The PetroNerds Podcast

This is a timely and must listen to episode of the PetroNerds podcast. This is one of the first Digital Wildcatter podcast mashups. Trisha Curtis shares the stage with the first guest co-host of the podcast, Robert Norton.

Robert is filling in for Ethan Bellamy this week and is another midstream expert and economist. Trisha and Robert discuss all things related to weather and energy after the major storm that rocked Texas and much of the US during the second week of February and get into the weeds of pipelines, production, and power failures.

They also discuss Colorado’s proposed ban for natural gas in new builds and propane and Enbridge Line 5 in Michigan. The letter from the state of New Mexico to the Department of Interior is discussed, calling out the unfairness of recent legislation impacting New Mexico which has more Federal Land than Texas. Inflation and the run up in oil prices is discussed at length. And Trisha gets into the weeds on the recent meeting of Oil Ministers and oil majors in Riyadh for the IEF/OPEC meeting where both BCG and BP comment on ESG and the market misunderstanding that oil companies still need to invest in oil.

In this episode of the PetroNerds podcast, Trisha and Ethan discuss the rise in oil prices, the launching of the PetroNerds podcast, the launch and rebranding of the PetroNerds website, the Executive Order on Tackling Climate Change and the impact it will have on existing permits in New Mexico. This podcast brings the heat and is a must listen to episode. Trisha goes through the majors, their earnings and highlights, and calls out BP for their embracement of strong US regulations, big bets on renewables, and claims that Rosneft’s greenhouse gas emissions for crude oil are actually lower than BP’s. Trisha and Ethan also discuss the fate of the Dakota Access Pipeline and the alternative routes and paths for Williston Basin production should this 570,000 b/d pipeline be emptied.

This is the must listen to episode on the major moves by the Biden administration within hours of taking office. The cancelation of the Keystone XL pipeline and Order No. 3395 by the acting Secretary of Interior suspending permits to drill oil and gas wells on Federal Land as well as Indian Land have massive and lasting market implications. Trisha and Ethan get into the weeds on these market impacts and what these measures mean for US and Canadian oil production.

Trisha Curtis and Ethan Bellamy dissect the OPEC Plus meeting the first week of January and the surprise 1 mbd cut by the Saudis, and Trisha explains her more nuanced views on how the Russians and the Saudis are viewing near term demand and oil prices. WTI is $52 and Brent is $55. 

Ethan and Trisha get nerdy on European oil companies ENI and BP. Trisha talks about ENI’s comments regarding the to push to lower breakeven prices into the low $40s/barrel and Rosneft moving into the Arctic, a company BP has a large stake in. 

Trisha gets into the weeds on BP’s “peaked demand” outlook and Ethan discusses LNG exports, the US’ maxed out capacity, and pipeline buildout across the major gas plays.   

And yes, Trisha and Ethan discuss and predict a ban on fracing and leasing on Federal land by the Biden administration.  

They continue to discuss their thoughts and projections on US oil and gas supply.  

Correction – Trisha mistakenly said Permian Basin production was 3.9 mbd prior to COVID, but meant 4.9 mbd. To clarify, production is now around 4.2 mbd.”

Trisha Curtis and Ethan Bellamy continue to dive into the oil market and discuss why oil prices are rising in the face of renewed COVID related shutdowns, rising Libyan output, and muted demand outlooks released by the IEA and OPEC in mid-December. WTI sits at $49 and Brent at $52. Trisha talks about the increased number of operators in the Permian Basin and many smaller operators that have returned to drilling in recent weeks. Ethan talks about take away capacity for gas in the Permian and Haynesville. And Trisha comments on Biden’s cabinet picks, the importance of methane emissions, and in the increased regulatory burdens the US oil and gas industry is about to face. This is another must listen to episode.

In the first episode and official reboot of the PetroNerds podcast (thank you Digital Wildcatters), Trisha Curtis and Ethan Bellamy address the global oil market, the US oil market, COVID, and the role of $50 oil in detail. Trisha dives into the importance of $50 oil and why it is a magic number for shale, Saudi Arabia, and Russia. She also discusses the impact of a likely ban on fracing on Federal land and the pending regulations coming at the oil and gas industry. Trisha gets into the controversial weeds of shale productivity gains, frac sand, third quarter moves into natural gas by EOG and Liberty Oilfield Services, and the role of efficiency gains. They discuss the fundamentals of the oil market as of December 6th, 2020 and put oil demand in context. Peak demand, the COVID vaccine, the oil price recovery and the market’s misguided understanding of demand are just of few of the many topics covered in the first and must listen to (and watch) PetroNerds podcast.