news? Feels like we’re still in the honeymoon phase. Need Joe Biden attending NAPE next year to know it’s actually serious. Until then, let’s just see.
The truce comes after years of acrimony: The White House routinely slammed windfall oil-and-gas profits as pump prices surged in 2022, and industry executives bemoaned Biden’s campaign promise to transition the U.S. away from oil.
- Yes, these two new lovebirds go way back. Biden was actually born the same year oil was discovered (1859). They’ve been around the block a few times and certainly haven’t always seen eye-eye over the years.
  - The biggest point of contention lately has been that Biden hates profitable American companies (especially when they create lots of jobs and provide energy security to the US).
Lately though, top executives from Exxon Mobil, Occidental Petroleum and other producers say they have enjoyed cozier relations with the White House, spending more time discussing—and sometimes influencing—the administration’s thinking on climate investments, energy policy and global oil markets with top Biden officials.
- Discussing energy policies with actual energy companies? Not sure I follow the logic but sometimes love makes you do crazy things.
The relationship could soon be put to the test. Gasoline prices are up more than 40 cents from the start of the year and are expected to increase further in the summer driving season. If Americans are experiencing pain at the pump as the election nears, the oil industry may once again be a useful foil for Biden.
- While love is powerful, it’s hard to imagine Biden violating his personal credo: “If gas prices are low, it’s because of the government. If gas prices are high, it’s because of the greedy oil companies.”

NAT GAS TO THE MOON (IN 5 YEARS)

The cutting edge of technology is driving the power grid back to the 19th century. An explosion of so-called hyperscale data centers in places such as Northern Virginia has upended plans by electric utilities to cut the use of fossil fuels.
- This publication is going to perpetuate the hype-cycle of “AI power demand will skyrocket energy commodity prices” until nat gas prices are above $10. Strap in.
These giant data centers will provide computing power needed for artificial intelligence. They are setting off a four-way battle among electric utilities trying to keep the lights on, tech companies that like to tout their climate credentials, consumers angry at rising electricity prices and regulators overseeing investments in the grid and trying to turn it green.
- If only we had an abundant source of significantly cleaner energy capable of meeting outrageous demand growth.
Ground zero for the fight is Northern Virginia’s “Data Center Alley.” About 70% of global internet traffic passes through the area’s data centers. A spider web of power lines connecting data centers to the grid crisscross neighborhoods and parks. More are coming.
- If only Data Center Alley was located in close proximity to the largest natural gas field in the country.
Dominion Energy, which supplies electricity to most of the data centers in Virginia, expects their power use to quadruple over the next 15 years, representing 40% of the utility’s demand in the state. Duke Energy told regulators it needs three new gas-fired power plants in the Carolinas.
- We’ve said it before and we’ll say it again. Being enslaved to AI-powered robots 40 years from now is a justifiable trade-off if it means we don’t have to stare at $1.61 HH price every day.

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Well Name:

Rain 149-93-08A-12H TF

API:	3302502177

Location:

Dunn County, ND

Operator:

Enerplus

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ResNet Review

Thu, 28 Mar 2024 19:53:02 +0000

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Here’s our top Energy Headlines for March:

CERAWEEK IS OFFICIALLY AN AI CONFERENCE

If you’re looking for a word to sum up this year’s CERAWeek by S&P Global, try this one: demand. Any debate about energy these days is often presented as a choice between fossil fuels and low-carbon alternatives, but it’s becoming clear that right now the world needs all of the above. One eye-popping forecast touted this week: By 2030, the surge in AI means US data centers may gobble up more power than households.
- Please inject this article into our veins.
Despite the boom in solar power, it’s unlikely renewables can meet this surge in demand. At the very least, that means existing fossil-fuel generators stay online longer and more gas-fired output probably will be required in the US and elsewhere.
- You don’t say? You mean these data centers will still need to operate when it’s dark out? What if we dished out another few hundred billion in subsidies?
“With this huge revolution around artificial intelligence, I think the energy needs are going to be enormous,” ConocoPhillips Chief Executive Officer Ryan Lance told the conference. The dramatic projections for power consumption from data centers prompted energy companies — including gas and pipeline operators — to confer directly with technology firms.
- Big Oil working with Big Tech. John Arnold on the board at META. Who cares that buying a bag of m&m’s costs more than buying 1,000 cubic feet of natural gas. We’re so back!

DON’T MESS WITH TEXAS (SCHOOLS)

A Texas school fund told BlackRock it was terminating its contract to manage around $8.5 billion of state money, accusing the investment giant of boycotting fossil fuel energy producers, who represent a large part of the state's industry.
- Game over. BlackRock is done. According to our calculations, this move will leave BlackRock with only $10 trillion in assets under management. Factor in taxes and this company is in the red now. Max short.
Texas State Board of Education Chair Aaron Kinsey, who administers the fund, said its relationship with BlackRock breached state law against investing with companies accused of boycotting energy companies. Kinsey told Reuters that the fund was complying with a 2021 Texas law obliging state agencies to divest from fund managers like BlackRock that shed investments to reduce greenhouse gas emissions.
- This is the greatest law in the history of legislation and further proof why Texas is the GOAT. “Sorry, we’d love to invest in your fund… but that would be illegal.”
BlackRock called the move arbitrary and said it ignores the firm's $120 billion investment in Texas public energy companies. "The decision jeopardizes Texas schools and the families who have benefited from BlackRock's consistent long-term outperformance," BlackRock said.
- Fink may have spoke too soon. Rumors have it Kinsey is yolo’ing the $8.5B into the Truth Social IPO and Joe Boden meme coins. Our internal forecasts based on recent trends indicate a 328% compounding monthly return on these investments, far outweighing BlackRock’s 10% yearly coupon.

