Episode Transcript
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Speaker 1 (00:01):
Welcome to the nationally syndicated Energy Mix radio show, produced
by the Energy Network Media Group. The Energy Mix Radio
Show will give you an inside look at the energy
industry and how it affects you by talking with industry leaders, experts,
and government officials on the Energy Mix Radio Show.
Speaker 2 (00:16):
Welcome to the Energy Mix.
Speaker 3 (00:17):
I'm Robert Raypier, editor in chief of Shale Magazine and your.
Speaker 2 (00:21):
Host this week.
Speaker 3 (00:22):
Today, we welcome back to the show Matt Randolph, who
is a senior executive at the old company Sentinel Energy.
He's also one of the leading educators of energy issues
on TikTok. Matt, or mister Global as he goes by
on TikTok continues to grow as following and his videos
have been viewed hundreds of millions of times. He also
has a YouTube channel that is growing rapidly and a
(00:43):
substack publication. Matt, thanks for joining us again. Thanks for
having me absolutely So, it's been almost a year I
think since we last talked. I think it was August
twenty twenty four, and some things have changed. I mean,
we've got a new presidential administration, we've got to some
new energy policies.
Speaker 2 (01:02):
So let's start off with that. What are the biggest.
Speaker 3 (01:05):
Changes you've seen in the energy sector over the past, say,
ten to twelve months.
Speaker 2 (01:10):
Oh wow, Yeah, a lot has changed. I think probably
the one thing I've seen the biggest change in isn't
really around policy. It's just the technology is exploding in
this industry. And even just a year later today, then
I can't believe it's been a year since we talked. Honestly, well,
we did talk.
Speaker 3 (01:30):
We did talk on your YouTube channel, so it hasn't
been that long since we talked. Okay, it has been
since you were on this show. So yeah, we had
a good discussion on your YouTube channel, you know.
Speaker 2 (01:40):
I think earlier this year. Yeah, you know, honestly, a
lot of things have changed, but we expected a lot
of that change. You know, we're seeing upstream companies reduced capex.
You know, I think we a lot of us expected that.
We expected that the market was going to be a
lot softer going into twenty five and twenty six. I
(02:01):
think it might have happened a little bit sooner than
we expected. But you know, companies like Matador, you know, Chevron,
Konicco reducing their cap x. I don't think that was
largely unexpected. Technology is going crazy right now. I gave
a speech the other day to the Oklahoma Mayors Conference.
I was speaking to all the mayors in Oklahoma talking
(02:21):
about all the jobs we've lost in Oklahoma and the
oil and gas space in the last few years due
to technology, and a lot of those jobs lost during
a time of prosperity of companies making record profits. So
that's that's a huge issue in my state that we're
going to be dealing with in the future. And I
think probably the biggest one of the biggest changes is
(02:42):
just all of the uncertainty moving forward. We don't seem
to have a good, solid, clear eyed vision of where
we're going to be in a year or two years.
Just there's just a lot of uncertainty in the market
based on you know, the president's policies are know, we
tend to change from day to day. So that uncertainty
(03:04):
creates a lot of pause, you know, as you probably
know in the oil and gas industry, and it makes
people kind of step back and say, what are we
doing here? You know, because these people are risking billions
of dollars and they need that certainty. And so a
lot of uncertainty in the industry for sure.
Speaker 3 (03:22):
So what are some of the energy issues you've been
covering on your social media lately. I mean you're very active,
You're you're posting daily, you're riding on substacks. So what
are the major issues you're talking about.
Speaker 2 (03:36):
Well, obviously we're talking about the Middle East a lot
right now, which has pushed oil prices back up. This
has been for me, as someone who is expected to
sort of do some forecasting and predicting of things like
you do as well, this has been the most difficult
time in my life to do that because of the uncertainty. Right,
(03:56):
you know, we had a we had oil dive down
into the fifties. Now we're back up, pushing to eighty.
It's just kind of been a wild ride the last
few months and trying to keep up with all of it.
It's been kind of crazy. We've seen a lot of
I think we've lost don't quote me. I think we've
lost about thirty five or forty rigs since January several weeks.
(04:17):
I think we're now six weeks in a row of
losses of rig count. So it's been a roller coaster,
is what it's been. It's every day it's something new.
What do you think is driving that decline and rig count? Well,
I think, like I said before, you know, some of
that was planned. You know a lot of companies expected
(04:40):
us to get into sort of an oversupply scenario moving
into the second half of this year. I think that
some of that was accelerated with all of the tariffs,
and you know, we had the big stock market drop
that came back and then dropped, and then just I
really do think that uncertainty breeds a lot of this.
And I also think that sorry, I had a phone call,
(05:05):
did that mess you up? Okay? I also think that,
you know, for the most part, companies sort of saw
this coming. And for a while I thought, Man, the
oil and gas industries getting better at forecasting and laying
(05:27):
down and slowing down quicker is to not create more oversupply.
