ISIS oil revenue takes a hit, fracking (sic) is good for the environment, and somebody pass Mark the Worcestershire sauce.
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Click Play to Hear #059: ISIS Oil Revenue Take a Hit
Click Play to Catch Up on the Last 10 Episodes
Iraq’s $1-trillion rebuild: War and ISIL create massive opportunities, massive risks for Canadian businesses
CORRECTED-Huge oil tanker traffic jam builds at Iraq’s Basra port
ISIS Expands Reach Despite Military and Financial Setbacks
The Invisible Money Makers Who Thrived During 2015 Oil Slump
Chevron Q1 Results – Bad News
How fracking reduces greenhouse gases
Natural Gas Production Is About To Plummet
GE’s Oil Unit Seen Finding ‘Missing Piece’ with Baker Hughes
Worst yet to come for diesel, casting refinery profits in doubt
Seadrill – Odfjell Drilling Secured A One-Well Contract For The DeepSea Metro I
Examining the Role of Environmental Policies on Access to Energy and Economic Opportunity
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#059: ISIS Oil Revenue Take a Hit
Transcripts Courtesy Of
James: I am James Hahn II.
Mark: And I am Mark LaCour.
James: And you are listening to Oil and Gas This Week Podcast, Brought To You By Red Wing. This is the show for busy oil pros who want to quickly keep their finger on the pulse industry. Episode 59. I’m feeling pretty good this morning, Mark LaCour, but I understand that you are not.
Mark: Yeah, I am sick. I came back from a business trip from California with a signed contract but also with upper respiratory infection. So I am on meds. Hopefully, in a couple days I’ll be back to my normal self.
James: You have a pink eye. We only get you some Worcestershire sauce.
Mark: Yes, I have a pink eye but instead of Worcestershire sauce, I had some eye drops.
James: Oh, well, apparently, you didn’t watch South Park back in the day. I’m not sick but I am disgusted last night first time — or not first time, 25 years straight Red Wings in the playoffs. Of course, we lose the first game. I really hope we don’t do for a first run exit but we have more important things to talk about this morning because we have a lot of stories to get into. Let’s kick it off in Canada by way of Iraq. So Iraq has 1 trillion dollar rebuild. War and ISEL create massive opportunities and massive risks for Canadians businesses.
Mark: This is a good article. It touched on a lot of big stuff. Basically, Iraq has a trade mission into Canada right now, trying to recruit Canadian business to come to business in Iraq and quite frankly it’s not working. Canadian companies want to take security risk or get involve into corruption. And so Iraq, because it’s been war-torn, there’s a lot of infrastructure that needs to be rebuilt. And that is usually an opportunity for big global companies like what is in Canada and in the US and Europe to make some money, to make some good profits. But the business conditions over there are so bad and the security risk are so high and the corruption is so ingrained that they’re going to really struggle trying to get some big EPC companies out there to help them rebuild their country.
So this is a good article going through how there is an opportunity here but the Canadian companies just probably are going to take the risk of trying to go help them.
James: What is going to make someone want to go in and do that? Just someone who’s crazy enough to do it?
Mark: Well, so all these big EPC companies have people that work for them that help them measure risk. So once the risk is reduced enough that it’s worth to try to make some profit, they’ll go in but Iraq is going to have to reduce that risk and the risk is multi-fault. You know the security issues. They are horrible. I mean I wouldn’t want my people over there. Iraq can’t control its own borders. The corruption goes all the way to top of the government —
James: Yeah, we talked about that before.
Mark: There was no guarantee that if you go over there and sign a contract that you will get paid. Iraq needs to clean that sort of stuff up. Same way to Nigeria a couple of years ago. Nigeria has managed to clean it up to a point where people come and do business. Iraq hasn’t done that yet and they’re going to have to before these big global companies come in and start rebuilding infrastructure.
James: So it’s going to take some leader within the Iraqi government shutting down corruption and thinking things up a little bit?
Mark: Yeah and being able to control their borders, right? There’s no way in heck I would let any of my employees go ever there. It is too dangerous.
James: I wouldn’t want to send myself or any of my people that I contract with over there either sticking in Iraq. We have some news in the oil tanker front. There is a huge traffic jammed going on over there. What is the story?
