#hottakeoftheday

Out today is our episode with Alex Epstein, the author of “The Moral Case for Fossil Fuels.” If you don’t follow Alex or haven’t read his book, it’s absolutely worth the read. From the discussion, I totally agree with Alex that the oil, gas and coal industry hasn’t done a good job (or a job at all!) of advocating that not only aren’t fossil fuels bad, but that they are superior to wind and solar because they can exist as a stand alone power grid without back up, and it is always available at the flick of a switch. Humans need energy to live, and if we care about the 3 billion without it, instead of pointing to a flood and saying, “see... climate change”, we can provide the tools to manage them, similar to our coastal cities. Human ingenuity and adaptability is always underestimated. It wasn’t lost on either of us that the new arena in Seattle that will be sponsored by Amazon and is called “Climate Pledge Arena" is powered, in part by solar... which is interesting given that games are usually played at night. He is thoughtful, well spoken and if I dare say, pretty brilliant. #hottakeoftheday podcast Episode 55 w/Alex Epstein https://youtu.be/Kubb8U4udbE?t=4   Audio Podcast   About Alex Epstein Alex Epstein is a philosopher who argues that “human flourishing” should be the guiding principle of industrial and environmental progress. He founded Center for Industrial Progress (CIP) in 2011 to offer a positive, pro-human alternative to the Green movement. Epstein is the author of The Moral Case for Fossil Fuels (Penguin, 2014), a New York Times bestseller arguing that if we look at the whole picture, human flourishing requires that humanity use more fossil fuels not less. (WSJ review here.) The book has been widely praised as the most persuasive argument ever made for our continuing use of fossil fuels, winning Epstein the “Most Original Thinker of 2014” award from The McLaughlin Group. Epstein, known for his willingness to debate anyone, anytime, has publicly debated leading environmentalist organizations such Greenpeace, the Sierra Club, and 350.org over the morality of fossil fuel use. He has made his moral case for fossil fuels at dozens of campuses, including Harvard, Yale, Stanford, and Duke (his alma mater). He has also spoken to employees and leaders at dozens of Fortune 500 energy companies, including ExxonMobil, Chevron, Phillips 66, Valero, Enbridge, and TC Energy. In his speeches and consulting work he helps companies take his pro-human messaging and use it to neutralize attackers, turn non-supporters into supporters, and turn supporters into champions. One of his major goals is to teach millions of employees in the fossil fuel industry to understand the value of what they do and how to communicate it. If you’re interested in having Alex Epstein speak to your audiences, you can learn more here.   Dialogue 00:00 - 09:00:  Intro & background; logical thinking, Thomas Sowell, Ayn Rand, Atlas Shrugged, evaluation standards to decision making, relationship with nature, energy poverty 09:00 - 20:00:  Human-centric development, Michael Shellenberger, Apocalypse Never, Alex Epstein podcast, clarifying values, climate change, catastrophism, nuclear power 20:00 - 29:00:  Consumers and demand, anti-fossil fuel movement, rising CO2 and adaptive capabilities, anti-human impact framework, Thanos as environmentalist 29:00 - 34:30:  Sustainability, Perfect Planet Premise, Anti-impact framework 34:30 - 40:00:  ESG movement, Sustainability = non-hydrocarbon (and non-nuclear), renewable revolution, long-term value 40:00 - 51:00:  Moral Monopolies, fossil fuels vs renewables, "unreliables" 51:00 - 59:00:  Capitalism vs Communism, systemic changes and challenges, book updates, election messaging 59:00 - 68:30:  COVID-19 response reactions, catastrophe models   Click HERE to review Alex's Energy Talking Points 2020   Related Mentions Thomas Sowell Ayn Rand,

