Coronavirus | Saudi | Russia OGTW198
You're listening to the oil and gas this week cut cast with Martin liqueur and decor so for privy or frozen quickly. Want to keep their finger on the pulse of what's going on guys walking by two hundred this week podcast into episode one. Ninety eight house quarantine mark. We're good everybody's healthy. We have food and toilet paper and and everything else but it's You know we got much bigger stuff going on right now than than what's going on in quarantine and and you know usually Janai have some fun doing this. And we'RE NOT GONNA make it all doom and gloom but there are some serious stuff going on in the world right now yeah. It's one of those things that we need to. I spent a lot of time on a you know putting together our notes this week and really kind of district and the information and there's so much play we're talking about global macroeconomics we're talking about how the corona viruses. It is affecting everybody we're talking about. How will prices lower prices today is gonNA affect everybody here stateside in also wanted us to kind of dive in and recap for those who are just tuning in for the first time? Exactly how we got to this point so before we get there jake. Let's go do the reviews so our first one is great August. Podcast by Francine d action. Francine D is a talk to her husband recommended. Me LISTEN TO PODCASTS. Keep up today with. Og News really love. It will be ready to my colleagues and friends and then another one. An apple podcasts by PLOPPING IFFY IFFY. I appreciate the show cool shirt and then this final one from Kelly. Down Three two one. What so with the data conversations first Friday release eleven days later Kelly. We try to get stuff out as quick as possible. But between Jacob Normal operations were so busy and now with all this late on top of us you know. We're struggling to get shows out so apologize. It was eleven days late but that's probably not going to change anytime soon. So we know it's an issue but it's we've got other bigger fish to fry subject. Let's go ahead and get into your opening here because you did do a whole bunch of work on this people. He's probably you know till two in the morning. Getting all these facts together so as all of you know we're in the middle of fighting a global pandemic probably for the first time really in our life of this scale. That's kind of coinciding with the Global Recession travel bans restrictions are enforcing social distancing. So mark and I been cooped up at home as I'm sure most of you have for at least the past few weeks restaurants bars gyms or places of shutdown and that's been tough ame- have been able to work out have been able to do anything other than just stare at the walls house. Most of us are trying to get accustomed to working remotely from home. That's completely new. To most of the oil and gas industry and last week we talked about Russia and Saudi Arabia not reaching agreement with the rest of OPEC and how the bottom has fallen out for oil prices now with everyone. In quarantine of businesses close a global economy is coming to a halt so it will demand has dropped more than ten percent down from our normal hundred million barrels per day. Down to less than ninety million barrels per day the accelerated drop in prices even further to new lows that we haven't even seen in decades mark. Maybe you've seen I haven't seen oil prices quite this low. I saw twenty five six back in fourteen fifteen but this is a complete isn't new. It has twenty. I saw it in the eighties. Get LOWER THAN THIS. But that was a different combination of factors than and that scared the bejesus out of everybody then right now with this like perfect storm of the crow virus with the low crude prices with literally countries being locked down here in the US. We have several states at the literary. It's the state's entire states are locked down and you combine all that with social media where people can instantly find out what's going on and as a population. We have never experienced this before we have you know. There's this is usually where I shine. Start making predictions about stuff. I have no experience at all nor does anybody know political leaders know people know doctors know podcasters. Nobody talking crap on twitter or Youtube or whatever. Nobody's been through this. Nobody can use experience a state where this thing's going but it's Jake for the first time in the extremely long time I'm worried I'm worried too and it's one of those things that so today's episode going to be a little bit longer. There's a lot to cover. We WanNA unpack this situation by no nor mark had the solution to the situation will WanNa try to give you all. The facts spent pretty much all of yesterday in the day before just reading everything I possibly could get my hands on the really try to assess the situation because it's concerning it's very concerning we don't really know what's going to happen elitist imperial report that everybody is referencing is saying that this can last twelve to eighteen months so then the question becomes can