Adriraj (Raj) Chakraborty

Exxon Mobil Corp on Sunday filed a complaint in a Texas court seeking to prevent a climate proposal by activist investors from going to a vote during the company’s shareholder meeting in May. This is the first time Exxon is seeking to exclude a shareholder proposal by filing a complaint in court. It says the investors are “driven by an extreme agenda” and that adopting stricter emission goals would be detrimental to its business and share value. Investors led by Arjuna Capital and shareholder activist group Follow This are asking Exxon and other oil majors to adopt tighter climate targets. They want Exxon to set so-called Scope 3 targets to reduce emissions produced by users of its products. Exxon is the only one of the five Western oil majors which does not have such targets. Follow This in 2021 and 2022 made similar proposals in shareholder meetings of different oil majors. Only a minority of shareholders supported them. https://lnkd.in/dV9edUP6

2

The “Milei Miracle” - “Argentina is Exposing Its Failing Socialist Neighbors” Javier Milei the Reformist President in Argentina is a breath of fresh air delivering on promises to cut spending and restore financial stability to Argentina. NY Post “Argentina’s new free-market President Javier Milei is lapping Colombia’s Gustavo Petro and Brazil’s Inacio Lula da Silva in terms of economic achievement and the ability of people to live in freedom.” “So far Milei has achieved, well, the unachievable. Argentina — yes, the country that was until recently South America’s economic basket case — now has a primary fiscal surplus, the first in more than a decade and a half. March was the fourth straight month with more government revenues than non-interest spending: In other words Milei, who was inaugurated in December, has produced a government budget surplus every month since taking over.” “This surplus is partly because Milei has also delivered on another of his promises: paring back Argentina’s gargantuan state. He has halved the number of federal agencies, from 18 to nine, slashing public spending by up to 30%. Best of all, Milei is also making inroads against Argentina’s biggest bugbear for decades, inflation.” Milei is the real deal and Argentina is making substantial progress! Canada 🇨🇦 - pay attention - It can be done!!!✅

4

📈 EIA: in 2023, 89+ Bcf per day of #naturalgas was consumed in US, the most on record. Since 2018, US nat gas consumption increased 4% annually on avg. Don’t believe the hype of a grid, economy, or world that can function without nat gas: that’s a fiction peddled by a religion.

27

1 Comment

With gas prices creeping upwards, election-year politics are already in full effect. At a recent conference, White House senior advisor John Podesta said the Biden administration would release oil from the Strategic Petroleum Reserve (SPR) to keep prices at the pump affordable. But Podesta's remarks come less than a week after the administration moved to block 10 million acres from developing oil and gas resources in Alaska. There may be some political logic behind these seemingly contradictory energy policies. Moving oil from the SPR could marginally reduce gas prices before November. Restricting access in a distant place, since the oil in question wouldn't reach the market by election time, may appease climate hawks. Whether those decisions are good politics is debatable, but they're certainly bad policy—across economic, environmental, and national security fronts. The SPR is for emergencies such as significant supply disruptions, wars, or severe price spikes. It is not supposed to be used to score votes come election time. Blocking energy production in Alaska and across the U.S. will curtail investment, destroy jobs, and reduce future domestic oil supplies. https://lnkd.in/dy2Ewzae

1

The burgeoning waste from wind farms, solar panels and electric vehicles is growing more challenging by the month and State Rep. Brooks Landgraf and Waco economist Ray Perryman say it’s time to deal with it. There currently seems to be little else that can be done with the huge old propeller blades and worn-out turbine components from wind farms except to fill up the landfills with them while solar panels contain the environmentally harmful elements of lead, cadmium, glass, aluminum and silicon and EVs present the dilemma of what to do with their huge worn-out batteries. “It’s noteworthy that so many environmental activists fail to account for the waste streams associated with wind and solar power generation, overlooking the holistic environmental impact of renewable energy technologies,” said Landgraf, an Odessa Republican who chairs the Texas House Environmental Regulation Committee in Austin. “They fail to realize that embracing renewable energy also necessitates confronting the accompanying waste challenges head-on. However, far from a hindrance, these challenges can offer fertile ground for innovation. “The oil and gas industry’s adaptability serves as evidence of this potential as it has effectively converted waste into profitable income streams to fulfill market needs.” Just as the oil and gas sector has capitalized on waste, Landgraf said, a similar evolution should he expected with renewables. https://lnkd.in/dyAACzqk

