Big Digital Energy

00;00;00;03 - 00;00;21;01
Unknown
All right, everybody, welcome to BD where Kirk has proclaimed he has a lot to talk about, particularly Matt Smith who had a lot to tweet about last week. Kirk, do you want to take that or Mark, do you want to say other words, not Iran? Mark, set up the story. All right, gentlemen, can we try that again?

00;00;21;02 - 00;00;43;16
Unknown
Mark, why don't you set up the story? If you already done the intro? You did, did you? Yeah. All right. Where are you? Start over. Chuck, start up, please. I think hey, Jacob, I think you need to show this. This is the shit show that a professional like me has to deal with. What a bow wow.

00;00;43;19 - 00;01;05;24
Unknown
Hey, everybody, welcome to BD, where Kirk has proclaimed he has a lot to talk about, particularly Matt Smith, who had a lot to tweet about last week. So to set that up and to get Kirk's first rant first, let's have Mark set it up. What are we talking about? Matt Smith, who is the, head of chronometer?

00;01;05;24 - 00;01;41;06
Unknown
He's ex, Citadel Surveyor from back in the 20 tens. And he was on a podcast with Patrick O'Shaughnessy. I forget the name of the podcast. It's a fairly popular one long podcast, and certainly worth a listen. But basically had spent 18 months modeling the entire US natural gas production, midstream offtake, LNG data centers. And the bottom line is a prediction or modeling outcomes that point to an inflection to an emerging gas shortage.

00;01;41;06 - 00;02;11;22
Unknown
By 2028. And so far as we're getting, in some scenario, getting critically low on depleting storage. And so with that, Kirk, I mean, who knew? But one of the most prolific gas traders is on Nantucket, and I've had the opportunity to spend some time with them. And he heard I had, of course, like everyone's talking about Matt Smith's podcast.

00;02;11;29 - 00;02;38;25
Unknown
So before I go on my rant, because I actually have data, so I forget our boy who listens to me. I've got real information here, but before we get into that, I want to say something before I take it apart. It's a pretty good take. I mean, this is 18 months of bottom up modeling of every, well, pipeline processing plant storage facility in the US gas system.

00;02;39;02 - 00;03;03;19
Unknown
He digitized every producing wells decline curve. He mapped every operator's remaining acreage as polygon shapes with lat long boundaries. He modeled every LNG contract. I mean, this is the kind of work that most analysts do not have the patience or the time to do. But we have AI now, so who knows what he used to do. All that analysis.

00;03;03;22 - 00;03;40;04
Unknown
So let's, jump in there. Arithmetic. Here's the math. The US currently produces about 110 BCF a day. LNG export capacity is going from 15 to 35 bucks a day by 2030. That's 20 BCF a day of new demand that's actually already signed, already financed, backed by long term contracts with Japanese utilities and European buyers. You can't turn it off without triggering legal defaults and alliance fractures and a few other things.

00;03;40;10 - 00;04;16;19
Unknown
Then Matt says there's another five BCF of of demand today from AI data centers. So what he's saying is the total incremental demand is growing by 25 BCF a day. And this model only shows that growth production can reach about 20. So there's a five BCF a day gap. And that deficit, has to be pulled from his analysis from working gas storage, which holds about four TCF.

00;04;16;21 - 00;04;46;16
Unknown
Now. His model shows storage breaking down below all known historical flaws by the mid 2028, and effectively draining to zero by 2030. And the forward curve prices gas currently at 350 through 2030, Smith says. That is not a price. That is a prayer. So my mind went working and I talk to people that actually know what they're talking about.

00;04;46;18 - 00;05;16;02
Unknown
And here was the sort of that that the trigger that I thought was great. And I'm going to get to the quote, this is a quote from from my guy on the island. And he's been oh, he's been around probably trading gas before Matt Smith was alive, he said. And his time of trading gas, not once has there ever been a gas shortage.