Mark: This is actually a good article. So we just talked about that there is a bunch of infrastructure that needs to be build. So their tanker terminal, of the three bays. It only has one that is working to be shut down. So literally there is only place that they can off load crude onto these large tankers. So the tankers have piled up waiting in line because it should take about three to five days to load a tanker but over there it’s taking them three weeks. Once again, it’s a failure in the infrastructure. So these tankers are stacked up and it’s actually created a traffic jam in their port. So another indicator that they need infrastructure because even though they have crude export, they could barely get it out of the country because of the infrastructure was just so destroyed over there.
James: What’s taking so long? Is it just pipes need to be connected faster?
Mark: Well, when you think of a terminal, there’s bays where the tankers slide and bring the pipes over and they start pumping crude that involves valves and pipes and motors and pumps. Well, of the three bays that’s in the port, two of them were shut down so they can’t even use those two and the one that’s there is taking, instead of three or five days, it’s taking three weeks to fill up the tanker. That tells me that there is not enough pump pressure, there’s not enough flow. Something is making them off load that crude slower than normal.[0:05:20]
This is a primary example of everybody was worried about when Iraq’s production came back dumped on the globe and keep prices lower and I kept saying, no, there is no infrastructure so that they can actually get it out of the country. That has to be rebuilt. This is a perfect example of that.
James: There are 27 VLCCs and SUS Max tankers with the combined capacity of 43 million barrels waiting off Basra. That’s a lot.
Mark: If those same tankers came to Gulf of Mexico, they’d be able to pull in lie in Texas, the water port, they’re able to pull in not two or three-bay terminal, a 30-bay terminal and they would fill them up in two days. See the difference in the infrastructure? What we have here, what they are working out over there?
James: Man! Well, I hope they get that fixed over there and then I hate to keep going on the war-torn front but we have some news in terms of ISIS and the military being able to take out some of their oil revenue from the New York Times. ISIS expands reach despite military and financial setbacks.
Mark: I don’t know if you and I talked about this on the show in the past or you and I just talked about this. But I have been saying this from the very beginning. You can’t take out ISIS from the military point of view especially from a large military point of view. The whole US command and control which I learned in the Marine Corps doesn’t work there and it doesn’t work in all these individual splinter cells all over the world. What you have to do is remove the driving forces to make young Muslims become radical and join ISIS.
So you need to improve their employment, improve their working conditions, improve their education, give them internet access, and they won’t want to join ISIS. Right now they join because it’s their only option and they’re basically being brainwashed into the fact that the rest of the world is evil and needs to be destroyed. You give them internet access, give them food, give them jobs and they’ll learn themselves, they won’t join.
But this is interesting because US policy originally was not to attack oil refineries, depots and all that sort of stuff. This is a good approach to go in and destroy the terminals and the refineries because it removes funding, removes cash from ISIS. ISIS, like any organization, needs money to run. So this is a good approach. We’ve had some success here. The other thing I talk about which I think is funny because I remember seeing the video is we figured out where ISIS stores their money like literally ban vaults, and went and destroyed it. So we destroyed their cash which I knew just had to tick them off. But this is going to be a long-term global approach to eventually get rid of these just really bad people.
James: And in terms of the oil fields, do you have any gauge on how much infrastructure they have left and what is going to happen in the future in terms of more bombing?
Mark: Yeah. So all the high level petroleum targets of opportunity have been taken out. Now, it’s the point now where they go at night in trucks, literary pickup trucks and hand pump. They hand pump a 55-gallon barrel or two of crude and they try to drive across the border and sell it. There no longer have pipe lines running. They no longer have tankers running. The refineries have cut their ability to get — since we’ve destroyed a lot of their refineries, it’s hurt their ability to get fuel for their trucks. But that is not going to make them disappear. That’s just going to slow them down and hopefully we get the right people in the right political places here in Europe and they do the right things and just make this go away.
James: Definitely. Let’s move back States side. Interesting story from Bloomberg. They talk about some of the storage things that we have been talking about but there have been people making some money, the invisible money makers who thrived during the 2015 oil slump.
