17 Burst results for "Liberty Oilfield Services"
"liberty oilfield services" Discussed on #hottakeoftheday
"People, but we saw that four months there was going to be such a dramatic drop in demand for services that for the first time in my life. I had to cross that bridge and and lay off hundreds of people that had their heart and passion in this company. And yeah one of the well-off Not this time in my professional Life by far. I have seen of late in the most recent Primary Vision Frac report, which is the one I kind of stay in touch with is that we hit a bottom of about forty-five frat cruise. And as of last week up to a hundred one, so, you know, certainly not the Heyday of 350 but it does seem like activities picking up for Q4 as companies are feeling a little bit more stable but pricing and and I think in particular trying to stem declines, what are you hearing from customers that's different today than you did then in terms of the the demand for technology. You you highlighted electric Frac Cruise which which really are about emissions and you know, we have these multi well pads how have things evolved either like accelerating change that you saw coming or veered off to college or else on technology relative to the conversations you were having in January and February of this year say, well, I mean, I think the thing that happens in a downturn e is when the when the market is tight or time. Yes, most practical leads that are staffed or busy. The Operators have less. I would say a little bit less flexibility and who they're going to work with and how that's going to work inertia plays its role what we got. Our guys are doing a fine job. So we're going to stick with them. And then when you have a huge disruption in a in a downturn everybody can rethink hate we have the right Partners there. So the last downturn really, you know terrible to go through but it grew market share hugely for Liberty and I think we're seeing the same thing here downturn stress. Everyone's business and everyone's gotta think am I doing the best she could be do I have the right partners? Are we doing everything we can on the technology front to figure out how to lower our cost to produce a barrel of oil since oil prices have dropped so much. So we sort of shakes. It's sort of sneaks up the empty industry. And and one thing I should come in about activity levels. Yes, then the Frack Fleet activity level bottom sort of in late may maybe early June in that across. Easy low, but for us and I I've said this publicly before Liberty, you know, June was better than May July was better than June. August was better than july-september has been better than August October for us is going to be better than than September. So it's so really low really fast, but it's been a continual upward March since then industry still in great shape right now, but we're going the right direction and that that feels good the last 18 months to grind down, you know, then we came back pretty quick. This one just dropped off a cliff, but we've been grinding up for months. Now, I'm going to come back to that point because I think also in the stock market not to make prognostication, but with the speed of data and technology and information things seem to happen faster and that that rate is really accelerating one of the comments. You said earlier going back to the beginning of your career was that you had disagreed with the fully integrated model and I think God Historically in the empty. I mean we saw unit Corporation declare bankruptcy. We saw Pioneer sell their frat cruise that they had had for a long time internal Exxon and Chevron has two of them that you know, the big Behemoth never internalized. I'm curious if given the depth and shape and and and context of this downturn do you think that there are some companies that may try to do a full fully integrated or do you just see like a Service Company like yourself taking a larger share of wallet, then you may have historically again, I'm not saying you're going to get into frat drilling rigs or not. But just you know, you share a wallet so that if you're talking to a customer with your sales force, not only are you putting fracks, but you're using sleeves you're using the rigs you're using the porta potties your and your streamlining and consolidating. What do you think will happen in that for the industry over the next three to five years any changes? You know, I think they integrated model that that trying to do too many things just has has rarely been successful, you know, sometimes you say whether some synergies there and and that's true. But the thing is if you're going to be really good at something you'd better be deeply focused on it. You can't dabble in something and and just be okay. And so no, I think we're seeing both of the people that did try the integrated model or going away from that. I think it's easier to run an EMP company. That's a certain set of skills. It's a certain mindset. It's different than to run a service company and which is why you know, maybe talked about Liberty that they've always been very separate companies Liberty resources and EMP Liberty Oilfield Services a frat company. They're they're different cultures different companies. We've never been integrated. They are separate businesses. So yeah, you know what a good old prices get high and capitals free-flowing people tried to do different things. But I think that I don't think we'll see a rebound of dead. Upgraded model and it really wasn't a success anywhere. Right ask is for people that deeply focus at their core skills and build competitive advantages in those. So you talked to the the beginning of your career when you were at Pinnacle, which it wasn't the beginning but but twenty years ago 1999 Mitchell was pushing Frac technology. You started doing Frac sand vertical Wells slickwater and it kind of expanded so from a technology standpoint. The Shale Revolution was enabled by fractured technology and horizontal Wells as you look to the Future what technology did you should see is there any snippet of this will be a game-changer and I'm going to exclude you are because obviously you are has potential and it and it changes recovery factors, but probably takes a different price investment. Is there something that you see that's going to dramatically shift the cough cost curve for Shale down in the coming three to five years that that you've you've paid attention. Or heard about or or anything or is it just getting more efficient with our frags putting better stimulated reservoir reservoir volume using better sand better fluids Etc. What do you think on technology package? I think of things we can see that are always just the incremental improvements of what we're already doing. You know, we're using.