00;05;16;04 - 00;05;39;24
Unknown
Everyone talks about gas shortage. Even Alan Greenspan talks about gas, talked about gas shortage. And guess what the the producer always comes through. So that's the that's the headline. We always talk about gas shortages. And for some reason it never happens. I'll stop there and let you guys have some tags. But I've got a lot of tags. I just wanted to throw that out.

00;05;39;26 - 00;06;16;01
Unknown
Not once have we actually seen a gas shortage, and there's a lot of reasons for that. I'll get into them, but I want to hear you guys first, at $10 gas, I could make coalbed methane great again. I mean, you know, it's like it's like, I think he totally misses. I think he totally misses the fact that, you know, in this last little period that he's studied, you know, it's the Haynesville and the associated gas and West Texas, dude, there's gas everywhere that if you throw any price signal at everybody, just jump in.

00;06;16;01 - 00;06;41;23
Unknown
And so I, I appreciate the, the, the take. And, I'll be the crotchety old man who just says, get off my lawn, son. I'll believe it when I say it. We've seen this movie before, and I go all the way back to 2000, when gas closed the year last trading day of the year, which I believe was December the 31st, at $10.

00;06;41;25 - 00;07;19;17
Unknown
Even. And there were a handful of producers in the first week of 2001 that came out and announced some beautiful collars on their production, and they got absolutely destroyed upon those announcements for locking in like five by nine collars. And that was, you know, Barnett was just starting to emerge. That was truly pre shale. Other than a few grass, green shoots.

00;07;19;20 - 00;07;47;12
Unknown
But you know, there were predictions going throughout the ensuing decade that we're not going to be able to grow production at all. I don't know if you guys remember EOG used to routinely publish its vintage production for the for the lower 48. And, you know, subsequent to that, we saw things like Exxon by xto on a $6 deck or thereabouts.

00;07;47;14 - 00;08;08;02
Unknown
But back to 2000 and coming into 2001, we were trying to I was at Simmons and we were trying to make predictions on where rig count could go if we started to see signs that storage was backing up and what what lever was being pulled. Then in response to that, that price spike was industrial demand, and that went away in a hurry.

00;08;08;05 - 00;08;56;13
Unknown
And so the demand lever is always there. Fast forward to kind of coming into the oil shale. We've had the Haynesville at all kind of kill the whole the whole gas. Bullish gas storage shortly after that. John Arnold, I forget exactly the, the time, of closing his fund, but I remember at the odious IPO, just in 2011, Aubrey, McLennan gave a keynote address, and there were assumptions that we weren't going to be able to do in oil that what we did and guess and basically his comment was, you know, we we did our jobs too well.

00;08;56;13 - 00;09;30;26
Unknown
And in terms of being able to grow gas from, from tight rock, well, nobody really believed them that it was going to apply to the oil side. And lo and behold, we've seen what's happened. We've added, you know, roughly almost 9 million barrels a day from the 2006 seven inflection point. The other thing to remember is we do have a tremendous amount of stranded and legacy gas that is proven technically.

00;09;30;26 - 00;10;04;12
Unknown
Producible is just not economic currently. I think in places like the Eagle Ford Shale dry, dry gas window beyond space. And you've got I always mention this, so you've got 35 TCF in the gas cap at Puerto Bay. The last thing I'll say about the modeling basis is that it seems pretty static in terms of what the industry has demonstrated its able to do, and in terms of, cost and production efficiencies.

00;10;04;14 - 00;10;35;04
Unknown
And so we've seen things get built over time, not only in the upstream in terms of growing production, but also pipes, plants and everything else. I mean, Mark, you nailed it. And, I had seven counters, so I'm going to go through them quickly. But you touch them. And we did so eloquently. There's the first one every as I said, every natural gas shortage prediction in the last 30 years has been wrong.

00;10;35;10 - 00;11;08;20
Unknown
Not slightly wrong, catastrophically wrong. And so back to Alan Greenspan. He testified to Congress about a structural natural gas shortage. We were building LNG import terminals on every coast. Within three years. The shale revolution began. Of course, prices collapsed from $15 to $2. The University of Chicago analyzed 20 years of of our favorite EIA data, and what they found is 77% were caused by supply side shocks.