Mark: So they’re talking about traders. Any time there’s volatility in the market — I don’t care what the market it — traders make money. That’s their favorite hunting ground is when the market is volatile. So you look at how volatile the oil and crude markets have been. Of course, there is a lot of traders out there making a lot of money. This article also talks about there are some big companied out there like BP whose trading floor has had a record year. So you hear up the BP upstream suffering which they are but BP downstream is doing great and now BP trading is doing great.
So this is nothing new. This happens every time there is a downturn in the market that the traders actually come out way ahead.
James: Yeah, and then in the video they talk about one of these storage facilities that they put offshore and it’s however large if you lay it, it’s the size of — I don’t even know how many hundred billions of oil it shares. But it is really interesting to hear how traders work around the market that way.[0:10:11]
Mark: Yes. What they did is they rented a super tanker and they filled it full of oil and they let it sit there knowing that at some point the price of oil would rise and then they sold all that oil and made some money. I mean that’s smart.
James: Yeah. It’s just smart. It’s another thing that you’ve said before you didn’t see coming. We got to see these things coming next time, so that we can get in on that. We had to get in on that. Moving over to Seeking Alpha, we got Q1 results from Chevron. It says bad news. I put a question mark when I tweeted it. I’m sure that you have a longer term perspective on things but you continue with your love-hate relationship with Seeking Alpha.
Mark: Yes. So Chevron’s course took a big hit. Chevron is a super major. They have refineries. They have pipelines but they’re predominantly an up string company of all the super majors. So they’re hurting right now, right? They’ve done everything they can to keep from bleeding cash but the low crude prices are just killing their business. Now, their downstream business is fine. They actually made money but their downstream business is very small compared to Exxon Mobil’s downstream or Shell’s downstream or BP’s downstream. So the oil prices, low oil prices are hurting Chevron. Now Chevron has the Gorgon Project coming on line probably the middle part of this year.
James: Where is that?
Mark: That’s in the huge Australian project —
James: Ah, yes.
Mark: And we think prices are going to come back up the third quarter of this year. So Chevron will be fine. I mean, this is what you would expect to see happen to them first Q ’16 because they’re predominantly so much an upstream company.
James: Yeah. And it says right here looking at Chevron’s downstream earnings for the first quarter. We see positive income of basically a billion but just not big enough to offset their other things like Exxon and so forth, like you said.
Mark: Yes. So their upstream loss 1.36 billion I believe and that’s to be expected in a low crude market. Now the flipside of it is when the price of crude comes back they up stream inside of the house. They’re making billions and billions and billions of dollars of profit like it always does. So it’s just wait for the price of crude to come back. Chevron will be fine.
James: Yeah and I’ll throw it in the extras actually have an MSNBC link of the Chevron CEO. He was on Squawk Box or whatever it was this week talking about how Chevron believes the market’s going to adjust this year.
Mark: I wonder where you got that from.
James: Yeah, right? Very cautious again, not back to a hundred or whatever but, yeah, maybe he’s a listener. I’d love to hear from you, sir. All right, how fracking reduces greenhouse gases from Washington Times. This is something we talked about before but it’s in an article and why not bring it up again.
Mark: And look what newspaper it’s on.
James: It’s on Washington Times, yeah.
Mark: Washington Times folks, if you don’t know tends to have a bit of a left wing slant. This is totally true article talking about the benefits of fracking, talking about how we have all these abundant natural gas and we’re switching from coal to natural gas and our electrical generation plants and that’s dropped all types of pollution including greenhouse gases like CO2. So a lot of people know this, as much as Europe loves to talk about dropping CO2, their CO2 guns up every year. Ours actually is down by two percent and this is a factual article and how fracking benefits the environment. It provides prosperity to the world’s people. We’re in a hydrocarbon abundant world. Life is good. Fracking is good.
James: Yeah. It makes cleaner, breathable air that makes things better and per unit of GDP basis, US carbon emissions are down by closer to 20% over the last 14 years. That is staggering. As it says here, “we never ratified the Kyoto.” How can any of this happen? It might have something to do with the free market. I don’t know.
Mark: Exactly, it has to do in the oil and gas industry.
