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The group’s success means that the West is no longer totally in control of international systems This week’s BRICS summit in Kazan, Russia, caused a stir, which is understandable. It was a major event in […]
The UK went from an industrial powerhouse to an economic backwater thanks to its shift to Net Zero Britain, the nation that birthed the Industrial Revolution, is now a world leader in deindustrialization. The power […]
Chronic infrasound from wind turbines linked to blood vessel problems. German gov’t remains skeptical despite evidence. New research by Dr. Bellut-Staeck in the journal Medical Research and Its Applications suggests chronic infrasound exposure can lead […]
Biden’s strong-arm tactics to force Americans to buy EVs have only stiffened consumer resolve not to purchase them. A strong case can be made that the worst thing that ever happened to the electric vehicle […]
Hedge funds are betting against green sectors like solar and EVs, favoring fossil fuels as renewable energy struggles with high costs and unreliability. A little more than a year ago, a New York Times headline […]
Highlights of the Podcast
00:00 – Intro
01:54 – Fyodor Lukyanov: Here’s why this week’s BRICS summit will eventually be seen as a milestone
03:28 – Green Blunder: UK’s Net Zero Dreams Have Turned Into An Economic Nightmare
05:50 – Silent Menace: New Study Shows The Hidden Health Harms From Wind Turbines
08:40 – Biden’s EV Mandate Is Backfiring As Consumers Rebel Against Electric Cars
12:22 – Investors Turn To Fossil Fuels As Green Energy Falters On Costs, Reliability
16:47 – Markets Update
21:41 – Rig Counts Update
22:04 – CNX Reports Third Quarter Results
27:05 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:10] What’s going on, everybody? Welcome in to the Monday, October 28th, 2024, edition of the Daily Energy News. Beat Stand up. Here are today’s top headlines. Fedora Luka Cobb off. Here’s why this week’s BRICs summit will eventually be seen as a milestone. Interesting. Love a little spooky Putin cover image right there. Next up, Green blunder. UK’s net zero dreams have turned into an economic nightmare. I see a little AI generated image there on that one. Next up, Silent Menace. New study shows the hidden health harms from wind turbines. We’ll have some interesting stuff to say about that. Next up, Biden’s EV mandate is backfiring as consumers rebel against electric cars. Investors turn to fossil fuels as green energy falters on costs and reliability stalled. Santos told me. I will quickly cover what happened in the oil and gas market. Some interesting stuff from the standpoint of where prices went. Lot of geopolitical craziness going on, so Stu will tap us in on that. I will then quickly cover what happened on earnings and then we will review CSX earnings and kind of get an idea of why the shale business is tough and the shale gas business is even tougher. We will cover all that and a bag of chips. Guys, as always, I am Michael Tanner. Finally, back for a full week. I’ve been in Houston the past two weeks. Shoot me in the head. I’m excited to be in the chair all this week guys. So appreciates do you holding the fort down. But let’s go and kick this off. Where do you want to begin? [00:01:41][90.8]
Stuart Turley: [00:01:42] Hey, Michael. Hey. When you were in Houston, did you see any cockroaches about this big with a collar on it? I’m missing one of my pet cockroaches when I worked there. [00:01:51][9.0]
Michael Tanner: [00:01:51] No, unfortunately, they’ve all been sold on the dark web. [00:01:53][2.3]
Stuart Turley: [00:01:54] All right. Hey, let’s go to our first story here about bricks. This is an amazing story. Here’s why. This week’s brics summit will eventually be seen as a milestone. Unbelievable story around brics and brics. Success is because of Kamala and Biden’s weaponization of the US dollar. Contrary to talk of bricks ushering in a fundamentally new order, the final declaration devotes considerable space to supporting more effective functioning of existing institutions, such as the U.N. Security Council to the International Monetary Fund and the World Trade Organization. That is one of the things that they were not looking to replace all of them. It’s actually looking at it as a financial arm in order to get away from sanctions. And if you look at it that way, BRICs made significant runs this past week, Michael. Yeah. [00:02:51][57.4]
