Big Digital Energy

0:00 Hey, Clyde. Welcome to BDE. Yes, I'm back. And I know y'all missed me. I missed you too horribly. Seriously, Chuck. Well, certainly missed you, although it was nice to have an Aggie

0:13 majority for a little while. One of my favorite Aggie jokes of all time is university lands, the Aggie zone of third of it.

0:31 And the University of Texas owns two-thirds of it. What does that prove about the Aggies? They chose the first choice Exactly. Exactly. That's good. So I guess we're going to have Winter Geddon

0:36 or whatever we want to call it this weekend. I think it's. You're a two. You're a two Sunday, I think. And we're going to attach at least the somewhat current version of the NOAA CPC six to 10

0:52 day outlook. And it, you know, it shows light blue to deep blue across two-thirds or half of the lower 48. And I'll just remind people that the deeper the blue doesn't mean the colder it's going

1:04 to be. Those are probability contours. Nowch, no more. Relative to normal. I believe it's cold, the cold. It's just feels cold. Unless you're reading it in Davos. What a joke. I mean, let's

1:17 talk about Davos. Then colors mean everything. Davos is the biggest boondoggle I've ever seen in my life. Like if you're a CEO, a credible CEO, why are you going to Davos? Because your PR team

1:30 wants a boondoggle 'cause that's exactly what it is. Of course. It's the Alex, right? I mean, the Swiss Alps do you get skiing in this time of year? Is that what it happens to? I actually play

1:43 golf with a Swiss, a young Swiss man who is a former college golfer

1:49 and it's hilarious, Swiss Switzerland's neutral but Trump's making it hard on the Swiss to immigrate here to the US. So it's kind of funny.

1:60 Let's finish

2:03 the, it's going to be fun to watch network weather this weekend.

2:10 It is breathless in

2:14 its delivery and it's somewhat reminiscent of when

2:22 you had a wave form of the golf and Dr. Neil Frank rest in peace. Dr. Frank recently passed away and it was good dramatic TV. So we're going to see a lot of that this weekend. But if you look at

2:39 what has happened in natural gas prices over the last five days, we're now, last I looked this morning, we're trading Henry Hub at 556. 560, man. It's up over 75, 75 in the

2:54 last five days. Yet, Waja, it may be up a lot. but it's struggling to break a buck. And February, Waja is priced around minus three in change currently. So I think it's gonna be interesting to

3:09 watch, particularly what happens with Urcott and PJ, I'm just giving all their recent travails. I mean, why don't we buy a bunch of storage tanks near Waja off the grid, off the pipeline and just

3:23 store it until,

3:26 or actually we probably need an underground cavern to do that, but I mean, what a money maker. Yeah, I don't know that we have a lot of salt caverns out there that we can hollow out. I mean,

3:39 I'll take your gas for minus three. You pay me three bucks to take it. And then when it's up, I'll sell it.

3:48 Come on, it's a great business idea. The interesting part about the, about I'm looking at this. You know, the front month over the last month is up, you know, almost 40 for Henry Hub. The

4:06 12-month strip's up 14, but you even go to the 60-month strip. It's up almost 4. So this has got a little more in the way of legs than just a cold snap. Although if you look at the six-month

4:22 change, the 60-month strip is down 3 still, so. AI data centers, baby. But remember, I'm just like, we're in a nude. This is stuff we've been talking about. Why do we have Henry Hub trading

4:41 at crazy high prices when Waja's going negative?

4:46 I mean, this is an infrastructure failure pure and simple because we can't build a pipeline in this country saver lives, but you would think with this sort of.

4:56 pro-business administration that would have, some of those issues would have been solved, but they're not. Any take on that, Chuck and Mark. Well, and how much of it's actually feds versus just

5:08 the state of Texas? I mean, the state of Texas doesn't have a problem with you building a pipeline through somebody's backyard. If need be, I

5:32 wonder just flat out economics is how much does it cost to build a pipeline from hula hands down to the Gulf Coast? And the economics must not justify it, 'cause I don't think this is a fed problem.