"liberty oilfield services" Discussed on #hottakeoftheday
"Those are the wage culture. And those are the glue. Those are the spontaneous idea generators. So yeah, I'm not a believer that well, we're never going to need offices again at all on the flipside. I've always been a believer of being flexible. You know, I don't want to climb mountains. I just spent last week in the Grand Canyon and dip to have it so that you're not only working when your office right you're working when in the office, but when something goes wrong of your well David they call you up. It doesn't matter where you are. You're on the phone you're working with those people you're reaching out to others. So I do like the flexibility of zoom and I do think it work places in general had been much less flexible than they should be Liberties had this yet no vacation policy. Come on. Just do your job will treat you like an adult. Of course. You can work more remotely in different places. So I think off Going to spread wider via from the pandemic that may be a good thing that came out of it. But the ultimate work is on location in the field and that can't be done by Zoom or or works whatever tool you're using that work in the field has to happen and and that wasn't a very tough thing David in that win the demand for oil collapsed faster and deeper than it ever has that meant activity demand for our services for Frac service just collapsed at a my career. I've never laid anyone off to me it go through downturns by gaining market share by holding onto your most important assets your people, but we saw that four months there was going to be such a dramatic drop in demand for services that for the first time in my life. I had to cross that bridge and and lay off hundreds of people that had their heart and passion in this company. And yeah one of the well-off Not this time in my professional Life by far. I have seen of late in the most recent Primary Vision Frac report, which is the one I kind of stay in touch with is that we hit a bottom of about forty-five frat cruise. And as of last week up to a hundred one, so, you know, certainly not the Heyday of 350 but it does seem like activities picking up for Q4 as companies are feeling a little bit more stable but pricing and and I think in particular trying to stem declines, what are you hearing from customers that's different today than you did then in terms of the the demand for technology. You you highlighted electric Frac Cruise which really are about emissions and you know, we have these multi well pads how have things evolved either like accelerating change that you saw coming or veered off to college or else on technology relative to the conversations you were having in January and February of this year say, well, I mean, I think the thing that happens in a downturn e is when the when the market is tight or time. Yes, most practical leads that are staffed or busy. The Operators have less. I would say a little bit less flexibility and who they're going to work with and how that's going to work inertia plays its role what we got. Our guys are doing a fine job. So we're going to stick with them. And then when you have a huge disruption in a downturn everybody can rethink hate we have the right Partners there. So the last downturn really, you know terrible to go through but it grew market share hugely for Liberty and I think we're seeing the same thing here downturn stress. Everyone's business and everyone's gotta think am I doing the best she could be do I have the right partners? Are we doing everything we can on the technology front to figure out how to lower our cost to produce a barrel of oil since oil prices have dropped so much. So we sort of shakes. It's sort of sneaks up the empty industry. And and one thing I should come in about activity levels. Yes, then the Frack Fleet activity level bottom sort of in late may maybe early June in that across. Easy low, but for us and I I've said this publicly before Liberty, you know, June was better than May July was better than June. August was better than july-september has been better than August October for us is going to be better than than September. So it's so really low really fast, but it's been a continual upward March since then industry still in great shape right now, but we're going the right direction and that that feels good the last 18 months to grind down, you know, then we came back pretty quick. This one just dropped off a cliff, but we've been grinding up for months. Now, I'm going to come back that point because I think also in the stock market not to make prognostication, but with the speed of data and technology and information things seem to happen faster and that rate is really accelerating one of the comments. You said earlier going back to the beginning of your career was that you had disagreed with the fully integrated model and I think God Historically in the empty. I mean we saw unit Corporation declare bankruptcy. We saw Pioneer sell their frat cruise that they had for a long time internal Exxon and Chevron has two of them that you know, the big Behemoth never internalized. I'm curious if given the depth and shape and and and context of this downturn do you think that there are some companies that may try to do a full fully integrated or do you just see like a Service Company like yourself taking a larger share of wallet, then you may have historically again, I'm not saying you're going to get into frat drilling rigs or not. But just you know, share a wallet so that if you're talking to a customer with your sales force, not only are you putting fracks, but you're using sleeves you're using the rigs you're using the porta potties your and your streamlining and consolidating. What do you think will happen in that for the industry over the next three to five years any changes? You know, I think they integrated model that trying to do too many things just has has rarely been successful, you know, sometimes you say whether some synergies there and and that's true. But the thing is if you're going to be really good at something you'd better be deeply focused on it. You can't dabble in something and and just be okay. And so no, I think we're seeing both of the people that did try the integrated model or going away from that. I think it's easier to run an EMP company. That's a certain set of skills. It's a certain mindset. It's different than to run a service company and which is why you know, maybe talked about Liberty that they've always been very separate companies Liberty resources and EMP Liberty Oilfield Services.
"liberty oilfield services" Discussed on KTLK 1130 AM
"In stocks, Bonds mutual funds, but you should be doing with your investment portfolio. Don't hesitate to give me or judge Call at 95 to 9 to 55608. We're happy to share our expertise with you. This week. A second week in a row for the indices to come down. NASDAQ was down 4% for the week. Indeed, all market sectors or lower But there were a few subsectors that didn't finish on the positive for the week, including sports related or leisure related businesses, like The regional gaming companies, an old favorite Nike, all of which got upgrades this this week. Oh, there was another sports related company that also beat and that was Pel Aton. But their stock is up so much that Even with better than expected earnings, the stock sold sold off. But the casino companies, particularly those related to sports betting. Did exceptionally well. Yeah. Okay. Sorry. I'm still stuck on pallets on which sold off on you say, but I love how they phrase is better than expected earnings, but it's sold out. Well, perhaps it was, it wasn't by definition better than expected. Well, initially, paella time came up just about get $100 a share in after hours. But then when the real market opened, we found out Guess what a jack button. Well, the stock's been up to your point. That stock's been up a lot of type O. I think I want to say 20 bucks a share like two years ago or a year and a half and then obviously has been great for them a gym closing great business. I'm not ashamed to say we missed this one because I thought we'd have a lot more competition. I was thinking sometimes you think 10 moves ahead and you're only supposed to think one right? This was a case It was just It's that simple Pallets on shall win. Things will get better. And I overthought that, but No call strikes and investing. No, You're just you're just looking For your penance for your pitch, and you're waiting for your pitch. And that's something that one of the best investors of all time Warren Buffett has has always said. Yeah, it's It's a fun game. It's a simple game. I'll tell you what wasn't up this week. Energy. Again. Energy and energy has the distinction of being the only thing worse than banks and banks were down this week. I mean, banks were terrible market goes