James: In the oil and gas industry. I have a feeling this is going to be a shorter show but I think Mark, you deserve it. You’re doing the Mike Jordan in the playoffs here. Before we go on to our next story though, we’ve been talking about downturns in all kinds of — in stability and things like that. If you’re looking for stability in your business, if you’re looking to drive down cost and get more out of the ground, we have to give a shout out to our supporting sponsor InTech and I’ll let you talk through the whitepaper because we do have a free download from them.[0: 14: 50]
Mark: Yeah, so if you’re an operating company, even if you work for a service company and you may want to help your operating customers, you need to download this whitepaper. This is a whitepaper on how InTech can show you how to drive down cost out in the field for process automation. They’re experts at it. The whitepaper’s written just for your audience, right? So nobody else gets it. If you have an interest in driving down your production cost, go download this link. It’s very easy to do. James, where do they need to go?
James: It’s at intechwww.comford/podcast. You just mentioned that Chevron deal coming online over in Australia, which has to do with natural gas and I was curious to hear your thoughts on another seeking of a story saying that natural gas production is about to plummet.
Mark: Yeah. So I don’t agree with this. The point of this article, he’s putting a relationship to get between number of rigs in Eagle Ford and the gas production and he’s basically saying since the rig count’s going down, the gas productions go down and that’s not how it works. When you’re drilling, when you have a rig, there is no production, which they’re drilling. It’s after the rig leave that they go into production. So there’s not a relationship between this two. Now, down the road in the future if the rig count stays low and they quit bringing wells on land without a fit gas production, yeah but gas production in the Eagle Ford is different than oil production. It doesn’t have a huge decline rate. So you know my relationship with Seeking Health, I don’t love their articles. I don’t agree with them. This is why I just don’t agree with them.
James: We’ve talked about this before in terms of the misconception that a lot of people have that rig counts have a lot to do with production. What are some of the other common mistakes that you see people making when it comes to analyzing what’s going on in the oil field?
Mark: So at what level? You’re talking about actually at a micro level I talk about the Eagle Ford or macro level, like talk about globally?
James: Because it seems that this article mixes up the micro and the macro, right?
Mark: Yeah. So it’s when you have a drill rig, they’re not producing anything and then when you finish, you still have to complete that well before you go into production and one of the things that heat doesn’t even touch here. There’s a bunch of wells drilled and he goes for them not being completed. So when the price comes back, they don’t have to go re-drill it, they just complete it and go into production. So that’s a part that most people don’t understand. They connect drill rigs with production and they’re really not connected and they don’t understand the whole completion process. They don’t understand that there’re wells out there that have been drilled but aren’t completed yet. And he missed all of these in this article.
James: What are maybe one or two more just really simple “well, duh” that you see kind of consistently out there that it seems like more people should know this by now?
Mark: So when you’re looking at a field level, the other thing that people don’t understand is that these leases in places like the Eagle Ford and part of the contracts, the production is guaranteed in the contract. So even if the prices go down, the operator still has to produce at a certain level by law. So that’s another thing that people don’t understand and they think if we have a glut, the production would go down, the glut would disappear quicker. Well, here in the US, especially in the Shell fields, a lot of that production is guaranteed by a contract. So they can’t ram down production.
James: Yeah. And we’ve been following that story. We will continue to follow that story. I haven’t seen anything lately but it will be interesting to see what the pipeline companies and the upstream companies work out in terms of that. Let’s move over to an article from hellenicshippingnews.com. I wanted to get your take on this. Earlier in the week when I first found it and you gave me the new ones, I needed to understand it but let’s talk through it, “Worst yet to come for diesel casting refinery profits in doubt.”
Mark: Yes. So for refineries that produce a lot of diesel, this article is spot on. For refineries that produce a blend of fuels, jet filled gasoline, kerosene, diesel, it’s not going to hurt them but they basically talk about there’s an oversupply of diesel coming in and it’s true and there’s an increased demand for gasoline especially in the US because no matter how much people scream about low crude prices, they enjoy driving more now on two dollars a gallon of gas. So the glut for diesel is there and is going to continue to be there then you get to the whole thing like crude where people sort of store it, wait and see if they can make money on it.
So the difference from diesel and crude is diesel has a much, much, much, much shorter shelf life than crude. So you can store crude for years. I’m not quite sure what the shelf life of diesel is but I think it’s just a few months. So when you have this glut on the market and you have a fuel that you can’t store for a long period of time, it’s going to drop prices down low. That’s basically what they’re talking about.[0:20:05]
James: Where’s this glut coming from?
