Newsletter No. 64
Hello,
It is Thursday, May 2, 2024. We have another jam-packed edition of oil and gas news, including insights into what is happening right here at King. So, join me as I go through some of the highlights.
This Week’s Headlines
- The Rice Report Weighs in on the Fed Announcement
- Upcoming Webinar: Taxes, Taxes, Taxes
- Right Place, Right Time
- UTEP Researchers Pioneer Virus-Based Wastewater Recycling for O&G Industry
- U.S. Oil and Gas Production Surpasses Previous Records
- Gov. Polis Strikes Deal: Oil and Gas Truce for Transit Funding
- Norway’s OKEA Advances $570M Bestla Oil and Gas Field Development
Happening at King
The Rice Report Weighs in on the Fed Announcement
King’s Chief Growth Officer Eric Rice presents the latest installment of The Rice Report and he is providing insights on the current economic landscape, banking sector, and geopolitics. You can watch it here.
Upcoming Webinar: Taxes, Taxes, Taxes
In this upcoming webinar, we are tackling the subject of taxes, specifically focusing on the tax deductions that can be received through an oil and gas investment. For this webinar, “Tired of Paying High Taxes?,” The Scale Collective’s Jose Ortiz will introduce King’s Eric Rice to give insight on this topic.
These webinars are designed for accredited 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 Wednesday, May 15, 2024, at 6 p.m. CT. Register for it here.
Right Place, Right Time
King’s Land Manager Aaron Ledyard (pictured right) set out Wednesday morning to caddie for a friend at the Healthcare Highways Pro-Am golf tournament. The Pro-Am is where amateurs are paired with some of the top PGA Tour golfers on the eve of The CJ Cup Byron Nelson Tournament at TPC Craig Ranch in McKinney, TX.
Well, due to one of the golfers not showing up, Aaron was asked to step in and play. He was able to play the front nine with South Korean golfer Tom Kim (pictured left) and the back nine with U.S. golfer Greyson Sigg. Way to go, Aaron!
GLOBAL OIL & GAS NEWS
UTEP Researchers Pioneer Virus-Based Wastewater Recycling for O&G Industry
Amazing work is being done at a campus right here in Texas. Researchers at the University of Texas at El Paso (UTEP) have discovered a groundbreaking method for recycling wastewater from oil and gas production. Through the use of bacteriophage viruses, they can efficiently target and eliminate two prevalent bacteria types found in industry wastewater, offering a swift and cost-effective solution. Led by doctoral candidate Ramon Antonio Sanchez and supported by UTEP alum Zacariah Hildenbrand, Ph.D., the innovation holds promise for transforming industrial water treatment practices and mitigating environmental impacts.
U.S. Oil and Gas Production Surpasses Previous Records
A Forbes article came across my desk the other day about U.S. oil and gas production. Robert Rapier was reporting that U.S. oil production has maintained its upward trend, surpassing last year’s record pace by 1.4%, reaching an average daily production of 13.12 million barrels per day. Similarly, natural gas production hit a record high in 2023, with January 2024 showing a 1.1% increase compared to the previous year. There is still a steady decline in rig count, but elevated crude oil prices over $80 per barrel are expected to sustain production growth.
Gov. Polis Strikes Deal: Oil and Gas Truce for Transit Funding
Colorado is in the middle of oil and gas industry news again this week. Gov. Jared Polis announced an agreement between the oil and gas industry and environmental groups, halting potential ballot measures and legislative proposals. In exchange, drilling activities will fund public transit, with an expected annual revenue of $138 million. This agreement marks a significant departure from past disagreements, emphasizing collaboration to benefit the state.
MOVE TO WATCH
Norway’s OKEA Advances $570M Bestla Oil and Gas Field Development
Norway’s Energy Minister, Terje Aasland, has received plans for the development of the Bestla oil and gas field, set to cost $572 million. The project, operated by OKEA, will extend the life of the Brage field and is slated to begin production in the first half of 2027. OKEA is an independent Norwegian oil and gas company focused on exploration and production activities in the Norwegian Continental Shelf. This move reflects Norway’s commitment to sustaining its petroleum activity amidst rising investments in offshore oil and gas exploration.
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
Petrobras Boosts Production by 3.7 Percent YOY
Aker Solutions Bags EPCIC Contract for Equinor’s Mongstad Refinery
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