Michael Tanner: [00:02:51] No, I mean, we it’s clear that brics is coming for the US dollar. It’s clear they want to get off the petrodollar and make sure that they have control so that these sanctions that we theoretically could put on these countries don’t happen. I think what a tieback of exactly what you said. I think what they’re what they’re doing is scary. The power that we have as a as a country, obviously one of them’s military, but also fiscally from the standpoint of everybody uses the greenback as it’s known around the world. It’s becoming less and less valuable right now and continued. [00:03:22][30.8]
Stuart Turley: [00:03:23] So because more and more of the U.S. dollar is not being traded in energy. Let’s go to the next one here. Michael Green Blunder. UK’s net zero dreams have turned to an economic nightmare. Michael, I’m going to stand by our theory and our theory of the law of energy is that the greener we go, the more fossil fuels we use in the UK, the greener the energy policies, the greater the economic failure. The UK went from an industrial powerhouse to an economic backwater thanks to its shift in net zero. Michael You can. That’s pretty much the entry article only. Fantastic. [00:04:10][46.9]
Michael Tanner: [00:04:11] Yeah. This is a great interview between Brendan O’Neill and the author John Moynihan. It’s his new book, Return to Growth How to Fix the Economy. I mean, everything again comes down to energy. You want to fix the inflation problem, you have to drive down energy costs. I mean, it’s it’s an input into literally everything. [00:04:30][19.8]
Stuart Turley: [00:04:32] When you take a look at Brendan O’Neill, why do you think it was important to write this book? John Mulaney And looking back over the past couple of hundred years, it’s clear that growth has brought most extraordinary changes to people’s lives. We are now in large parts of the world leading lives of enormous prosperity, health and longevity of historical standards. And it all came around, Michael, because of fossil fuels. And now I love this thing, too. [00:04:56][24.1]
Michael Tanner: [00:04:56] I love this quote he has in the interview. Well, if we go net zero, guess what? Nobody’s going to follow us. The UK produces less than 1% of the carbon emissions. Meanwhile, China builds two coal fired power stations every week. That’s 100 or more a year. If you want to lower the amount of carbon in the world, then you should drill for and use as many hydrocarbons in the UK as possible. I love this next quote. We we use clean technologies to use those hydrocarbon carbon. Whether it’s making steel manufacturing cars or drilling for oil, the United States, the United Kingdom and a lot of the G7 countries actually produce the lowest and most energy efficient and lowest carbon intensive barrels of oil and gas around the world. You want us doing it, not China. [00:05:40][44.1]
Stuart Turley: [00:05:41] No, absolutely. And we don’t manufacture something. The factory closes down and manufacturing transfers to China. That’s very, very key. Hey, let’s roll. The silent menace. Silent but deadly. A new study shows hidden health harms from wind turbines. Michael, we knew they were killing the whales, and you’re all for that. But humans can only perceive sound waves over a range of 20 and 20,000Hz. Sound waves below 20Hz cannot be heard by humans or called in first round. I hope I said that right. Natural infrasound emitted by nature is harmless but increasingly being understood. Sound being generated by wind turbine processes and makes peoples who are subjected to sick so they can’t be healthy. Man. [00:06:30][49.0]
Michael Tanner: [00:06:30] No, I mean, it doesn’t take a rocket scientist to figure out the fact that this infrastructure going on where all of this animal and where a lot of this aquatic life is living is going to be harmful. You know, and I think it’s. [00:06:46][15.8]
Stuart Turley: [00:06:47] And in the UK, they’ve had over 1000 whales die in the last year. I’m not kidding. And they’re sitting there going, why in Germany? [00:06:56][9.4]