Mark: Yes. So this is a global glut. So awhile back in the past, there was a shortage of diesel. China’s economy’s growing all these infrastructure projects. Think about bulldozers and backhoes, they all run diesel. So the world ramped up diesel for that market to be able to make some money. What China’s infrastructure growth has slowed, it hasn’t stopped. It just slowed that percentage of growth and their demand for diesel has slowed. Now at the same time diesel’s also used in the north parts of the US for fuel, for heating fuel. We’ve had a very mild winter. So you mix all that stuff together. You know people trying to produce diesel to sell them to China and China all of a sudden is not buying as much of it. And then we’ve had a bunch of diesel ready for the winter for the US and the winter was mild, so they didn’t use it and you have a glut on the market. It’s a commodity that can almost swing one way, then will swing back the other way.
James: Yeah but it does say that the flood into storage could blunt diesel profits until as far as 2018, what are your thoughts on that?
Mark: They’re probably right about that and think about the flip side of that. Think about Amazon, how much money does Amazon spend in 18 wheelers hauling stuff around the US or around the world? All of a sudden, the fuel price for those 18 wheelers is going to go down, which is going to increase Amazon’s profit margin. So it’s bad for the refineries but for the people that use diesel, low diesel prices will be a benefit for the economy.
James: Yeah. So they’re not going to be complaining. All right, one thing — I don’t want to be too much of a conspiracy theorist. I said to a friend of mine on the phone the other day, I have a feeling that GE might be complaining about the Baker Hughes. Maybe I’ll use the word lobbying, I’m not sure but this article falls into my conspiracy theory. “GE’s oil unit scene finding quote missing piece with Baker Hughes.
Mark: Yeah. This is a good oracle. It’s a good opinion piece in Rigzone. If GE would buy Baker Hughes, it would catapult them to be in the top three largest service companies in the world of oil service companies. I know GE only gas pretty well. I don’t see them wanting to that. I don’t think they want to get in heavy into the service side of the industry. I think they want to spend the money but it would make a good fit for their portfolio and then from a US Department of Justice point of view, if GE buys Baker Hughes, you don’t have the threat of a monopoly like you have if Halliburton buys Baker Hughes, so that DOJ would actually probably be much easier to prove this, which would’ve benefit Baker Hughes’ stock but would actually hurt Halliburton stock.
So let’s see what happens. You know, Halliburton is in the court right now and which was to be expected. I mean, let’s see if Halliburton can spin off the number of business used by Baker to make the regulators happy and still make the deal make sense. If not, we’ll see if someone else picks up Baker Hughes but in this low crude price market, this is a primetime for people to pick up large service companies because they’ve been devalued so much.
James: What is GE’s main value prop? What do they do that’s different than Baker Hughes or Halliburton today?
Mark: So the difference is GE’s diversity in business. So GE works in oil and gas. They build blow-out preventers and trees, they build process controls but GE also builds stoves, irons, jet engines, marine engines, medical devices. So GE’s business is extremely diverse. So if they would buy Baker Hughes and we had another glut in the market, other parts of GE would be just fine, the medical device would be just fine. What they do in legal, what they build in lighting, stadium lighting, all that would then benefit Baker Hughes because they’re working for a company that have a much more diverse portfolio.
James: One question I wanted to hear your thoughts on because we talk a little bit here and there about the digital oil field. GE’s making some moves in that way, aren’t they?
Mark: GE’s been in that place for a long time but you know what, so it Baker right? You just don’t hear about it. The interesting thing, if you understand the two companies’ cultures, they have a lot in common. They both have grown by acquisition. They both internally are a bit of a mess, like the businesses don’t know each other, don’t work well together. There’s not a lot of deficiencies there. There’s a lot of rigor around what they do. So you know both of these companies’ business cultures would mesh very well.
James: Yeah. That’s interesting. I had a friend ask me, “What do you think is the next big thing three years from now as far as bleeding edge?” Do you think it is the digital oil field or is there something else that I’m not seeing?[0:24:54]
Mark: Well, the digital oil field is here. It’s been here for a while. It’s common. I think the growth rate is going to go right through the roof for a bunch of reasons. What’s the next big technology five years out? Probably high pressure, high temp or HPHT, about five years from now should be the point where the prices of crudes gets back to point at deep water, altered deep water starts being profitable again and that’s the next frontier, right? It’s high pressure high temperature.