we all self quarantine for twelve eighteen months without completely destroying the global economy. And if not what do we do do we? Just accept the fact that we're going to infect other people in. There's going to be more deaths. You know I'm really curious to hear everyone's take so. Please write in if we get any of this wrong. Please let us know. There's just so much uncover so mark. Do you WANNA start off. Had It all this began. Let's go ahead and recap everything that happened with. Opec not agreeing. You want me to do this. Yeah sure so. At Crown Prince Mohammad Bin Salam single that Saudi Arabia was once again going to produce oil to maximum to crash all prices in full skill. All price were basically Russia in Saudi Arabia. In this price war Russia has a budget break even price of forty dollars per barrel and then Saudis is eighty four so Russia can produce over eleven million barrels per day easily in Saudi averages. About eight million barrels a day so. Russia's major oil producer. Ross neff has been begging present put allow to produce more oil since the OPEC arrangement. That was I group upon December twenty sixteen so by the Jake NBS Mohammed bin. Some on. Okay let's the crab prints from Saudi Arabia. So he literally escape Russia what they wanted and as a Friday reported increase in production which has caused WTI drop from twenty five back down to twenty three dollars. This is crazy. I haven't seen prices this low. It happened so quickly and once again like we talked about earlier. This is literally price war between Russian Saudi Arabia and a lot of the American especially the service companies as today are the ones that started. Take casualties yes. Saudi Arabia is coming in and saying to Russia. Hey we're GONNA increase production and Russia especially Putin probably fell off his horse that he was writing shirtless and was like he was like. Okay go ahead. Let's see what happens in. So how does this affect to them? So let's start with Russia so before rush increase production on Friday today Saturdays. This would have been yesterday. They want to try to lose more than forty billion revenue lower prices than it's expected to be even higher now but when? Russia runs in a deficit. They pulled from their sovereign wealth fund AK Their National Wealth Fund. So at the current rate they can last up to five years. Okay that's just with him being in a deficit but they can weather the storm much longer than Saudi Arabia can. So how does this affect Saudi Arabia? So Saudi Arabia's own Deputy Economic Minister Mohamed Al to hurry stated unequivocally in October that if the Saudis tried this exact same strategy from two thousand fourteen in two thousand sixteen and if the global economy stays the same which has an obscene devices accelerated things. They are doomed for bankruptcy at three or four years into this and so that's their own economic minister saying the exact same thing if they tried this. It's like an workout well for them. So here's the interesting thing we've talked about Saudi Aramco's IPO over the last probably eight or nine months everything leading up to it them going raising a ton of money being valued at the most valuable company in the world two trillion dollar plus market cap. Here's the issue. Saudi Aramco is currently serving two masters the public so the Kingdom and its shareholders the population there in Saudi Arabia. Twenty percent of the population actually invested in the IPO was a little bit speculation That they were forced to invest view. But still everybody is incentivized for Saudi Aramco to do well so Saudi has committed to a seventy five billion. Oh a dividend to police shareholders before the kingdom gets paid now with all this is going on lower oil prices and everything else. It's going to be enough cash to even cover that so. The question becomes will the kingdom pay itself and if it fails to provide the dividend funds the government anyways. It shows that Aramco is still a tool for its own power and not a public firm in so faith in the company should be lost and we'll be lost an especially as it completely take so in practical terms that means if this takes longer than we thought by Russia for Saudi to go bankrupt and it starts to have any negative impacts on Russia than Moscow will just click fingers together and reliable. Come running and sign a new OPEC deal. Yeah so there's some other variables that complain this and once again. I don't know this is just me talking out loud through some of the other possibilities one of which is we as the as a US producer we actually if we want it to out produce both Russia and OPEC at the same time and they know that now we won't at this low crew price of art but we could and jake darn it if I was president got opened. The strategic reserve fled the market a put tax incentives to make our operators get whole financially. But make them produces much as possible. I think I'd bring down a five dollars a barrel for while bankrupt both Russian Saudi Arabia. 