Michael Tanner: [00:06:57] You know, now I think there’s a difference between onshore and offshore. I think the ironic part is offshore wind probably has the chance to be more efficient than onshore wind. Just from the standpoint of the scale at which you can build it offshore. The problem is the ecological fallout is much higher offshore than onshore. And again, we all know this. I’m okay with I’m okay, I’m okay with some of the ecological fallout. I do think it’s interesting, though, that this is starting to get a lot more mainstream news. You’re starting to see this come up in places where I wouldn’t necessarily see people talking about this. So I think people are waking up to the fact that, wait a second, we don’t actually know what we’re what we’re doing here. I mean, Elon came out and said he was forced to kidnap seals to run all these tests on stuff. I mean, it’s unbelievable. [00:07:42][45.8]
Stuart Turley: [00:07:43] Wouldn’t it not say, you see the poor seal strapped to a board with headphones and then it was like, does. [00:07:48][4.8]
Michael Tanner: [00:07:48] A soccer. [00:07:48][0.2]
Stuart Turley: [00:07:49] Seal? [00:07:49][0.0]
Michael Tanner: [00:07:49] Right. Does this sound like. [00:07:51][1.4]
Stuart Turley: [00:07:51] Boom bother. [00:07:51][0.4]
Michael Tanner: [00:07:52] You? Yeah. So here we go. So here’s this other quote here. I mean, straight from the article here, infrared sound from wind turbines or other industrial machinery, even though we can’t hear it, can disrupt the natural balance of chemicals in our blood vessels, which can lead to inflammation and problems like our three sclerosis. I don’t know what that means, but it sounds extremely scary. Okay, So yet the government I love this quote, yet the government insists they’re safe. I mean, just trust because the government’s been right on everything. No. [00:08:20][27.8]
Stuart Turley: [00:08:20] Government’s wrong on everything. Do you remember that movie with Antonio Banderas walking in and he’s got guns and he’s got a sign behind him that says the customer is always wrong. Okay, I’m going to have one too made. The government is always wrong and put it back here. A neon sign. All right. Yeah. What’s that? Biden EV Mandate backfires as customers rebel against electric cars. This is absolutely. Customers interested in traditional internal combustion engines is rebounding due to the affordability concerns. About 75,000 plug in vehicles. Nobody can afford a $75,000 Tesla. Nobody can. Some 67% of consumers say they prefer an internal combustion engine for their next vehicle, up from 58%. Michael, that’s that’s a lot of people saying, hey, I’m done. I got to have me regular internal combustion. [00:09:19][58.5]
Michael Tanner: [00:09:19] Yeah, It’s I mean, who’s going to go out and spend that type of money on a car that doesn’t perform as well as a combustion vehicle? That is the whole point. I would be all for EVs if not only could you if if they actually perform to the standards at which your natural combustion engine would be. I mean, I was out of the oil field all weekend. Trust me, guys, you can’t have an EV out there. It’s really tough. But the one thing that’ll last out there is a cybertruck. But still that you know, we won’t get into that later. Again and again. Where’s all this electricity coming from? Ask yourself that question. Just because you plug it into a wall doesn’t mean that that electricity that’s flowing through the wall was generated by what you would consider in on the clean energy because, you know, maybe it came from a coal fired power plant. I remember watching those that famous Michael Moore documentary where they go. Talk to the they’re opening up a new electric vehicle charging station at some I forget what city it is and they they quiz the you know the the guy who was in charge of building it or like the county electrician was like, yeah, all this 98% of the electric that’s born here is actually generated from the local coal plant. It’s like, okay, it’s just you’re, you’re, you’re putting yourselves, you know, seven steps away from the source so you can it’s like a blood diamond. You don’t know where they came from. We didn’t know they were using child labor to get all this stuff. So it really, you know, the farther you can remove yourself from the source, the more quote unquote, comfort you feel like you can take. It’s pretty unbelievable. What I what I find funny is that the base scenario that the EPA has for 2032 is that by then 56% of all models must be non-hybrid EVs. I mean, I’m all for hybrid. I think hybrids, if you want to be clear, are probably going to end up being the future of cars because there’s something wrong with batteries. We love. We I love a good battery. If you can if you can tell me, I can increase my efficiency by mixing two technologies. I’m all for that. So that’s pretty unbelievable. [00:11:17][117.2]