down. Thanks. Go down and Why I thought that banks banks were supposed to go up. You know if the market came down, I thought banks were another safe asset. But they have continued to prove that they're not a safe assets. Will you talk about watching your favorite TV shows in a Bloomberg CNBC? I just I find it so exhausting to hear the continued fake value investing by fake value investing. It is not value investing, in my opinion to say, oh, stocked a has a lower P e multiple price to earnings. Multiple stock be And his underperform year to date versus the better stocked with higher multiple air. Go Let me buy the cheap. The lower PMO is not cheaper. There's a reason why it's not performing well is simply buying a low p e multiple does not always work. You have to find something where the trajectory will change unless they get so ridiculously cheap that people say I don't even care. And we're not there. So energy has the awful distinction of actually being worse today than it was at the bottom in March. We'll energy energy is down has got to be down over 60%. Well, the Akseli which is the S and P 500. Energy subsector is down 45 for the year 45%. Now to your point, though, that is very weighted towards the big cap. Energy. Gotta that's that's Exxon. Backside shot. Run. Yeah, and the average energy company. Yeah, it's down north of 60. We had great datable. I say terrible data point. Great data point for my thesis of just avoid this garbage, but Slumber. Jay, the Big oil services company, right, gave away They're frak Fleet. They were the number two player North American frak trucks. They gave it away. The Liberty Oilfield Services for $400 million Well, that's 1 $400 million does not sound like a giveaway 20% of the value of the trucks to build. 1.5 times cash well. Wow. Yeah, but that's trailing cash won't do trash. Whoa! You're gonna have Oh, here's 30. Frak trucks. They're 1.5. Times. Cash low. Well, that's great. It's not 1.5. When you're only going to use 10 of them going forward. You have to sell remediated do whatever with the other ones and the pricing. You're going to get going forward. Is atrocious. So In this asset within slumber, Jay, if you ask somebody a year ago what they're paying for this frankly billions of dollars. Now It's 404 100, plus millions what they got for it. You're implying that they got 20 cents on the dollar for this Frak sleep. Yeah. That you are correct. It is giving away well, they might. The crazy thing is, they may not be giving it away. It may be actually a lot of AA lot of value, and I Trying to go to the Dumpster bin where you have secular headwinds that specifically with energy. Oil wells. A man was about 100 million barrels a day. Pre pandemic. It's down low nineties. Now we're producing it still 100 very easily. We could probably produce 1 20. So you have this natural cap. On the price of oil. A lot of people know how to do it. These fracking has been a godsend to the economy because we found all this oil in North America. Long term. We don't need to defend the Middle East anymore. Because we are we have our own oil, which is a great thing. Not going to spend that five trillion again, right? Middle Eastern Wars. The shot. He's now have to be the cop eventually. Asking me a great day. It's this is beautiful for for the American is for everybody who isn't an energy. This is such a great thing and you just keep saying it. Every week. I get a call from somebody because I started my career is an energy guy. Hey, to this Get cheap enough, and I tell people I don't even have energy on my screen anymore. I mean, I'm trying online. I stroll over to see it. I am so much of my life invested, but It's just so hard. Why? Why would you want to invest in something that's so hard? Not to mention. I have you have, you know some potential potentially more downside. You know, with a With some of the views are coming up in the election of of one particular party related to fossil fuels, specifically with frat where you're talking about a fracking ban, which already exists in Europe. Would be awful for the U. S consumer Terrible, like fracking has been so good for this country. And this is this is what we've always wanted, Which is the energy companies are losing money and over fist. The American consumer gets to go to the pump and spent basically nothing that oil you know, you pay like two bucks a gallon now, right us, You know more than more than 50% of that is taxes. Yes, I do know that most people they're like, Oh, the oil companies making. It's like how the oil companies making what we said. How would your company's making, making all this money by selling gas gasoline cheaply that there's no way that they could do that? And here's the thing and just a point out the obvious. What is a dollar tax when you add it all up? On the galley. Guess it's a regressive tags. It's bad. It hurts lower income people more than hi ng some people, but I die address anyway. Energy. I own exactly one energy stock, which isn't even really an energy stock. In the traditional sense. I think it's terrific..
"liberty oilfield services" Discussed on The Oil
"That is where you interview wild number of energy thought leaders who do you got coming up on that We've got folks from even Microsoft from their security team because security is such a big issue. Monday releasing as a wonderful story from candidate not wonderful but he has such a hell. He had his shutdown, his family business because of oilfield service and his he and I talked about the impact, his family, his employees, what an attitude what an interview. We have in various another one coming up from them. Rob. and. Absolutely wonderful update we love them and we've got several big hitters You've got one coming up. You WanNa give a shout. Think we can because we've been tossing emails back and forth we've got President of Liberty Oilfield Services Wrong guys on the show recording that Monday probably pushed out Wednesday or Thursday we don't know actually win but we'll try to be recording on Monday I'm pump for that and. I love playing inside baseball I hit I hit them up to try to do this weeks before the slumber J. deal happen I just wanted to sit and chat technology within his background in technology. I. Think plays well with while it means to see the industry going in terms of how things line up and then what was a slumber J. deal falls New Orleans so it's GonNa be a long show will I guarantee were over forty five minutes we'll probably have to throw this bad boy in two parts I'm excited for it and I hope you guys enjoyed. It he is such a classic I've already started put together my notes and I was like, yeah, this is going to go forty five minutes to an hour. So I almost might just sneakily extend the invite another half hour so that we roll over. Well, it's always been that way. It's always been that way. I'm just excited for you because you are geared up and excited now the inside baseball I'm GONNA have to play Mr Producer. Holy Crap. I start. It's bad. As long as we make sure we have your ob s settings right but seriously guys the energy to sixty pockets available apple itunes spotify you wherever you get your show check it out. All the the world's greatest website, oil and gas. To. BE SIXTY DOT COM. Total..
"liberty oilfield services" Discussed on The Oil
"But seriously guys just subscribe three sixty digital closing bell to this podcast check everything out on oil and gas three, sixty dot com. He's a busy week. This week I'm looking back at all the notes it took me about. Half hour this morning to kind of just regather everything that happened this week and put it on. When we look I, think we'll start early in the week I think. The biggest news that happened early on in the week is our liberty slumber J. deal, and if you guys don't remember what happened slumber J. is selling their one the US FRAC unit to Liberty Oilfield Service in in in exchange excuse me for thirty seven percent stake. Basically, what celebrity is doing is they're taking all their US fracking as they're dumping it into this entity called wants Tim, they are selling it to Liberty and taking thirty seven percent stake and they valued it at about four hundred and forty eight million dollars so. We kind of went over some of the highlights. But if you haven't seen the highlights, this is from now this is for a liberty slide deck. So we'll just look at this love those guys, but we'll look at this with a grain of salt because this is this liberty slide deck here, twenty nineteen liberty by themselves two, billion in revenue. Combined Wants Tim Company five point two, billion in revenue I trust that EBA. which non gap remembered says adjusted. So this is non gap two, hundred, seventy, seven, million, versus six, hundred, sixty, four, million, interesting. This is what I like though, and this is the number that doesn't mean this is this.