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

Shamrock WYO 4H

API:	3713120380

Location:

Wyoming County, PA

ENV Basin:

Appalachian

Operator:

Chesapeake Energy

First Production Date:

12/1/2014

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ResNet Review

Thu, 29 Feb 2024 20:00:37 +0000

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Here’s our top Energy Headlines for February:

NATURAL GAS IS BASICALLY FREE

An unusually warm winter and roaring U.S. output have pushed natural-gas prices to some of the lowest levels of the shale era. Adjusted for inflation, natural-gas futures recently hit their cheapest prices since trading began on the New York Mercantile Exchange in 1990.
- This is not fun. We’ve got an industry full of genius engineers and bright innovators discovering and unlocking massive reservoirs of natural gas trying to squeak out a marginal profit at best, meanwhile my idiot brother-in-law is up 147% YTD trading his fake internet tokens.
This is good news for American consumers, who can look forward to lower utility bills. Americans’ gas costs in January were about 18% lower from a year earlier, according to the Labor Department.
- Please don’t mention this at the next environmentalist rally. Fracking is evil and there are no benefits to the American Consumer.
Chesapeake said this past week it would cut its 2024 spending by 20% from earlier plans and throttle back output by roughly 20% compared with last year. Gas futures rose more than 12% in response to Chesapeake’s cuts, the biggest daily gain since June 2022.
- Great start, but why stop at 20%? Our model suggests that in order to get gas prices back to $2 we would actually need to see a 100% production cut from CHK. As well as EQT. Aethon too. And for the love of God please also Comstock.
Meanwhile, demand has been unusually low. Big heating markets including Minneapolis, Cleveland, Pittsburgh and Fargo, N.D., are experiencing their mildest winters in records dating back to 1950, according to the Midwestern Regional Climate Center.
- Need this A.I. boom to 100X power demand for data centers asap. Honestly, don’t care if the A.I. robots eventually turn on us and try to take over the world… if they can just fill this demand gap first.

NAPE CONFERENCE SETS ATTENDANCE RECORD; ONE WORLD PETROLEUM MAKES A SPLASH

NAPE — where deals happen — the world’s largest prospect energy expo, had a 47% YoY increase in pre-registrations. “This impressive increase in attendees serves as a testament to the value this premier event brings to the energy sector,” said NAPE Vice President Le’Ann Callihan.
- NAPE was huge this year. NAPE really is where deals happen. Look no further than Diamondback buying Endeavor for $26B. You think that deal happens without NAPE? Autry Stephens holds out selling his company for 45 years and you think it’s a coincidence he does his deal the week after NAPE hits record attendance? Guy clearly got hammered at the K&E happy hour and couldn’t resist the NAPE deal-making vibes. Legend.
One World Petroleum, a company no one had ever heard of, made a huge splash with a $100,000 booth. The booth garnered much chatter on X (formerly Twitter) as attendees attempted to uncover how an unknown company could afford such an opulent showcase. According to a press release, “One World Petroleum is a growing enterprise that transitioned from the real estate investment industry to the dynamic world of oil and gas.”
- We actually like this strategy from One World Petroleum. Why wait to buy assets to light money on fire when you can just spend $100K on a booth at NAPE to get your feet wet?
According to One World Petroleum’s press release, part of their thesis for transitioning from real estate to oil and gas is “In the oil and gas sector, assets do not come with the intricacies of tenants and all the problems stemming from consumer-based interactions. This absence of the tenant factor is a pivotal advantage that allows investors to focus on the core operations of the business.”
- “The absence of a tenant factor”. Huge. Ask anyone who’s ever been successful in oil and gas what lead to their success and you’ll often here the same answer: “No tenants”
  - (Side note: imagine how pissed this guy is going to be when he Googles “what is a landowner?”)

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Well Name:

Valentine Unit 1H

API:	4701706083

Location:

Dodridge County, WV

Operator:

Antero Resources

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ResNet Review

Wed, 31 Jan 2024 20:11:11 +0000

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Here’s our top Energy Headlines for January:

Biden Pauses LNG Exports, People Who Love Carbon Emissions Rejoice

U.S. President Joe Biden paused approvals for pending and future applications to export liquefied natural gas (LNG) from new projects, a move cheered by climate activists that could delay decisions on new plants until after the Nov. 5 election.
- Yes, huge win for the environment. A well-deserved victory lap for all climate activists. Without your hard work, the world could be burning less coal today. Scary to think that without the environmental movement, the world would be replacing a high-carbon emitting energy source with a significantly cleaner energy source, thus lower emissions. Thank you, heroes.
The review will take months and then will be open to public comment which will take more time, Energy Secretary Jennifer Granholm told reporters in a teleconference. Biden said in a statement: "During this period, we will take a hard look at the impacts of LNG exports on energy costs, America's energy security, and our environment."
- This is good because if we know there’s one thing we’ve been told over and over about climate change, it’s that we have tons and tons of time to solve it. No urgency needed so I’m glad we’re double checking our numbers.
The last review of LNG export projects was in 2018 when export capacity was 4 billion cubic feet per day (BCFPD). That capacity has tripled and is set to shoot higher by 2030. The growth has set off protests from environmentalists and youth groups, part of Biden's base. Activists say new LNG projects can harm local communities with pollution, lock in global reliance on fossil fuels for decades, and lead to emissions from burning gas and from leaks of the powerful greenhouse gas methane.
- Exactly. A more rational solution is to keep the pollution in other countries in the form of trash that they can then burn to heat their houses. Everyone wins.
Michelle Weindling, political director of the youth-based Sunrise Movement said the pause would help Biden get support from young voters in November. "It needs to be seen that leaders are leading boldly and unapologetically to solve this crisis," she said.
- “Boldy, unapologetically, irrationally, without a real plan to speak of, confused, lost, putting hardhats on backwards, lacking basic understanding of how energy markets work, pandering to other uninformed idiots not smart enough to make a real difference but just dumb enough to think they are… you know… those types of leaders”, Weindling elaborated.

Editors note: For a succinct, well-written response to this announcement, check-out Chris Barnard’s opinion piece in the WSJ. For a slightly more straightforward commentary, please read the tweet below:

Climate Change Activists Go Back to Basics in 24’

Two climate change activists hurled soup at the protective glass in front of the world-famous "Mona Lisa" painting in Paris' Louvre museum on Sunday.
- We’re so f***ing back. Let’s go!
Video footage showed two women flinging red soup at Leonard da Vinci's masterpiece, to gasps from onlookers. "What is more important? Art or the right to have a healthy and sustainable food system?" shouted the activists!
- Exactly! Two things that have everything to do with one another. What’s more important? Turkey sandwiches or heating your home? Ferris wheels or carbon emissions? Hockey pucks or wind farms? Do we need to go on? Cardboard boxes or having snacks in the cupboard?
In recent years, many activists have targeted art to raise awareness about climate change. The glass in front of the "Mona Lisa" was smothered in cream in a protest in May 2022. Other attempts have included throwing soup at Vincent Van Gogh's "Sunflowers" at London's National Gallery in October 2022.
- Let’s hope this one re-ignites the movement. 2022 was our coming-out party (throwing soup at EVERYTHING). 2023 we had a little sophomore slump (got distracted gluing ourselves to stuff which resulted in less soup throwing). 2024 it’s back to basics. There’s not a painting in Europe that’s too out of far for a can of soup to be thrown at it. It’s the only chance we have to save the planet.

