Daily Energy Standup Episode #177 – From Nuclear Power to Climate Lockdowns: US Reactor Powers Up, Sweden Rejects Wind Farm, Coal Persists, and Oil Fortune Awaits in US Shale!

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First US nuclear reactor built from scratch in decades enters commercial operation in Georgia

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:07] What is going on Everybody, Welcome into another edition of the Daily Energy News Beat Stand up here on this gorgeous Tuesday, August 1st, 2023. As always, I’m your humble Correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by the Executive Producer of the show, the Purveyor of the show and the Director and Publisher of the world’s greatest website, EnergyNewsBeat.com, Stuart Turley, my man, How are we doing today? [00:00:31][23.7]

Stuart Turley: [00:00:31] It’s a Beautiful day in the neighborhood. What a Monday. Jeez. [00:00:35][3.3]

Michael Tanner: [00:00:37] It’s been a long Monday but trust me guys, we are here to bring you the news we have a great show lined up. First item on the menu, First U.S. Nuclear Reactor built from scratch in decades enters commercial production in Georgia. [00:00:50][13.6]

Michael Tanner: [00:00:51] Next up, Take Note Labor: Sweden rejects windfarm project over its negative effect on the environment. Next up, got to love this Klaus Schwab’s daughter Quote, Permanent climate lockdown is coming – Whether You Like it or Not oh, spooky so Stu will dive into what that means. [00:01:09][17.7]

Michael Tanner: [00:01:09] Next up, Why the World just Can’t Kick Coal and finally, Billionaire Harold Hamm Sees a Great Oil Fortune still untapped in U.S. shale that’ll round out our story. [00:01:21][11.3]

Michael Tanner: [00:01:21] Stu. Pop it over to me I’ll cover what’s going on in the oil markets and quickly touch on Comstock earnings, and we’ll let you get out of here here on this busy Monday because we all are pooped but nonetheless, we will get this going, guys. [00:01:33][11.8]

Michael Tanner: [00:01:34] Before we dive into all of that again, all these stories are courtesy the world’s greatest website www.EnergyNewsBeat.com the best place for all of your Energy News. Stuart does a great job of curating that website to make sure it stays up to speed with all of your Energy News. [00:01:49][14.9]

Michael Tanner: [00:01:50] Dashboard.EnergyNewsBeat.com the best place for all your data Energy News Combo. Hard at work at v2 so I’m slaving away for you the listener. Check us out, give us a shout Questions@EnergyNewsBeat.com for the Description below. All right Stu where do you want to begin? [00:02:06][16.0]

Stuart Turley: [00:02:08] Hey, let’s start with my favorite topic here, The first U.S. Nuclear Reactor built from scratch in decades enters commercial operation and Georgia. Michael this is actually pretty cool. [00:02:20][12.7]

Stuart Turley: [00:02:21] Georgia Power Company announced Monday that Unit three at Plant Vogtle, southeast of Augusta, has completed testing and is now commercial operation 7 years late and 17 billion overbudget. You know what this has in relationship to California? [00:02:41][19.9]

Michael Tanner: [00:02:45] What? [00:02:45][0.0]

Stuart Turley: [00:02:45] It’s still about 400 billion less than their dream and it’s right. [00:02:49][3.7]

Michael Tanner: [00:02:50] You’re right. I forgot about that. [00:02:51][1.2]

Stuart Turley: [00:02:53] So as a full 1100 megawatts of electricity unit three can power 500,000 homes and businesses. That’s sweet. I like some Carbon Net Zero Nukes, man. This hasn’t been done in our country from start to finish in 30 years. Yeah! [00:03:16][23.2]

Michael Tanner: [00:03:17] That you want to know a little fun facts Stu, that Chris Womack guy I’ve produced multiple podcasts that he’s been on because he’s a long time ABE member. [00:03:26][8.8]

Stuart Turley: [00:03:27] Oh, no, wait. That’s right. [00:03:28][1.1]

Michael Tanner: [00:03:29] Yeah. [00:03:29][0.0]