James: Meaning that we can drill much deeper because engineers made things that can drill through lava or whatever.
Mark: It’s crazy. So you’re looking at being able to work at say, 15 to 20,000 psi at 400 degrees Fahrenheit. You talk about having to develop materials that don’t exist right now, that can hold up to that. I mean, imagine your valve and you’re working at 20,000 psi under 10,000 feet of water at 450 degrees Fahrenheit and you have to work for seven to ten years out of failure. Now imagine a tree with hundreds of those valves and hundreds of seals. It’s a cool technology and they’re working on it but they’re not there yet.
James: Got it. All right, interesting story out of sea drill that got a lot of clicks and its’ just an update on deep sea work that they got going on and I can’t pronounce it. Is it Odgefill, Odjell? I mean Seadrill Odfjell drilling secured a one well contract for the Deepsea Metro 1.
Mark: Yes. So the real backstory here is look how low the contract rate, the day rate went for this deep water drill ship. I mean it’s crazy, crazy, crazy cheap and that tells your story, right? So these drilling contractors are hurting right now, they own these rigs that aren’t being used and so this is a good example around how Seadrill lowered its day rate ridiculously low just to keep one of its drill rigs working. So that unfortunately is going to continue to happen in the drilling contract companies for the next — actually for a very long time.
James: Is it 185,000 per day? Is that what that is?
Mark: Yeah. 185,000 per day, which sounds like a lot of money but that’s cheap.
James: No, I’m saying that’s shockingly cheap.
Mark: Yeah. So once again it’s going to drive the drilling contractors to increase efficiencies. You’re also going to see some mergers and acquisitions in that world and you’re going to see our companies that have newer, have higher horsepower fleets pull ahead of the ones that didn’t put money into newer fleets in the past and now they’re sitting on bunch of old equipment. So Seadrill’s a great company, shout out to Patrick out there but this is a prime example how those day rates are historically low and are going to stay historically low for very long time.
James: Yeah. I was about to give a shout out to Patrick because he explained to me what backlog meant and it’s really funny to me because it’s another one of these oil field terms that means the opposite of what it means, meaning that it’s future revenue but it’s called back. I’m not sure but —
Mark: No, that’s right. So you have work that you need to do in the future, sort of like me, James. You know how when I get really busy, I put clients on a waiting list. That’s backlog work for me. I know I’ll make that money in the future but right now I can’t do it.
James: Right. It’s just funny to be really getting off the top. I didn’t get it. He broke it down. Everybody can laugh. Everybody point and laugh at James right now. All right, something that was a lot of fun yesterday. I live tweeted a friend of the show, Alex Epstein, and a handful of other people were at the senate, US Senate Committee on Environment and Public Works, examining the role of environmental policies and access to energy and economic opportunity. I don’t know if you had a chance to look at any of these at all, Mark but it was a fascinating discourse.
Mark: Yes. So for once, James no, I didn’t have a chance to look at this. I was busy yesterday. So why don’t you talk about this?
James: Yeah. So the interesting thing that really happened here is that you had — don’t want to get too political but you have one side that were celebrating on employment of co-workers, of anything fossil fuel related. The senator from Massachusetts was gleeful in that and what was really striking to me was that there was a very strong trend and I summed it up with my finally tweet at the end of the live tweeting session. And if you want to go read it, you can just go to Twitter and it’s jameshahnii, so James Hahn II. Alex Epstein, I got to give him props. He crushed it. He crushed it, not nervous at all and one of the good quotes — I’d say the two that got the most retweets, which is in the dozens and dozens by now but when Alex said, “Very few of you would be alive without cheap, reliable, abundant energy.”[0:30:04]
And on a grander scale, there could be nothing more true but then the exchange that really made me laugh and I was like, “Wow, he just said that.” And it shows — it’s a hat tip to Alex and his ability to bate and be thinking on his feet even when he’s in front of the senate but Senator Boxer said, “It’s interesting we have a philosopher here to talk about science.” And Alex very calmly said, “It’s to teach you to think more clearly.” And there was a ruckus laughter throughout the chamber and I’ve got the link to the show — no it’s we haven’t mentioned the show — no, it’s on this one. So it’s triberocket.comford/tw59 and if you want to go re-watch this, it’s quite an exchange and it was one of the more livelier things that you’ll see on C-SPAN anytime soon.