7

#SolarPowers over 263,000 Americans who are now working in this booming sector! Thanks to the Inflation Reduction Act, more than 100,000 #manufacturing jobs have been announced in the U.S. since its signing. In April alone, four new large-scale #cleanenergy projects were announced, expected to hire 1,500 manufacturing workers. These projects are set to invest over $2 billion, contributing to a total of 305 projects announced since the IRA, according to E2’s monthly tally. Among these groundbreaking initiatives: ▪ Toyota is investing $1.4 billion to build a three-row electric SUV at its Princeton facility in Indiana. ▪ Boviet Solar is making a $294 million investment in its first North American #solar manufacturing plant in North Carolina, creating over 900 jobs. The future of clean energy looks bright! 🌞✨   https://lnkd.in/gJHXrYaM  #GreenJobs #InflationReductionAct #SolarEnergy

24

RSS continues to be a key component driving the drilling efficiency mix #RotarySteerableSystems #DrillingTechnology #OilAndGas #Efficiency #WellConstruction #Oilfieldservices #Investing #Index #Investors #Futures

12

Crude oil futures held steady Tuesday as the U.S. prepares new sanctions against Iran that could target the country’s oil exports in the wake of the Islamic Republic’s weekend air assault against Israel. The West Texas Intermediate contract for May delivery fell slightly by 5 cents to settle at $85.36 a barrel. The June Brent futures contract lost 8 cents to settle at $90.02 a barrel. “Clearly, Iran is continuing to export some oil,” Treasury Secretary Janet Yellen said Tuesday. “There may be more that we could do. I don’t want to preview our actual sanctions activities, but certainly that remains in focus as a possible area that we could address.” The oil market’s response to Iran’s attack has been muted so far, with futures closing lower Monday after Israel and the U.S. successfully repelled the assault. Fears of a wider war have also eased as the U.S. expects an Israeli response to Iran’s attack to be limited in scope, four U.S. officials told NBC News. “Tensions are high, and either party’s next moves are hard to predict, but all the significant signs point toward an easing of hostilities and restraint in the short term,” said Jorge Leon, senior vice president at Rystad Energy, a consulting firm. Israel’s wartime Cabinet met for several hours Monday to weigh how Israel should respond. An Israeli official told NBC News after the meeting that a response may be “imminent.” “Iran will face consequences for its actions,” Israeli army chief Herzi Halevi said in a video statement. Halevi in the video also thanked the U.S., Britain and France for assisting Israel in shooting down more than 300 missiles and drones launched at the country. “We will choose our response accordingly,” Halevi said. “The IDF remains ready to counter any threats from Iran and its terror proxies as we continue our mission to defend the state of Israel.” The leaders of Britain, France and Germany have called on Israel to show restraint in the wake of the Iranian attack. President Joe Biden told Prime Minister Benjamin Netanyahu over the weekend that the U.S. commitment to Israel is ironclad, but Washington will not participate in an offensive operation against Iran, a senior administration official told NBC News. U.S. Secretary of State Antony Blinken has consulted with Egypt, Jordan, Turkey, Saudi Arabia, Germany and the U.K. since the Iranian attack, State Department Spokesperson Matthew Miller told reporters Monday. “We continue to make clear to everyone that we talked to that we want to see de-escalation, that we don’t want to see this conflict further escalated. We don’t want to see a wider regional war,” Miller said. The spokesman for the Iranian Armed Forces said the Islamic Republic does not seek to expand the war but warned that Tehran would respond stronger than before if Israel seeks a counterattack, according to a translated post on the Islamic Republic’s social media page.