Stuart Turley: [00:03:29] I wondered where that was. Yes, I love Chris. [00:03:33][4.0]

Michael Tanner: [00:03:34] Yeah, Yeah. [00:03:35][0.4]

Stuart Turley: [00:03:36] So anyway, that’s actually very good so we’re all pretty excited about this. But 30 years, that was yesterday’s rant while you were out saving the whales,. [00:03:45][9.2]

Michael Tanner: [00:03:47] Kinda. [00:03:47][0.0]

Stuart Turley: [00:03:48] Yeah, I was ranting about, you know, policies we got to get these policies fixed, Here’s one. Okay. We’re going to go to the next one here, Take Note Labor: Sweden rejects wind farm over its negative effect on the environment. Sweden, Michael, this is really, really big because this is systemic of what’s going to be. [00:04:15][26.9]

Michael Tanner: [00:04:16] Its a Good Word for you Well, you started out. [00:04:17][1.4]

Stuart Turley: [00:04:18] As Oklahoma State coming out and me right now, man, I’m sorry, you know. Okay. There is it’s a film and so there’s almost nothing in the article, but we got the link to the film there. [00:04:30][12.8]

Stuart Turley: [00:04:31] Negative effects on the environment that’s offshore windmills is against the National Interest. Michael, this is the first time, First time I almost want to hold my hands out like our for our podcast listeners like Trump. It is the first time that Sweden has actually took a stand and went, No, no renewables for you. [00:04:54][22.6]

Michael Tanner: [00:04:55] It’s number one. No, I think, again, this is a the first of what I see is many of these reports coming out of the the unintended negative externalities of many of these large floating offshore wind farms. [00:05:10][15.2]

Stuart Turley: [00:05:11] Oh, it’s brutal. And I’m for anybody that’s listening of all of our listeners, if you are a Wind Energy Expert, I want to talk to you because I’m finding the meantime between failure and economic success on a wind farms 80 years nobody can tell me anything different. Okay. Let’s go. [00:05:33][21.5]

Michael Tanner: [00:05:33] So, I mean, just to clarify a little bit of my absence, yesterday I was at the sister organization of Just stop Oil, Just stop Wind, where our goal is to stop the wind from blowing. [00:05:44][11.1]

Michael Tanner: [00:05:46] You know, they shut down wind farms. So that’s where we’re headed it’ll be fun. So you look for us in the news, we’re we’re planning some some events in the near future. [00:05:55][9.0]

Stuart Turley: [00:05:56] Nice. So, Oil and Gas save the Whales the first time the Wind Farms started taking them out the second time. And you’re trying to just stop the Wind instead of stopping the Wind farms. [00:06:10][13.6]

Michael Tanner: [00:06:10] Well, then because then you stop building Wind Farms and inherently save the Whales. [00:06:14][3.6]

Stuart Turley: [00:06:16] But you wanting to kill the Whales last week. [00:06:18][2.1]

Michael Tanner: [00:06:19] Well, now we can save them. [00:06:20][1.0]

Stuart Turley: [00:06:20] Oh. Dang! My millennial young millennial. Okay. Let’s go to the next story, Klaus Schwab’s Daughter: Permanent Climate Lockdowns Coming – Whether You Like it or Not. Michael, before we get into this article, let me explain something to our listeners right now. [00:06:41][20.4]

Michael Tanner: [00:06:41] You know. [00:06:41][0.2]

Stuart Turley: [00:06:43] Okay the World Economic Forum, this is not me talking this is not conspiracy theory. This is what they said. They are going to do a new world order and they are all about doing Climate Change. [00:06:58][14.7]

Stuart Turley: [00:06:59] Now the people are just like Sweden is saying, hey, maybe we might want to look at this in cost of energy. The World Economic Forum is going to be doubling down. Climate change folks are going to be doubling down. [00:07:19][20.1]

Stuart Turley: [00:07:20] Today also, they had a report where it is Gulfstream current could collapse in 2025, plunging Earth into climate chaos we’re actually bewildered. And then they’re also saying that we’re now a raw broiler for the climate. Climate Change is no longer Climate Change we’re now broiling. [00:07:48][27.4]