And then I started thinking, well, they've lived through a
previous Donald Trump administration. They kind of know his style
and how he does, so maybe they were just better
prepared because of that. But it really feels like the
industry is slowing down much faster than we have historically.
Speaker 3 (05:49):
Yeah, this morning, I was looking at oil production numbers
and I see that we are still in record territory.
I was kind of on the fence about whether we'd
set a record production record this year, but I thought,
if we do, it's not going to be.
Speaker 2 (06:02):
A big one.
Speaker 3 (06:03):
And we are less than three percent above where we
were a year ago, and so the growth has substantially
slowed and looks like it's flattening out. And you know,
I don't know where we go from here, but I
would bet that production is lower, you know, two years
or three years from now than it is right now.
I think we're starting to flatten out, and I think
probably oil companies are thinking that way as well. What's
(06:27):
your view on that?
Speaker 2 (06:29):
I agree, I've been looking at that a lot, and
sort of the question I had was, we had such
a big head start this year. You know, those first
couple of three months of twenty twenty five, we were
producing so much more than we were the first few
months of twenty twenty four, and I thought, well, we
got such a big head start, like we're really going
to have to lose a lot of production to not
(06:50):
set a record this year. And so right now I'm thinking, yeah,
we set a record, but we do it with production
declining because we're so far ahead and that's what I
think will happen. Of course, that was all before this
Iran thing popped off, and now oil prices are jumping up.
I don't expect It's just me, but I don't expect
(07:10):
oil companies to just go out and stand up a
bunch of rigs because of what's happening in the Middle
East right now. I think they proceed with a very
cautious approach. I think we continue to see production declines.
Definitely think in twenty twenty six there's no chance we
set a record unless these oil prices we're seeing right
now somehow continue due to a prolonged conflict in the
Middle East.
Speaker 3 (07:32):
Right So yeah, I'm just looking right now at the
EIA numbers cumulatively through six fourteen, So through last week
we are two point six percent ahead of where we
were a year ago, so a little bit higher, but
not a huge jump. You know, definitely has flattened out
in recent months. So President Trump's energy policies. You know,
(07:57):
he's been in office for about five months. He's made
a number of energy policy announcements. How are his unleashing
American Energy Executive or affecting the oil and gas industry?
What are you seeing, has anything affected your company?
Speaker 2 (08:13):
No, not really. I think his economic policies have had
a much larger impact on the industry than his energy policies.
I like what I'm hearing from the administration around nuclear energy.
I like the push for nuclear But you know, you
(08:34):
can come out and strip away a bunch of regulations
and stuff. That's not going to change what companies do
on a day to day basis. They're not just going
to stop what they're doing. Anything they were doing to
meet prior regulations is already embedded in their business, and
it's just it's not something they change. So that's not
something that's going to drive a ton of you know,
(08:54):
new exploration or anything. Maybe the biggest thing from a
tariff policy or the steel tariffs, that's something I'm pretty
concerned about. That adds a significant cost to the drilling
and completion of new wells, which is our biggest contributor,
you know, obviously in the United States. So I honestly
(09:15):
think it's it's it's the economic policies and all this
tariffs and all this stuff has had more impact on
the industry than his actual energy policies.
Speaker 3 (09:24):
So let's we mentioned the Middle East a couple of times.
I don't know if you're up to date on the
latest what's going on, but how explain you know, I
recorded my first TikTok yesterday in a long time, just
to explain what the situation was with Iran. That explained
to the listeners, you know, what's going on over there
and why is it important?
Speaker 2 (09:46):
Well, the reason it's important for the oil and gas
industry is, to me, the biggest threat is the Strait
of Hormuz. About twenty twenty one percent of the world's
oil flows through that straight out of the Persian Gulf,
the Gulf of Oman, depending on what direction you're going.
If something happens in there, that is the time when
(10:07):
you know, in our history we've heard of very hyperbolic,
crazy predictions about oil going to two or three hundred
dollars in gas being ten or fifteen dollars. That is
the one thing that could actually cause some of those
scenarios to play out. And even then, I don't think
we reached those hyperbolic predictions from the past, but you
could definitely see massive inflation in oil prices and gas
(10:31):
prices with these things happening in the Strait of Hormuz.
Fortunately it hasn't happened yet. The other night we had
apparently a couple of ships collided. They thought there might
have been an attack in the Gulf of Oman. I'm
still a little bit sketchy on that myself about what
actually happened there. But that's really the big thing. Iran
(10:53):
is a big oil producing nation and they're at war
in the Middle East, and that always drives oil prices up,
regardless of what the market looks like. Fundamentally, it's just
a thing. At the end of the day, I tell people,
you know, there's the price of oil is set by traders.