12

Devon Makes Apple Pie As the 1Q oil and gas earnings season winds down, Reese Energy Consulting today polishes off our LI week with a spotlight on Devon Energy. Among its peers, this multi-basin, Okla. City-based E&P hit the ball out of the park in 1Q reporting $1.7 billion in operating cash flow following a previous slam dunk in 4Q 2023. Devon CEO Rick Muncrief was heard to say, “How ya like them apples?” Back in the fall, as megamerger mania descended upon the nation’s larger independent players looking to grow their positions and inventory, Devon was rumored to have an eye on Marathon Oil Corporation and CrownRock in the Permian, and Enerplus in the Bakken. The company operates 400,000 net acres in the Delaware with more than 10 years of inventory, and 123,000 net acres in the Williston, along with assets in the Anadarko, Powder River, and Eagle Ford. While a deal never came to fruition, Muncrief made clear he was in no rush to jump into the land-grab frenzy. As the saying goes, patience is bitter, but its fruit is sweet. And although not an acquisition, Devon’s sweetest fruit was already on the verge of bigtime production. Devon’s largest revenue driver lies in the Permian to the tune of 66%--and that’s where a near equal percentage of its CAPEX will be headed this year. With tighter-than-spandex drilling efficiencies, strategic midstream investments, and higher output in the Delaware—apples, if you will—Devon in 1Q made a deep-dish apple pie despite natural gas prices. The company reported 664 MBOED in total production, beating its own estimate by 4% and welcomed in a handsome $844 million in free cash flow. At the same time, Devon also raised its 2Q production targets to a range of 655 MBOED to 675 MBOED, as well as higher guidance expectations for the full year. What do you think? Learn more about REC and our crude oil and natural gas consulting services at https://lnkd.in/ebXT2mS. #okc #energy #oilandgas #mergers ##reeseenergyconsulting

125

8 Comments

Case Closed Over the last 30 years Steve Reese has seen the inside of a whole lotta courtrooms—and that’s proved to be a very, very good thing for REC clients. As an oil and gas expert witness, Steve—along with key staff members of Reese Energy Consulting—is regularly called upon by corporate legal teams and outside counsel to provide litigation services and expert testimony on behalf of producers, midstreamers, marketers, end users, and accounting firms. And we’re currently seeing an uptick of activity in this space, now assisting in five legal cases amid increasing inquiries. With more than 250 years of combined oil and gas and midstream experience, REC provides the subject-matter experts, consulting, due diligence, analysis, and courtroom testimony to help inform decision makers for optimal results. Here's a look at some of our expert subject-matter disciplines: Ø Oil and gas contracts and marketing Ø Gathering and processing operations and commercial contracts Ø Gas measurement and sampling Ø Product scheduling and balancing Ø Oil and gas revenue, deductions, and fees How can we help you? Learn more about REC and our legal consulting services at https://lnkd.in/ebXT2mS and our online natural gas training courses at https://lnkd.in/g_jDyx_Y . #litigation #experttestimony ##reeseenergyconsulting

33

1 Comment

This is a very accurate assessment of our energy situation - basically we are in trouble for the next 2-3 years, until extremely expensive peaker plants come on line just to bail out renewables! Will next year see the increase of the energy fund? I would assume so. The State of Texas should not be a bank to the oil and gas industry, but here we are - they got what they wanted, all in the name of protecting the grid! We will see transmission start to build out just to bail out the huge increase in renewables. Don't forget that about 70-80% of renewables are owned by oil and gas companies or utilities. 30% of Texans are having trouble paying their utility bills now, but this time next year it will probably be 50% - so who is looking after the consumers - NO ONE!

8

3 Comments

Texas Solidifies Status as America's Clean Energy Giant Of course, no news on the subject of renewables would be complete without a political attention grabber, but the article highlights that: - The energy transition is accelerating faster than many expected. Texas' grid operator makes it twice as fast to bring new renewables online compared to other states. Speed matters in staying ahead of the curve. - Rural communities are increasingly embracing clean energy as an economic lifeline. This has created a unique coalition between "urban progressives" and "rural conservatives" in support of renewables. - Texas remains a global energy leader. With world-class infrastructure, talent, and the ability to scale innovations quickly, Texas is positioned to pioneer the energy sources of the future, from hydrogen to geothermal and beyond. If you're thinking about the energy sector, you need to be thinking about coming to Houston. #oilandgas #solar #onshorewind #shalegas #lng #hydrogen #ccus #getcSolutions