"liberty oilfield services" Discussed on Bloomberg Radio New York
"And I've been told that chocolate pairs well with Irish whiskey. So I haven't tried it. That's a Bloomberg business Flash Bloomberg markets continues. Now with all sweet and funny, Quinn. We have to try that. Thank you very much. Gregg Jarrett. Right now we do have green on the screen led by NASDAQ, Let's see what's going on in the world with small MidCap stocks. I could do that with a Wilson Bloomberg stocks editor, Dave what you looking at, Well looking. Agreed for the Russell 2000 as well. The index up 4/10 of a percent D s and P 500 hired by 3/10 of a percent, But I gotta tell you This is sort of a monumental day for the Russell because it's total market value. All the companies in the index has fallen behind the value of Apple. Yeah. One company at two and a quarter trillion dollars in market. They Russell 2000, just below that 2.23 trillion just goes to show you how things are changing any case biggest gain. The Russell belongs to Chance. Therapeutics, who's ticker is J and see the cancer drug developers climbed 48% after agreeing to a licensing deal with Gilead Sciences. Liberty Oilfield Services took her l b E. R T is gate 32 a half percent. The company agreed to buy slumbers A's US fracking unit once them for stock. Beta $448 million. He's been Kodak ticker. Ko Decay is at a 28.5%. That's one D. Shaw disclosed a 5.2% stake in the company, which wants to shift into drug ingredients from photography. The Russell steepest drop belongs to scan source. Ticker SC SC At least one of them. I should point out the technology distributor has lost about 12% fiscal fourth quarter earnings and revenue trail ANALYSTSAVERAGE estimates of Bloomberg survey and I gotta tell you, you just mentioned going to talk to the CEO of car parts dot com. That stock down even Maura the moment off by more than 12%. One of my that is, we're going to get vehicle sales today as well. Dave Wilson. Thank you will certainly ask Live Packer in just a few minutes that is able from one day of stocks editor here on Bloomberg News. Let's now get back to the economic data that we saw earlier. For the most part, it was excellent US manufacturing coming in at 56 economists looking for 54.8 for that reading. The employment figure, though, was still in contractionary territory. Timothy Fury is chairman chairman off the manufacturing business survey, The Institute for Supply Management survey that has all of these details in it, and we will come up now, Timothy. As I said, for the most part, this was great new orders that 67.6 What troubled your responders this month or the last the last month, August Five on the so it was really a good report strong and almost all elements eight of the currents of induction in positive territory. Really strong demand. Employment is so like you, but not unusual on. I think the summary on this report is that We'll really be constrained on the input side, which has really supplier deliveries as well as their intact and inventory. Sounds really, really strong banana. This one Right. So Tim one month doesn't trend may give us a sense of kind of how you think if you look at this report, versus less three or four and then maybe kind of what some of your outlook data is showing you. Sure. So we were the trough here were 32 on the new orders were now 67 following two prior amounts of 56 61, But I like about the new order side here is I look a force of injections of new orders, no export orders. Look a backlog of orders. I'm good customer inventories. The customer inventory number is at the lowest level of spending 10 years. Backlog is a 55 are most, which is a respectable level. A new export orders bounce back up three points to 53 was supporting the whole new order number, So I think the man is strong, stronger than I expected to be this month, but I don't see any reason. Why wouldn't get ambulance September when September is actually better Manager? Yeah, The other thing is our jersey was telling us earlier was that you know, it's great to see new orders at 67.6. That means you know the such enthusiasm out there. But if the companies that are ordering His orders Don't and ducked seeing the demand for them that you know that that has to also transpire in order for that, Teo actually be a good number. What kind of comments did you get this month on DH? What are the concerns up there? So son Trent was one point for the one positive. Paramount was 2 to 1 so little bit more concerning unemployment side we had about 65% of the comments were hiring related. 35% were active force reductions, which is a positive too, and I think predominantly what's happening years, suppliers are struggling to keep up with demand. That could also be causing the finance increase, because when you have a publican and materials who ordered more than you generally need, so that could be a a spiral of back there, But it's going to be sitting here. In a sense, it's the man driven. Economy, restrained by the other day on supply base will eventually work through it. I'd much rather be dealing with this and with a lot of demand or a lack of production output, the production number 63 with a strong number two for factors that have been handcuffed with safety issues. How much if at all, is your data impacted by that $3 trillion of fiscal stimulus that we had Well, No. Clearly the industry sectors are definitely impacted by the very low interest rates in automotive in fashion is back where it was pretty cold, inexpensive money to finance a car..
"liberty oilfield services" Discussed on Mornings With Gail - 1310 KFKA
"Business owners make up. According to Senator Cory Gardner Ninety nine point five percent of business in the state and some of whom are just struggling to keep their doors open as a result of covert nineteen and the related closures. Well we're taking baby steps toward economic recovery but as Casey Matthews Chief Investment Officer of. Unb Bank wrote. The dominoes are wobbling. So what will the recovery look like a joint by Casey Matthews this morning? Hey Casey Good Morning. Thank you so much for taking the time. I hope that you your friends. Your family all are doing well. And these vary unsettling times. We are thank you you as well or doing finding this environment absolutely but what about the economy and the economy just took such a hard hit? We've got over twenty six million Americans out of work. So what will the recovery look like? And can we generalize about it? Oh I think You know we try to. It becomes difficult to forecast. Some of these recovery's when you have a unique situation such as this pen DEMOC but we're not out of the woods yet you mentioned that it's the economy and economic activity is is struggling and I think it will struggle for for quite some time so in the second quarter you're going to see unemployment continued to spike higher. You'll probably see unemployment peak summer between fifteen and twenty percent and then you'll start to see this recovery so once we get through it once we going to control the Cobra. Nineteen virus than the narrative changes to what recovery will look like interesting because yeah because as you say. It more resembles an alphabet soup so break that down for us. Yeah so to to make it simple and have a little fun with economics. We like to have these descriptors. What will the economy look like? And will it be a v-shaped recovery mean a very swift recovery? You have this. Waterfall event economic activity and all of a sudden. It just comes right back resembling the. We don't think that'll happen a you. Meaning you'll have some time where the economic activities flat and then you see this sharp recovery. I maybe something like that. Will it be a W which is dangerous? That's a double dip economy or an L. and L. would be you have this sharp selloff or or contraction in the economy and then it just stays down there that L. and we were saying that it's probably somewhere between an L A U that we'll get through this. You have incredible. Amount of stimulus both monetary stimulus and fiscal stimulus. Supporting the economy. Giving you a backstop. I think The the contraction will be damaging to a lot of people so they won't be so swift to go out and consume and that's what drives the economy so when you think about consumption you need two things you need. The consumer to have the willingness and ability to consume the abilities employment. That's easy rider income. Think we're GONNA have a jobless. Recovery Unemployment will get close to twenty percent and even by the end of this year. I still think it'll be relatively high somewhere between seven and ten percent unemployment. Remember that we were at three and a half percent free crisis but the willingness for consumption comes with confidence will be confident to consume suggests. Gayle that you need some game changers but I mean by that is for us to go on a airplane or go to a hotel Restaurant yeah which that is important for Colorado visit huge employment base in the hospitality and leisure space but you need a vaccine for the covert nineteen virus. You need treatment need widespread testing. You didn't hospital capacity and we're getting close on some of those you know. Hospital capacity is improving especially