'cause we can recover from it. Our economy is not dependent on represented hydro-carbon stairs is the other thing that could happen. Is Our government could pace taxes or tariffs on imported crude that would artificially prop up the US market once again you know. Do you pull that lever. There's not a lot that we can do right now although it was interesting to watch trump say that he's getting ready to look into this and I believe that was yesterday and all prices went up temporarily because of the perception of him actually looking into it so just shows you how much perception can move this market around. And this this Luke Crew. Precious can't continue. What scares me is the fact that you actually dug up. In the fact that if Russia needs to they can continue this much longer. Saudi Arabia can much much longer. And so I'm seeing at twenty five dollars a barrel from everything that I'm reading. Russia can last ten years with their strategic reserves and then Assad can manage to to five years kinda given where things are at currently at most in so remember. Saudi was the one who started this not Russia. So what we need to do is we need to get Saudi back at the table and agree to the production cousin. So let's talk about. There's different hats so I agree with everything you said about. Our economy is not based or rely on one hundred percent on oil and gas for energy near as much as the Russians or Saudi Arabia. Saudi Arabia's sixty percent of their entire income comes from oil and gas however. So there's two hats so there's the global or might nice citizen hat and then there's the me isn't willing gas professional hat in obviously completely flooding. The market would completely ruin most of our industry for so long. So let's dive into. How does this affect us? You know we're seeing a lot of layoffs are seeing a lot of furloughs so let's talk about what's happening to Washington so oil abusive already pushing. Congress for help you seeing Republican senators pleading lettuces Saudi government tobacco price for. There's little evidence to suggest that a dozen. Us Energy will be able to convince Saudi Arabia to change course trump saying that he could intervene in the price. Will were Saudi Arabian Russia. And we saw the price of oil go a little bit resolved sasco of just a little bit. Everything's still down. But it's from where it was but searching for a medium ground to kind of break the deadlock as lawmakers are trying to figure out how to help our domestic oil and gas industry so trump's administration is planning on eating struggling. Shell drillers involving by as much as three billion dollars worth of oil from domestic producers employ. Five thousand people or less. This is a short term solution. We don't have a ton of capacity in the strategic reserves. I think this can last four from what I read a little over a month in terms of US actually filling of strategic reserves and then full. And then what we do you know so. I don't really see that is a long term solution. So what is the solution mark? You WanNa go first. What do you think is a solution? I I've got a couple different options. Kinda laid out that we can get dive into yet. So everybody's talking that we need to cut production and that has bothered the Ba- gebes out of me. Since I started being mentioned a year ago and you know what Jake maybe. That's the right way to go. You know it's a global commodity weird now can be the swing player in all of this. My my problem with cutting production is then you're having the government step in until private companies what to do. And that's a very non capital very thing to do but it might be might not be. It might not only be the best solution. It might be the only solution. Yes Oh man. This is hard so I guess. Kinda falls into two categories. Do we play ball on a global scale. Do we go and sit at the table with. Oh Pag I saw Ryan Sitton. He's one of the railroad to. He tweeted out that he has been invited to view the OPEC meeting. I think at the end of March or early April June June proposed pointing at the krona pandemic. So do we play ball? We set the table with him. And do we agree. To any production cuts on a global scale. And I think I could be wrong. Could be the first time that we've actually agreeing. Production cuts at kind of the global stage. We have done production cuts as a state Texas nineteen seventy-three or do we play hardball. Okay so let's kind of dive in these one of those in so Texas Commissioner Ryan. Sitton proposed plan in which Texas which is the world's third largest oil producer to join the two Wilson powers to curb supply asking for supporting negotiate with other countries. So this is taking the. Is this taking the route of we cut production as well? You have to understand the kind of the backstory with Russian Saudi Arabia's. They've been upset with us for a very long time. That they have agreed to production cuts to help stabilize oil prices. And we have it in case. So should we be at the table? Should we not Ryan said was quoted as saying I've heard from operators on both sides for and against it but I want to open dialogue. I WanNa hear from various groups on this issues. Operators