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AI Generated Image for the Well Name of the Month Goes To…

Well Name:

John Connor 1

API:	15009201350000

Location:

Barton County, KS

Operator:

Hummon

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ResNet Review

Wed, 20 Dec 2023 20:30:41 +0000

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Here’s our top Energy Headlines for December:

NAUGHTY BOY BERNARD LOONEY HAS ROUGH CHRISTMAS

BP said former Chief Executive Bernard Looney will lose out on as much as $40.6 million in compensation as the result of his abrupt resignation over past relationships with colleagues.
- While $40M seems like a lot, it’s actually a bargain compared to the CEO of McDonald’s who had to return $100M in compensation for similar indiscretions.
Looney had rapidly put his mark on BP, promising to invest more in low-carbon energy alongside its traditional businesses of oil-and-gas production. The amount he must return is based on assumptions about share price and would have fluctuated based on performance.
- Looney was playing chess while the board was playing checkers on this one. Here’s how the plan worked:

Looney makes a bunch of low-carbon investments. The ladies love these even though the returns aren’t great..
The low-carbon investments tank the share price relative to peers. Chevron’s up 45%, BP’s down 5%. Now you’re on the hot seat with the board, but you’re getting all the ladies cause you’re green.
How’s the plan come together? Well, once you’re forced to resign for sleeping with colleagues, the amount of $ you have to return will be based on what? The share price. Which you’ve already tanked. Thus lowering the amount of money you have to return. Check-mate.

CLIMATE PROTESTER THROWN IN JAIL

A climate activist has been jailed for six months after pleading guilty to taking part in a peaceful slow march protest on a London road. The sentence handed to Stephen Gingell, 57, is thought to be the first jailing under a new law that critics say makes anyone walking in a road liable for prosecution for “interference with key national infrastructure”.
- Hahahahahahahahahahahahhahahahahahahahhahahahahahahahahahhahahahahahahahahahhahahaha. God save the Queen.
Gingell, a father of three, was one of about 40 supporters of Just Stop Oil who spent about 30 minutes marching on Holloway Road in north London at about 4pm on November 12th, the climate campaign group said.
- While jailing a father of 3 is not easy, at least the courts don’t have to worry about any lost income for the family on account of the fact Mr. Gingell was almost undoubtedly already unemployed.
A spokesperson for Just Stop Oil responded to the sentencing by pointing out: “How many fathers will be imprisoned before those planning to kill us are stopped? New oil and gas will see millions upon millions lose their homes, livelihoods and lives. Protected by the government, by failed politicians, by the police, those committing genocide continue to walk free, those protesting the killings are banged up. Whose side are you on?”
- Thankfully, hyperbole isn’t also a crime in England or this guy would be doing 25 to life. But what’s weird is if the oil and gas industry is trying to commit genocide wouldn’t that mean Greta Thurnberg should be on our side then?

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Thu, 30 Nov 2023 21:52:49 +0000

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Here’s our top Energy Headlines for November:

THE MAGAZINE RECOGNIZES CLIMATE HEROES

TIME Magazine published their “Time 100 Climate: The 100 Most Influential Leaders Driving Business to Real Climate Action”. The list, said to recognize “true changemakers”, includes everyone from Bill Gates to MrBeast to ColdPlay to Billie Eilish.
- While this is a great list, we were sad to see TIME included one person affiliated with an E & P operator (the low carbon solutions guy from ExxonMobil). One is still too many, especially considering climate problem solvers like Lady Gaga, Timothee Chalamet, and Busta Rhymes were all snubbed.
While some may be perplexed by the inclusion of Billie Eilish on a climate action list, when asked in her interview to outline some of her achievements in helping the climate, Eilish explained, “I was able to utilize solar-charged intelligent batteries to power my set at Lollapalooza”
- Huge breakthrough. While the energy industry focuses on the small issues (displacing coal in China, pneumatic device replacements, zero-emission power plants)... it’s good to know Billie Eilish is solving the big ones (emissions from her set at a music festival)
Not to be outdone, when Coldplay was asked about their contributions, they highlighted, “Next year, we’re going to make all of the vinyl records for our next album from recycled waste plastic bottles”.
- Very impactful development. Equally important, Cold Play also announced they’re changing the name of their song, “Yellow”, to “Green”... Who needs “The Scientist” to “Fix You” when Coldplay’s vinyl albums can simply stop the “Clocks” on global warming?
Notably missing from TIME’s Climate 100 list was their 2019 Person of The Year, Greta Thurnberg. Some speculate her recent controversial stance on the middle east has soured her standing as the foremost thought leader of the environmental movement.
- Very disappointed in TIME on this one. If you don’t love her during her anti-semitic foreign policy stances, then you don’t deserve her during her factually inaccurate climate science tirades.

ENVIRONMENTALIST TAKE THE BATTLE TO SEA

Greenpeace activists boarded a deep-sea mining ship in the Pacific Ocean and said Sunday they'll stay to protest exploration the ship is conducting to support activity that would destroy marine life.
- A new frontier for environmental protesters. Just when they start beefing up the security at sporting events and art galleries, we give them a little sneak attack with the Captain Jack Sparrow pirate protest maneuver.
On the other side of the globe, in one of the largest mass arrests of recent years, police in New South Wales (NSW) detained some 109 protesters on Sunday evening. They had participated in a 30-hour maritime demonstration of 34 kayaks, surfboards and pontoons at the port of Newcastle, aimed at blocking coal shipments and the broader promotion of fossil fuels.
- The only rule for joining the protest was you weren’t allowed to Google how kayak’s, surfboards, or pontoons are manufactured. Just focus on stopping fossil fuels. Nevermind the fact that without them you’d all be drowning.

