The PetroNerds Podcast The PetroNerds Podcast

Recorded on May 22, 2023 and May 2, 2023



Episode 84 of the PetroNerds podcast is a soup to nuts market update taking you around the world and back to the USA. This presentation pushes the envelope, getting into industry groupthink and the need to rethink the investment thesis in oil and gas and move away from the energy transition narrative.



This was Trisha Curtis' talk to the SPE (Society for Petroleum Engineers) Permian Basin chapter in Midland, Texas on May 2, 2023, "Crude Volatility: From US Shale to ESG to the War in Ukraine." Before diving into this in depth presentation, Trisha provides listeners with a fresh market update covering the debt ceiling saga, range bound oil prices, Chevron's purchase of PDC, Jamie Dimon's comments about 7 percent interest rates, and Chinese economic growth and debt concerns.



This is part one of this the SPE talk and covers groupthink in the oil industry around high oil prices, oil demand, the SPR and the regulatory environment in the US, the G7 Communique and the poor investment signals for oil and gas, the movement against oil and gas, IEA Net Zero 2050 and the crippling impacts to oil and gas demand by 2030, global oil and gas consumption, inflation, and labor issues.



Trisha gets into share buybacks, the low reinvestment rate in US shale, and the need for oil and gas companies to tell their investment thesis and story and explain how you make money in oil and gas and why we need to continue to invest in oil and gas.



https://youtu.be/eHF-ehbgNq0

Recorded on May 12, 2023 and April 18, 2023



Episode 83 of the PetroNerds podcast is Washington, DC special on US shale, investment, and energy security. This is a must listen to episode that crams a lot of intel and a lot of laughs into a short 30 minute presentation. Trisha discusses US shale production in the context of a unique and unprecedented regulatory evenoment and investor pressure surrounding the energy transition and ESG.



She covers shale production, productivity, the role of public vs. private operators, and the G7 Energy Communique which barely allows for natural gas investment. Trisha explains clearly that the messages being sent from the top, from government regulators and policy makers, across the globe, is damning for the investment climate in oil and gas. Trisha introduces this podcast with a fresh market update as of May 12, 2023 covering everything from this week's inflation data to commodity prices and softness in China to the debt ceiling standoff.



She also talks about her recent trip to Midland, Texas and the must read Financial Times article that PetroNerds was quoted in, twice, "Falling crude prices and recession fears bring US oil and gas rally to a halt," May 7th, 2023.



https://youtu.be/9al6BcEgB3w

Recorded on April 20, 2023



Episode 82 of the PetroNerds podcast is part two of the incredible double header with Daniel Seaver, VP of Midstream and Marketing, at Fundare Resources. Fundare is a private operator in Denver that is actively drilling in the DJ (Denver Julesburg) Basin in Colorado. The frank dialogue on the state of the industry, the trajectory of oil prices, and regulations and business dynamics in Colorado and beyond continues.



Trisha and Daniel get into private operator behavior, their nimbleness and flexibility, and the rock opportunity and upside. They get into M&A in the context of a recession. Trisha says "We are not in a bull story for oil demand." They talk about inflation, the tight labor market, and the inability to get people interested in the oil and gas industry. Daniel shares his insights and stories about attracting younger people into the sector.



They discuss the movement against oil and gas in the context of hiring, M&A, generalist investors, and the industry's role in helping to demonize oil and gas. They talk about politics, regulation, and the need for education and the industry's role in helping to educate and tell their story as operators and business leaders. Daniel asks questions and Trisha says "this Administration has directly contributed to high oil prices" and "this business will not last under incredibly aggressive politics.



https://youtu.be/ePS7H04mnhw

Episode 81 of the PetroNerds podcast is part one of an incredible double header with Daniel Seaver, VP of Midstream and Marketing, at Fundare Resources. Fundare is a private operator in Denver that is actively drilling in the DJ (Denver Julesburg) Basin in Colorado.



Trisha Curtis sits down with Daniel for an in depth and frank dialogue on the state of the industry, the trajectory of oil prices, and regulations and business dynamics in Colorado and beyond. Trisha and Daniel discuss the current pressure on oil prices, Daniel's perspective as a private operator and the bullish investment thesis, and oil price dynamics and industry group think. They get into the energy transition and the negative sentiment around oil and gas and the pressure this is having on stocks and investments and share price performance and the lack of love for oil and gas.



Trisha discusses her recent trip to DC and her conversation with folks in DC regarding energy security and the energy transition. She talks about the compounded effects that the movement against oil and gas is having with rising regulatory uncertainty in the business. Trisha also gets into the role this investor sentiment is playing in the outlook and analysis for US shale. Daniel asks Trisha about Tier 1 acreage and Trisha gives a detailed explanation about the role of private operators helping to expand acreage availability and debunking the Tier 1 to Tier 4 acreage argument. They discuss the deep seated regulatory issues in Colorado and the inability of operators to get permits in the core of the DJ Basin, pushing operators to step out, as Fundare is doing with their current asset, formerly Whiting's Red Tail asset. They talk about the large chunks of permits coming out of the COGCC (Colorado Oil and Gas Conservation Commission), favoring the bigger operators.



They get into emissions, air emission standards, Fundare going tankless, and the new ozone bill being proposed in Colorado, HB23-1294. They close part one of this awesome discussion with some backstory on the regulatory environment in Colorado, Proposition 112, and the DJ development story, and they get into midstream and downstream, the ability to raise money in 2020 and the current M&A outlook. Daniel Seaver says "we are active, we are looking, and our investors are happy."



https://youtu.be/d_hc4vpCWo4

Recorded on April 17, 2023



In episode 80 of the PetroNerds podcast Trisha Curtis is joined by guest Ryan Keys, President and Co-Founder of Triple Crown Resources. Triple Crown Resources is a private operator located in the southern portion of the Midland Basin.



Trisha and Ryan cover the micro to the macro. They discuss oil prices and the broader oil market and OPEC Plus cuts, the regulatory environment, M&A, the acquisition environment, and share buybacks. They get into methane, flaring, and emission reduction as well as production and Triple Crown assets, inflation, and margins. This is a jam-packed episode with great color, intel, and insights on the market.



https://youtu.be/xW7KPq9pYVc

In episode 79 of the PetroNerds podcast Trisha Curtis is joined by guests, Andrew Parker and Dave Curtis, executives from SPL, a measurement, testing, and certification company in oil and gas. This is indeed a PetroNerdy podcast and Trisha is pleased to speak with another service company.



Trisha, Andrew, and Dave talk about the measurement and certification side of the business, the trend and realities around operators measuring for environmental metrics, the market realities and consequences of such pushes, and much much more!



https://youtu.be/_SO3WZXRq-I