economists and statisticians but from the reports that I've seen at Bethany the Texas production cuts could stabilize prices at around thirty dollars per barrel. Don't know if that's true or not and break even for most producers is actually much higher than that so it's probably still have tens of thousands of layoffs which were already starting to see now. It's it's really interesting to think that the state of Texas in Ryan Sitton. Who's the former railroad? Commissioner is going to the table as an eagle with Russia and Saudi Arabia. But you know Jake. Maybe this is the thing that needs to be done. I this Lou crew price environment. Can't we can't the world can't take it for a very long time. And it's you know it's just there's a supply and demand thing right now and the thing. I'm worried about is that perception right now is slowing demand along with the loss of airline flights and that sort of stuff but the demand is actually gonNA take another nosedive in probably another week or two as more countries in more states. Us get locked down. There's less travel. You know so for me. There's no clear line of sight of what's the exact right thing to do. Yeah it's a supply and demand problem the exact same time and it's really hard to figure out. How do we solve this so we talked about? Okay so do we cut production and doing play ball or do we play hardball so on the other side of the fence you have said Senator. Kevin Kramer from North Dakota has already road president trump calling on him to embargo critical from Russia Saudi Arabia and OPEC COUNTRIES. But the thing is that the. Us Now produces twelve times more oil than it imports from Saudi Arabia. Which now represents only nine percent of. Us oil imports? So mark is that I think you understand this. A little bit of an idea on the import export side. Is that really? GonNa make a difference or is this spoken the Hornets Nest. It would make a difference. The problem is we like an import heavy complex crews and we produce light sweet crudes in so our refineries and petrochemical plants would have to retrofit and that's capital intensive in time in the market where there's people probably wanting to hold onto their capital and there's still companies out there able to play dividends in those dividends help foster the idea that we're not slip into a recession so that people can companies continue to spend money so we actually don't slip into recession so once again it's hard one to call and it's all happened so fast if we would have had six months to to make these types of decisions. I think we could have charted a very good course what's again will. The import tariffs raise prices here in the US. Yes is it a long term? Fix Jake I duNno. Yes so I guess my question is. Can we even afford to play hard ball? So given the current state of the industry particularly shale. She'll company stock. Prices have been absolutely in the dumps especially over the past year when we talked a lot about this but now with everything that's going on it seems like I don't know how many survive so here's a list of certain companies at various stages that are currently exploring debt restructuring which includes widening petroleum Antara Resources California Resources Chesapeake Energy Chesapeake Energy at one point in time the market cap was bigger than Chevron. They're crazy that's absolutely nuts and gulfport enter energy. Is the last one on here. So a lot of companies are on life support. There's a few exceptions Exxon Mobil and Chevron and so which is Chevron region into an interesting point so you know obviously Chevron made a bid for INA Darko Awhile back right and then oxy album them with thanks to some ten billion dollars in cash from Warren Buffett but now oxy's market cap is like I think one fourth one fifth of what it was before the acquisition went through and so now it's the question becomes they have a ton of debt. So that's only reason that this wouldn't go through but could Chevron in theory come in and purchase oxy's slash for a fifth of the price. Maybe what they were going to buy it at our good for so the oxy Darko thing. I didn't mean to call it but I did a while back. If a new Chevron could wait and as they tanked just pick them UP FOR PENNIES ON DOLLAR. I had no idea this would happen. Chevron has the cash Chevron could pick them up and acquired their debt and be okay financially. Now will do it. I don't think so. Yeah so let's talk about break even so we break evens of Saudi Arabia tugboat brick evens of Russia but shale in two thousand fifteen the second highest break even price in the world at sixty dollars a barrel now cost of fallen substantially. Thanks to a lot of improvements in technology is just getting better than break-even now on average is around forty dollars per barrel. Obviously there's a million different variables that go into that from company to company from base in the basin but that is still a far cry from the twenty three dollars that we're seeing today and so we've seen a lot of elemental hailed him. Go to the White House and saying hey trump. We