00;11;08;20 - 00;11;38;11
Unknown
They underestimated. I mean, this is just a natural. This seems to be like the broken record that we just keep living counter to is you're right. He kind of we I believe he model only three basins and there's 20. I mean you talk about Prudhoe Bay. There's so much gas. In fact, why EIA says that there's over 393 TCF of proved reserves across all shale plays.

00;11;38;13 - 00;12;04;20
Unknown
That's 33 years of supply at the current production rates. And I didn't see Matt doesn't really touch on that at all. Was anybody remember things like the Mackenzie Delta and the and the northwest frontier in Canada? But I think we ought to make make some merch items available. Make CBM great again. Nobody would get it. All the kids would be like, what the hell is that?

00;12;04;20 - 00;12;27;22
Unknown
The, no, I mean, there there was one brief moment in history and you kind of touched on it when natural gas hit, hit 15. I remember that because we sold. Oh, bingo. And it literally closed on the day that natural gas hit its all time high. And Marty Phillips and I at Ancap were sitting there saying we should renegotiate this deal.

00;12;27;22 - 00;12;53;22
Unknown
And about nine months later we were having a glass of wine. Reflecting on how great it was, we got that closed when we got it closed. But during that, did that pay for the jet? It did not hurt. But the, the the funniest part about that is I think it was summer nabe that year, right around then, when prices were nuts and all.

00;12;53;25 - 00;13;20;08
Unknown
And, John Linker, who used to do oil and gas investing for, First Reserve and is one of the smartest people I've ever, ever met. He comes bouncing out of nape and I go, hey, John, how's it going in there? And he goes, man, it's so great. Even the bankrupt companies have two booths, so, so that that that that's what that that was its heyday, whatever that was.

00;13;20;08 - 00;13;51;14
Unknown
0507. Whatever. Yeah. Sorry. Matt. You're going to be proved wrong again when you boil it down to just sheer fluid mechanics and physics on the reservoir. Gas is much easier. It's not easy in tight rock, but it's easier. Oil is harder. And that's just a molecular complexity and viscosity thing. And then when you think about, you know, that's part of the next segment.

00;13;51;14 - 00;14;16;20
Unknown
But when you think about the accelerating enthusiasm for things like the Woodford Barnett in the Permian, which sports based on EIA data, and this has got the Dean and Avalon mixed in with it, latest, you know, million barrels a day and in the in the on the Permian with 6.7 million barrels a day. Those are those four kind of horizon plays.

00;14;16;22 - 00;14;59;29
Unknown
Got a job of 8000 and current total based on jobs around 4300. So if that state starts taking, a bigger piece of the growth, then we just inherently have more gas coming. And I'm not sure how much of that has been modeled. You know, about ten, 15, 20 years. Yeah. I don't think he modeled enough of it because the Permian produces 25 BCF a day of associated gas at current range, every 500,000 barrels of oil production growth brings another three and a half BCF a day of gas.

00;15;00;03 - 00;15;25;05
Unknown
So if oil stays around 80, I think Permian is going to cover over the gap, which I don't think Matt put in his analysis at all. And I was kind of thinking about the LNG piece because we laugh at like, oh, these are contracts that are signed. And guess what happens at the moment? There is a gas shortage in the US.

00;15;25;08 - 00;16;03;20
Unknown
We're not shipping LNG like you're going to have another president say, no, that's this is our gas. I mean, you could just think about all of the reasons of people being able to get a contract. So there's so much more doom. Berg had a piece out Sunday commenting on this. And specific to that as a for instance, or for example, on the contract side, just look at what venture global the that ended up going to arbitration worth to their long term contract that off takers a little bit different in that there wasn't a shortage.

00;16;03;20 - 00;16;33;26
Unknown
It was kind of playing playing fast and loose with the commissioning timeline. But to suggest that there's ironclad LNG contract primacy over an administration, whoever that may be in 28, that's confronted with the threat of ten plus dollar natural gas, something's going to give on the demand side if it has to, particularly if it's related to exports.