Michael Tanner: [00:07:50] So there’s literally a quote here what scares me, it creeps me out about the World Economic Forum is when you get quotes like this. So I see a trim, this is from Klaus Schwab’s Daughter. What’s her name? Nicole Schwab. [00:08:01][10.9]

Stuart Turley: [00:08:02] Right. [00:08:02][0.0]

Michael Tanner: [00:08:02] So I see this as a tremendous opportunity to really have this great reset and use this to have huge flows of money in a way that’s not possible, depreciable our opportunity to really have this great reset. Oh, I got that sends chills down you, but A Great Reset? I’m good on. [00:08:24][21.8]

Stuart Turley: [00:08:24] That. Let’s go down here for just a little bit more, There were numerous examples of global maintaining social distancing, wearing masks, mass vaccination and acceptance of contract tracing applications for public health. [00:08:43][18.6]

Stuart Turley: [00:08:44] They did this in order to get it rolling and now they’re calling for a Climate Catastrophe as people are waking up and going, I can’t afford the renewable stuff. They’re going to double down and go even worse you’re going to see a polarizing, even worse. [00:09:04][19.9]

Michael Tanner: [00:09:05] If you’re into work from home, you should applaud Climate Lockdowns. Oh. [00:09:12][7.0]

Stuart Turley: [00:09:13] No. Oh, why not? People are tired of wearing their bunny slippers. And I’m going to ask you this right now. How many days was the longest days in a row that you went without a shower during COVID? [00:09:29][16.2]

Michael Tanner: [00:09:31] Yeah. Yeah. It’s one I’m not comfortable answering on this podcast. [00:09:34][3.5]

Stuart Turley: [00:09:35] Right. You don’t want to go through that again, and I’m not being locked down again. I’m sorry. It ain’t gonna happen. [00:09:43][7.7]

Michael Tanner: [00:09:44] But it’s interesting pairing but no, it is kind of scary with the World Economic Forum once it’s not a joke, we cover it if only because these are their quotes people they’re literally saying the great reset. [00:09:55][11.1]

Stuart Turley: [00:09:56] That this is not us. And in the I. [00:10:00][3.9]

Michael Tanner: [00:10:00] Wish it was. I wish I wish this was a bit I wish we were doing a bit but its not! [00:10:04][4.1]

Stuart Turley: [00:10:06] The point that I’m trying to make is we have the ESG bouncing back. The investors are demanding their money. BlackRock has been quietly investing in oil and gas. They’re going, Look, that’s a squirrel, and then they’re investing in oil and gas. So there’s the energy hypocrisy, the investing hypocrisy. It’s going to get worse. Okay. [00:10:36][29.9]

Michael Tanner: [00:10:36] So we call an Energy News Beat buffet guy. What’s next? [00:10:43][6.4]

Stuart Turley: [00:10:44] This fits right on in with, Why the World Just Can’t Kick Coal there are some fabulous quotes in here. U.S. coal demand has decreased due to the increased availability of natural gas growth in renewable sources and stricter environmental related regulations. [00:11:12][28.0]

Stuart Turley: [00:11:13] That’s fabulous. However, further down in the article, Asia, specially in Asia and China, which consumes 55% of the world’s coal, continues to rise due to the relative cheapness and abundance of coal and rapid industrialization. Coal Demand. [00:11:34][21.2]

Michael Tanner: [00:11:35] People don’t realize is that while we are basically off coal as a country, the world has gone back to coal,. [00:11:41][6.2]

Stuart Turley: [00:11:42] Right? [00:11:42][0.0]

Michael Tanner: [00:11:42] And so all the gains we have made have been have been overridden by what’s going on in China and India. And they’re doing what they think is best for their country. [00:11:50][7.5]

Michael Tanner: [00:11:50] So can you fault them? if you’re John Kerry yes, you can fly over to private jet and blame them for it. Were not going to hear, What we will say is we need to instead of there’s we somehow to go get them on natural gas, because I don’t think we should be having coal growth. [00:12:07][16.9]