These are humans that are reacting to what's happening, and
at the same time they're also trying to figure out
(11:13):
how to make a buck on it, and you have
to and so trying to forecast what they're going to
do in these situations is difficult, but it's easy to
say it drives oil prices up. I think it's seventy
seven seventy eight dollars today, And if you think about it, fundamentally,
what's different in the market today than was a week
ago when it was sixty bucks? Right? Not really anything
(11:35):
fundamentally different it's all this tension. There's a fear premium there. Yes, yes, okay,
we need to take a quick break right there, and
then after the break, I want to talk about some
of the economic challenges facing energy companies despite the administration's
pro energy stance. So we'll be right back after the break.
Speaker 3 (11:55):
I'm Robert ray Pierre with the sweets guest Matt Randolph.
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Speaker 2 (13:02):
Welcome back to the Energy Mix Radio.
Speaker 3 (13:03):
I'm Robert Rapier with this week's guest, Matt Randolph. Matt,
one of the things that I think some people might
find odd is that Trump has very pro energy policies,
but low and gas companies are struggling. Stock performance is
down now. It has spiked over the conflict in the
Middle East, but you know, projects should being delayed and
(13:26):
as you noted.
Speaker 2 (13:27):
Rig counts down.
Speaker 3 (13:28):
What's your take on the disconnect between pro policies and
market performance. I think he wants to both the best
of both worlds, and it's not something that's exclusive. Obviously,
Republicans Democrats do the same thing. They want the best
of both worlds. So he wants to be pro energy.
There's a lot of money in the oil lobby that
(13:49):
goes to the Republican Party, but he also wants to
deliver low gas prices and low oil prices to make
it more affordable for his voters who just don't happen
to be oil executives, right, So I think he just
wants the best of both worlds. I think he understands
that low oil prices don't mean we're going to you know, drill, baby, drill.
(14:12):
But I think he also understands that it doesn't matter
because he can make the argument that it's happening even
if it's not right, and so people will assume that
we're in more energy independent and that we're drilling more
even though we're not if gas prices are lower. That's
what I think.
Speaker 2 (14:30):
So what's your official prediction? Have you made a prediction
on production record this year?
Speaker 3 (14:34):
I didn't make one this year, but I think at
this point, I think we're going to be on track
to set a new production record. But I'm like you,
I don't see it again next year. Given the flattening.
We'd have to drop off a fair amount in the
second half of the year, which is possible, but you know,
low price is higher. I don't really see that happening.
But how about you, what do you see we do?
(14:56):
I we have to drop a lot of production. To Liz,
I believe we'll set the record during a time where
oil production is declining, which is kind of odd. That's
I don't know that that's ever happened. Also, I noticed
THEIA is.
Speaker 2 (15:11):
Predicting we're going to average thirteen point seven million barrels
a day this year, even though that hasn't happened once
this year. Uh So I think they're going to miss
that by a long shot. We'll probably come in at
I don't know what you're thinking. I'm thinking maybe thirteen four,
you know, but uh, no way, we'll be thirteen seven. Yeah.
Speaker 3 (15:32):
Year to date daily average is thirteen point four six four.
As I said before, that's two point six percent higher
than last year, which was thirteen point one point nine
through this time last year. So you know, we'd have
to drop off probably three percent more than that in
(15:54):
the second half of the year, uh to not set
a record, And I don't really see that happening.
Speaker 2 (16:00):
Yeah, we'll have to have a pretty significant crash. And
with all of this stuff happening in the Middle East
right now, I just don't see it happening.
Speaker 3 (16:07):
So this is a question that I got on TikTok
and and you touched on it before, But what tariff
policies are affecting you the most? Are you actually seeing
an impact yet, or has that thing's been delayed and
so forth, and you're not. It's not really hitting you yet.
Speaker 2 (16:26):
So it's not really hitting us yet. We do have
some things we purchase because we have invested in some
technology that's that we use, some AI and some other
stuff and some well site monitoring. We haven't seen a
huge impact of that yet. We haven't purchased a lot
of steel or you know, a lot of pipe in
(16:48):
recent months. So that's really the main reason we haven't
seen it. I've I've heard that it takes time for
those tariffs to be realized in the market. From a
retail perspective, I do know that the steel tariffs are
impacting you know, companies that drilling a lot of new wells.
(17:09):
You know, it's definitely impacting them because they're already seeing
those those tariffs. And I've read anywhere from adding you know,
eighty to one hundred and sixty thousand dollars on a
new drill, which I mean that's a significant amount of money. Right,
So I say, the steel tariffs are definitely impacting, But
(17:30):
with so much more money now being invested in technology,
I suspect that that will impact that side as well.
So you you mentioned something I'm curious about.
Speaker 3 (17:42):
You mentioned that you guys use AI, and I talk
about AI a lot, and I talk about, you know,
the demand for electricity and how that's going to translate
into more demand for gas. So AI definitely impinges on
the energy sector. But you said you use AI. What
how do you use AI in your company?