Stuart Turley: [00:11:18] But there’s a mistake that the Biden-Harris team did, and that is they messed with a tax break saying you get a tax break. But here’s the formula that you had to use for that tax break. Only 20% of the cars qualified for the tax break. It was absolutely worthless. This one is one line in here, yet one 990 Democrats in the House recently voted in mass against amendments to ease the unachievable EV mandate. They are still sitting there, Michael, going, hey, wait a minute, we want these EV mandates. [00:11:52][34.8]
Michael Tanner: [00:11:53] Well, i. [00:11:53][0.4]
Stuart Turley: [00:11:54] Think that I think people are going to. [00:11:55][1.3]
Michael Tanner: [00:11:55] Vote. I think it’s also easier to. [00:11:56][1.4]
Stuart Turley: [00:11:56] Vote those. [00:11:57][0.3]
Michael Tanner: [00:11:57] Policies that are 5 or 10 years out in the future because most people are like, well, I won’t be in office, then we’ll let that Congress deal with the fallout and I can vote to show my constituents that, look, I’m on the quote unquote, right side of the argument. So I think a lot of this is show me here and then in ten years, we’ll forget. It’s like the debt ceiling. Everybody cries about the debt on both sides of the aisle. And then when it comes down to it, they just raise the limit. Don’t get. [00:12:21][24.1]
Stuart Turley: [00:12:21] Me started. All right. Let’s go to the last one here, Michael. People are waking up and saying, wait a minute, things are too expensive. I’m going to vote with my wallet. And now take a look at this article. Investors turned to fossil fuels as green energy falters on cost and reliability. I thought this was an excellent article from Issues and Insights. And let’s go through a couple of the points in here. Despite vast green stimulus packages in the U.S., Europe and China, more hedge funds are average net short batteries, solar electric vehicles and hydrogen than are those that are in more funds are net long fossil fuels and are shorting oil and gas and coal. Bloomberg reports that hedge funds and institutions have concluded that many climate investments haven’t yet posted returns quickly or profitably as they expected. So people are tired of it. They want their money back and they’re putting their money into fossil fuels. Dude. [00:13:24][62.5]
Michael Tanner: [00:13:24] Yeah, I mean, I think it’s also smart to point out that most hedge funds perform basically in on par with the S&P 500. So I don’t necessarily look to hedge funds as a source of crude in terms of, this is exactly what’s going on. But what it does is it shows a consensus among people who look at this stuff a lot harder than me and you on in over the long run, where are the gains to be had and where are there opportunities to make money on the downside? So I’m not shocked by this. You know, obviously, this is a shift from where it was fought 4 or 5 years ago because there was all of this money dumping. And what I find surprising is that even with all of the direct money being pumped in via the the Inflation Reduction Act and all of these different green stimulus packages that you’re not seeing better underlying performance from these companies. What that shows you is, you know, it doesn’t matter how much capital you spend, what matters is are you going to make a return? But to talk about that when we come to finances, I mean, it’s energy is a capital intensive business no matter what side of the equation you’re on. And it forces you to think a little bit differently about kind of the underlying stuff. I love this quote from Bloomberg, and I’ll just read straight from the article Bloomberg report that hedge funds institutions have concluded that, quote, Many climate investments haven’t posted returns as quickly or as profitably as they expected. Now, I could have told you that I could. You could have given me half the money they’re paying these hedge fund guys. And I could have told you the exact same thing. Right. So pretty. Pretty unbelievable. Cool Off to you. All right, cool. Well, we’ll go ahead and and pay the bills here real quick. Guys, as always, thank you for checking us out on the world’s greatest website. www. Energy News Beat.com the best place for all your energy and oil and gas. This news during the team do a tremendous job making sure that website is up to speed. Everything you need to know to be the