in hot spots like New York. But I think we're a ways away from a treatment or vaccine so that's where the willingness to consume might be constrained and that's why our descript her is somewhere between an l. a. you or an upward sloping Kind of like the Nike swoosh right. That's a great description. Yeah absolutely well and I think Casey you bring up some great points because this doesn't hit us This pandemic on just one level sure. It's physical and tragic. You know the number of deaths that we have seen not only in the United States but state by state Around the world. So we've got of course the the medical implications of it the uncertainty As you very eloquently spoke about of whether we will get a vaccine there seems to be conflicting stories coming out as to whether there ever will be a vaccine for this novel Corona virus but it also hit says not only in our pocket books from an economic perspective but also. Psychologically you talked about confidence. Now we all know. The market hates aboard uncertainty. And I just have to wonder particularly with as you referenced in Colorado the importance of the hospitality aspect of the economy. I have to wonder I mean if someone were to ask me today what I go back to a restaurant now. I'm afraid my answer would have to be no not now because I still am somewhat uncertain. Correct I travel. A fair amount are used to for my for my business and the fall. I would always get my flu shot now if we have a vaccine for Kobe. Nineteen where I get my flu shot in the fall and I get my Kovic nineteen shot. I would have a great deal of confidence and comfort getting on that plane or staying in that hotel. So that's where Colorado like I said is I it employs more people than the national average in the hospitality and leisure business and Colorado. I might add for those of you in the Jewelsburg Basin about that Casey. Yeah Yeah Well. County Just yeah well. County produces so much oil and gas in the state estimates vary. I've seen upward of eighty percent or more in the oil industry has been so hard hit. I mean we saw prizes. You know on that West Texas intermediate crude go negative. Yeah so that's GonNa be another issue for your region where employment in this space is really been declining since two thousand nineteen since last year. And what's concerning is when oil stays Under thirty dollars a barrel whatever it might be at the end of the day I think it's going to result in producers struggling and that will lead to cut in capital expenditures any just spending investment spending and economic activity could slash workers pay in that industry and of course. Laos. Sadly we're already. We're already seeing that happen across the board when it comes to you know even closing down rigs and capital expenditures were seeing you know the top brass in in in the industry. I already taking pay cuts We've even seen one producer declare bankruptcy already. I think you're GonNa see more of that. Unfortunately we have in you know. The price of the commodity is driven by supply and demand. We have an incredible amount of supply. And of course demand has been waning for some time and then with the shelter in place orders. We just destroyed demand for fossil fuels and the question will be. How long will this last? So the state of Colorado only has about one percent of. It's a total employment in these. We're having a little bit of a technical glitch here. would Go back to the state of Colorado. Because we once again it just dropped out. Oh bigger part so when I look at Total employment for the State of Colorado. What I find is about one. Percent of total employment is in the energy space so at least It's not detrimental to the state. But the problem is you have regions such such as the DJ Basin. You're located. Yeah where it could be very detrimental with these layoffs and lack of investment spending. Yeah I mean the oil and gas industry already hit hard. You've got Halliburton. Liberty Oilfield services laying off Workers Occidental Petroleum Colorado's number one oil and gas producer. Noble energy number two recently announced cuts and spending and employees pay an hour's denver-based winding petroleum April. I said it's filing for bankruptcy You had denver-based extraction oil and gas said it will cut. Its twenty twenty budget for exploration and production by forty two percent to arrange Two hundred and fifty million to three hundred million so I mean the impacts have already been devastating and it's probably not over because one thing I look at Galas rig count I just know that won the We have empirical evidence that when we see energy prices come down. Guess what happens. The Rig count goes down and you saw that in two thousand fourteen to two thousand and sixteen. When energy prices came down. You had a reduction and recount by something like eighty percent and we're only down.
"liberty oilfield services" Discussed on Permian Perspective Podcast
"You all for joining me for this. Very special edition. I'm going to do this from time to time as we just have these weekly updates and everything is changing so much that way all of you who are not here in the Permian can know what is going on here in West Texas. I would love to hear from you. Reach out to me on Lincoln on Instagram. I'm also on facebook at KRISTA ESKIN MIA and we can keep the conversations going. Tell me the good that you're seeing in the world because there is so much good and we want to spread that and spread that joy with that said I wish you all good health love and joy and take care of yourself stay healthy. This concludes this episode of Permian Perspective. The story behind the oil and gas leaders in the Permian Basin. Remember my mottos dream. Big believe in yourself and never give up. You make it a great day. 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 will be from four to seven and will feature a live recording of oil and gas this week with Jake Corley Markel Corp so be sure to check that out. You can sign up via our social. Media's we have an event 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. Check our social media's for the event bright sign up and sign up there ask some of our social media followers no we are headed to Aberdeen Scotland the first week of March. But he had a couple of days actually for. Doku con creating high impact sales and energy dokru excited to launch its very first sales development conference and Obgyn's mark and Patrick will be hosting a panel and recording alive podcasts. That we're really excited to be joining map. The leaders in industry luncheon is on March eleventh at the betraying club of Houston. Port of the future is happening on March tenth and Eleventh in Houston your registration to the port 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 spilling out very quickly so make sure to get a team in as soon as possible. The BP 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 hope you guys have a good month and check back in next month to see what we're having. Thanks.
"liberty oilfield services" Discussed on Oil and Gas This Week Podcast
"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..
"liberty oilfield services" Discussed on Permian Perspective Podcast
"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 of 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 an event 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. Check our social media's for the event bright sign up and sign up there as some of our social media followers may know we are headed to Aberdeen Scotland the first week of March in a couple of days actually for Doku con creating high impact sales and Energy Dokru is excited to launch. Its very first sales development conference and OGSM's mark and Patrick will be hosting a panel and recording podcast. So we're really excited to be joining map. The leaders in industry luncheon is on March eleventh at the Petroleum Club. Houston toward the future is happening on March tenth and Eleventh in Houston your registration to the port 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..
"liberty oilfield services" Discussed on Oil and Gas This Week Podcast
"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 will be from four to seven and will feature a live recording oil and gas this week with Jake Corley and Markor so be sure to check that out. You can sign up for our social media's we haven't met 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 check our social media for the event bright sign up and sign up there as some of our social media followers may know we are headed to Aberdeen Scotland. The first week of March in a couple of days actually for Dokan con creating high impact sales and Energy Dokru is excited to launch. Its very first sales development conference and mark and Patrick will be hosting a panel and recording alive podcasts. That 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 port 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 Conference Center in Houston the API Energy Houston three gun. Chapter will be on March Twentieth. This amount is filling up very quickly so make sure to get a team in as soon as possible. The BP Energy Outlook Two thousand twenty edition will be 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 hope.