need a bail out. We know bail out. We need a bail out. The Banks. The need a bailout. Airline companies are saying they need to bail out. Defense to like Boeing need a bailout on the aerospace side in on the the commercial airliner side. I don't think we need a bailout. Okay and there's a reason we don't need a bail out in this because a lot of the shale producers have been drilling WTI into the ground for the last decade and getting rich expensive shareholders. We talked about this bailouts. Don't teach anyone lesson. Look at two thousand eight to the banks on the lesson. I don't think so. So they did learn their lesson but it definitely changed the rules and only seen some experience. Because I bought a house in of last year was the most scrutiny of ever been through your think I was applying for a CIA job but it definitely changed the rules. But I agree with you. What we don't need would actually would make it worse long. Term Wise. Is the government step in and start? Writing Producers are upstream operators checks especially since some of those upstream operators a dispute crew price might use that for something else you know either to buy back stock or to refinance debt instead of getting rid of debt and they may still lay people off and to your point there capital inefficiencies in upstream in the US. Alaska years it just is not a good business model needs to change. Yeah and I think we know. The gloried is a production growth over everything or are gone. It's time for a lot of these companies to evolve die. You've got operate within cash flow and that's just not that's not just a lesson for businesses that's also lesson for us as individuals are tired. World is built on credit especially a lifestyle that we joy you're in America but it's times like this for cash is really King. Markets a crushing. We'll prices are down. Cash is king and I think we need companies and as a nation to learn how to save some money not to get off this subject but I made a huge miscalculation of the market and I bought a whole bunch of stuff. Friday figured it would go up on Monday. This is a couple of weeks ago. And then when they announced that the government's dropping the interest rates federal drop necessary. I was convinced they're Gopal Monday. And then the bell opened on Monday and everything just tanked and so. I'm not lose money but I'll have to sit on this for six months or year money-back so and the whole reason bring it up to Jake's point you know a lot of people a like me have a decent income from the market. What happens when the market disappears? Which is what's going on right now. We'll income dries up and so I may eventually. I'm sure we'll eventually get back to where it was before. But now that revenue that used to fund my household has dropped by eighty percent. So once again it's operating Your Business. Profitable business instead of worrying about growth is really the way we always do whether it's at your household or you know you're running hundred rig operation out in the permian somewhere. It's funny I haven't heard a single thing about espn last week's attack. That just disappeared so unfortunately I wish we could turn to to more optimistic stuff but layoffs and furloughs have already begun. Halliburton announced furloughing. Thirty five hundred employees and essentially have their pay cut in half. I've already been tens of thousands of layoffs in the Permian alone so I know some of the biggest companies from the fast growing companies in the space with effector on the tech sector nor to beginning offs. And so it's also it's really unfortunate in two thousand two thousand fourteen thousand fifteen. You and I both lived through that and I think the numbers I found. Were we had really close to about two hundred thousand layoffs. During that time you know and it's a hard thing was talking with my buddies who runs a pretty nice size. Emp here in Houston and they had forty people in the office and they are now down to eight. He cut his pay. And all these staffs paydowns who a quarter with an early getting paid and they said that all they've been doing is cutting cost cutting costs cutting costs just trying to survive. Anyway they possibly can you know. And so it's hard on business owners entrepreneurs Dass do that in his heart on the people who were working. Because now you're you're out of a job especially in a global pandemic and you can't really go out and apply for any new jobs in so it's absolutely catastrophic so now heart goes out to everybody is going to be affected by this. You know tons of people have already been affected and more people will be of it than we still too early on to see where this thing's going to go but people are being Leonov. Companies are cutting already in the the people were about the most of the ones that are on the front lines. A lot of live paycheck to paycheck. A lot of them can't go moth or two or three without having any money coming in now there are just for anybody that's out there listening especially if you're in the Texas area. There's some good temporary news out there. Heb