One of the few people I read routinely on Twitter is Art Berman.  He is a geologist, commentator and analyst who has been around the industry for over 40 years.  With a history degree, he sees historical patterns, and as a scientist he digs at the data as few others do.  It’s rare to find someone as data driven as me but Art might be the smarter, better looking version.  Regardless, I enjoyed the conversation and hope you do too. #hottakeoftheday podcast Episode 54 w/Art Berman https://youtu.be/owBKk8OC_LM   Audio Podcast   Art Berman Arthur E. Berman is a petroleum geologist with 36 years of oil and gas industry experience.  He is an expert on U.S. shale plays and has published more than 100 articles on oil and gas plays and trends.  He has been interviewed about oil and gas topics on CBS, CNBC, CNN, CBC, Platt’s Energy Week, BNN, Bloomberg, Platt’s, The Financial Times, The Wall Street Journal, Rolling Stone and The New York Times.  Berman has served on the boards of directors of The Houston Geological Society and The Society of Independent Professional Earth Scientists. He worked 20 years for Amoco (now BP) and 16 years as consulting geologist.  He has an M.S. (Geology) from the Colorado School of Mines and a B.A. (History) from Amherst College.

Join me as I talk with David Forsberg, Managing Partner with Ascent Energy Ventures in a wide ranging discussion about oil and gas technology companies and the digitization of the oilfield, the investment thesis and how it’s changed since 2015, valuations and valuation methodology as driven by data, analytics and a sprinkling of hope (hope is not a plan). #hottakeoftheday podcast Episode 53, w/David Forsberg, Ascent Energy Ventures https://youtu.be/BA1z-2q_4yQ   Audio Podcast   David Forsberg bio David Forsberg, CFA- Managing Partner Ascent Energy Ventures David founded Ascent Energy Ventures in 2019 to execute upon the generational opportunity in energy technology companies solving global energy problems, leading to a more efficient and automated industry. He brings over 15 years of experience deploying investment capital for institutions, private investors, and a single-family office. He began his investment career in quantitative finance managing algorithmic execution and systematic investment models for Joe Ritchie at Fox River Financial Resources where he gained firsthand experience with industry wide automation. After eight years managing as much as $100mm in public market portfolios, David was hired by an energy focused single-family office where he sourced and conducted due diligence on hundreds of private investments. Throughout his life, David has been involved in numerous segments of the energy industry- starting as a college intern for the Secretary of Energy and the Senior Policy Advisors; then as a portfolio manager of long/short E&P equities and commodity futures; then managing oil & gas investments in working interests and minerals; and most recently in the energy technology sector. In addition to his investment work, David acts as a strategic advisor to multiple entrepreneurs, founders, and private investors as well as a litigation financial expert, where he prepares expert reports including complex calculations of damages and financial malfeasance. David has spoken at the University of Colorado on the subject of investments, public market structure, and financial sector automation. He spent seven years as the vice chairman of the advisory board for a $1.4b financial firm and currently sits on the endowment investment committee for Regis Jesuit High School. David holds a BS in Finance from the University of Colorado at Boulder where he delivered the student commencement address and received a leadership award. David is a CFA Charterholder, member of the CFA institute, and the Denver CFA Society. He is a long-term resident of Denver, Colorado where he lives with his wife Shannon and their young son. Over the years, he has enjoyed global travel and is passionate about skiing and spending time in the mountains.

This week on the #htotdpodcast, we sit down with Rob Turnham, President of Goodrich Petroleum, to discuss what it’s like to be a public oil and gas company, the challenges, and the opportunities.  Having gone public in 1995 and with management owning 56% of the float, Goodrich Petroleum is an interesting case study.  Having Eagleford assets, Haynesville and Tuscaloosa Marine Shale (TMS), they have seen every part of the commodity cycle and cycle of basins and plays over 25 years. We talk hedging, strategy, optionality, lay-offs and reflect on a long career in industry.   #hottakeoftheday podcast Episode 52 w/Rob Turnham, Goodrich Petroleum https://youtu.be/Aar02Oo2vu4   Audio Podcast   Rob Turnham official bio Robert C. Turnham, Jr. President, Goodrich Petroleum Robert C. Turnham, Jr. is a founding partner, President and Director of Goodrich Petroleum Corporation, a public E&P company focused on exploration, exploitation and development of unconventional onshore oil and natural gas reserves.  The Company was founded in 1995 and trades on the New York Stock Exchange under the symbol GDP. Goodrich Petroleum has been an early mover in the Haynesville, Eagle Ford and Tuscaloosa Marine shale basins. The Company has spent over $3 billion of capital expenditures in these areas and raised $2.5 billion of capital through asset sales and capital market transactions since going public. Prior to 1995, Mr. Turnham was President of Liberty Production Company, a privately held oil and gas exploration and production company, and Turnham Interests, Inc., an oil and gas investment company. Mr. Turnham started his career with Pennzoil Company in 1981. Mr. Turnham has been a guest commentator on CNBC, Fox Business and Bloomberg, a guest speaker at numerous conferences over the years, and has served on various private company and non-profit boards.  