"liberty oilfield services" Discussed on KMOX News Radio 1120
"I've always wondered why don't you just get everyone together and say Hey let's all take a ten percent pay cut fifteen you know tell the kids are not eat now for your two it's so much better than you're fired it's so much more noble and you'll keep the family together and when the business cycle re emerges you've got your team you're ahead of everybody and what a great run a great business practice but more importantly what a great moral practice and Newman practice of all businesses are about the people then how you treat your people particularly during a downturn matters most when we come back more with energy entrepreneur Chris right founder of liberty oilfield services are on leadership series continues our ancestors past with small folks like taking we have the Kardashian now we may not have the thousands of hours to watch all the great TV out there but many of our ancestors didn't have a single the thing was one hour wasn't one hour in eighteen hundred it took six hours of labor to earn the tallow candles of the day that would let you read for an hour but two decades after the first oil well was drilled lamps using this oil lowered the labor cost to fifteen minutes from a world of difference and yet still rather large investment today for choirs only a fraction of a second America's coal and natural gas powering out after we can take only so much of the Kardashian to.
"liberty oilfield services" Discussed on 90.3 KAZU
"Just from cooking fuel because they don't have natural gas hi to cook clean Leon and and it's mostly women and children that died because they're the ones over the stove cooking told us a grizzled on because I I think that Alison was also getting at something else that that people her age and millennials have also been concerned about which is that what ever it is that we do now they will have to clean up and one of the other impacts we haven't really discussed is climate change so even if air quality even if the particular and I hear you totally on particular matter in the air you are correct in saying that there are parts of the world that rely much more on coal that have tremendous particular matter in the year and all kinds of terrible pollution however Alison asks you a direct question she wants to know how her generation is going to protect its health from the impacts of oil and gas how the continuing evolution from cleaner fuels would be is the dirtiest of all we still have over a billion people that live burning wood if we treat to switch them from wood to liquid petroleum gas which is already happened a billion people that dramatically reduces both CO two emissions am pollutants the largest driver of the U. S. reduction on in CO two emissions the largest driver is what we do is shale gas displacing coal from think this larger than wind solar in energy efficiency combined so with the energy with the energy industry is doing now is that it's that you're saying is actually in Alison's best interest in terms of reducing overall pollution hundred percent hundreds that that was Chris Wright the chairman and CEO of liberty oilfield services the economy is another one of the issues you hear talk about a lot in an election year it was part of the debate in Colorado and it certainly came up in Michigan in may we partnered with Michigan radio to explore manufacturing in the Midwest we focused on Macomb county which is near Detroit it was experiencing a manufacturing boom in some industries but it also got hit by terrorists in the trade war with China blue collar workers in the region were pivotal in swinging the twenty sixteen election in Donald trump's favor we caught up with contractor Brian de hello he told us he was struggling in the current economy struggling to keep up with all the clients to demand his services this is what a growing business looks like here's all my nails for every various sorts either framing nails he's a roofing nails ears flat roofing user.
"liberty oilfield services" Discussed on Extraordinary Women Radio with Kami Guildner
"You. Make everybody feel that. They have an opportunity for their ideas to be heard fest great wisdom as as having so much great great wisdom having come through this journey that you've been on. How do you mentoring guide women today? How do you all some of this great wisdom that you have to helping women today? Hey I just joined the board of Directors of Liberty Oilfield Services and. They had a women's women's summits asked me to come and speak. The evening was just wonderful to see a couple of hundred. See a young women who were involved in in their careers. Were engineers and geologists and account The people of many different career talents. It was great to see them in in many of them were Hoon getting into areas. That women had not been into very much before the gas industry and said that the be very male-dominated. Al Dominated these women were moving luna headed to great things with their careers knows very happy to cheer awesome. So you know. I started in the oil and gas industry as an eighteen year old and worked a good portion of my career in oil and gas industry eventually annoyingly software companies. So I know the only the women and oil and gas and it's it's fun to hear that you're you're getting a mentor them. It it has been very different. I know early in my career was representing clients in oil and gas but also branching in many other things it was just so rear who remained to be playing any kind of leadership role in just delighted to see things have changed so true so true. That's awesome so next. Year is one hundredth anniversary of the constitutional amendment recognizing women's right to vote. And and I know you sit on the Colorado Women's votes tenure commission. What do you want our listeners? To know about this important anniversary to me one of the the most important things is remembering how far we've come. How quickly my grandmother? Great Grandmother Mother didn't have the right to vote the right. It's I think for for young women. They don't realize how great never went into gaining that right to vote in how unique in experiment it is that when are now playing a much more equal role in society. It's important that we not lose that ground. We continue moving ahead Also important that we have some patients with the men in our lives with your role in society has changed as ours Exchange Change Diaz and. Let's get much your hope for our future as women I my hope is that people can pursue their their career their their joys their their family life what whatever it is with it much more freedom based on their own dreams as opposed to society stereotyping in saying this. This is what you have to do right. That's nice and what makes your heart sing and dance in your life today. Oh I'm in theory involved with them with my my career for one thing because I had just taken on in this new role and on one board of directors also on another board in so very interested in the business issues. What's going on with our economy and how All those factors are leading to our her hopefully continuing prosperity in this degree and in world My my husband. I enjoy traveling wage way and and dog dog part getting out into the Dow Tours. The final question that we always ask is what three three pearls of wisdom can you leave with our audience today. Gal One is something of already touched on. Its learning to brag about yourself when it's appropriate self-confidence. Explain who you are what you want to accomplish. I also think it's important to to try and work with people that you enjoy and share your passions. Life is so much more pleasant if you go to the office offense. We're excited to see the people that you work with and you share a vision for what you're trying to accomplish. I agree with that and I think one of the things that against as a question for young is what's your career advice. What paths should I follow? What exactly should I be planning now? So that three steps from meal I will be where I want to be. Well I think some people have accomplished a great deal by doing that. I think it's also a verb to realize that you you don't have to have a thoroughly plans career when I look back on it. Looks like a Zigzag I I I followed signal one career path because I was very interested in it and I learned a lot and then went off in a different direction in learned a lot by doing that. Being open to new experiences you possibilities was really interesting along along the way and then when I looked back I found that those experiences head all built upon each yes day they all came together in a way that was very very helpful to me. Experiences psychodrama later in lights so agree with that bad I can look at my zigzagging pathway myself and and go oh my gosh I'd happen. I learned so much in that particular role or that particular time. That somehow make sense today in the work that I do and it's it all fits together in the end but we certainly can't ever gas where we're going to be ten years from now. That is so true. Well this has been such a pleasure Gal. I am really honored to get to interview you today and get to meet you and I hope they get help. I get to meet you face to face at the induction ceremony. I will look forward to it. This has been a delight talking with you goodbye. I hope you like this episode of Extraordinary Women Radio if you did please share this podcast with your own special tribe of women and help spread the love the dreams and the inspiration are. Are you ready to raise up your voice your visibility and your business. I am by you to visit me. At Cami Gilmore Dot com to find out how you can make heart L. Connections to Michael Strategies to ignite an abundance low of cash and clients into Your Business. I love to hear from you on any of my social media channels channels. I'm on facebook and twitter. Tell him next time my friend listen to your heart. Follow your dreams.