Kroger Amazon and Walmart. All hiring like crazy right now yes. You're stocking shelves at midnight and yes and no. It's not as much money when you're spinning wrenches out in Midland Texas. But it's still a job right. They can't hire enough people so the other thing is interesting. Jake talked about this. Before we turn the microphones on but you're starting to see companies chip in and do really cool stuff right. Take caps off band with. At and T. To that they did that. Hats off to them. You're seeing a lot of companies volunteer. You'll see a lot of companies. Give stuff back you're seeing. I think it's really cool. J You don't you probably remember the history of this but during war to a lot of automobile manufacturers in. Us switch making cars to make an tanks an airplane engines. And everything. You're seeing. It happened right now. You see in GM for Rory and believe Chrysler. Switzer manufacturing start make respirators right because they got the same thing the so they got the mass manufactured output. Just give me the blueprints for the respirator. Get those out to. You're seeing local communities come together. We did this little campaign where we basically went door to door and stuff notes on people's doors saying hey look during his time if you need something to run a grocery store for your work or dog or whatever let us go and Jake. I now know all my neighbors. I didn't know my neighbors for this happened now. I would like to have known my neighbors in a different circumstance in this. But there's a lot of positives coming out of this one of the things I don't like is nobody knows where this is google. Nobody knows what's going to happen. And yet there's people out there screaming doom and gloom and maybe it is doom and gloom. But do you really really want to be remembered as that guy on the ten. Tadic those talking about the boat's sinking as the musicians. Continue to play. Everybody remembers the musicians that continue to play. Not The guy that screamed. The boat is sinking. So since you don't know what's going on. Try Not to add to the public hysteria. It's bad enough where people are getting fistfights over hand sanitizer. You know where there's police in my local grocery store you be optimistic. Be Open minded and be a realist right because this is trying times and and but you don't add to the negative public fever. That's going on there because it doesn't help anybody. Yeah absolutely so I think during this time I'm actually already blog post on my side later. Probably this week talking about you know. We're we're moving into a different world. I think this is going to be a major pivot point for how we operated society. I think everybody's eyes have been opened to remote working silicon valley a lot of other companies have been doing it for a long time. It's completely nude oil and gas and so I think as a result in especially if you're laid off realize that you are not your job in so if you're laid off in you have to take a lower paying position there's no shame in that whatsoever in the second thing is also realized that the Internet is the greatest tool out there so during this downtime you have time on your hands and you know aren't able to find a traditional job. There are ways that you can learn skills online for free you've got you've got you demi you've got. Khan Academy you got all these kinds of things and then you also have the Internet as a tool to turn around and use those skills that you just acquired to make money on things like upward and fiber and other freelance type platforms. The GIG. Economy is a wonderful thing. The Internet is amazing tool so learn anything audio editing video editing. You can be a virtual assistant. You can be an Admin and if you don't do those things you can learn those things online and then sell those services later online. So don't think that you have to stay in your lane. One hundred percent during this time. Find a way to make yourself valuable to someone. The world's very big place so keep your heads up. If there's any way that we can help feel free to reach out or more than happy to try to do whatever we possibly can. Even though you know it's a little bit limited given twenty dollar oil so just take care of your loved ones and make sure that you're prepared for all the people at their buying toilet paper. You really probably should be buying dried rice and beans stead. So if you can't get the grocery can feed your family but you know just keep ahead swivel. The Open minded be realistic about stuff. We're GONNA keep you all posted. You know this thing is just in the very beginning of. We don't know where it's go but you know just hold on tight in we're in for rod where we want to or not so in other news mark giveaway heck. You're still doing the weekly giveaway a big shot to IBM. It's really cool Jake. They're doing their own medical side. They're giving away a lot of free services. Try to help track and manage the spread of the corona virus. And we're actually shoot a little bit of video with them next week and talk about it. I just think it's awesome