Mark: Yeah, good. I’ll have to watch it later.
James: Yeah. So moving on, I didn’t tell you about the weekly onion but I hope that might get a chuckle because you are from Louisiana, so nothing doing down Louisiana way fly swatting sources report and there isn’t nothing fixed in to go over by here but the breeze and just a little chuckle now because you’re sick, you’re not going to give it to me.
Mark: Yeah, no.
James: No, nothing. All right but we do have a winner and we are sticking with — we’ve been going back and forth with Red Wing. We teased it last week. We may be going with something bigger but we keep getting emails. People are just loving this off-shore bag. I know I am but he’s part of the LinkedIn group. I finally have a good bag to carry my equipment in on the scooter so I don’t have to do the balancing act anymore. So it fits all of my pod guesting equipment perfectly. So if it can fit that, it can definitely fit all of your in terms of boots and everything off shore. So we’re going to stick with the bag but let’s not just talk about the bag, Mark. Let’s talk about Red Wing in general.
Mark: Yes. Do you want to talk about who actually won this bag?
James: Yeah, let’s talk about that too.
Mark: Yes. Congratulations, Gary Archer, Global Installation and Commissioning Manager for OneSubsea. You won the bag. You’re going to love it, Gary and Gary, if you’re going to be at OTC, OneSubsea’s booth, hit us up. James and I are up, so we’d love to come by and say hi. But Red Wing as a company, you’re not going to find another company that devotes so much to quality and people know their boots but people don’t also know that they also have a whole line of protective equipment out there including flame resistant clothing. So if you need to wear FR’s in the field, if you have a group of people that need to wear protective clothing, look at Red Wing. They’re a one stop shop with a big eye on quality and their stuff is just rockingly good.
James: Yeah and you can — if you want to find out more about Red Wing and enter for your chance to win, there’s no purchase in this necessary. You just see the official site for rules and details. It’s at redwingshoes.comford/podcast. I talk about what I’d throw on the extras. I’d give that moving forward but we do have a couple of events coming up and one from Barclays, which is a webinar, which is great because anybody listening can attend this. It’s happening next Thursday, April 21st at 8: 30 AM, UK the Value of Exporting, Understanding the Opportunities and How to Maximize Them.
Mark: Yeah. This is going to be a good webinar. You know it’s funny, James when I have this in my newsletter — it goes out every month. Whenever it’s a webinar where I have dress, where I tell people how they get dressed to the event. I always put whatever you want. It’s kind of funny, right, webinar. And actually somebody reached out to me and go, “That’s not proper.” He even told me how to dress and I’m thinking, “Do we have a dress for a webinar?” First time that’s happened.
James: Business casual or pajamas, however you want to attend the webinar. It’s not going to be interactive in terms of — I don’t think it’s going to be a FaceTime webinar but what are they going to be in packing in terms of the content here?
Mark: So Europe is kind of late to this game. Now, we’ve talked about this a whole bunch about export markets. It’s huge, it’s growing, blah, blah, blah. Europe is just not waking up to this. This is a European centric webinar about the opportunities in export in the UK and good because there is a ton of opportunity over there.
James: Yeah and in terms of listenership, we have a lot of listeners in the UK. So we love to hear from you all if you attend this webinar or just enjoy, go to the show notes. And then also go to triberocket.com/events so you can put in your email and get all of these events emailed to you once a month by Mr. Mark LaCour. Secondly, we have one here in Houston, Texas, which is Managing Debt in Troubled Times – Surviving 2016. This is an API function, I believe?[0:35:09]
James: IPAA, there you go. I got it mixed up but go ahead.