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Jack Husak — Tue, 31 Oct 2023 18:59:25 +0000

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Here’s our top Energy Headlines for October:

NEW YORK TIMES OP-ED SETS NEW CEILING FOR STUPIDITY

Dr. Jeff Colgan, a political science director at Brown University, wrote an Op-Ed in the New York Times outlining how Exxon Mobil’s Pioneer Deal Is a Direct Threat to Democracy. Colgan outlined that “consolidation would undermine democracy in the United States, mislead investors and weaken market competition. It should be stopped for all our sakes.”
- Immediately after publishing his op-ed, Colgan proceeded to break out the white paint, strap a big fake red nose to his face, put the oversized shoes on his feet and join the rest of the clowns at Brown University for their bi-weekly circle jerk.
Colgan explains in his article, “If Exxon were serious about preventing climate change, it could use its record $56 billion in net income from last year to invest more seriously in renewable energy, carbon capture and storage or other technologies that are compatible with long-term environmental sustainability.The Federal Trade Commission would surely allow Exxon to acquire a major solar company, for instance.”
- Yes, let’s let the career-long academic with zero real-world business experience lecture Exxon executives on how they should stop making investments that yield the highest returns for shareholders.
Colgan continued, “Now it falls to the government to protect its people from corporate self-interest that’s detrimental to democracy and the global environment. This deal endangers the world, and it should be stopped.”
- Saying one oil company buying a different oil company endangers the world has to qualify Dr. Colgan for the Hyperbole Olympics. While he may have to do it in Russian or Chinese, at least Colgan can brag to his grandkids one day that it was people like him who successfully fear mongered the public into the energy crisis that destroyed America.
Colgan’s article was met with much praise from environmental activist online with one user going one step further, suggesting “Exxon should be destroyed and all the executives past and present jailed for crimes against humanity.”
- Reports indicate that after this op-ed was published, Colgan and his fans proceeded to continue their pursuit of doing literally nothing to create tangible solutions for the problems they purport to care so passionately about (while XOM deploys $17B in lower emission initiatives that actually matter)

FAILURE TO RIP CIGS CAUSING HIGH GAS PRICES

WSJ is reporting that weakening demand for tobacco sales, a historically lucrative profit center for retail gas stations, is causing an even higher increase in gasoline prices to make up for lost profit.
- Another example of everything your parents and teachers told you was a lie. You thought you were being healthy by quitting cigs and throwing out the Copenhagen, but really you were just causing inflation. Shame on you and please start smoking immediately so we can get below $4/gallon.
Cigarette sales have plunged this year. British American Tobacco says its U.S. sales volume declined 12.4% in the first half of the year from a year earlier.The owner of the Circle K chain of convenience stores said on a September earnings call that there were “significant headwinds” in cigarette sales
- As further proof that the Oil & Gas industry is the only industry actually addressing America’s problems, reports have shown that a staggering 87% of all tobacco in the United States is sold from gas stations in and around Midland, Texas.
Smokes aren’t the only culprit: Casey’s General Stores, which has a large pizza business, saw lower margins from prepared foods in its last fiscal year because of higher ingredient costs, notably cheese.
- After reading this article it’s safe to assume that anyone not smoking cigs and eating gas station pizza is a communist and should be treated as such.

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Jack Husak — Thu, 28 Sep 2023 20:51:00 +0000

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Here are our top Energy Headlines for the Second Half of September:

ROCKEFELLER GOES GREEN ♻️
SHELL CEO GETS HEAT 🤬

ROCKEFELLER GOES GREEN

The Rockefeller Foundation announced Friday that it would invest more than $1 billion over the next five years in strategies that combat climate change.
- This one has to put the climate crusaders in a little bit of a pretzel. Are they really going to allow themselves to be greenwashed by the foundation started by the GOAT of fossil fuels?
The organization said they plan to donate $5 million in Battery Energy Storage Systems, $1 million to kick off mini grid development in Zambia, $20 million to Invest in Our Future for climate-smart infrastructure, and $35 million in climate-finance investments.
- Yes, apparently, to the question above.
The Rockefeller Foundation’s philanthropic history began with an endowment of $100 million from John D. Rockefeller in 1913. “This new strategy aligns with the Rockefeller Foundation’s vision of encouraging scaled investment and seeking creative and science-based solutions to intractable problems,” a foundation spokesperson said.
- While Rockefeller himself has been dead for many years, we asked ChatGPT to generate a theoretical response to this announcement and all they provided was the picture below.

SHELL CEO GETS HEAT

Shell CEO Wael Sawan has come under pressure over his strategy from within the energy company after two employees issued a rare open letter urging him not to scale back investments in renewable energy, sparking an internal debate.
- Uh-oh, the woke hotline is ringing and the call is coming from inside the house. Let’s see what they have to say.
The open letter comes after Sawan outlined at an investor day in June plans to slow investment in renewables and low-carbon business as part of a strategy to boost returns.
- Boosting returns?! WTF. As a publicly traded company with a fiduciary duty to shareholders, boosting returns should be the last thing on a CEO’s mind when speaking at an investor day.
"For a long time, it has been Shell's ambition to be a leader in the energy transition. It is the reason we work here," said the letter which was addressed to Sawan and the Shell executive committee. "The recent announcements at and after the capital markets day deeply concern us... We can only hope the optics of the CMD announcements are deceiving us and that Shell continues its path as a leader in the energy transition."
- The CEO responded to the letter by saying, “ Listen up you f—--- clowns, I just blew $20 billion on energy transition activities in 2022 and I got jack s—- to show for it. The board’s up my ass. You want to come and explain to them why our stock’s down 5% over the last 5 years while Chevron is up 40% in that same time period? Be my guest. Or… how about rather than writing cute letters pandering to the vocal minority, you do your job and find me an energy transition investment that has even remotely comparable returns to drilling for oil (remember oil? That commodity this company has been successfully producing for 100 years?) and I’ll GLADLY underwrite it. Until then, I’ll be in the arena! I’ll be trying things! ”
(JK, he didn’t actually say that. He just tucked his tail between his legs and soft-pedaled home)

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Jack Husak — Thu, 14 Sep 2023 20:16:00 +0000

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Here’s our top Energy Headlines for the First Half of September:

BP CEO AND GREEN ENERGY PIONEER BERNARD LOONEY IS FIRED

BP CEO Bernard Looney, a BP lifer who joined the company in 1991 as a drilling engineer, resigned abruptly Tuesday over past relationships with colleagues. His resignation comes less than four years after taking over the London-based oil giant and embarking on an ambitious plan to position it at the vanguard of the global transition to renewable energy.
- Looney was in a tough spot. He was at BP for 32 years. No surprise when the renewable energy mob forced him to de-emphasize drilling he would just make up for it in his personal life.
Looney, now 53, quickly established himself as an outspoken advocate of the green revolution, with pledges to steer the oil company toward a cleaner, low-carbon future. He championed cutting oil-and-gas output this decade by 40% from 2019 levels and pledged to plow more money into clean-energy investments.
- In hindsight, it was probably a red flag when Looney said in his introductory press conference “She CCUS on my pneumatic device until I sequester”
Earlier this year, Looney dialed back that plan, saying he would slow the company’s transition away from fossil fuels—leading to a short-term bump in the share price.
- Unfortunately, the short-term bump in the share price wasn’t enough to overcome the short-term bump with his colleagues.

IT’S BEEN A BUSY FEW WEEKS FOR CLIMATE ACTIVISTS

Earlier this month, climate activists temporarily halted the influx of eager festivalgoers trying to get to Burning Man, blocking the road with a 28-foot trailer and causing a bumper-to-bumper traffic jam for over an hour.
- Huge win for the climate. Nothing lowers carbon emissions more than traffic jams. This is what progress looks like. Let’s keep it up.
Then, more than 200 film-industry professionals, including such Hollywood stars as Mark Ruffalo and Rachel McAdams have signed an open letter calling on the Toronto International Film Festival to sever its ties with Royal Bank of Canada due to the bank's investment in fossil fuels. “Filmmakers have spoken: we want oil and gas out of our industry.”, one filmmaker said.
- Another win! As if causing a traffic jam wasn’t impactful enough, we’re on the verge of getting a bank to not to sponsor a film festival. Forget about displacing China’s 7.96 billion metric tons of annual carbon dioxide emissions from coal, more of this!
Lastly, The U.S. Open semifinal match between Coco Gauff and Karolina Muchova was delayed by 49 minutes by four environmental protesters who were calling for an end to fossil fuels. One protester glued his bare feet to the ground.
- Check-mate. The climate crisis is over. The energy trifecta is complete. 1. Traffic jam at burning man 2. No banks sponsoring the film festival 3. glued our feet to the floor.

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Jack Husak — Fri, 01 Sep 2023 19:54:39 +0000

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Here’s our top Energy Headlines for August:

THE LOVE IS REAL BETWEEN ENVIRONMENTALIST’S AND FOREIGN OIL

A coalition of environmental groups sued the Biden administration over its upcoming oil and gas lease sale, which will auction off 67 million acres in the Gulf of Mexico.
- As a lover of foreign oil, this is great news. Why would we produce oil 200 miles off our own coast when we can simply buy oil from countries that hate us and ship it from 7,000 miles away?
Earthjustice filed the lawsuit Friday on behalf of Healthy Gulf, Bayou City Waterkeeper, Friends of the Earth, Center for Biological Diversity, Natural Resources Defense Council, and the Sierra Club.
- The lawsuit gained additional support from a handful of other environmental groups, including Sanctimonious Advocates of Hypocritical Logic Foundation, The Citizens Coalition of People Willing To Complain About A Problem But Do Nothing To Actually Solve It, and our personal favorite: Proud Boys In Love with Greta Thurnberg

BIDEN BALANCES BUDGET WITH LUCRATIVE WIND PROJECTION AUCTION

The Biden administration's first ever auction of offshore wind development rights in the Gulf of Mexico ended with a single $5.6 million winning bid on Tuesday, reflecting meager demand for the clean energy source in a region known for oil and gas production.
- Congrats to the fed on the huge payday. To contextualize, given a $5.8 trillion annual federal budget (around $11 million per minute), this auction's proceeds will cover the government's expenses for slightly over 30 seconds. Few more wind deals and we won’t ever have to talk about default again!
Germany's RWE (RWEG.DE) won rights to 102,480 acres off Louisiana, while the other two lease areas on offer off Texas received no bids.
- Wait a minute, so we’ve got one auction that went to the only bidder, and two other auctions that had zero bidders. Did RWE buy this deal at NAPE!?!
A spokesperson for RWE said the sale was "a great opportunity to enter the Gulf's offshore wind industry at the ground floor" and noted that the first lease sales in the Atlantic had similar participation and prices.
- Not to question the prowess of Germany when it comes to their excellent track record in Energy, but wouldn’t the fact that the first sales in the Atlantic had similar prices and this time around you were the ONLY bidder be… not something to point out?

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Jack Husak — Thu, 10 Aug 2023 17:37:18 +0000

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Here’s our top Energy Headlines for the first half of August:

Petroleum Engineering isn’t Cool Anymore

Even as oil-and-gas companies post record profits, the industry is facing a worsening talent drought. Despite plentiful job openings with soaring salaries, young people are still not interested in oil and gas.
- Wait, you mean 20 years of fear-mongering from celebrities, politicians, and mainstream media has deterred America’s youth from getting excited about oil and gas?
At U.S. colleges, the pool of new entrants for petroleum-engineering programs has shrunk to its smallest size since more than a decade ago. Oil-and-gas companies are pouring money into fellowships and other programs designed to cultivate a new generation of talent.
- Have we considered a program where we take all of the unemployed environmental activists and train them to become petroleum engineers? Solve two problems at once. Oil and Gas companies need more petroleum engineers. Environmental Activists need jobs. Who loses?
Colleges have even tried relabeling their programs to increase enrollment. The University of Texas is working on adding a new master’s degree without the word “petroleum” to capture a broader group of students who still want to work in energy-related engineering
- This is smart. Just leave it vague. Just tell them the degree involves “studying the exploration and extraction of an UNNAMED substance that is the feedstock for the entire modern world. Affordable access to it is often seen as the most significant factor in determining the quality of life and economic development of a society”... but DO NOT tell them you’re talking about “petroleum” because eww.