given away for free once again. They're trying to help humanity you know. They're not trying to help to shareholders this time. That's exactly how people and companies should be thinking but we are giving away shirt. It's really cool. Has a pump Jack on the front shoulder G. and logo on one pump Jack on the front? Oh Gee logo shoulder. Ibm Logo on the other has a unique serial number that will be given away some cool stuff for all joking aside. What if we had a ton of toilet paper we give it away to somebody that had the right Cyril number? They could distributor local community and recent think that far ahead but we give away what a week. Go Register in. Those numbers are very valuable in the future. And then I'm not even do the recount. Drake which is I could do it. We'll talk about the street team. Though is our global volunteers. Hey if you're sitting at home and you're bored go join the street team. A street teams actually won the triggers. A pulled immediately when all this happened to help get in touch with their local neighbors to get the same notes that we put out on Lincoln. The whole stretching got they went out and all their local communities around the world and it spread that a willingness to help which is awesome. So good you just go to facebook search Gene Street Team. You sign up. We asked you for an hour's worth of work we can. You can't we're fine with that too. And then the monthly emails are still going out the events even though everything is shutdown. Jake down all our live events of this thing clears over and it looks like everybody's done the same thing but the newsletter still goes out. Free show notes Click link sign up for it and then if you want. Jacomb speak. We can't do it not now. But we think there'll be a rebound. We think we'd all this clears away and people start traveling for business again. We think your bill by airlines t seat for three months so if you WANNA get in that mad rush whereby books us to speak when all this thing where all this stuff clears up. Better sign up now so if you WanNa you WanNa talk about speaking of the future. Let us know. We'll share the details with you it first Friday. Qna even though sometimes we get him out eleven days late. We're still doing that as well. If you want to. Submit a question. Please go on week. Dot Com Click on. Ask a question. Submit your question. Just remember the goal is not to stump Janai then this is about where I would get to the vents on deck. Except we've canceled all so really JAKE FROM JACOB MYSELF TO EVERYBODY. It's listening out there you know. Just keep your loved ones closed. Do the right things we're here for. If we can help in some way or fashion let us know it will get another episode out update you again in about a week rig out here jake does do it all right folks remember do great work pay it forward and we will see next time and here are the vets on? Hey everybody Alex here. With the events on deck for the next month we have some exciting things coming up to happy hours one in Pittsburgh and one in Denver so the first one will be happening on March twenty second at Bubbas Gourmet Burgers and beer. This event won't be from four to seven and will feature a live recording oil and gas this week with Jake Corley and Markel Corp so be sure to check that out. You can sign up via our social. Media's we have a bright sign up and should be good to go from there. The next event will be a happy hour in Denver at Liberty Oilfield Services on April second once again and check our social media for the bright sign up and sign up there as some of our social media followers may we are headed to Aberdeen Scotland. The first week of March. They had a couple of days actually for Doku Con. Creating high impact. Sales in energy. Dokru is excited to launch. Its very first sales development conference and Osias mark and Patrick will be hosting a panel and recording a live podcast. So we're really excited to be joining map. The leaders in industry luncheon is on March eleventh at the Petroleum Club of Houston. Port of the future is happening on March tenth and Eleventh in Houston your registration to the Puerto of the future conference also allows you access to exclusive events including TSA security and terrorism research showcase and many more so be sure to view the agenda and see what they are offering the Houston energy. Breakfast will be on March twentieth at the Norris Conference Center in Houston the API Energy Houston three gun. Chapter will be on March Twentieth. This is filling up very quickly so make sure to get a team and as soon as possible. The Be Energy Outlook Twenty. Twenty edition will be on April twenty. First it's happening online and this event is about transitions that will take place to a low carbon energy system. That's offered this month. Everybody if you guys have a good month and check back in next month to see what's best for heaven. Thank tune in next week for another informative and entertaining episode of Oil and gas this week. Podcast a product of the oil and gas global networks learn more at ORLAND GAS DOT com.