8

The Family Jewels of South Texas Multi-generational oil and gas dynasties have long added color, dust, and sweat to Texas history. There are fewer of them now, the ones that date back more than a century. Bygone reminders of a time when families expected their heirs—and their heirs’ heirs—to keep the family business in the family in perpetuity. Then there’s the Killams. Reese Energy Consulting today is following a news nugget that piqued our attention. Not for the sprawling 6,041-acre ranch near Corpus Christi, Texas, now up for sale. But for the oilman it’s named in tribute. The O | W Ranch is owned by the Killam family, fourth-generation descendants of Oliver Windall Killam. Laredo-based Killam Oil remains a private, family-owned E&P now led by David Killam, still operating in South Texas where O.W. drilled his first well back in 1920. O.W. was 45 then, an attorney by profession, married with three kids, and a natural born achiever who couldn’t contain his restless spirit. After serving as an Okla., State Senator and successful entrepreneur, Killam sold his business and whisked his family off to Laredo to explore for oil in an area where no one had ever discovered oil. He had no related experience or education in the field, yet when that first well came up dryer than a hundred-year-old bone, Killan simply drilled a second. Then a third. And several more until he struck paydirt—that fairy tale Texas gusher producing 400 BPD, solidifying Killam as the genuine article, a South Texas wildcatter, who never knew the word “quit”. These are stories to be remembered. Those of the undaunted pioneers who refused to buckle, long before innovation and technology could help a brother out. And those of their descendants, who carry those stories forward. To that, REC salutes the enduring legacy of O.W., ever-present in the remarkable success of Killam Oil. What do you think? Learn more about REC and our oil, gas, and midstream consulting services in the Eagle Ford and South Texas at https://lnkd.in/ebXT2mS. #energy #oilandgas #entrepreneur #reeseenergyconsulting

146

9 Comments

The company last month tapped debt markets to raise $10 billion as investors fret over the company’s liquidity. It ended March with $7.5 billion of cash and investments, less than half what it had at the start of the year. In April, Moody’s Investors Service downgraded its rating on Boeing’s unsecured debt by one notch to Baa3, the lowest investment-grade level. Moody’s expects that cash-flow pressures will persist through 2026.

3

Time for a boil your blood post as all of us are finding out today about the FTC - Federal Trade Commission's - greenlighting of Exxon's buying of Pioneer Natural Resources, which is great. But here it comes - The FTC said that Exxon could not have Pioneer Chief Executive Officer Scott Sheffield on their Exxon board because of comments Sheffield made back in 2020 in regard to oil markets or they would not approve of the deal. The same comments that most every independent oil company executive was saying and screaming about at that time - the United States was producing too much oil and needed to slow down and cut back. If you all remember, this was during the outbreak of covid and simultaneously Saudi deciding to show the markets they were still in control by flooding those same markets with an extra 2 million barrels of oil per day. Oil prices went negative, drilling rigs started getting stacked and folks were being laid off. And Scott Sheffield was man enough at the time to sound the alarm publicly. And this is what he gets? The Biden administration and government officials talking about him trying to collude with OPEC? Give me a break. Saudi controls this market and always will. No North American independent or major oil company can ever have that much power and they know it. So why the animus towards Sheffield? And does this now carry over to every CEO in the energy industry that dared speak out on behalf of our industry to defend it during our moments of crisis in 2020 and 2021? Do companies like Chesapeake that is taking gas off the market today because of the glut in the US now get on their target list? Or how about cattle owners complaining about foreign beef being imported into the country. It is just hard for me to believe the weaponization of this administration towards the energy industry and especially great folks like Donald Trump and Scott Sheffield. You can definitely see a pattern. So here is the moral to this story - grow your company and be successful BUT if you ever want to go public or sell out make sure you have only made positive comments to the current administration as clearly it can and will be held against you from then on... God Bless Texas, Our Energy industry and folks like Scott Sheffield that will step up and defend us. #pioneernaturalresources #energy #oil #OPEC #thepermianfuelsamerica #exxonmobil #bidenadministration #ftc https://lnkd.in/gYYNUx5g

919

61 Comments

Renewables projects are facing the same bureaucracy and the large tangle of regulations as the rest of the energy sector. The federal regulators and their agencies need more engineers, fewer lawyers: More rigor, less overreach: More science, less political science.

1

1 Comment