00;16;33;29 - 00;17;00;21
Unknown
Well, and don't act like the rest of the world can't start ginning up more stuff, too. I mean, if we really are going to see that big, price spike because it'll ripple worldwide. So I think I think the net, the net net here is Smith is right about the direction we're moving towards tighter gas, most likely because of the increase in demand.

00;17;00;23 - 00;17;27;07
Unknown
What he's wrong about I think and we've said it is we always underestimate the suppliers out there. And demand curtailment when prices are high. And think about all the so so this is going to be an interesting it's going to be an interesting next few years that's for sure boys I've kind of rebutted some of this in some of my comments that industry can do and will do.

00;17;27;09 - 00;17;49;23
Unknown
I mean, I think at the end of the day, it's like dealing with the ex-wife on anything. You always underestimate that. The, what the, divorce degree says. And it's where the negotiation starts. So, same is true with the suppliers. Yes. If you look at it in a vacuum, what are the arbitrators said to you, Chuck?

00;17;49;23 - 00;18;18;04
Unknown
They say we all are both rich who care. Yeah, it never gets there. In my case, I always crater just like natural gas. Price will do if we see a spike. What's next? Mark. We beat that one and we could beat it more if we want to. But I'm waiting for go for 27 to come back. A couple of deals last week and pub Co buying private co assets.

00;18;18;06 - 00;18;49;02
Unknown
One big transaction Magnolia buying wildfire and the and they offered and Austin Chark get 800,000 acres. I think they added in the in the Giddings field alone. And then you had Matador in two deals. One was Paloma, which was more of a wolf camp bone spring bolt on, and then Roadrunner, which added some undeveloped acreage.

00;18;49;02 - 00;19;19;23
Unknown
That is wood for Barnett perspective. So there we go. And combined those two deals. One was all cash, I think. Matador, it was all cash. And then Magnolias was cash and stock. I don't remember the the specific proportions there, but, you know, total of something north of $5 billion in those, in those I guess three deals alone including Roadrunner as a separate deal for for Matador.

00;19;19;26 - 00;19;51;01
Unknown
Why is private equity selling here and why are public producers buying? This was, really interesting. About when, when, Ceraweek was here and had a breakfast. I went and talked to I at that breakfast. Outdrew Toby Rice, just for the record. But, anyway, they had a panel on M&A afterwards, and I totally expected war with Iran.

00;19;51;01 - 00;20;21;13
Unknown
Price spikes. Nobody does anything, right. That's the history of this business. Prices move. You spend six months trying to normalize where things are. They said exactly the opposite. What they said was activity was at an all time high that maybe buyers and sellers had kind of been 10%, 15% apart on prices. Seller expectations did not increase with price.

00;20;21;15 - 00;20;45;14
Unknown
So that little price bump gave a buyer enough in the way that they could hedge production to kind of close the gap and meet the sellers expectations. And things were just going nuts. And so I think what you saw because of that, and one of the things private equity is really good at, is you always keep your data in shape so you can launch a sale at any given moment.

00;20;45;16 - 00;21;13;01
Unknown
Everybody launched a sale and we've we've seen that. So, you know, at the end of the day your, your business and private equity used to invest dollars, monetize those dollars, send those dollars back to your investors so you can raise more money from them in the, in the future. So it was not only not only these two deals, we saw a vital punch out of vtx, with a, sale.

00;21;13;01 - 00;22;02;29
Unknown
I think every private equity asset was on the table here, over the last few months. And so that that's what we're saying. You know, Wall Street's saying consolidate. Yes. AD inventory. Yes. But don't lever up to do it. And, it's interesting because it's almost irrational because we all love debt. Right? I mean, who doesn't like to lever up but the scar tissue, having just lived in Houston and we run around with all these oil and gas guys like them trying to raise capital when they couldn't really explain the the decline curves.

00;22;03;02 - 00;22;29;28
Unknown
And and it looked like a big shale game, no pun actually, pun intended. But that scar tissue was five years ago. And and look at these deals. I mean, don't lever up these are cash deals. So it's interesting that the scar tissue is still there. That's what I find interesting is that I don't know, maybe Mark, you have any thoughts on that?

