Mauldin and Rice on The Future of Energy

It is Thursday, March 21, 2024. There is a lot of oil and gas news to talk about. So, I am going to jump right into some of the highlights.

Webinar: Bullish Energy Straight Ahead

We are in the process of conducting regular webinars on the future of energy, featuring King’s Chief Economist, John Mauldin, and Chief Growth Officer, Eric Rice. During these webinars, the two of them will discuss the future of energy and King Operating Corporation’s unique approach to developing oil and gas projects.

These webinars are designed for investors with a current net worth of $1 million (not including primary residence) or who have made $200,000 ($300,000 if filing jointly) in the last two years and expect to make the same this year. The next webinar is scheduled for April 3, 2024 at 1 p.m. CST. You can register for it here.

Proactive Measures Ensure Oil and Gas Industry Resilience

As many of you know, the Texas Panhandle recently faced dangerous wildfires, but due to meticulous preparations by operators and regulatory agencies, the oil and gas industry remained largely unaffected. Precautions such as grass mowing and weed treatment around well sites proved effective in safeguarding against fire threats. The Railroad Commission and operators worked closely to ensure community safety and minimal disruptions in production. This coordinated effort exemplifies the industry’s commitment to public safety and environmental protection in times of crisis.

Saudi Aramco CEO Calls for Realism on Future of Fossil Fuels

Amin Nasser, CEO of Saudi Aramco, delivered a stark message at the 2024 CERAWeek conference, an annual energy conference held in Houston, dismissing the notion of quickly phasing out oil and gas. Nasser highlighted the constant demand for fossil fuels and emphasized the need for a more practical approach, focusing on emissions reduction and renewable energy investments. Despite significant investments in renewables, Nasser pointed out their limited contribution to the global energy mix, suggesting a reset of transition strategies that should align more with realistic demand projections.

Oil Prices Surge to Multi-Month Highs

Oil prices climbed for the second consecutive session, reaching multi-month highs, as traders assessed the impact of Ukraine’s attacks on Russian refineries on global petroleum supplies. With at least seven refineries targeted this month alone, around 370,500 barrels per day of Russian refining capacity has been shut down, potentially leading to crude oil production cuts due to storage constraints. This disruption, combined with declining crude exports from Saudi Arabia and Iraq, alongside signs of stronger demand from China and the U.S., has bolstered oil prices. Analysts predict Brent crude to trade within an $80-90 per barrel range, with a forecast of $86 per barrel by the end of June.

U.S. Oil and Gas Sector Records $234 Billion in M&A Spending

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