5:40 No, the long haul from the Permian to the Gulf Coast is not a fed problem, it is,

5:48 I believe. And we've seen a number of new pipes come online in the last year. eight to 10 years as the reality of very wet gas and increasing GORs means you got to do that. You got to do something

6:05 with the gas and the NGLs to be able to produce the oil. And so it's coming whether you want it to or not. That's just the physical reality of a Permian production. And we've talked about it before.

6:20 You've seen a rise in gas oil ratio from slightly north of 3, 000 back in 2017,

6:26 I believe is the baseline I think of. And

6:31 it's over 4, 000 today.

6:34 So for every 12 million barrels a day of oil production, you bring on the Permian, you're bringing on two PCF a day. And that's about a pipe, a new pipe. Not to mention the cryogenic processing

6:47 and all the things you need to do to deal with the NGLs So

6:53 I've seen it in conventional solid at Pritow. We're ultimately rate limited on the amount of gas that we can handle and move. It's more interesting to me, the friction in the system that a bunch of

7:06 Bitcoin miners within Bailers aren't out there running off the natural gas. But I know the conversion from natural gas to actual electrons is not as simple as the finance bro here tries to make it

7:23 Yup. So be watching our ERCOT Dashboard this weekend, for sure, safely away from ERCOT. Is there a handle we can follow, Mark, that are gonna be live updates of ERCOT meltdown? No, ERCOT has

7:39 kind of all kinds of real-time data on its dashboard. I would just hope that you'd have a comedic X handle

7:49 I'm just watching those. natural gas compressors that are going to go down and

7:55 turn someone into a hero or a zero. All these traders are getting excited, benching to watch. So is it going to be so cold, the compressors shut down, or did they fix the problem last time?

8:08 Serious tribute to the hands that are out there working in this,

8:12 keeping the gas long. Speaking of the serious hands, I was hitting balls last night next to these two old guys who are all turns out to be oil and gas guys out of Dallas. And it's so fun to be up

8:26 here in Dallas, boys, because in Houston, it's so global in perspective. You run into an oil and gas person who's like, oh, yeah, I spent all my time focused on the North Sea But up here in

8:40 Dallas, man, it is, you know, Midland country. It is West Texas OG. It kind of feels kind of cool. I feel like I'm more in land, man. kind of territory.

8:55 I even had lunch at Dallas Country Club, and man, I can't believe I didn't get run out of there, but I did hide wearing nice clothes and keeping my mouth shut, so. I don't know if it's a secret,

9:09 so I won't say the company name, although I don't think it's anything great secret, but I was in a meeting sitting in a conference room in Fort Worth, looking around and the CEO goes, You're

9:24 getting this, aren't you? and I go, This was the conference room from land man, wasn't it? and he laughed and he said, Yeah, they were up here and they shot, and so anyway, that was kind of

9:35 cool. Is that where Mani went off on all his compatriots? No, this was the

9:43 lawyers where she walked in and threatened the insurance company lawyers, so it was that conference room.

9:53 That's amazing Chuck. I, it was fun. I have this cool office that I do my work out of and I turn on Bloomberg in the mornings. And it's kind of fun 'cause I see updates and so forth, but Trump

10:10 came on and he almost looked like he was filibustering. So I turned on the sound, which I rarely do

10:20 And we're moving to, I'm moving us to Davos now. And he just started going off. Very eloquently. He started going off on Greenland. Thank you, Chuck. Greenland, and I'm like, this is a joke.

10:33 Like, Davos is a joke, but I was watching the guy that was eventually gonna interview him and I could just see like, he had to draw the short straw or maybe he's the excited ones. Like, I wanna

10:45 interview Trump, but it was hilarious hear Trump try to haggle his way into convincing anyone that we should take over Greenland, which I'm all in favor of. I think we should take over Canada. So

10:59 in fact, Canada basically is America. So throw us

11:04 up on what's happening in Davos, Mark. Yeah, I actually caught Trump at a one year accomplishments press conference. I don't know if you guys caught any of that at the White House on

11:20 Tuesday And it started off with just, you know, the worst of the worst. And it was,

11:28 he must have spent at least 20 minutes of the hour of his ramble just showing the pictures of the criminals that they've apprehended in Minnesota. And then there's the big book of accomplishments and

11:42 it

11:46 meanders into the Q and A about an hour into it.