00;22;30;00 - 00;22;59;12
Unknown
I think maybe leverage has something to do with it. I was thinking about it from a public company perspective because on a relative basis, the initial reaction was, you know, slightly negative in Magnolia's case and positive and Matadors case, and is that something is simple and or simplistic as well. One's Permian and one's not right. Are we are we still kind of in that mindset?

00;22;59;15 - 00;23;28;16
Unknown
I don't think so. But, you know, as far as headlines go and attractive neighborhoods is, is is you've heard of Austin Chalk still kind of running behind Permian. You know, I know that the the motivation has been based upon everyone's take about how much core and tier one inventories left and the wolf camp in the bone spring.

00;23;28;19 - 00;23;56;06
Unknown
You know, Matador is moving to address that. I think the other, the other thing, I think I saw the only evaluation metric that I saw on on, Magnolia wildfire was. Oh, and both both companies got oiler pro forma was the flowing barrel metric, which was around $72,000 per flowing barrel. That's one of the higher numbers I've I've seen in a while, but it's not about it's not about current production.

00;23;56;06 - 00;24;30;11
Unknown
So kind of discount that as a, as a, as a meaningful indicator. What did you pay per per stick or future location? The real debate to me is not the per flowing barrel metric. It's the inventory gap. And Magnolia just bought 810,000 net acres. How many wells is that and what is your your distribution? You know, at what gas price does the dry gas window in that acreage start to matter?

00;24;30;14 - 00;24;54;21
Unknown
I mean, those are the questions Chuck will have from a P view. And Mark, you'll have from the public view. At 72,000 per flowing barrel, you're paying for the producing well and getting the acreage for free. So whether that acreage is worth anything depends on what the gas cost is in 2028, which comes right back to Matt Smith baby.

00;24;54;23 - 00;25;19;14
Unknown
Well, I mean, Magnolia was clearly the logical buyer for for this asset. And I think the history of the logical buyer, when you look back feels like half the time the market totally under appreciates the deal, way outperforms and it turns out to be great. The other half the of the time. You, you overpaid for it.

00;25;19;14 - 00;25;52;28
Unknown
So, you know, ultimately, that's my coward's way out of saying I have no idea what kind of deal they struck, but that that's usually what happens when you, when you see the logical buyer buy something. So as we lurch along here, Chuck, your point about, you know, the the prospective buyer having the opportunity to hedge into price spikes, you know, as we as we toggle back and forth between.

00;25;53;00 - 00;26;24;20
Unknown
Imminent tacos and kind of resurgence of bombing campaigns, or are we going to see more? The other thing they talked about in that M&A breakfast was the meaningfulness of literally kind of the five year out having a six handle versus a seven handle. So, you know, just 3 to $5 in the out years, giving just enough juice to kind of close that that bid out spread.

00;26;24;20 - 00;26;53;10
Unknown
And so, I know if, if you're if you're private equity backed and, you know, you're, you're part of, you know, the, the other interesting dynamic here is, that may be lost on people. There are only a handful of the private equity oil and gas firms that have survived. Right. So you think of the big ones, natural gas partners in Cap Quantum.

00;26;53;12 - 00;27;17;28
Unknown
So their mindset is I will sell for cash, get a good return, send that back to my investors because I know I will raise the next fund. If you're one of the private equity firms, that's maybe not. And you're kind of the walking wounded. I don't know that you sell your assets. You do things like a continuation fund so that you can keep managing the asset.

00;27;17;28 - 00;27;42;09
Unknown
So you can keep having, having, private or keep having, management fees at play. And so it was not it was not lost on me looking at this deal that in caps sold and they sold for cash instead of Sor instead of stocks. All right. Are we, going to, slumbers? And actually, can we do this real quick?

00;27;42;09 - 00;28;00;28
Unknown
I gotta run to the bathroom. I'll be right back. Take your break. We can get this. This is like a Rogen bathroom break. Yeah, well. And Jacob can leave it in for all I care. I just got to pee like a racehorse. One of the best gas traders in the world lives on in Tuckett. Well, he's here for for a few three weeks.