The inflation in university and college tuition in the last 20 years has substantially outpaced inflation.  Coupled with flat wages, and now, a coming recession/depression - parents are asking themselves “is a college education a good investment for the future?” I am joined by Bob Ault - an oil and gas industry professional but with a PhD in higher education administration. We talk about inflation, what schools can do differently and what’s next for colleges.   Episode 51 - Education with Bob Ault, PhD https://youtu.be/456GkR4x19g   Podcast Audio  

Join me as I talk to Chad Hathaway, Founder and CEO of Hathaway LLC, about the lost oil province in the United States... California.  Growing up in Bakersfield and having oil in the blood leads to a unique perspective on regulatory standards, politics, and life.  I learned a lot. I hope you do too! DRW Episode 50! California oil and gas with CEO Chad Hathaway https://youtu.be/uD6snP_YEk0   Podcast audio   Chad Hathaway official bio CHAD HATHAWAY Founder & CEO Mr. Hathaway is the owner and founder of Hathaway LLC and Payzone Directional Services. In 2011, 2012 and 2013 Hathaway LLC was named the fastest growing privately owned company in Kern County by Inc. Magazine and was named the TEEMCO 2013 West Coast E&P Company of the Year. Chad is the co-founder of Kern Citizens for Sustainable Government and the Kern County Energy Foundation. He also currently serves on the Board of California Independent Petroleum Association. Prior to starting Hathaway LLC, Mr. Hathaway spent several years in various oil and gas fields, learning operations first hand. He also worked in the directional drilling business, before founding Payzone Direction Services. This wide array of experience has provided him the knowledge and ability to gain a competitive advantage in the industry. Chad attended Bakersfield College and California State University, Fresno majoring in Communications with an emphasis in Business.    

In January of 2018, Tom Loughrey had an idea.  It was 2008 again, in a way, but this time for E&P companies.  They were overvalued, not properly accounting for their inventory or type curves, and Tom saw it as the “Big Short in Energy”.  He was shown the elevator in every office he pitched in.  That lead him to build FLOW, a tool that helps investors understand the value of the assets in companies they want to buy.  How can I stay in top of 50 companies with new data and pricing every day?  AI. Join me in conversation with Tom as we talk through the past, and the future. Episode 49 - Tom Loughrey, Friezo Loughrey Oil Well Partners Podcast audio   Tom Loughrey official bio President Friezo Loughrey Oil Well Partners, LLC (FLOW) Tom has spent over 20 years investing across the oil & gas capital structure at hedge funds: Argent, Raven Rock and Silverback. Tom’s search for a product with FLOW’s tools and workflow led him to design and lead the development of FLOW’s capabilities. Tom started his career in energy investment banking at Salomon Brothers and Credit Suisse after graduation from Dartmouth. Tom received his MBA from UNC.  