11:52 One reporter asked him on, on Greenland,

11:56 kind of what's, what's the play there? And the implication is, you know, even as far as military force and Trump, Trump's very quick response was, you'll find out. And this was immediately

12:13 before he's on stage. It seems like he teleports all over the place because it wasn't that, and by the way, the trip to Davos started with a U-turn by Air Force One because they had a minor

12:25 electrical problem and they then had to pick up another kind of standby jet and fly over in something less than a 747. I don't know exactly what that plane was, but anyway,

12:37 tuned in to his speech at Davos yesterday. Of course, Greenland was down it, but he covered the whole gamut. We've attached to the New York Times piece. I haven't read the whole thing, but. How

12:51 many people in the audience, in how many countries and how many leaders did he offend with this comment? I mean, what about stupid people by windmills? I left out loud on that one. And he's not

13:07 wrong, per se. I mean, he really is it. He talked about China playing the game of, yes, they're happy to sell these. They make all of them, of course. Nobody's ever seen anything like it And

13:21 they sell them to all these stupid people. And I said, Europe, you're ruining your landscape, your countryside with these calls them windmills. And it's just after a little bit of a detour and

13:35 immigration, we won't get into that, taking them to task about what's happened. But it was kind of a dog's breakfast of things A dog's breakfast of things. that he rambled about, and then it

13:50 really became pretty Greenland-centric. And over the course of the day, before he left,

13:58 there were questions asked and comments made, and apparently he had met with the Secretary General of NATO, Mark Rutte, I believe is his name. And the outcome was we have the concept of a

14:11 framework of an agreement on Denmark, and everybody gets everything they want

14:18 And he also took the added step of explicitly taking, you know, military action off the table. And so, whereas the markets kind of tanked at the close on Tuesday, there was a pretty strong rally

14:31 yesterday. What is the military action in Greenland showing up? Yeah, you've seen some of the NATO countries scramble forces and moving them to Greenland. Oh, okay, oh, okay, hold on, hold on

14:45 here Let's think about this for just a second. If Trump truly were contemplating military action against Denmark and Greenland over this, we literally seven times in the last ten weeks sold military

15:06 arms to Denmark. We literally are going to go do military action against a country we just sent hellfire missiles to. How fucking stupid are you? The press blowing this up as oh my god he's

15:23 contemplating military stuff. Just go read the DoD website where it talks about the military sales to Denmark. Give me a freaking break. This is the most ridiculous that they even went down this

15:42 path. Pull your head out of the ass mainstream media and just do a little journalism. Sorry, I'm off my soapbox. You made my point because the obligatory, you know, after the, they kind of set

15:59 the mainstream media set the table like there's this really, you know, high threat of military and the tariffs and all of that. And of course it was all characterized in the aftermath as another

16:12 taco by Trump. Trump always chickens out. Yeah This is the art of the deal. Well, I mean, you wrote a book about it that I read back when I was in college. Ask for this. So you get this and

16:28 then agree to it. I mean, I mean, I. The reality is we're not going to give up on securing the Arctic of which Greenland is a major landmass. And, you know, there are kind of economic

16:45 considerations from a critical mineral standpoint that make a ton of sense. You know, there's no way Denmark's going to be able to, or the rest of NATO, X the US, is going to be able to do what

16:58 the United States can do. I mean, we fund 65 of NATO. And so - But he's the first president to really start pushing back on that narrative, which is he should, someone should, because why are we

17:12 paying for it? Look, the Russians and Chinese are building a bunch of ice breakers all of a sudden, for a reason.

