Oil up 1% on Demand Boost Hopes

Newsletter No. 94

Good afternoon,

It is Thursday, December 12, 2024 and here is another edition of The Upside where I bring you the latest updates on the oil and gas industry, including what’s happening here at King.

This Week's Headlines

• M2MMA's Game-Changing Impact on MMA and the Future of Combat Sports on The Jay Young Show
• Anschutz Tests New Oil Wells in Utah’s Uinta Basin
• Fracking Turns 75: A Revolution in Energy Production
• Freehold Expands in Permian with $152M Midland Basin Purchase
• Germany's Gas Use and Power Prices Rise Due to Weak Winds
• Oil Prices Go Up as China’s Economic Plans Boost Demand Hopes
• Permian Resources Sells Delaware Basin Assets to Kinetik for $180 Million 

HAPPENING AT KING

M2MMA's Game-Changing Impact on MMA and the Future of Combat Sports on The Jay Young Show

In this episode of The Jay Young Show, co-host Jordan Soto and I had the opportunity to chat with Chris Cannon, GM of M2MMA, a game-changing MMA organization that's redefining the sport. Chris shares his unique journey from professional golfer to leading one of the fastest-growing MMA promotions, while discussing M2MMA’s innovative approach to fighter care, safety, and technology, as well as the exciting future of women in MMA and the global impact of their upcoming events, including M2MMA 3 in Phuket. Watch on YouTube, Rumble, or directly on our website.

On the Next Episode

Be sure to catch us Friday morning, December 13, as we sit down with Le'Ann Callihan and Drew Guntert to discuss the upcoming NAPE Expo. We talk about the evolution of the NAPE Expo from its humble beginnings to a global dealmaking hub, uncovering insider tips, wild moments, and what’s ahead for the energy industry in 2025 and beyond. You can watch it starting at 9 a.m. CT on  YouTube, Rumble, or directly on our website.

Episodes you might have missed
Here are some recent episodes to watch:

• June Hunt, daughter of oil tycoon H. L. Hunt and a dedicated advocate for biblical counseling. PART 1, PART 2
• Floyd McLendon, former U.S. Navy Seal, a published author, and a sought-after motivational speaker. WATCH
• Barry Arnold, the co-founder of Boisson and the visionary behind Bardelia, a groundbreaking new venture in the non-alcoholic beverage industry. WATCH 

Global Oil & Gas News

 

Anschutz Tests New Oil Wells in Utah’s Uinta Basin 

Anschutz Exploration is drilling new oil wells in a less-explored part of Utah’s Uinta Basin, focusing on the Mancos Shale. While most companies are drilling in the basin’s main oil areas, Anschutz's new wells are showing strong results. Their two new wells have produced a lot of oil and gas since late 2023, with one well averaging nearly 1,000 barrels of oil per day. This suggests that the Mancos Shale could be a valuable new source of oil. Anschutz is also active in Wyoming’s Powder River Basin, adding to its growing portfolio.

 

Fracking Turns 75: A Revolution in Energy Production 

Hydraulic fracturing, or fracking, has transformed the U.S. energy landscape. Pioneered by Halliburton and Stanolind Oil in 1949, fracking has advanced significantly over the past 75 years. The first commercial frac job, completed on March 17, 1949, in Oklahoma, marked a turning point in the industry. The shale boom, driven by Mitchell Energy's innovations in the 1980s, propelled the U.S. to the top of global hydrocarbon production. Today, fracking continues to evolve, with advancements in technology and techniques promising further efficiency and sustainability.

Freehold Expands in Permian with $152M Midland Basin Purchase 

Freehold Royalties is investing $152 million to buy mineral rights and royalties in the Midland Basin, a key area of the Permian. The deal adds significant assets, including oil and gas production of 1,300 barrels per day and 244,000 acres of land. Most of the production is run by big operators like ExxonMobil and Diamondback Energy. This acquisition grows Freehold’s presence in the Permian, giving it a larger share of the active drilling rigs in the area and access to important oil fields.
  

Germany's Gas Use and Power Prices Rise Due to Weak Winds
Germany is seeing higher gas use and power prices as wind speeds stay low, causing wind farms to produce less electricity. This has forced the country to rely more on natural gas for power generation, pushing gas usage to its highest level in two years. Power prices have surged, especially during peak demand hours, and the country is importing more electricity from France. The cold weather and weak winds are expected to keep prices and gas demand high until later this week when winds are expected to pick up.

Oil Prices Go Up as China’s Economic Plans Boost Demand Hopes
Oil prices rose by 1% because traders expect China’s new economic policies to increase oil demand. China plans to ease its financial rules in 2025 to help grow its economy, which could lead to more oil use. In addition, China’s oil imports increased for the first time in seven months. This news, along with talk of stricter U.S. sanctions on Russian oil, helped push prices higher.

 

Also, please let us know how we are doing at King Operating Corporation. Leave a review here.

Thank you for your continued support, and if you have any questions for myself or any member of the King team, please don't hesitate to reach out.

All the best,

Jay