In this #hottakeoftheday podcast episode, I am joined by Michael Teague of Adamantine Energy as part of his discussions on “Looking ahead of the curve”.  Timely and topical as we move through the Covid crisis and start anticipating how the world will continue to change and evolve.  If you didn’t see it, here is an article introducing the concepts and in our discussion we deep dive (the next installment in the series will go out on June 4th) I really enjoyed the insight, and know you will as well. Episode 48 - Michael Teague, Adamantine Energy https://youtu.be/TmsN_LhivhY Podcast Audio   Official Bio of Michael Teague Michael Teague Strategic Advisor and Systems Integrator As the strategic advisor and systems integrator for Adamantine Energy, Mike brings a unique ability to distill information, clearly identify an issue, and use his wide range of experience to define a path forward.  He draws from his service at the cabinet level of state government as well as from a 28-year career in the U.S. Army. As Oklahoma’s first secretary of both energy and environment, Mike became highly respected by parties across traditional political and development divides.  Mike’s biggest task during his tenure as secretary was spearheading a transparent, multi-stakeholder state coordinating council that traced Oklahoma’s sudden increase in earthquakes to disposal wells and then implemented solutions that reduced earthquakes in Oklahoma nearly five-fold since the council began its work.  His model for bringing stakeholders together to solve contentious issues collaboratively has been used with a variety of issues across the state by agencies, non-profits, and local communities. Prior to his appointment as secretary, Mike accrued a wealth of international and domestic experience in energy and environment solutions from his nearly three-decade-long active duty Army career, working in  construction, power generation and distribution, water management including desalinization, and environmental impact studies.  Before retiring with the rank of Colonel, Mike commanded the Tulsa District of the U.S. Army Corps of Engineers from 2010 to 2013, where he facilitated and negotiated numerous solutions among federal and state agencies, Native American tribes and local stakeholders. Mike received a bachelor’s degree in Civil Engineering from Norwich University. He also received master’s degrees in Operations Analysis from the Naval Postgraduate School and in National Security and Strategic Studies from the Naval War College.

Imagine it’s 2008 and you are graduating from college and have no job prospects.  The logical thing to do is to beg, plead, hustle, grind your way into a Dedication ceremony to the Y in Dallas for T Boone Pickens and have him hire you as an intern.  Join me for a wide ranging discussion with Billy Bailey, investor, portfolio manager, Founder of Saltstone Capital Management and all around great guy as we start at Alabama football, work through the 6 year bear market and end with ... what’s next in energy. Enjoy! DRW Episode 47 - Dialogue with Billy Bailey https://youtu.be/PdkFq1Q5T0I   Podcast audio   Official Billy Bailey Bio Billy Bailey Founder & Portfolio Manager, Saltstone Capital Management, LLC Mr. Bailey spent over six years analyzing energy companies and commodities for the late T. Boone Pickens’ investment manager, BP Capital. Prior to founding Saltstone, he served as Portfolio Manager & Senior Research Analyst for the private hedge fund and the BP Capital fund advisors family of mutual funds. After approaching Mr. Pickens with the idea of launching a strategic shift in a product BP Capital offered, he was appointed Portfolio Manager on December 1, 2014 for the private hedge fund’s long/short equity strategy, BP Capital Energy Horizons. His responsibilities included fundamental analysis of equities and energy commodities, idea generation, and portfolio construction. Each year he participated in over 150 private meetings with publicly traded energy company executives. In July 2012, he was honored to become one of the youngest to appear in the Bright Spot section of the highly acclaimed energy magazine, Oil and Gas Investor. Mr. Bailey graduated cum laude with a B.S. in finance from the Culverhouse College of Business at The University of Alabama.

Today I am joined by Laura Preng of Preng and Associates who is a long time energy recruiter to talk about the state of the industry, tips and tricks of the trade to be more visible and be considered for more roles, thoughts on what to do if you want to pivot from an energy career and what to look for in the next 5 years.  I’ve been friends with Laura for a long time and I always enjoy talking to her and getting her insights, especially in this unique time in our industry. I hope you enjoy.   Podcast Audio   Laura's official bio Laura Preng is a Partner at Preng & Associates and specializes in recruiting board directors, C-suite executives and senior leadership for public and private companies in the energy industry.  She joined the firm in 2011 after working several years as a recruiter for another energy recruiting firm and leads engagements in the upstream, downstream, midstream, and service and equipment sectors.  Ms. Preng also partners with private equity firms and helps recruit board members and senior executives for their portfolio companies and professionals for their firms. Prior to entering the search industry, she spent more than twelve years honing her interviewing skills as a television news reporter and anchor for the CBS affiliate in Jackson, Mississippi, and the NBC affiliate in Nashville, Tennessee. As a reporter, Ms. Preng covered politics and breaking news stories and was recognized by the Associated Press with a number of awards, including best investigative and spot news. Ms. Preng serves on the advisory board for the NACD Tri-Cities Chapter and is an active member of the Ft. Bend Junior Service League.  She attended the S.I. Newhouse School of Public Communications at Syracuse University in New York where she graduated with honors in Broadcast Journalism.