Recorded on May 22, 2023 and May 2, 20233
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.