17:19 And when you see those missile track maps, the vast majority of which cross Greenland on the way to the continental United States, you know, it's kind of high time we do something about getting our

17:34 international from a Western Hemisphere standpoint, Security Act together. And are we gonna buy Greenland? No, I don't believe we are Are we going to have something that looks like a. a proxy and

17:49 leveraged economic interests that are critical to our national security and well-being, I think we will. And so the trade-offs are, look, this is our payment for being kind of 800-pound gorilla in

18:02 the room as it relates to NATO in this region.

18:07 But the whole mainstream media treatment of this Bloomberg in particular was classic in that there's this huge kind of fiction of US. military invasion of Greenland that they took it and ran with it.

18:24 And now it's made to look as if it's another taco. So

18:32 the EU stared down the United States One minute he's a bully the next minute it's a taco it's like come on guys just just admit it, you're gonna throw a stone no matter what happens. I mean, it

18:47 sounds like a great move. I mean, it's a great like Andy film,

18:54 but it changed over what really is interesting. I mean, one of the things Trump did say is like the UK is turning the North Sea into, which is a sovereign wealth printing press into a museum of

19:08 regret. And there are no regents who are sitting next door are counting their trillion dollar stack. I mean, like, we both know. I mean, we know there's two giant oil and gas companies

19:20 headquartered in London and the North Sea is a joke compared to what the Norwegians are doing. And Trump called them out on it, but I think this whole Greenland crap overshadowed what it's really

19:35 happening. And I'm not sure like - Wait, wait, why don't, why I was under a hundred billion in market cap? Is it really a giant? That good point, should we buy them? I mean, let's go. We

19:47 kind of picked on BP last episode. Well, and I think, you know, I think another big point he made that I think is way underappreciated. I mean, our spend on military post-World War II

20:07 of22 trillion is basically two-thirds of our national debt. And oh, by the way, it's more than all the rest of NATO has spent, you know? And so I think there's a little bit of truth to the fact

20:27 that, you know, I'd rather you just say thank you, you know

20:33 So sticking with Davos, the great irony is China sent its vice premier.

20:44 He-Lifing, who talked about, I kind of heard the strains of We Are the World,

20:52 playing in my mind when I read this, again, Bloomberg piece. And it's really setting up to compare the start, contrast the start difference between now where the United States is positioned on

21:06 climate and green And China is now the noble purveyor of transition and the

21:18 United States is the evil climate denier, which is how Bloomberg characterized the contrast between China. And the message from China was work with Beijing and our green technology exporters in a

21:36 unified way and we can really, you know, we can really do well by the planet. and really attack the submissions problem. The Senate can be says, as they see this grift and this

21:55 crusade slipping away, and there's a little sidebar story here too, I picked up on this morning,

22:02 they see a significant strategic leverage point by which they have aided and embedded the weakening of the West in their quixotic pursuit of all of this and the trillions that have been spent in the

22:17 supply chain dependencies that we've developed over the last, you know, since Paris especially. And so as that narrative is slipping in its power and

22:31 believability,

22:34 China stands the, you know, very real chance they're going to lose a major kind of passive subtle strategic weapon.

22:44 I mean, well, she who was too busy showing up to another opening of a coal plant in China

22:54 knows where his his bread is buttered. So, I mean, speaking of since we're talking about Trump so much, I mean, they're playing 40 chess while our climate czars are playing Candyland. I mean,

23:09 we they're selling, they don't care about carbon, they carry, they care about the contract. So, the coal, which they have a lot of is building all of the green energy and they're selling

23:20 everything. And China's been doing that since we were children. We're like, man, we're at all this crap, this little trinket crap come from China. They know what they're doing. I mean, they're

23:29 just, they're just, I mean, they're just going to sell the world to us and we're buying it, so. So apparently Larry Fink had a dinner yesterday last night at time zones, whatever. And Al Gore

23:45 was in attendance. And the keynote speaker at the dinner was Howard Lutnik, the Commerce Secretary. And apparently there was a pretty embarrassing heckling episode by Al Gore of the Commerce

23:58 Secretary.

