Newsletter No. 71
Hello,
It is Thursday, June 20, 2024. Check out our latest oil and gas news, with a little focus on what’s happening at King. Let’s dive into the highlights together.
This Week’s Headlines
- Meet the New Faces at King
- The Jay Young Show: Robert Barba Talks Well Refracturing
- The Rice Report: From Bitcoin to Raw Milk
- Canada’s Emissions Cap Likely to Reduce Oil and Gas Production
- China Uses Nuclear Steam for Petrochemicals in Historic First
- Oil Prices Steady Despite U.S. Crude Stock Increase
- Revenir Energy Completes Sale, Exits Operated Oil and Gas Asset
happening at king
Meet the New Faces at King
We have recently been able to fill some integral leadership positions at King Operating Corporation. We are excited to announce that Steve Mullican has been named as our new Chief Operating Officer (COO), bringing extensive experience reservoir engineering, oilfield operations, asset exploitation and business development. Additionally, Brian Dutton brings 25+ years of financial leadership in the oil and gas industry and has stepped in as our Interim Chief Financial Officer (CFO). We also recently appointed Jimmy Cleveland as our new Chief Growth Officer (CGO)
All three bring invaluable experience and knowledge that will undoubtedly enhance our operational and financial strategies moving forward. Please join us in welcoming Steve, Brian and Jimmy to the King team.
The Jay Young Show: Robert Barba Talks Well Refracturing
In the latest episode of The Jay Young Show, guest co-host Jordan Soto and I talk with Integrated Energy Services’ Robert Barba at Super Dug 2024 about the benefits of oil well refracturing. Barba explains how re-completions can significantly boost oil recovery from existing wells, particularly in areas like Eagle Ford and Haynesville. To watch the entire interview, see below. Subscribe to The Jay Young Show on Apple or Spotify, and you can watch many of the episodes on YouTube. You can also watch episodes on our website.
macro-economic look
The Rice Report: From Bitcoin to Raw Milk
In this episode of The Rice Report, Eric Rice discusses the importance of investing in Bitcoin, gold, and silver amidst the declining value of the U.S. dollar as the global reserve currency. You can watch more episodes of The Rice Report on YouTube and Rumble.
global oil & gas news
Canada’s Emissions Cap Likely to Reduce Oil and Gas Production
A Deloitte report suggests Canada’s proposed emissions cap will likely cut oil and gas production as companies may prefer reducing output over investing in costly carbon capture technology. The cap aims for a 37% emissions reduction by 2030. This could lead to a 10% drop in oil production and 12% in gas production, resulting in significant economic impacts, including job losses and reduced GDP. Despite this, oil production is currently at record highs. The government states it cannot directly limit production.
China Uses Nuclear Steam for Petrochemicals in Historic First
China has launched its first nuclear-powered steam plant for the petrochemical industry in Jiangsu Province. The Heqi-1 plant will provide 4.8 million tons of zero-carbon steam annually, replacing 400,000 tons of coal. This is part of China’s efforts to achieve carbon neutrality by 2060 and expand nuclear energy use across various sectors. Last year, low-carbon energy projects added $1.6 trillion to China’s GDP.
Oil Prices Steady Despite U.S. Crude Stock Increase
Oil prices held steady as geopolitical tensions in Europe and the Middle East offset a rise in U.S. crude inventories by 2.264 million barrels. A Ukrainian drone strike on a Russian oil terminal and Israel’s warnings of conflict with Lebanon’s Hezbollah supported prices. Despite mixed economic data, analysts believe geopolitical risks may continue to support oil prices. Natural gas prices rose slightly, maintaining a bullish outlook. You can see the up-to-the-minute numbers here.
MOVE TO WATCH
Revenir Energy Completes Sale, Exits Operated Oil and Gas Assets
Revenir Energy Inc., formerly Legacy Reserves Inc., has finalized the sale of its operated oil and gas assets on May 15, 2024, concluding its strategic asset monetization. Following restructuring post-bankruptcy in 2019, the company focused on enhancing shareholder value and sustainability. Over $1.2 billion was generated from divesting over 10,000 wells, with $630 million returned to shareholders and liabilities reduced by over $700 million. Revenir will now wind up its remaining business operations.
If you’d like to talk to someone about King and are an accredited investor, you can fill out your information here or schedule a Zoom conversation with one of our SVPs here and someone will reach out.
Also, please let us know how we are doing at King Operating Corporation. Leave a review here.
Recommended Reads
Biden Drains Entire Northeast Gasoline Reserve In Bid To Lower Gas Prices
Shell Plans Major Work at Its Largest German Oil-Processing Complex
Will Iran President’s Death Affect Israel Conflict, Oil and Gas?
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