Speaker 2 (18:00):
So we built a data mining tool. We actually got
a gentleman from the University of Stanford to help us
build a data mining tool and it uses AI and
it gathers up all of the information you can find
about Like say, you can pick a five square mile
area on a map and you can plug that map
(18:20):
into this data mining tool and it will collect all
of the production information, all of the geologic information, all
of the data related to any oil and gas operation
in that area historically, and it can extrapulate all that
data and it can tell you where the reserves are
in that field that are left behind. That's one of
(18:42):
the things my company does is we go look for
a lot of left behind reserves and old wells and
recomplete them and it'll literally tell you go to this well,
perforate this zone fracket. That's the best spot on the map,
and it's really it's an awesome tool that just collects
all the data for you that would normally it would
(19:02):
take a normal person months to collect all this data.
It can do it for you in about ten minutes.
And it is a very expensive piece of technology, but
it is fascinating in the things that can give you
and it's much better than using like old well logs
and all the things we used to do back in
the day. So it's a really cool piece of technology.
(19:23):
And we're a small company, so in my mind it's like, man,
if we have this, I can't imagine what Exxon has,
like they probably have something that just would blow my
mind even more. But that's just one of the ways.
Another way is well site monitoring, you know, fluid levels
and tanks spill detection. We use AI and technology. We
(19:45):
have a natural gas plant that is completely unmanned. We
use AI there, so we actually are beginning to use
it in a lot of facets of the operation. Excellent.
That is fascinating.
Speaker 3 (19:58):
So we will take a quick break out there and
be right back with Matt Randolph on the Energy Mix
radio show.
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Speaker 3 (21:22):
Welcome back to the Energy Mix Radio. I'm Robert ray
Pierre with the Sweet's guest Matt Randolph. U. Matt, let's
talk about renewable energy under the new administration. UH, there
have been a lot of changes there. What changes have
you seen that are really affecting renewable energy development? And
are you seeing changes in corporate energy strategies as a result.
Speaker 2 (21:44):
There is you know, significant targeting of the subsidies that
were you know, allotted uh in the Inflation Reduction Act
that was passed. I don't know that they've managed to
get rid of those yet. I think it's in the
budget bill that is, you know, up for a vote
right now. I think that probably has a significant impact
(22:05):
on renewable energy. There was a massive I think it
was sorry, I think it was orsted massive wind offshore
wind project that was shut down recently a few months back,
and they just last week came back and let them
resume operations. I'm not sure what exactly happened there, but
you know, this administration is not at all friendly to
(22:26):
renewable energy, and that's unfortunate because I think, personally, I
think we need all forms of energy we can harness
because we're moving into a period where as you know,
energy demand is going to grow faster than it's grown
in our lifetimes, and they make these decisions, you know,
the Biden administration, they made their decisions based on, you know,
(22:48):
the climate change debate. And I feel like this administration
also makes these decisions based on that debate and not
on just how much energy are we going to need?
And to me, that's what's important. How much energy are
we going to need? And I think a lot of
times that gets forgotten when these different presidential administrations are
sort of targeting types of energies to fuel their base
(23:11):
and the misconceptions their base have about different kinds of energy.
I think we need all kinds of energy. We just
do because energy demand is growing rapidly. So they're definitely
not friendly towards the renewable energy sector for sure. Right,
So let's talk about energy independence.
Speaker 3 (23:31):
We You and I have both educated people about energy
independence and what that means and where we are. So
I don't think the EIA has released this year's numbers yet,
but this is about the time they release them. Where
do you think we stand at this point and what
does energy dominance really mean?
Speaker 2 (23:49):
I think our energy independence is still growing. I honestly
don't know practically how important it is. I mean, there's
some national security implications, but I believe it's still growing.
And I think we were about just a little under
ten quadrillion btu's surplus last year, if I'm remembering correctly.
Speaker 3 (24:09):
My previous report I think was about that. I think
I'm with you. I think it will grow. I think
the numbers were about to get or where we were
in twenty twenty four, and I think that probably grew.
Speaker 2 (24:20):
Yeah, And you know, a lot of things contribute to that.
You know, the natural gas production will contribute to that.
Oil renewable, all of it. Even the production of ethanol
contributes to that. A lot of people don't realize the
largest renewable energy soar as we have is ethanol. You know,
people wonder if it's wind or solar, it's neither. It's ethanol.
(24:40):
It's like sixty two percent of our renewable energy. It
counts towards that. So it will grow. But you know,
practically speaking, how does that affect you and I on
a daily basis. I just don't think it does. You know,
there's no benefit to any individual American that we produce
more energy than we can consume. Other than we can
(25:01):
say we're energy independent and that's cool, and of course
there's national security implications. We can leverage that energy, but
as far as saving us money or doing anything great
for us in our pocketbooks, no, it's it's just not
my thing, right.
Speaker 3 (25:16):
I tell people the same thing, and you know, I
have to explain to them or I generally ask people
what do you mean by energy independence?