24:01 And I just had a moment where I flashed back to the Man Bear Pig South Park episode And again, since losing to George W. Bush by Hayne Chad, Al Gore's net worth has gone from maybe a handful of

24:21 millions to over 300 million. And so the desperation is creeping in here to really the leaders and the beneficiaries of the graft. And so it turns into this kind of clown show And in anything

24:36 current administration, whether it's within our. our borders or on the world stage, there's going to be, you know, a very vocal and demonstrative opposition. Newsome is another example of that

24:53 and has the kind of shenanigans and comments that he's made at Davos. I don't know if you saw what the Treasury Secretary said about -

25:03 Sparkle and all? That's brilliant.

25:07 That is absolutely brilliant. Anyway, so

25:15 it

25:19 feels like the last desperate gasps of, really the, you know, what the cabal that has been dominating Davos for the last decade or so, seeing cracks in that. Real quick, before we leave Al Gore,

25:37 I do love Lutnik's line of

25:41 who gave the former vice president a second glass of chardonnay.

25:47 Yes.

25:50 Yes. So that Bess and Lutnik are winning the comeback wars on the hot takes there. So one thing we didn't talk about last week was

26:04 the Harold Hamm announcement that they're taking back and drilling activity to zero. And I coined the term stack baby stack and I find it ironic in that, you know, he was front and center Harold

26:20 Hamm was front and center at the

26:23 at the Venezuela presser and very supportive and positive in his comments. He's also, as you both know, been a close political ally, industry political ally

26:41 back to the first term. Kind of what does this say though? I mean, look, at the end of the day, if there's a five handle on oil,

26:53 one, I don't know how except for your best stuff tier one, it's even economic to drill. Number one, number two, you know, Harold's taken continental private, so he shielded somewhat from public

27:09 realities. But I even think in the public marketplace, if you came out and just said, Hey, we're not going to drill because we just don't think the economics are robust enough, I think your stock

27:22 price would actually go up. I think the markets have become that kind of educated and rational about oil and gas. And so, you know, dare I say the adults have entered the room and the shale go,

27:38 go, go revolution.

27:41 of the past is officially dead? Yeah, and it's been about return since 2014 and the OPEC's a prize. The industry didn't really get it until 2020, but it really is about return. So I'll ask you

27:55 from a

27:58 different set of decision criteria for private companies, Chuck, what's

28:09 typical today in terms of the well-level after tax rate of return, what are we shooting for? That's a clear green light. I don't know that I have a good answer on that, and quite frankly, I'm not

28:23 sure private equity as a whole has a really good answer for that, because if you thought about it back in the day, if you bought your acreage cheap enough, whatever your IRR's were on.

28:40 a DNC basis, purely kind of equated to what you'd get on your equity. So if you're drilling 25 rate of return wells, assuming you bought your acreage cheap enough, you kind of made that on the

28:56 equity when you factored in that at least a portion of your cap table would be cheap bank debt You would factor into that you get paid for some puds when you monetize because 25 rate of return puds

29:12 get monetized at 15, you know, kind of back in the day. I don't know that anybody truly has a good handle on that and the way I hear that people are thinking about it these days is we're going to

29:26 drill every well and we're going to turn it all to PDP and we're going to sell it at PDPPV12

29:35 and that's how we're

29:38 kind of modeling our stuff out. So if you think of all the risk, the cost overruns, all that sort of stuff, stewing in, I think your bar's gotta be a little higher on your drill in these days,

29:54 you know? You gotta be thinking 30 and 35 type stuff, which is why it's really hard to do something today. Yeah, it takes me back to the days and this lasted for a good decade where there was

30:06 always a disconnect and I'm speaking from a public company perspective And I know you looked at those, those investor presentations as well and all the discussions on conference calls, but routinely

30:20 touting 50 to 100 rights of return at the well

30:26 level. And somehow that always seemed to translate into corporate returns on capital employed of 36 or worse. And that persisted for quite a long time. that speaks to really kind of the friction in