Lizzo, Singer and Environmentalist Hero, Gets Cancelled

Grammy-winning singer Lizzo has been sued by three of her former dancers over sexual harassment and hostile work environment allegations. Sadly, Lizzo was also a vocal advocate for the environmentalist movement as highlighted in Audacity’s 2019 feature.
- Sad day. Disappointing to think this controversy may silence Lizzo’s thoughtful contributions to the environmental movement. In mourning of Lizzo’s cancellation, here’s some of our most cherished Lizzo quotes from the 2019 article.
“Saving the planet is no joke, you guys…We gotta take this s*** serious.”
- A classic. So simple, so direct, so true.
“Everybody thinks that we’re killing the earth, but we’re not. The earth is older than us and she knows exactly what she’s doing. And she’s like, ‘Listen, y’all keep playing with me. Keep playing with me. I’ma get rid of all the cute animals that you like. The hot places gonna be cold, and the cold places gonna be hot. Keep playing with me.'”
- A lot of brilliance to dissect here. Lizzo’s basically pointing out that the laws of nature don’t exist. Science is a construct. In reality, earth has a conscience. And earth’s conscience is vindictive. If you don’t do what the earth wants, it will kill your animals.
“I wish I could do more. I wish I could just bathe in a lake every morning. Or a river. A lake? That would be kind of weird.”
- Same
“If I drop a piece of trash, it hurts my soul. The only thing I’ll throw out is a banana peel, because I feel like a banana peel grows into a banana tree.”
- Isn’t it an odd coincidence that Lizzo is being canceled right as Oppenheimer plays in theaters? Two geniuses passing in the night. If only she had been alive back then maybe we would have built the bomb in time to use on the Nazis.
“I never throw [the banana peel] on concrete, I throw it on dirt. Like, it’s food for squirrels or something.”
- All we know is if the virtue signalers keep making their cheap banana / Lizzo jokes… it won’t be long before Lizzo drops her next single:

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Jack Husak — Thu, 27 Jul 2023 17:10:15 +0000

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Here’s our top Energy Headlines for July:

JOHN KERRY’S MARRIAGE PROVES OPPOSITES DO INDEED ATTRACT

Special Presidential Envoy for Climate John Kerry was heavily criticized after he testified during a congressional hearing that he has never owned a private jet. During a recent hearing, representatives confronted Kerry about his past private jet use in light of the top administration official's efforts to fight climate change.
- What’s this new fad with besmirching the good name of our environmentalist heroes? First, they come after Leo over his mega-yacht. Now it’s John Kerry flying private. What’s next? Greta Thurnberg can’t drive her Suburu to primary school? Gimme a break.
The plane was registered to a charter company owned by Kerry's wife, Teresa Heinz-Kerry. According to flight tracking data obtained, the Gulfstream GIV-SP jet made a total of 48 trips that lasted more than 60 hours and emitted an estimated 715,886 pounds of carbon over the course of the Biden administration's first 18 months.
- What an odd marriage. John’s the climate crusader saving the world from extinction with his solar panels. Teresa’s the gas guzzling heiress YOLO’ing her Gulfstream around the world. As Shakespeare says, “Love doth leaveth no carbon footprint”
Rep Mike Waltz told Kerry. "This isn't some kind of partisan gotcha. When we are asking Americans to make serious sacrifices, as we transition, for the common good and your family and/or yourself are flying around on private jets, that smacks of hypocrisy. It actually hurts your cause."
- After rolling his eyes and checking his watch, Kerry responded by holding up the picture below…

US GOV’T GETS IN THE VC GAME

WSJ recently profiled Jigar Shah, the man put in charge of running the Energy Department’s $400 Billion Dollar loan program. The program is in charge of trying to hand out a lot of money for green-technology projects.
- This is great news. Hard to think of a more responsible capital allocator than the federal government. Country will be out of debt in no time.
The line for Shah’s cash stretches to 150 companies seeking loans, ranging from new companies with unproven products to giants such as General Motors. Shah has begun writing bigger checks, including a record $9.2 billion commitment to Ford.
- Ford’s a great bet. Yes, their stock is down 18% over the last 10 years while the S&P 500 has been up 335% during that same period. And sure, they lost $2 billion dollars last year while demand for cars was at an all time high.... But did you seen that Bronco they raffled off at NAPE? Thing was sick. $9B seems light.
When Shah supported granting a loan for an Occidental Petroleum project, White House officials told him it could backfire. Administration officials worried about a backlash from environmentalists, a person familiar with the discussion said.
- I’m with the skeptics on this one. What does Oxy know about Energy? And why would you want to co-invest with someone like Warren Buffet? Hopefully the loan doesn’t go through and we can put even more money into energy kingpins like Ford and GM.

SAUDI ARABIA LOSES #1 SPOT

Saudi Arabia is set to fall below Russia and lose its spot as the largest oil producer in the OPEC+ alliance as its production cuts begin to bite, tightening the oil market just as prices appear to be turning higher.
- This Saudi/Russia rivalry is heating up. In addition to energy production, the two are also in a bitter competition to see who can wrongfully incarcerate more journalists. While Saudi Arabia used to be the stalwart, Russia’s recent aggression shows they’re poised for oppression for years to come.
Saudi Arabia giving up the top spot is by design. In bearing the brunt of the supply cuts, its Energy Minister has gone all in on a risky strategy to support the kingdom’s oil revenue at the expense of its share of the market. Analysts estimate Riyadh needs oil prices of around $80 a barrel to balance its state budget and fund lavish infrastructure projects.
- It’ll be heartbreaking if oil drops below Saudi Arabia’s price target. Imagine a world where this 75-mile skyscraper doesn’t get built on time? Or MBappe makes less than $1B/year to play soccer?
Analysts say the Saudi cuts and Russia’s declining oil exports now appear to be having the desired effect: tightening the market and lifting oil prices.
- Sounds promising, but aren’t we forgetting about an important someone in this equation? Aren’t we forgetting about the wild card? The cowboy in the corner? The crazy sonofabitch who, after recently curing cancer, might just unload 346M barrels onto the open market to “cure inflation”?

Oil and Gas to save the planet!

ExxonMobil Embarks on a Green Journey: Acquires Denbury Inc. to Lead the Carbon Capture Revolution!