Speaker 2 (25:23):
Because if you mean we.
Speaker 3 (25:24):
Don't import oil, we've imported oil for you know, one
hundred years close to that probably, so we've never been
energy independent and that we don't depend on anyone else.
But yeah, in the last five years, we have produced
more energy than we've consumed and that's changed. I think
the one practical significance is and people would ask me,
(25:44):
you know what if something happens in the you know,
straight Orf form MOOS is shut down, so well, our
refiners can switch and they can refine the oil we produce.
It's just not a good fit. It's not a good
economic fit for them, it's not a good technical fit.
But it can't be done. So you know, if we
had to refine our own oil and stop relying on imports,
we could.
Speaker 2 (26:05):
Do that, So okay, I'm gonna take another.
Speaker 3 (26:07):
Quick break there and we'll be right back with Matt
Randolph on the Energy Mix radio ship.
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Speaker 2 (27:22):
Welcome back to the Energy Mix Radio.
Speaker 3 (27:23):
I'm Robert ray Pier with this week's guest, Matt Randolph. Matt,
I wanted to ask you kind of what energy misconceptions
you're dealing with right now. What do you see coming up?
Speaker 2 (27:36):
More often than not, a lot of people think that
we are drilling a lot more because gas prices have
fallen here over year from where they were. I think
today they're about twenty five cents again and cheaper than
they were a year ago today, So they believe that drill,
baby drill is in, you know, full of fact, and
(27:56):
it's and it's going on. Yeah, that's certainly not the case.
That's just a product of lower oil prices and uncertainty
in the economy. A lot of people think, uh, well,
the real funny one, you know, we changed the Gulf
of Mexico to Gulf of America to get rid of
Joe Biden's drilling band. That that's one of the funniest
(28:17):
ones to me because as you know that that drilling
band off the west coast of Florida has been there
for decades, uh and nothing has really stopped in the
Gulf of Mexico. Those are the two main ones. A
lot of people think. I've had people tell me the
Keystone XL has been opened. Yeah, that's another piece of
misinformation that's floating around. Uh. I think those are the
(28:41):
main three, you know, just sort of the same old
classic historical misinformation type stuff that we've always dealt with.
The funny the funny.
Speaker 3 (28:52):
It's always funny to me when people come at you
or me with absolute confidence about something that is absolutely wrong.
Speaker 2 (29:01):
You know.
Speaker 3 (29:01):
I remember a guy who said, I'm you know, I'm
an engineer, and I can tell you they're shipping tarsands
as is down the pipeline too and and then exporting.
And I said, how do you think tars hans are
going down a popeline?
Speaker 2 (29:15):
And he was very insulting and like, but it was
completely wrong. That's not how they ship it.
Speaker 3 (29:21):
But but I get that stuff all the time, and
it's always you know, people people can be wrong, and
I don't mind, you know, correcting people, but it's those
that are just absolutely confident that come at you that
are always crack me up.
Speaker 2 (29:34):
Yeah, that's a big one that we don't need. Canadian
oil is a big one, and I just tell him.
I'm like, well, technically we don't, but you're going to
pay them over your gas if we don't import it,
Like I know, you won't be happy about that. Yeah,
there's there's a lot of Canada stuff. Well, has the nature.
Speaker 3 (29:53):
Of misinformation changed with the new administration? Are you seeing
anything different? You know, I would say sometimes the administration
says things and sort of the Biden administration. So I
think the stuff you're dealing with, maybe Biden was over
over talking renewables and Trump maybe over talking you know,
(30:13):
coal or oil, and so there's some misinformation in both
cases that originated. I think with the administration.
Speaker 2 (30:21):
Oh, for sure. You know, Joe Biden said we weren't
drilling after we had doubled rig count. You know, Donald
Trump says gas is a dollar ninety eight. You know,
that's obviously not a thing. It's today it's three twenty
on a national average. I think at the time it
was around three twelve or three thirteen on an It
wasn't a dollar ninety eight anywhere, is the point. And
(30:41):
that's just what you get with administrations. You know, they
just say whatever they got to say, knowing people will
believe it. You know, but yeah, there's a lot of misconception.
Just the other day, Donald Trump said gas prices are
lower because of drill, baby drill. You know, just a
complete falsehood. There's there's simply nothing at all true about that.
(31:03):
But that's that comes with politics, I guess. Yeah.
Speaker 3 (31:07):
So let's talk about there's been a lot of executive
orders aimed at deregulation.
Speaker 2 (31:15):
Have any of these.
Speaker 3 (31:16):
Filtered down to your company? Are you seeing deregulation and
is that affecting your day to day operations at all?
It's not affecting me personally in anyway or my company.