Mark: Yeah. I mean, this is spot on. I mean Managing Debt in Troubled Times, there are a lot of companies out there that are suffering right now, upstream companies and service companies and IPAA got some experts together. They’re going to have a meeting. They’re going to help you understand how to manage your debt in these lucrative price markets, so go. Folks, just real quick, the May edition of my newsletter, of my events newsletter will have free, no cost, free OTC passes. That’s the only time you’ll get them so if you have an interest in going to OTC and you don’t want to spend the money, go sign up for my list. The May edition will have free OTC passes.
James: You’re not getting that anywhere else. So triberocket.com/events will see you at OTC. Tweet us, email us, whatever you got to do. We love to see out there. All right, countdown to the First Friday Q&A and we’ve got a few of really great questions going here, a handful anyway and we’re three weeks away, Mark.
Mark: Yeah. So folks, give us your questions, anything you want to know, anything that touch the oil and gas and if you reach out, let us know. If we use your question, you’ll get a shout out on the air, so all your friends will be jealous.
James: A great place to those is not only at triberocket.com/qa, you can put them in the show notes that we just talked about, triberocket.com/tw59 or you could put them in the LinkedIn group.
Mark: Yeah, folks. If you listen to this show, go join our LinkedIn group. You’re going to be first up for all the new podcast we have coming out and there’s a lot of good peer to peer exchange out there. There’s a content you won’t find anywhere else. It’s sort of like the sister to this podcast and all the rest are podcast. So go join the LinkedIn group. It’s a great place for you to drop your questions and like I said, if we read it on the air, you’ll get a big shout out.
James: Yeah. And drop us some more links. We want to be curating content from you all as well. So check that out at triberocket.com/linkedin and we got some reviews, Mark, people followed through. We got two five stars and from LA Spurs, which I’m not sure LA Lake — nah, anyway, “First time listener and I just subscribed to Great Overview of Current Events and News. I liked that the host weigh in with their opinions as well, great stuff.” New listener, people are still discovering this show. That’s fantastic and then really great name here, Banana Slug Rock Liquor.
Mark: Got to love that one.
James: Yeah. Five stars, “Greatest podcast show on earth.” All right, thank you for that. “I’ve been listening every week for the past year and I feel that my knowledge of the oil and gas industry has grown significantly from this podcast. I identify with host James Hahn absorbing the weekly teachings of host and industry guru, Mark LaCour. Awesome, so much of the latest news across the industry broken down and made easy to understand by just listening once a week. James Hahn, thank you for the onion headlines.”
Mark: Oh geez.
James: Yeah baby. They’re not going away. “Absolutely nothing to do with oil and gas but it’s a tradition that must continue forever.”
Mark: Yeah. So even though I don’t like the onion, Banana Slug Rock Liquor, thank you for the great review. That was awesome.
James: Yeah, that’s awesome. And I got to give a shout out as well to everyone listening on an Android device. We’re still waiting for Google Play to roll out their podcasts. We are published and live in there but they still haven’t pushed it out or given us any indication on when that’s going to happen but in the meantime, if you’re on an Android or if you’re listening to this on your desktop and you have and Android phone, you can download the Stitcher App, S-T-I-T-C-H-E-R and we got a — it’s a bit couple months past but we got to give a shout out to AnnDrucker06, “Five stars. On to something big, great podcast, I used to listen to a lot of sports, radio and wished for an oil and gas podcast that was enjoyable, that you could just sit back and listen to. The guys have a great dynamic. They remind me of the early days of Mike and Mike. Aside from being entertaining, the show is very informative and provides a great overview of the market. It’s not as in depth as say something from the economist but the host introduce the listener to some great resources and provide perspectives that would normally go unnoticed if not a condensed and centralized medium.” That is a very, very well written —[0:39:53]
Mark: Yeah. And you know, James I may be wrong about this. I think this is Aaron Drucker from CB&I.
James: That probably is true. Shout out.
Mark: If this is not Aaron, still thank you for the review.
James: Yeah, thank you for the review. That’s a good catch. All right, we are rounding the corner. We have made it. There’s going to be a lot of edits in this one, Mark but we made it through. If you made it this far of the show, please share it with your friends, your family, all that stuff. You can go to triberocket.com/shareli, that will take you straight to LinkedIn to share the show, /tw for Twitter, /fb for Facebook. And Mark, I know you’re ready to go.
Mark: Yeah folks, do great work. We look forward and we will see you next time.
James: Go find some grease, guys.