Exxon Mobil Corporation has made an exciting move by agreeing to acquire Denbury Inc., a leading company in carbon capture and storage solutions. This all-stock transaction, valued at $4.9 billion, is set to propel ExxonMobil's Low Carbon Solutions business and revolutionize its decarbonization offerings for customers. By leveraging the combined assets and capabilities of both companies, ExxonMobil is confidently anticipating over 100 million metric tons of emissions reductions annually in the near future, paving the way for significant growth and impressive returns.

The acquisition grants ExxonMobil access to Denbury's remarkable CCS infrastructure, which includes an extensive CO2 pipeline network spanning an impressive 1,300 miles and strategically positioned sequestration sites. This infrastructure will expedite the deployment of CCS solutions for ExxonMobil and its customers, supporting a wide range of low-carbon value chains, including hydrogen, ammonia, biofuels, and direct air capture.

Additionally, the transaction encompasses Denbury's valuable Gulf Coast and Rocky Mountain oil and natural gas operations. This inclusion will immediately bolster ExxonMobil's operating cash flow while opening up exciting opportunities for CO2 utilization and the advancement of CCS initiatives.

With unanimous approval from both companies' boards of directors, the acquisition is now awaiting customary regulatory reviews and approvals. The successful completion of the transaction is anticipated in the fourth quarter of 2023, heralding a new era of environmental responsibility and innovation for ExxonMobil.

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Jack Husak — Fri, 30 Jun 2023 16:57:08 +0000

ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for June:

KING CHARLES, ENERGY EXPERT, LAUNCHES NATIONAL CLIMATE CLOCK

King Charles and London Mayor Sadiq Khan have launched a National Climate Clock, which warns there is just six years left for the world to limit global warning.
- King Charles was supposed to launch the clock at this same time last year, but unfortunately had to postpone because the ceremony fell on the same weekend he was scheduled to give the eulogy at Jeffrey Epstein’s memorial service.
King Charles has always been a big environmental activist. At the age of 21, Charles delivered his first impassioned speech about his personal concern over oil pollution and single-use plastic.
- When asked for a tangible example of one thing King Charles has ever done in his life to actually address his “concerns” about oil pollution, The King pointed to his new clock. As we know, clock launching has enormous impacts on reducing carbon emissions. All hail the King!
The clock is the latest in a worldwide project which brings together art, science, technology and grassroots organization to count down to the critical time window in which the globe must reach zero emissions. Earlier this week, stars such as Olivia Coleman and Woody Harrelson were among well-known faces reciting the King's speeches.
- I understand King Charles' life is easier if he goes along with the whole climate activist charade for the public eye, but the royal family is not exactly known for being all that progressive. I bet if we gave Charles a few cocktails it wouldn’t be long before he started telling the truth and saying what’s really on his heart…

SHELL JOINS BP IN UNVEILING INNOVATIVE NEW BUSINESS STRATEGY

New Shell Chief Executive Wael Sawan went to New York to persuade Wall Street that Europe’s biggest energy company should increase spending on fossil-fuel production and break from Shell’s year-over-year cuts in oil output
- How about the cajones on Sawan? 6 months into the job and he’s already boldly suggesting a company that’s been producing oil since 1907 should… produce more oil.
While that message might please some shareholders, it would frustrate others who have called for Shell to funnel much more of its fossil-fuel profits into lower-carbon energy.
- This sounds similar to struggles BP faced. It has to be hard convincing shareholders that the company should try to make them as much money as possible.
Sawan pointed to Shell’s LNG business, noting, “If you’re making around 30%-plus returns in upstream LNG, how can you justify investing in businesses with substandard returns?”
- “Because if you don’t we’re going to throw another cake at the Mona Lisa, that’s how!”

ESPIONAGE HITS THE ENERGY SECTOR

Last week, we had the Energy Department getting hacked. This week,, a spying scandal inside Southern Co., one of America’ biggest power companies.
- Stay tuned for next week where we learn how Jennifer Granholm got catfished.
For the Energy Department hack, fortunately officials said none of the pilfered data had apparently been leaked online so far and that no extortion demands had been paid to the hackers. A Russian-speaking criminal group was likely responsible, officials said.
- Classic “Gift of the Magi” situation here. Putin hacks the energy department only to find out Biden has already sold all our energy reserves. Sorry Putin, Biden’s playing chess, you’re playing checkers. This won’t backfire.
As for Southern Co, nearly a year after the spying became public, the investigation is largely complete—and the company says it has no idea who ordered the operation or why.
- How soon can we get a 10-episode netflix documentary on this story?

NET POWER AND RICE ACQUISITION CORP. II JOIN FORCES TO CREATE A ‘GAS-TACULR’ CLEAN ENERGY REVOLUTION!

NET Power and Rice Acquisition Corp. II have completed their merger, forming NET Power Inc. (NYSE: NPWR), which has a combined enterprise value of approximately $2.5 billion.
- NPWR power plants achieve the “energy trifecta” of clean, reliable, and zero emission power generation in which ~40mmcfpd of natural gas and pure oxygen are combusted, and CO2 is used as the primary working fluid for power generation
- Unlike traditional coal and gas-fired power plants, CO2 in NPWR plants is of super-critical state, enabling for 100% carbon capture, which can be used for tertiary recovery in traditional O&G applications, or for permanent sequestration, tapping into the recent IRA 45Q credit opportunities
Climate activists, which have their biodegradable knickers in knots about natural gas extraction, now making pushback against any carbon capture technology. Point noted, but let's try not to miss the zero-carbon-emission forest for the fracking trees, shall we?

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ResNet Review

Jack Husak — Wed, 31 May 2023 16:41:01 +0000

ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for May:

SHELL SHAREHOLDER MEETING TURNS INTO SING-A-LONG

Chaotic scenes unfolded at Shell’s annual shareholder meeting last week as climate activists stormed the venue, calling for the oil company to be “shut down” and accusing it of “killing” the planet.
- This is why you can’t have shareholder meetings right in the middle of the work day. Too many environmental protesters available. At least they don’t have to worry about AI replacing their jobs (because they don’t have them).
A viral video surfaced of a cluster of attendees standing up and singing “Go to hell, Shell, and don’t you come back no more” to the tune of Hit the Road Jack by Ray Charles.
- I’ll admit, the song is catchy. Unfortunately, even Ray Charles could see the problem with “shutting down” the world’s 5th largest oil company.