30:44 the corporate to direct operating structure and all those things. But it was a disconnect that persisted for quite a while

30:57 with not much critical analysis. Well, my simple take always on that with the public company is if you truly are drilling 50 rate of return wells, how come at the end of the year? You don't have

31:12 more PDPPV10 than you did the previous year. So I think it was less about the kind of friction difference between 50 and corporate GNA and all that and more just cherry picking the 50. That was

31:27 always the best well. That was not the average well. Yeah, of course. That's fair. Yeah, that's fair. I mean, the dynamics just going back to your point though

31:38 regarding ham. I mean, Trump wants40 oil to kill inflation, and he wants the economy

31:48 to be strong. And Harold knows that you can't make money at 40 bucks. So, I mean, quitting the game helps improve the odds until prices change. That to me all makes sense. And,

32:03 but when you also look at in Kazakhstan, that big feel that's what 825, 000 barrels a day, it's shut in right now due to a fire. It's been offline for 10 days.

32:19 In the old days, Creed would spike5 or so, but today the market sort of disheons. I mean, one of the things that we have continued to talk about, I mean, I remember what five, six, seven years

32:29 ago, we talked about, you know, shale being the swing mover. What does that say about where the markets are today compared to where they've been.

32:40 is the market broken? I mean, our signals crossed. I mean, I think there's signals that used to be important to traders, but I'm just wondering what are the signals today? Yeah, Purcell and I

32:54 talked about this last week and a little bit on the Venezuela special edition we did before that. And, you know, there's a

33:05 strong counter narrative to what OPEC is telling you about a short to intermediate term outlook and what the IEA

33:14 is slowly walking back. Sorry, Chuck, I mentioned the IEA. I know that that was supposed to be a bad term for this year. I've said fuck now twice on BDE and I was going to try to limit that to

33:28 just once this year. So you're entitled. And so cross-referencing production data like the 914. and what's happening with inventories in the very short term, although I glanced at the API numbers

33:43 yesterday and they seemed to indicate a pretty big build across the board. What

33:51 Amin Nasser, who is the CEO of Aramco, was on record saying this morning saying, Look, global inventories are at lows, they're below five-year norms He said, What you're counting on as a glut is

34:12 largely floating storage on sanctioned tankers. And so where is the other readily available, either inventory or productive capacity? And he said, We're currently at about 2 and

34:29 12 global spare capacity, we need three. At an exchange with Dave this morning, said if if Aramco, if Nasser is saying it's two and a half, it's probably less than that. And so there's this huge

34:42 kind of interference being run by the narrative and the amount of floating storage. In my opinion, I don't think anyone believes that 138 million barrels a day of US wall production as reported,

34:58 you know, kind of this bow wave of second half growth as you maintain completions and maybe you got better performance out of those completions that just given the sheer reduction in activity over

35:10 multiple months, that it's not going to somehow manifest in, you know, a plateau in the key driver of this, which is the Permian.

35:22 Never mind the fact that the largest operator in the bucket or one of the largest operators in the bucket is going to shut down completely that physically that you're going to be able flip the switch,

35:32 if indeed we do see it continued. to strengthen demand from emerging markets, the US, and China, that's ultimately not going to put us in a situation where a high fundamentals do matter. Right

35:49 now they don't.

35:51 They didn't answer questions, kind of a ramble, but

35:56 yeah, when a ramco is telling you things like that, I think it reinforces the notion that we're worried about the current inventory situation, and we're worried about readily available spare

36:10 capacity because demand is strong. And there's one thing that OPEC has been very good at over its, most of its history is that they are very keen on and monitoring what demand looks like. Buying

36:28 the depth is where we are. Well, I think you have a lot of valuation protection here You know back when the

36:39 first Internet bubble burst, we had a huge rotation into energy, which ultimately drove its proportion of the SP up to 13, which kind of peaked in 2013. It's less than three today. So, you know,

36:55 our 50 to 100 times earnings are EBITOM multiples, and in the go-go, MAG-7, are those sustainable? And do they portend things that, like we're going to see, an equivalent rotation that we saw

37:12 back in '99, 2000, whenever that first big tech to energy

37:20 and industrial's rotation occurred?