H I think the biggest area where we're going to
see and I don't know if it's so much about
deregulation as it is just pushing it more the L
(31:40):
and G business. If you look at the current investments
flowing into the industry, it's really concentrated around l G
and technology. Investments are going to be dropping. They're dropping
in the oil exploration and production space, but they're rising
rapidly in LERG and technology. The biggest I would say
(32:02):
benefactor of the Trump administration is going to be the
natural gas business and the liquefied natural gas business. They
are quickly expediting approvals for permits for export and new terminals.
They're trying to pull the thing off up in Alaska.
I don't know if that's going to go or not.
I think ultimately these projects have to be profitable for
(32:23):
people to invest in them, and if they haven't done
it in the last thirty years, I don't know why they.
Speaker 2 (32:27):
Would do it today. But we'll see. I think, you know,
definitely the benefactors of Trump are LNG. I think technology
happens either way, but not so much the oil space
but the natural gas space. And I think everyone's bullish
on natural gas just because the amount we're going to
export in the future, but we plan to triple current exports,
(32:50):
which is a massive amount, and we'll just have to
see what happens there and with the AID data centers.
Speaker 3 (32:56):
I just I'm really bullish on natural gas prices. I
don't see how they can go down much from here.
But I've been wrong about that before. I mean, I
demand has grown, but production growth has has kept pace,
so natural gas prices have remained in check, which you
know has been surprising to me. So so really nothing
(33:18):
different from you from an operational standpoint. With the new administration.
Speaker 2 (33:22):
No, not really.
Speaker 3 (33:23):
Okay, So I'm gonna ask you something. This is like
to me bigfoot sightings. People ask me about new refinery construction.
You know, we are we building a new refinery. Where
we're building a new refinery. What's the status.
Speaker 2 (33:39):
Anything going on in refining? Not that I'm aware of.
You know, I've been I've been closely tracking this new
refinery they're supposedly going to build in Oklahoma for the
last four years and is at this point. I think
it's dead in the water, and they just don't want
to say so. But you know, refining is the toughest
I believe this single toughest business in this industry overall.
(34:03):
And I think it's it's the most difficult to get
investment dollars. People don't want to put their money there.
There's better places to put their money. And even if
you you know, with massive deregulation of refineries, I don't
think that helps that much. You know, I don't think
it causes people to say, Okay, let's dump billions of
dollars into refineries. We do know that apparently, you know,
(34:25):
some countries in the Middle East are going to pour
a bunch of money into infrastructure. Saudi Ramco. They're going
to apparently expand the refinery there in a freeport. That's
the one thing I've heard as far as new refineries,
I haven't heard anything but a lot of investment dollars
flowing into infrastructure, basically gas pipelines and energy terminals. Just
(34:49):
not a ton happening on the refining sign. Okay, And
that's my impression as well. I get asked about it
all the time, and I.
Speaker 3 (34:55):
Say, I'll believe it when they start to steal in
the ground and concrete and the drop.
Speaker 2 (35:00):
Yeah. Okay. So we'll take a quick.
Speaker 3 (35:02):
Break Rotten rout there and be back with our final
segment with Matt Randolph on the Energy Next radio show.
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Speaker 2 (36:11):
As you mix radio.
Speaker 3 (36:12):
I'm Robert Ray Pierre with this foice's guest Matt Randolph.
Speaker 2 (36:16):
Matt.
Speaker 3 (36:16):
In this segment, I want to talk a little bit
about you know what you're doing your mission to educate people.
I know that you lost a sub stack and you
continue to expand your platform. You know what's driving you
to educate people about energy and how has your approach evolved?
Speaker 2 (36:33):
Well, it's really you know, there's there's two. The reason
I got started was because there was so much misinformation
about our industry. As you know, it's the same reason
I got involved, exact same reason I got twenty years ago.
And like I told you, know, like I spoke about
the other day, it's because the industry itself is largely secretive.
(36:56):
They don't like to talk about this stuff, and that's
because it's historically a very litigious industry, so they try
to keep everything quiet, and that means everything people know
about the industry is filtered through politicians and the media,
which means it's wrong. Right. If you're hearing something about
our industry from politicians or the media, there's a ninety
(37:17):
nine percent chance it's going to be wrong. So my
goal was to just educate and inform people, and that's
kind of morphed into also being an advocate for oil
and gas workers and energy workers in general, and that's
part of the public speaking I'm doing now, is sort
of advocating for those people, because, like I told you earlier,
(37:37):
we've lost thirty percent of the oil and gas workforce
in Oklahoma in the last few years during a time
of prosperity. That's because of technology and efficiency and just
all the things that are happening we can drill it
well now in two weeks. That used to take what
I broke out and drilling it would take us a
year to drill that well. We couldn't drill that well.
We didn't even have the capability of drilling that well.
But what I'm saying is this goes so fast and
(38:01):
then you have so much technology displacing workers that we're
going to have to find something for those people to do.