00;28;01;00 - 00;28;25;08
Unknown
He keeps his cards super close, though. I mean, like, I don't. Is he still trading gas? Still in the mix, man. I mean, it's kind of like it's what you do, you know, if you if that's who you are and what you do, you do. Right. When we were, talking to investors coming into the spring and shoulder season of 2001, that's when we started doing the basin level type curves.

00;28;25;10 - 00;28;46;16
Unknown
And we're trying to answer an oilfield services question because someone's in store of has dominated. They missed the last air pocket. And so we started modeling you know Bob Allison and Arco said in Platts I don't care if gas goes to two bucks. You know, we're not slowing down in the bowser. They were I think they had 63 rigs running in the bowser.

00;28;46;18 - 00;29;16;09
Unknown
We modeled it out and called bullshit on that. And that led to our, you know, kind of pulling the plug fairly early on the cycle, which which was fairly meaningful at the time. And, the one indicator that I remember always talking about and I was talking marketing with Purcell, he was our macro guy as you move and, kind of May in early June in the shoulder season, watch the weekly injection numbers.

00;29;16;09 - 00;29;58;21
Unknown
If we start to see triple digits, you know, typically around 80 to 85 BCF per week, we start to see triple digits show up on the back on the dashboard. Time to run. And that's exactly what happened. And so we went from. 1068 rigs at the peak in I think it was April of 2001, gas directed down to less than 400 and about a year pre Haynesville barely understood really the Barnett you know Devin didn't buy Mitchell until three years after that.

00;29;58;24 - 00;30;32;12
Unknown
Marcellus was discovered in 2004. At least. Horizontal and kind of modern frac. Yeah. The Fayetteville. And I'll never forget Aubrey's announcement of the Haynesville and basically declaring game over. You think it was just number one? What truck? Yeah. No, no, no. Or he's just got that prostate. Yeah, it's dripping out there. I hear him, there's Chuck.

00;30;32;14 - 00;31;03;14
Unknown
Sorry about. Was it really a pass break? It was really a piss break. I went and refilled, so I'm gonna have to pee again by the end of the episode. But, yes, I needed, I needed to pee, and I needed more caffeine. So on to Slum Burger, which is officially known. It is SLB. SLB. I thought it was interesting that well, one on their earnings call on Friday, their stock gapped up quite a bit.

00;31;03;14 - 00;31;30;24
Unknown
About 10%, I believe. And so so going back and looking at at the transcript, you know there was a lot of focus and exchange between the analysts and Olivier talking about their accelerating and seemingly aggressive plans for their call it their data center infrastructure push, which is not exactly brand new. A brand new feature of that is an alliance.

00;31;30;24 - 00;32;11;16
Unknown
They announced two weeks ago with Liberty. And so the way Schlumberger does, describes it is they want to be the industrial technology partner provider to AI data centers. And so the way the the way the alliance works, you know, some RJ is really good at building and operating oilfield infrastructure as well as as all things digital. Liberty has a unique position in what it's undertaking in its pivot to providing really behind the meter power.

00;32;11;19 - 00;32;39;04
Unknown
Really a hybrid of of, gas fired and, coming someday. Nuclear, because alcohol is involved there as well. But I was a little surprised at the numbers because I haven't been paying attention. It, I don't so be that much other than watching the stock on the day their report and figuring out which of the regions from an oil field perspective is strong or weak.

00;32;39;07 - 00;33;19;13
Unknown
But that's $1 billion revenue business this year, targeted to double to 2 billion next year. And so I think about you know, obviously some Schlumberger has got decades over a century of executing all over the world there. And in my opinion, the leading technology player among the big three always have been. And I think that the aspect of liberty that I was thinking about this morning is that they were really a first mover and frack.