tip of the spear when it comes to the energy and the oil and gas business. Check us out on Substack. We appreciate everybody who has subscribed in the past week with a nice little tick up in Substack, guys. So appreciate that. Hit the description below for our links to the timestamps. Links to the articles. Also, guys, we’re heading into tax season. If you have a high net worth individual or are sitting on a tax problem. Trust me guys, you can avoid paying. You don’t want to pay the IRS because it’s going to end up in a wind farm. You’re going to end up paying for a wind shield to get some headphones strapped to its head to try to tell you that the vibrations in the ocean are bad. Okay. Trust me, guys, you do not want to give up your money to the IRS. If you have a tax liability, we have an awesome, awesome way to minimize your tax burden. Get some cash dividends, which is always key and diversify your portfolio. We’ve an awesome direct working interest oil project that we are partnering up with our friends at pay goes country operating in the Crude Truth guys. So if you are interested in diversifying your portfolio and again guys don’t don’t pay taxes this season. Trust me. Now you pay a little bit of taxes. I’m not against all taxes. Well, maybe I am. But here is a way to minimize your tax liability so you as the better allocator of your capital than the federal government can take advantage of that. Hit us up. We’ll have a Lincoln description to fill out a form and we’ll get you all the information. And I mean, the final point is you can show up to all your Christmas parties and say, guess what? I’m an oil man. That I think is the most critical piece to all this. Avoid taxes, get some distributions and diversify your portfolio. Hit that link below and we will get you all the information. [00:16:45][201.2]
Michael Tanner: [00:16:47] Pretty Big Week in for oil at least, Stu, we are up about four percentage points. We’ll just hit top line numbers. First, though, on Friday, S&P 500 basically flat. Nasdaq jumped a little bit as we roll into earnings season. And the two and ten year yields were about a half a percentage point in 6/10 of a percentage point respectively. Dollar index up was about three percentage points or excuse me, 3/10 of a percentage point to be kind of crazy if it was up that big, but 3/10 of a percentage point. We did see Bitcoin fairly flat this week and still about $67,000. Crude oil on Friday, up 2.2 percentage points. 7178 was the close. That’s a 4% gain week over week, which was, you know, we’ve had some pretty rough weeks coming up. Brant Oil was fairly flat, though it was only up to $76. Natural gas spiked 1.5 percentage points, $2.56, mainly off the strength of the European gas market, which has spiked LNG prices here at home. Again, you know, going back to oil 4% on the week, lot of a lot of stuff that goes into this one. Obviously, the risk of what’s going on in the Middle East right now. Stu, can you give us a little bit of update because there’s been some stuff that’s happened Friday, Saturday and Sunday as we record this in terms of Israel’s response to Iran and whether or not Iran will respond back. What what give us your latest read on what’s going on there. [00:18:06][79.3]
Stuart Turley: [00:18:07] Well, the there were over 100 airplanes that Israel sent out of the 100 and airplanes, let’s say they all had five bombs. Think about how many targets they did. The Biden administration basically begged Netanyahu not to bomb any oil or nuclear facilities. And so I’m not sure if Netanyahu is still mad about that, but only I believe 12 to 20 people died out of all those bombs and all those airplanes. I’m not sure if somebody didn’t tell Iran. Here’s a list of our targets that we’re going to hit. It sure looks that way. And so is this just a couple of squirrels poking each other and everybody not going to drop a real bomb or hurting people? I don’t know. And is are they going to stop Iran from doing proxy wars? The only way to do that is to hurt their oil and their income. Now, yeah, they already have warheads. I think they already have five nuclear warheads. I think they already have the bomb. What is holding them up, Michael, is the fact of prophecies. People don’t talk enough about the religion and the prophecies. And it’s going to be who attacks at the right time. I don’t think right now is the right time. [00:19:27][79.8]