Stuart Turley: [00:12:09] Oh, what? [00:12:09][0.2]

Michael Tanner: [00:12:10] We should be using more coal I cannot disagree with everybody there. [00:12:14][3.8]

Stuart Turley: [00:12:15] I couldn’t agree more here’s some stats that scared me to death. China for China consumes 55% of the world’s coal and consumption continues to rise. As a whole, the Asia Pacific region is responsible for 81% of the world coal consumption. 81%, Michael. The only country in the world that lowered their CO2 was the United States because the EIA said it. [00:12:49][34.6]

Michael Tanner: [00:12:50] Fracking. Fracking, Fracking £5,000 per foot monster Fracks baby. [00:12:58][8.2]

Stuart Turley: [00:12:59] Oh, you got to love it. So here we have ESG, BlackRock sneaking in by, you know, the hypocrisy, investing into oil and gas. You have the Schwab Organization pulling naval lint out, trying to go ahead and subjugate us to climate and falsehoods. The Gulf Stream is going to change and we are now on a bonfire or we’re blowing up, good grief. [00:13:30][30.5]

Stuart Turley: [00:13:31] Okay, with that, I’m done ranting, but buckle up it’s going to get weirder. Okay. Let’s go to the next one here on that front the next one is fun. Billionaire Harold Hamm sees a great oil fortune still untapped in US shale. Michael did you see how i weaved all these stories in together and I’m coming in with a really nice one here from Harold. [00:14:00][29.8]

Stuart Turley: [00:14:02] I was on the phone trying to work around with his scheduling we’re getting Harold Hamm on the Podcast, we like awesome Harold Hamm. And this is pretty exciting when you sit here and think Continental he and his family The Future is Bright, said Harold during an interview with Bloomberg this month in the Oklahoma City office. [00:14:24][21.7]

Stuart Turley: [00:14:24] I look at this as an industry that’s exciting with a lot of adventure and potential for making great wealth. We certainly have seen some great days and shale, but we have a long way to go. Yay! [00:14:38][13.1]

Stuart Turley: [00:14:39] So I’m pretty excited about this you also have Exxon and you have their purchase of Denbury. You start looking at all of this, they’re saying there’s a lot more in the Permian coming around the corner. So Hamm said it’s going to be a lot of fun there’s a thrill to it, like finding ancient wealth. This guy’s a rock star, so I can’t wait to talk to him. [00:15:08][29.5]

Michael Tanner: [00:15:09] Old school oilmen like, Hey, Data says one thing, Data says we’re we’re declining oil. You know, we’re running out of oil in the Permian. We’re not finding, you know, all the data says one thing, Harold Hamm, Drill, baby! I love it, it warms my heart. [00:15:26][17.6]

Stuart Turley: [00:15:27] It is. And, you know, he took Continental back private and.. [00:15:33][6.0]

Michael Tanner: [00:15:35] To go, Wildcat! Got to love it! [00:15:36][1.6]

Stuart Turley: [00:15:37] I love it. And I am all in I couldn’t be happier that he’s. Oh, by the way, his new book we’re going to be giving away five signed copies, four of Harold’s new book he’s signing for us. So as we get through this, we’re going to have a little contest for five sign books from Harold Hamm [00:15:57][19.6]

Michael Tanner: [00:15:58] Trying to get that man on a Podcast. [00:15:59][1.0]

Stuart Turley: [00:16:00] I’m already booking it. [00:16:02][1.3]

Michael Tanner: [00:16:02] Good. [00:16:02][0.0]

Stuart Turley: [00:16:03] Coming in. [00:16:03][0.0]

Michael Tanner: [00:16:04] That’ll be a fun one. [00:16:04][0.8]

Stuart Turley: [00:16:05] Oh, it’s going to be a hoot. Back to you. [00:16:09][3.7]