"liberty oilfield services" Discussed on Oil and Gas This Week Podcast
"Is it comes back every year or every term so it's this bunch of people that don't like our industry this is sp one eighty one to actually try to out to push us out of Colorado and real quick before we get too much even that we're not from we're from Texas and the politics Texas or just slightly different than they are here and so I just want to get a local. I WANNA get a local Chris. Thanks for joining disappear. What is your opinion on this bill. That's a longer answer but I'm a Colorado Not Texans so I live in this state. I grew up in the state and one curious thing about Colorado. ARADO is most people in Colorado until recently didn't even know we produce oil and gas right because most people don't live it. Don't live near it. They don't know about it. Colorado's actually actually a massive producer of oil and gas number five and oil number five and natural gas among all fifty states. We produce three times more energy that we consume as state but we've got a lot of new migrants and a lot of new neighborhood's going into the oilfield so it's created its credit some frictions on one eighty one real quick. It's about local control right and as you referred to we had one twelve basically ballot initiative that was really attempted to shut down our industry. The very curious thing is we're ninety. Percent of Colorado's autos oil was produced so these are the locals that are being impacted by all the drillings that is the area in which the industry was the most popular are by far seventy five percent people voted against something that would would have restricted our industry in the area where the oil and gas drilling is in Boulder Boulder county where there hasn't been a well drilled for many years. That's where the greatest opposition to our industry was so it's not as supporters of the bill would think it's the people near us that don't like us want to have control if I just the opposite where we operate is where we're the most popular now could be better of course you know. Can we have have even larger local community engagement that we've had sure so. I think how it plays out at what it means for. Colorado industry is still truly up in the the air. They're certainly communities passionate about continuing development and all that there're communities on the other end and the last thing. I'll say is the differences. It's is often compared to wells zoning and building a new business. We get things engage with that because boy you could. You could put your new factory here. You could put your new factory over there and you can talk to the municipalities Saudis but the oil and gas that we produce as been underground for more than fifty million years so we can't move it and the mineral owners that own it who were the farmers and ranchers they have to you know it's their rights through the owners of it and of course they would like it produced at so when a town says no. You can't harvest your property. You know it's a little bit of a property rights issue as well as a local impacting complicated issue jury still out yeah so Chris you have to remember that this audience of the shows global over five hundred thousand listeners for this show hundred senators different countries so Chris who are so the rest of the world does in your opinion so important well my opinion's not important but I'm a science geek. Tech nerd turned energy entrepreneurs so I'm the CEO of Liberty Oilfield Services says I went to college to work on fusion energy at worked in solar energy in graduate school and geothermal energy after that so I don't care where energy.
"liberty oilfield services" Discussed on 1A
"Water events. Once the wells are completed in the site goes into production in the pad is downsized significantly or old sites or removed as new drilling drilling comes in the site is reclaimed, and I make sure that that's done properly. If there are any historical releases that we identify we clean those up and also add that the vast vast majority of these spills in this state are historical nature, but you wouldn't know that from the reporting it, they just list number of spills with regards to your work everyone. We talked to when we went to visit sites this week was. Was very forthcoming about how proud they were of the increasing effort to reduce the environmental impact a large part of the complaint. We heard tonight was air quality. How much does air quality factor into the work that you do air quality is actually so I do a lot of surface environmental issues and air quality is such a big part of what we do that. It's an entire separate department within our environmental group. Brian was one of the many people we heard from at our event with K UNC in Greeley just ahead. We'll hear from a twelve year old with some environmental concerns, and I'm may have made a bet with someone about drinking the fluid they use for hydraulic fracturing, stay close. Planet money tip number seventeen. A great analogy doesn't have to make sense beige here in a one legged Bob cat covering up his own crap on a frozen pond. Just make that. Well. Yeah. Planet money a poetic podcast about the economy. Let's get back to some edited highlights of our conversation with Colorado state house speaker, Casey Becker, Chris, right? The chairman and CEO of liberty oilfield services to Reese, Gilbert, the co founder of weld air.
"liberty oilfield services" Discussed on KQED Radio
"E, Casey foundation. This is one A. I'm Joshua Johnson. Folks in Colorado have a lot to say about oil and natural gas. It's a billion dollar industry that feeds many families and leaves many other families very concerned we explored it as part of our project. One a across America a partnership with six member stations, including K UNC in northern Colorado across America helps us keep in tune with the big issues. People are talking about in their neighborhoods issues that can get ignored in big election years. We met two people in Greeley Colorado with different views of the energy industry. Erica deacon lives in Erie and runs. Her communications business out of her home ROY Ramirez took over his father's maintenance services business in Platte Ville. So the ones that were behind our house that were so offensive were roughly between the two of them combined. There are about thirteen drills. It's like adult war a low. Like that. I've spent entire seasons not being able to sit outside my house because it smells too bad. And it's too loud. That's crazy. If you think about it. There's a lot of us like myself that basically grew up in his industry. It's what I know. I don't tell them how to make their money. My father came here in the early sixties as immigrants from Mexico, and this is the Jimmy for similar some of his kids to. You have the American g and. I'm realizing it we're trying to have it. But there's rocks in the road. And all I wanna do is provide for my family and forty seven families that worked for me. What's it? Those were Erica deacon of Erie and ROY Ramirez of Platt Ville now, let's get to some edited highlights from our town hall events in Greeley a conversation on the future of oil and gas exploration in Colorado. You'll find the whole event online at the one A dot org, and we'll begin with a few introductions to my right? Your left is Casey Becker speaker of the Colorado house of representatives her solidly democratic district. Includes parts of Boulder County, and all of clear creek gilpin, grand and Jackson counties. She recently introduced a Bill to remake much of the state's oil and gas industry speaker Becker, welcome to one A. Thank you for having me. Joshua also with his Chris, right? The chairman and CEO of liberty oilfield services, which is a Denver based company. Chris welcome. Thanks. Glad to be here. Josh next to Chris is Therese Gilbert, a founder of weld Aaron water, which is a grassroots community organization that promotes health and safety around oil development, and she also teaches middle school here in. Really? And also with us is K UNC's. Matt bloom who covers energy and the economy. Matt welcome to the program. Glad to be here. I'm going to start with you for the benefit of our listeners who are not familiar with Colorado. Give us a sense of the scope of oil and gas in the state and the growth of it from what I understand it was already big in recent years, and it has grown much bigger in a very short period of time. Absolutely. I mean living here in weld county. You can't go to the grocery store without seeing a tank without seeing a tower. And I think that if you live north of Denver if you live in the northern front range, it's a part of your life. Everywhere