Michael Tanner: [00:19:27] No, I do agree with you there. There’s there’s it’s it’s a lot there’s a lot more melodrama going on there than I think that meets the eye. We did see a timely opinion piece by our friend Javier Blast. He’s a columnist over at Bloomberg. He actually is thinking that due to the response by Israel, oil prices in the preceding days are actually going to fall because of the response was much weaker than I think the market was expecting. And I think a lot of what you saw on Friday was the expectation that what went down this week and from a response standpoint was going to be probably a lot more heavy than it really was. And I think both sides are doing their best to save face, but not start a all out, you know, World War three, which which you could roll into. I do think we’re seeing, you know, things are getting a little bit tensions. Obviously, we have the election coming up on November 5th. And then depending on what happens there, things could get very spicy. We also have an election coming up in June and multiple central banks between U.K., Japan and the United States have interest rate decisions coming up, which could. Let me throw this. What’s up? [00:20:29][61.6]
Stuart Turley: [00:20:29] President Putin said I am looking forward to visiting with President Trump and ending the Ukraine war. Here’s what you’re going to see. This is a prediction you’re going to hear here. First, the Ukraine natural gas pipeline, ins from Russia, gas through Ukraine to the EU. That contract ends in December. We’re going to see, in my opinion, an end to the war before December. Trump has already said he’s going to stop it. Putin has already said he’s going to stop it. Zelensky realizes his meal ticket is over. There’s going to be an end to this war. Now, how this is going to be is the Green New Deal in the EU and the de-industrialisation needs cheap Russian gas. You will see cheap Russian gas being bought again in the EU in 2025. [00:21:20][50.6]
Michael Tanner: [00:21:21] Yeah, I mean, if if if Trump does win, I think you’re you’re absolutely right. I think it’ll be interesting to see what happens. If the vice president does win. That will be it will it’ll be interesting. We may have to you know, we may be coming live from Taiwan, as I like to say. [00:21:35][14.3]
Stuart Turley: [00:21:36] I’ll be getting my I’m moving to Bulgaria. [00:21:37][1.7]
Michael Tanner: [00:21:39] Bulgaria. Ooh, Interesting. All right. Well, let’s move on. We’ve quickly got rig counts, guys. Not much changed last week over rig counts. Literally no change week over week. Still sitting at 585 rigs. That’s down 40 from a year ago, though. So we’re kind of closing that gap between last year and this year. But again, not much movement even with the fact that prices bounced a little bit. So I think we’re seeing a little bit of a settling here from a rig count standpoint. We were rolling up on earnings season. And again, I think it’s I want to just point out that we’re going to a lot of earnings coming up. Okay. And I think and we saw to last week we saw Matador, which I didn’t really see anything terribly interesting other than the fact that they were just screaming in their report about how much production they’re making. So I think we’re we’re back to how much production you’re making as a as a key indicator in your earnings report. But I want to specifically talk about K’Nex, and we love them over there. Or, you know, we love their CEO, Nick Adeolu is what I do find interesting, guys, is there’s this sentiment around, you know, how tough it is in the oil business to make money. And then the reason going back to what we talked about earlier, the capital intensive side of the energy and the energy is extremely, extremely capital intensive and many costs millions and millions of dollars to just go drill one. Well, in the hope that, hey, we’re going to get our money back in a little bit. And obviously, you know, prices have to do with that. But C and X drop their earnings, guys. And, you know, we’ll cover it here quickly here. But I just want to make sure we point out stuff. Senex is a Utica and Appalachian Gas producer. So obviously they’re their natural gas. Natural gas producers did not have a great Q2. Q3 and Q3 was a little bit better as we’ll see than Q2. But tough when prices are you know, you’re averaging a $2 and 37 realized price, including hedges. Now, if you read their top headlines, free cash flow was about $60 million. Interesting there. There are 2024 total