Retrain them, you know, teach them the technology or the ai,
send them to some kind of schools. So the labor forces,
you know, in the oil and gas industry has shrunk
significantly over the past twenty years, and it's going to
continue to do so. Regardless of our energy demand and
(38:24):
how much energy we produce, the labor force is going
to continue to shrink. And a lot of these people
are you know, they're laborers. They're people that didn't go
to college. They're people that went out and got a job,
and they're making really good money. And I feel like
my concern is they're going to be left out in
the cold. Right in a state like Oklahoma where twenty
(38:44):
two percent of your GDP is from oil and gas,
and I can't remember the percentage of Oklahoma's that are
oil and gas workers, but they make two and a
half times the average salary of an Oklahoma We have
over one hundred thousand oil and gas workers in the state.
That's a massive blow to a state economy if you
(39:05):
lose half of your workers in the highest paying industry
of the state. So becoming more and more of an
advocate for those workers and trying to figure out ways
to help them is another one of my goals. So
I'm on YouTube, mister Global. YouTube is the handle I'm
on substack under Matt Randolph or mister Global too. I'm
on every social media platform. You will either find me
(39:28):
under mister Global or Matt Randolph. Right, Yeah, found I
found you on most of those. We cross paths now
and then, and there's a lot of fakes out there.
So if you fall I know, I know. And if
I message you and you follow me and I message
you and ask you about an oil and gas investment
or anything like that, it's not me. It is not me.
(39:49):
Do not respond. Yeah, I tell people that too. I've
had people.
Speaker 3 (39:53):
Get scammed out of a lot of money, like people
using my name and face, and I yes, I've had
to come out and tell people, you know, this is
not me. So you know, when I started doing this
about twenty years ago, my approach initially was very confrontational.
I was very in your face. I was calling out
(40:13):
the fraudsters and the scammers. And I did that for
a few years and it was good for engagement. But
I remember one time I did that with a company,
a publicly traded company that I thought was going to
go bankrupt, and I entitled the article dead man Walking,
and I got calls from the Department of Energy, who
(40:37):
was funding them. I got calls from the company, I
got call from investors. At that point, I said, I've
got to lighten up here and not be quite so flippant.
Speaker 2 (40:47):
And I say that because I'm.
Speaker 3 (40:48):
Wondering about your approach, if your approach has changed since
you started doing this, because I definitely mellowed mine out,
because you know, you do alienate people when you get
in their face like that. And I try to be
more engaging now than I once was. I still don't
mind being confrontation or just calling out, you know, stupidity
when I see it, but I've kind of mellowed and
(41:10):
I'm wondering about your approach.
Speaker 2 (41:12):
I think my approach is mellowing. It sounds like I'm
probably going through maybe a similar process that you went
through back in those days. I started off very aggressive.
A lot of that aggression, though, was coming from people
attacking me, and I felt like I needed to defend myself.
I'm much more engaging and I would rather have more
(41:34):
civil discussion every day than to argue back and forth
with people. One thing I noticed that I'm doing is
I'm responding less to agitators, which, if you know me
at all, is very hard for me to do because
there's nothing that gets me going more than arguing with
some agitator, some idiot. I'll just say it right, there's
(41:56):
nothing that gets me more than arguing with those people.
But maybe it's because I'm getting older, maybe it's because
I'm tired, but I'm definitely going in the direction that
you went. I'm getting less combative, less confrontational. I do
still respond occasionally to agitators, maybe out of boredom, I
don't know, but I love. The One thing I love
(42:19):
about local politics and speaking locally and being off the
internet is everyone's goal is the same, and no one
cares about your politics and you're just setting around having
discussions about how to solve problems, and that's my favorite
thing to do. It's, as you know, the real world
is much different than the Internet. And so I can
(42:40):
stand in a room in Oklahoma and the red est
state in the country, with the farthest right Republicans and
with some Democrats, and we can all talk and have
a great, amazing discussion about how we're going to help
a group of people, or how we're going to help
an industry, and politics does not come up. And that's
why I'm moving towards doing more of that, because it's
(43:03):
actually constructive. And if you're not being constructive, what are
you doing so right?
Speaker 3 (43:09):
How do you balance your role in your company as
senior executive with your social media stuff? What does a
day in your life look like?
Speaker 2 (43:18):
Well, so I've largely stepped away from my company. Actually,
we hired a big time engineer to come in and
take over a lot of the duties that I was doing,
because after now thirty four years in the industry, I
was just like, man, I'm tired, I'm burnt out, and
I think someone can do this better than me, because
(43:38):
it's not getting the attention that it needs. So I've
stepped I've largely stepped away from that. I've retained my
ownership in the company obviously, and you know, we're still
doing all the things we were doing before, so there's
not a ton of balance there to really be concerned about.