00;33;19;17 - 00;33;54;09
Unknown
And I'll never forget my first visit to une frac spread. Thinking about how. Precision engineered the power system and the power engineering on that operation was. And if you think about the way a data center operates and just how clean and and continuous that power needs to be, just from a capabilities perspective, I think the combination makes a lot of sense.

00;33;54;10 - 00;34;20;05
Unknown
I was just surprised, you know, a doubling of of that business lines, revenue 27 over 26, to 2 billion is a is a really meaningful lab. It's, it's actually pretty simple. Somebody at Schlumberger went, Holy shit, there's a customer out there that won't bitch about their invoice. Let's go do more for those guys. So yeah.

00;34;20;05 - 00;34;49;08
Unknown
No, I mean, this is same engineers, same turbine, same project management. Just, let's strike that at a data center instead of, the oil field. And let's talk about GPUs instead of, well, boars and holy cow, we're going to look a lot more attractive. I'm just impressed by whoever was the first sales guy to convince the general contractor of the data center, whatever company it was, to take an oil field service company.

00;34;49;08 - 00;35;12;02
Unknown
I mean, that was a good sell, man, and he should be rewarded. Well. But it's no surprise that Schlumberger has always been a leader and they've had that even had a venture capital group. Ian who's great, that dude was everywhere. And the way they negotiated was like an oilfield service company. They at any company they invest in, they had hooks.

00;35;12;05 - 00;35;36;29
Unknown
They had to be the first. I mean, I didn't love it, but I even poached one of their people to come work for me when I was at shell. But but Schlumberger, this is not a big leap. Good for them. It makes a lot of sense because, you know, there we complete your well to we power your data center with your gas is is I mean it's really not even that brilliant.

00;35;37;02 - 00;36;05;13
Unknown
It's a logical step. But getting into the door was pretty impressive. Yeah. No contrast. It contrasts pretty starkly with what quote unquote big oil has done, the exception being, which hasn't been shifted yet. We talked about it last week. Chevron's proposed deal was with Microsoft, for Project Kilby out in West Texas. So it's going to be interesting to see what what Baker and Halliburton do on this front.

00;36;05;15 - 00;36;36;04
Unknown
Probably should do a little more research and look at what their, their leadership has been saying and what questions are being asked on their in their public, public interactions. Well, we ought to get that, sales guy that talked the data center into to come on BD because I'd love to I'd love to hear that story. So if you're out there, like, wouldn't it be cool if gopher 87 or whatever number it was, if he was actually the Schlumberger sales guy, that would be cool.

00;36;36;10 - 00;36;57;04
Unknown
How good I'd be sick. Go for 27. I'll take the public humiliating two on air just for that. Like shame. Shame he could. I'll take it just for that. Oh, yeah, and I'd pay him just to get him to come do it at work. Right. You know, next week we may actually have to spend some time on the Jones Act.

00;36;57;04 - 00;37;24;08
Unknown
We had what is believed to be our second transport of Louisiana LNG over to Hawaii. And so, under the waiver and, maybe we can even get Colin Grabow if you're out there, why don't we why don't you come join us on BD next week? We can do a deep dive on, on the Jones Act waivers, but it's just been crazy.

00;37;24;08 - 00;37;50;09
Unknown
The amount of energy that's being sent around, particularly to Puerto Rico, now to Hawaii, etc.. I'll be sitting in my sniper's perch in that discussion and introducing the idea where I can. Oh, perfect. Perfect. And, and Matt Smith standing invite if we disparaged you in any way, shape or form, please come on and set the record straight and, well, here's what's interesting, boys.

00;37;50;09 - 00;38;17;29
Unknown
I'll wrap it up. What you see and what you hear depends a great deal on where you're standing. So if you're in, if you're in Wall Street looking at a flat forward curve, gas looks abundant. If you're standing on a well pad and the hand still watching decline rates, it looks scarce. If you're staying in Sugarcreek, Ohio, looking at your electricity bill, it looks expensive.

00;38;18;02 - 00;38;31;23
Unknown
The truth, of course, is somewhere between all three and the price will find it. Very eloquent of you. Yes, that's a great closer. All right, boys, good seeing you. Go ahead and see you next week.