Michael Tanner: [00:16:09] All right. Well, I’ll go to oil prices then. I mean, what what what a fun couple days, guys. I mean, from Thursday, Friday at the end, then rolling into yesterday and today, 81, 71 to close out Monday Stu. Absolutely unbelievable. [00:16:26][16.4]

Michael Tanner: [00:16:27] A lot of the stuff that we’ve you know, and Stu has been talking about in terms of demand tightness is really starting to come true ring true. And really is what leading us to that number. [00:16:37][10.3]

Michael Tanner: [00:16:38] You know, we’re seeing, you know, the Saudi Arabia it’s going to looks like into September they’re going to go ahead and continue to take and that lollipop is really turning into it’s the lollipop that never ends. [00:16:47][9.0]

Michael Tanner: [00:16:48] How many licks does it take to get to the center of the Saudi Tootsie Pop? Well, it’s more than three months, I’ll tell you that much. It’s more than three months. [00:16:56][7.7]

[00:16:57] But, you know, quite frankly, this this this rise in oil prices can’t come at a better time because I think the earnings that we’re seeing that are dropping, not necessarily for Comstock, which which we’ll dive into shortly here is a welcome time to give IR guys a chance to pivot off what are some lackluster results. [00:17:17][19.3]

Michael Tanner: [00:17:17] Because, I mean, you talk about Comstock these guys are a natural gas weighted company. Stu, in the first line of your press release is an IR Guy has to read, Weak Natural gas prices have weighed heavily on second quarter results. [00:17:31][13.3]

Stuart Turley: [00:17:33] Ooops! [00:17:33][0.0]

Michael Tanner: [00:17:33] That means that means you’re trying to get out of headed something really bad. And unfortunately, while they did total about operating cash flows, about a 145 million and adjusted EBITDAX was 182 million. Oh, that sounds great. But it really was a net loss. [00:17:51][18.3]

Stuart Turley: [00:17:52] Friday afternoon? [00:17:53][0.4]

Michael Tanner: [00:17:54] Yeah, net loss of 45 million, though so I mean, that tells you how much EBITDAX is worthless. Is that a thing or were you made $182 million worth of adjusted EBITDAX? But no, in reality you lost $45 million. So but up but yeah, the 182 million sounds great. So who do we got down here? Who’s a who’s our IR Guy of the week? Ron Mills VP Finance and Investor Relations, Sweet! [00:18:21][27.0]

Stuart Turley: [00:18:22] EBITDAX is outside gap rules and it. [00:18:25][2.3]

Michael Tanner: [00:18:26] Yeah I mean. [00:18:26][0.4]

Stuart Turley: [00:18:28] Thought i ask [00:18:28][0.0]

Michael Tanner: [00:18:28] With an ax it sounds like it’s like trying to be hip like, ooh I think he’s got something to do with like I. [00:18:33][5.4]

Stuart Turley: [00:18:34] It’s without. [00:18:34][0.3]

Michael Tanner: [00:18:35] CapEx as well. I think you remove CapEx. [00:18:37][2.0]

Stuart Turley: [00:18:38] You remove exploration. [00:18:39][0.9]

Michael Tanner: [00:18:40] Exploration, which I guess if you’re Comstock, that’s all you’re doing because you’re basically just drilling for natural gas wells. I did see that they turned one well on at 35 million MCF per day or 35 million cubic feet a day. Ooh, ooh ooh ooh, ooh. Still don’t pay the bills at $2.60 oil. That Sucks!. [00:19:03][23.3]

Stuart Turley: [00:19:06] Glad that’s not my balance sheet. [00:19:07][1.2]

Michael Tanner: [00:19:09] What else Stu? What do you got? Which we scared about? [00:19:11][1.8]

Stuart Turley: [00:19:14] The Climate Fear Mongering. [00:19:16][1.8]

Michael Tanner: [00:19:17] Yep. Stay inside. Don’t go anywhere. Tell your boss you have to stay home. Climate. Well let you guys get out of here, We appreciate you sticking with us on this Tuesday we’ll see you tomorrow for Stuart Turley, I’m Michael Tanner. We’ll see you then. [00:19:17][0.0]

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