37:25 Don't know. No, I don't know. Not in a hurry to buy today, because I do think that there is

37:32 still a considerable risk, headline and narrative risk. between now and midterms. Plus, I don't know if it's still the same, but it always felt like you needed six to nine months of prices being

37:47 in a certain spot for buyers and sellers to kind of realize, hey, it's not 70 and it's not going to 45 or whatever. So I don't know that you can transact today if you want it. Reminds me of the

38:04 meme with the stick, do something. Yeah, exactly. Hey, real quick, you sat in the landman conference room. I did. I

38:21 did not, however, one of my artist friends has had two songs in Taylor Sheridan's

38:27 biggest shows, one in Yellowstone. It was, that song's called Get to Work Whiskey. My friend, word Davis. and he had another song inThe Landman, which was another bad apple. Nice. Oh, Paul,

38:42 what's up, those links to the podcast? Yeah, Cody Jinx started his late August sessions podcast. Yesterday I saw on his first guest was Warren. It's kind of nerd out songwriter stuff, but it's a

38:57 really cool piece. So go watch that, listen to it, listen to Warren It's kind of an incredible background story of a kid from Arkansas and all the life experiences and difficulties he's had and

39:12 what makes him a great songwriter and entertainer. But just a little plug for Warren there. Love it, man. Oh, that's really cool. That's really cool. Well, I was glad to be back this week.

39:25 Thanks, thank you guys for having me. This, having a full time job really sucks, That being said, it's fun being out in the AI world these days, and man, answers to questions literally change

39:42 every two weeks. Can it do this? No, I can't do that. Well, yeah, I can. I can. It's crazy. Yeah, and I'll put a plug in, you know, I know Frack wrote a

39:53 Frack slapped on the United Production Partners experience with the W10 filing. That's real Yeah, no, that's real true documented stuff and similar type numbers to another operator when operating

40:09 that's using it kind of as we speak. And so, yeah, and there's a great article

40:17 out and I won't do it justice, but you know, if you kind of think of the source of record today with existing software, so think Sales force on CRM or even Excel with just your model. You know,

40:33 you've got a lot of information there, but so much of it's missing. And when you get in and you actually automate workflows, like a W10 and a G10 filing, the amount of data you capture and the

40:49 approval processes, et cetera, the thought processes behind something because you've automated that work for that source of record is way more powerful than what exists today And so the potential

41:03 for AI and AI native software to be a trillion dollar type industry, I think is a real thing. So yeah, it's been a lot of fun, but

41:18 same bat channel, same bat time next year. Great seeing you guys. Yeah, I'll be in studio.

41:25 So, yeah, we'll have to upload. If

41:29 we got to do an emergency episode, I'll go over to Mom and Dad's house where I know I'll have - Stay liquid, stay skeptical, and for the love of God by generating. I lived in DFW area back in the

41:44 mid-late '90s and one Christmas we were

41:51 scheduled to travel with very small children And I traveled for a living at that time and we got the ice dome, ice storm over DFW, and weren't able to travel. And I've never been happier to stay at

42:06 home, but just be safe. Do you have a generator? Yeah, but one rule I do have is if it does ice, I drive faster.

42:19 You're always welcome back in Houston Last day of W, I lived in Dallas for a year.

42:27 2000 to 2001 and literally lived in a loft apartment overlooking Woodall Rogers in 75. And it froze one night and people were driving up 75 to get on Woodall Rogers and they'd make it about

42:44 two-thirds of the way there and then just slide all the way back down and the cars were piling up and me and my ex-wife were sitting there watching it drinking a bottle of wine just going how do you

42:55 see this pile of cars and go I'm the one that's going to make it particularly when you're in like a pinto or an escort you know yeah they blow up on demand it was it was almost just like what just

43:08 almost like watching a pinball game ding ding ding ding one boys will be uh we'll be watching so miss y'all