free cash flow guidance. They reaffirmed for about $300 million. Not not too bad there. So, you know, it’s it’s interesting. Let me scroll down here. We’ll go ahead and find some of the the top line guidance stuff. So they did about over the total year, they’re going to do about 545 B, c, F, which is absolutely incredible. And, you know, from the standpoint of, you know, a lot of the stuff, what they’re doing is turn is, you know, they’ve held off a lot of their completions relative to the fact that prices were so low was like you do that we saw Senex come out and basically said, we’re not going to turn in line any one of this stuff. They pretty much kept their that that guidance the same in terms of of you know again, in terms of where they’re planning on growing their production. I think the interesting the interesting part here was looking at capital guys okay so let’s let’s remember here you got to spend money to make a little money. But the problem is you got to spend a dollar in hope that you can generate $2. I mean, it’s not a not who’s crazy, Michael? I know that’s just some insane analysis, but think about how capital intensive this business is. Okay. So let’s look at this here. Let’s go ahead and and I want to pull out one quote that they said here. Okay. Operational update, quarterly production. So this is just quarterly was about 134,000,000,000 cubic feet, and that was flat compared to the second quarter. And the company plans to expect volumes to increase in the fourth quarter as the remainder of our planned 2024 wells. Come on. Okay. So they hope to grow production slightly. In Q4, but from Q2 to Q3, volumes were flat. If we go look at their balance sheet, assume they spent in quarter to and quarter three, a combined $300 million on capital to keep revenues and production flat. And actually net cash provided by operating activities in Q3 went down. So what why people tell you the shale business and the shale gas business is so tough is the fact that you have to dump $152 million in order to into the ground so that your Q three net cash drops by 20 million. Now, that has a lot to do with prices, but it goes to show you there’s a lot of stuff that’s out of your control as an oil and gas company from the standpoint of you can dump all that money into the ground and if prices don’t go your way or a well doesn’t come in online or, you know, you have some extreme circulars, you actually will make less money having spent all of that money. I mean, it’s a tough business I talk with. You know, I sit here and, you know, part of my job is to sit here and run financial forecasts. I mean, it’s hard to sit there with the CEO and be like, Willy, I’m going to spend $40 million next year and my production is going to my Ebit is going to stay flat. It’s like, well, welcome to the shale business, my friend. Those it’s hard to beat those decline curves. [00:26:28][289.5]
Stuart Turley: [00:26:29] The only thing that beats decline curves is money. [00:26:31][1.7]
Michael Tanner: [00:26:31] Yes, absolutely. Or shallower decline curves, which again, it’s why this business is so tough. So, I mean, you know, in a, you know, decent quarter from a balance sheet standpoint, their stock did rise on Friday mainly due to the fact that natural gas prices were up. But this just when you dig into these numbers a little bit, guys, it just goes to show how tough this business really is and why gas companies specifically get pounded when prices go down. Because all it means that on a dollar for dollar basis, they’re it’s not even a dollar for dollar exchange. It’s a dollar for $0.60 exchange. Who wants to make that trade? Unbelievable. I’ll get off my rant. And what should people be worried about this week, Stu? [00:27:07][35.9]
Stuart Turley: [00:27:07] I’ll tell you what. When we’re filming this, they’re already lined up for Madison Square Garden. And Joe Rogan was a three hour interview. Holy smokes, bad man. I cannot wait for the election to be done. I’m tired of. [00:27:20][12.5]
Michael Tanner: [00:27:20] It. Yes. No, we it’s. It’ll be fun to talk about something else, but it’ll be crazy. And we will be sticking with you guys up and through there. Well, we’ll let you get out of here, guys. We appreciate everybody checking us out here on the World’s Greatest Energy podcast with Stuart Turley on Michael Tanner. We’ll see you tomorrow, folks. [00:27:20][0.0][1608.5]
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