you go you're seeing it you're asking questions to yourself. It might be in your backyard. I mean, this is an industry that whether you work in or not you are passing it on the daily throughout your day to day life. Chris, right. Let me come to you a lot of what gets discussed in. Conversations about oil and gas has to do with hydraulic fracturing, sometimes known as fracking, can you just explain just for the benefit of people who don't work in the industry. What exactly that is? And how it works. You bet. I'll I'll try to be quick, but oil and gas is formed by small organisms that live in the oceans where we sit right now was an inland sea and the world was much warmer. Much more CO two in the air. And this was a jungle so huge amount of life, huge amount of life in the ocean. As those things fall down as they die. You single cell organisms that fall down to the bottom of the ocean. If they get berry just in the right kind of rocks, which are which are rocks with very little permeability kitchen counter rock, then they'll get preserved the old oil and gas industry was waiting for it to naturally leak out of those that's oil and gas until ten years ago. Now, we're going into these kitchen counter rocks drilling holes in pumping water to create a series a whole bunch of. Cracks in this rock because you can imagine oil if you put it on top of your kitchen counter it would evaporate before it would flow through. So it doesn't move very easily. But there's an enormous amount on the rock. So to get it out. You've got to cut with water all sorts of busy layers of slice slice slice slice hydraulic. Fracturing is what's doubled US production in the last seven or eight years. So basically, you're breaking holes into the earth to allow those particles of oil gas and hydrocarbons to reach more readily than they would if they just kind of seat through time and normal like action of of the earth. Yes. Met or excuse me speaker Becker you introduced an energy package on Friday. It's kind of the core of our conversation this evening, and it's been described as some of the most sweeping reforms to sweeping changes at least to oil and gas in Colorado in quite some time. It's a large Bill what are some of the main things that the Bill aims to do. So the Bill essentially does four things right now, the mission of the CO the Colorado oil and gas conservation commission, in my opinion is heavily tilted to the oil and gas industry. So that they are in the position of never denying a permit whatsoever. We are just trying to write that tilt. So that local communities and health safety welfare have as much role in their permitting as the interests of oil and gas development to the Bill addresses the current. Fact that there's local control is embodied in our constitution, the primacy of local control. But there's one major exception were local governments do not have the right of zoning or land use authority. I'm talking about just anything above ground. They do not have a role in the citing of oil and gas by state law. The state law has said local governments, you're kicked out. We decide everything. So they don't get to weigh in on that. So we are correcting that to give them some role in Perm in the citing of oil and gas development in their own communities third. We're dressing the issue of forced pooling force pooling is where oil and gas says I get to take your minerals against your consent. You don't have to I get them oil and gas currently is the only industry in or entity in Colorado who actually has the power of eminent domain over. A private party other than government. If government wants to widen the road, they have to pay you just compensation currently gases the same power to take your property without your consent, but they do not have to pay you just compensation. So we're correcting that and the fourth thing that we're correcting is the issue of orphan, wells, orphan wells, Orwell's that have been abandoned without being plugged properly. So just to summarize it would amend the mandate of the Colorado oil and gas conservation commission from the fostering development of oil and gas to regulating, it, it will give more power to localities to do some regulating of their own. It would change this practice of forced pooling. And basically give residents more say over whether or not willing gas exploration happens under their property, and it would change the way that orphaned or abandoned. Wells are cleaned up. Those are the four major parts of it. You did that so much better than me thinking, you know, that's my job. And it is it is a big complex. Bill that has prompted a lot of really strong opinions on it. And I want to work my way down to Chris and Therese Gilbert and get your thoughts on this Theresa. Let me start with you. What are your initial thoughts on this Bill? Well, as I see it it's bringing the proper role of government back to this process. Having lived in Greeley and seeing this gonna go on for the last eight years the industry was kind of running ahead. There was a rush to drill ahead of really putting in best management practices and these practices if they're not if there's no oversight and you hear on the audience, we have the tightest regulations. Well, you can have a lot of law on the books. But if you don't have a police force what what does that really mean? So I think and I'm grateful and happy to see the legislature stepping up because we have been going to our city council meetings. We've been going to our school boards in. We didn't have any Representative. Have our back. And I think that's been really frustrating. It didn't feel like a democratic process. You had no legal standing if you had questions about drilling going into your neighborhood. Chris what are your thoughts on the Bill so far? I will I agree with Therese that that using best management practices to minimize impacts on communities. They'll never be zero but to minimize those impacts is critical that comes from working closely in a dialogue with communities, and of course, that's that's what that's what happens today. Not that. We couldn't be better. We're always opened ideas to getting better. But if you're an oil and gas producer in Colorado. The majority of your time is dealing with local governments you have to go through. And meet all those requirements, but the majority of your dialogue. If you're in a town or there's people nearby is with the neighbors with the town. It's slowed the process down. But I think it's beautiful it's allowed communities to evaluate trade offs in the way to do it best. What one thing I'll say the one thing that's different about why there was different regulation for land use impact for citing Amazon's headquarters or a new Starbucks is they can put that anywhere. The and gas was put down one hundred million years ago. It is where it is. It can't be moved. And there are owners the mineral owners, which sometimes at the same as the surface owners and sometimes different their ability to access their their minerals comes from what used to be still is state preemption and ability that you've got to work and do everything possible with the community. They do have tighter regulations in towns, and they do different things. But you've got to let people who own those minerals access to get them out Cerise. I wonder if you could give me your. Your sense of the moment in which this Bill is emerging. It seems like from the way that some folks have talked about this that this can't wait that this is one of those issues that comes at a critical junction, Colorado, four an array of different reasons. What's your sense of the timing of this Bill? Well, you know, it's often been said elections have consequences, and we had an election. And the consequence was that the house and the Senate have shifted, but I have real concerns about this Bill, actually. And I have a weld county perspective and my concern as as much as I believe it is a step. It is a floor local control issues blown help us in weld. And I would remind everyone where ninety percent of the production is coming from. And what is blowing out of weld will not help your air quality up and down the front range and in boulder, if you're twenty miles away from the nearest well in the summer, your child could still have ozone days be outside breathing air that essentially as like sandpaper to your lungs. So I have real concerns. I'm also a mineral rights owner. Well, they're in water numbers. We're mineral rights owners. We did not have any interest any interest in exploiting arm-in-arm rights. Even if one more child gets asthma, and that's how I feel about it. I understand that. This is a money issue. I understand and capitalism..