'Go to hell, Shell.' Climate protests disrupt oil company's shareholder meeting | CNN Business

Chaotic scenes unfolded at Shell’s annual shareholder meeting Tuesday as climate activists stormed the venue, calling for the oil company to be “shut down” and demanding that it stop investing in oil and gas extraction.

www.cnn.com/2023/05/23/energy/shell-climate-protests-shareholder-meeting/index.html

TEAR GAS NEEDED AT TOTAL SHAREHOLDER MEETING

TotalEnergies shareholders rejected an activist resolution on Friday urging faster cuts to the oil major's greenhouse gas emissions program after police intervened to stop climate protesters disrupting its annual general meeting.
- Wait, the sing-a-long at the Shell meeting didn’t build enough momentum to divert from logic?
Outside the venue in Paris, the smell of teargas hung in the air and police used pepper spray as they dragged some protesters away to free a path for shareholders.
- Not to add insult to injury, but do you know which industry enables the production and manufacturing of tear gas (as well as basically everything else in the world)?

Tear gas taints the air as TotalEnergies annual meeting rejects climate activist resolution

TotalEnergies shareholders rejected an activist resolution on Friday urging faster cuts to the oil major's greenhouse gas emissions programme after police intervened to stop climate protesters disrupting its annual general meeting.

www.reuters.com/business/energy/protesters-seek-disrupt-totalenergies-shareholder-meeting-2023-05-26

BIDEN LOOKING TO BUY THE DIP

President Biden last year authorized an emergency sale of more than 180 million barrels from the U.S. Strategic Petroleum Reserve to ease gasoline prices that skyrocketed. The Energy Department sold high, averaging roughly $95 a barrel.
- How about Joe Biden taking a page out of Nancy Pelosi’s playbook with these perfectly timed trades?
Now the agency is learning that replenishing those stockpiles at the lower rate it wants—between $67 to $72—is more difficult, despite prices sliding near those levels at various points this year.
- If anyone can sniff out a good time to re-enter the market, it’s JB.

Biden’s Billion-Dollar Oil Trade Faces a Big Test

Washington is awaiting bids to refill its crude reserves with a modified price proposal.

www.wsj.com/articles/bidens-billion-dollar-oil-trade-faces-a-big-test-c479ece

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ResNet Review

Jack Husak — Thu, 27 Apr 2023 15:00:37 +0000

ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for April:

OVINTIV IS EXPECTING TRIPLETS 👶👶👶
CHINA & MIDDLE EAST ARE ENERGY’S NEW “IT” COUPLE 👫
GERMANY, TOO, LIKES TO LIVE DANGEROUSLY 😆

Ovintiv is Expecting Triplets

Ovintiv announced it has entered into a definitive purchase agreement to acquire Black Swan Oil & Gas, PetroLegacy Energy and Piedra Resources ("NMB sellers"), which are portfolio companies of funds managed by EnCap Investments L.P. ("EnCap").,
- Nothing says bull-market like buying 3 companies at once. Ovintiv is going full Oprah Winfrey in the Permian.

A flurry of oil deals kicked off a strong start to 2023, but upstream dealmaking has slowed to a crawl in recent weeks due to low commodity prices and a banking liquidity crisis. This coming after 2022 saw the lowest M&A activity in 17 years.
- Makes sense why investment bankers have begun searching for work in unusual places, as we covered in last month’s ResNet Review (https://bit.ly/3G3J9XY).

Ovintiv to Acquire Core Midland Basin Assets

Transaction Expands Permian Premium Inventory, Enhances Shareholder Returns Company to Exit Bakken Position with Announced Asset Sale Highlights: Acquiring...

www.prnewswire.com/news-releases/ovintiv-to-acquire-core-midland-basin-assets-301788180.html

China and Middle East are Energy’s New “It” Couple

Last week, China bought its first stake in a Qatari gas field, when state-owned China Petroleum & Chemical Corp., acquired a 1.25% share in the first phase of a $30 billion liquefied natural-gas project. The stake followed another deal with QatarEnergy in November to supply 4 million tons of LNG each year to China.
- You can buy some LNG from anyone. But developing LNG together? That’s how you know it’s getting serious.
The country's appetite for gas imports has grown, with China becoming the world's largest LNG importer last year.
- This begs the question, does China love the Middle East for who they really are? Or are they just thirsty for any reliable energy source not in jeopardy to the trials and tribulations of two senile world leaders getting mad at eachother?
The rising tension between China and the US is also pushing countries to broaden their customer base.
- Love triangle?

China Strikes Energy Deals as Its Clout Grows in Middle East

For years, China has bought oil and gas from the Middle East. Now, Chinese companies are making big investments in parts of the energy infrastructure.

www.wsj.com/articles/china-strikes-energy-deals-as-its-clout-grows-in-middle-east-b904e417

Germany, Too, Likes to Live Dangerously

On April 15th, Germany stopped producing any electricity from nuclear power plants.
- Someone call a family attorney, because Germany is officially getting divorced from reality.
Despite having some of the highest electricity costs in the developed world, the shuttering of the plants marks a historic chapter in German history and is being celebrated by Germany’s decades-old, grassroots anti-nuclear movement.
- Grassroots movement out of Germany? How have those worked out, historically speaking?
The move was expected, but is nonetheless seen as a blow to climate advocates who support nuclear energy as a clean, zero-carbon source of electricity.
- “Climate advocates who support nuclear energy as a clean, zero-carbon source of electricity” … also referred to sometimes as “scientists”?
As German professor Volker Quasching points out, “With Germany looking to expand solar and wind power very rapidly over the next few years, now is a good time to shut down nuclear reactors to make way for renewable energy”
- Great point. Logical. The nuclear power plants are what is in the the way of wind and solar. Shut them down and it will be sunny and windy 24/7. Can’t tell you how many times the nuclear power plant has gotten in the way of my wind turbine.

Germany has shut down its last three nuclear power plants, and some climate scientists are aghast

Germany shut down its last three operating nuclear power plants on April 15, despite a last-minute plea from some prestigious scientists.

www.cnbc.com/2023/04/18/germany-shuts-down-last-nuclear-power-plants-some-scientists-aghast.html

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