I got in there, and I built it to a
point and we basically tenext the company, and now you know,
(44:02):
we're all of the partners that originally started the company
have done this. We have all said it's time for
us to step away, bring in some younger people, fresh people,
new ideas, and with our guidance, let them kind of
grow and build the company. Because our senior partner, he's
approaching seventy five years old and he's been in this
(44:25):
industry since he was eighteen, so he's tired. I'm tired.
So all of us are largely stepping away and backing
off a little bit and kind of handing the reins
over to people with new energy and new blood. So, okay,
I appreciate you coming on the show again.
Speaker 3 (44:42):
That's all the time we have, but as always, fascinating topics,
fascinating discussion. I want to thank this week's guest, Matt Randolph,
and hopefully we'll have you on again soon, Matt, Absolutely anytime.
Speaker 1 (44:54):
The Energy Mix Radio show is where we explore topics
that affect us all in the oil and gas industry.
Every this week, our host will interview the movers and
shakers in this fast paced industry. You'll hear from industry experts,
elected officials, and many more on the Energy Mix Radio Show.
Welcome to the nationally syndicated Energy Mix radio show, produced
by the Energy Network Media Group. The Energy Mix Radio
Show will give you an inside look at the energy
industry and how it affects you by talking with industry leaders, experts,
and government officials on the Energy Mix Radio Show.
Speaker 2 (00:16):
Welcome to the Energy Mix.
Speaker 3 (00:17):
I'm Robert Raypier, editor in chief of Shale Magazine and your.
Speaker 2 (00:21):
Host this week.
Speaker 3 (00:22):
Today, we welcome back to the show Matt Randolph, who
is a senior executive at the old company Sentinel Energy.
He's also one of the leading educators of energy issues
on TikTok. Matt, or mister Global as he goes by
on TikTok continues to grow as following and his videos
have been viewed hundreds of millions of times. He also
has a YouTube channel that is growing rapidly and a
(00:43):
substack publication. Matt, thanks for joining us again. Thanks for
having me absolutely So, it's been almost a year I
think since we last talked. I think it was August
twenty twenty four, and some things have changed. I mean,
we've got a new presidential administration, we've got to some
new energy policies.
Speaker 2 (01:02):
So let's start off with that. What are the biggest.
Speaker 3 (01:05):
Changes you've seen in the energy sector over the past, say,
ten to twelve months.
Speaker 2 (01:10):
Oh wow, Yeah, a lot has changed. I think probably
the one thing I've seen the biggest change in isn't
really around policy. It's just the technology is exploding in
this industry. And even just a year later today, then
I can't believe it's been a year since we talked. Honestly, well,
we did talk.
Speaker 3 (01:30):
We did talk on your YouTube channel, so it hasn't
been that long since we talked. Okay, it has been
since you were on this show. So yeah, we had
a good discussion on your YouTube channel, you know.
Speaker 2 (01:40):
I think earlier this year. Yeah, you know, honestly, a
lot of things have changed, but we expected a lot
of that change. You know, we're seeing upstream companies reduced capex.
You know, I think we a lot of us expected that.
We expected that the market was going to be a
lot softer going into twenty five and twenty six. I
(02:01):
think it might have happened a little bit sooner than
we expected. But you know, companies like Matador, you know, Chevron,
Konicco reducing their cap x. I don't think that was
largely unexpected. Technology is going crazy right now. I gave
a speech the other day to the Oklahoma Mayors Conference.
I was speaking to all the mayors in Oklahoma talking
(02:21):
about all the jobs we've lost in Oklahoma and the
oil and gas space in the last few years due
to technology, and a lot of those jobs lost during
a time of prosperity of companies making record profits. So
that's that's a huge issue in my state that we're
going to be dealing with in the future. And I
think probably the biggest one of the biggest changes is
(02:42):
just all of the uncertainty moving forward. We don't seem
to have a good, solid, clear eyed vision of where
we're going to be in a year or two years.
Just there's just a lot of uncertainty in the market
based on you know, the president's policies are know, we
tend to change from day to day. So that uncertainty
(03:04):
creates a lot of pause, you know, as you probably
know in the oil and gas industry, and it makes
people kind of step back and say, what are we
doing here? You know, because these people are risking billions
of dollars and they need that certainty. And so a
lot of uncertainty in the industry for sure.
Speaker 3 (03:22):
So what are some of the energy issues you've been
covering on your social media lately. I mean you're very active,
You're you're posting daily, you're riding on substacks. So what
are the major issues you're talking about.
Speaker 2 (03:36):
Well, obviously we're talking about the Middle East a lot
right now, which has pushed oil prices back up. This
has been for me, as someone who is expected to
sort of do some forecasting and predicting of things like
you do as well, this has been the most difficult
time in my life to do that because of the uncertainty. Right,
(03:56):
you know, we had a we had oil dive down
into the fifties. Now we're back up, pushing to eighty.
It's just kind of been a wild ride the last
few months and trying to keep up with all of it.
It's been kind of crazy. We've seen a lot of
I think we've lost don't quote me. I think we've
lost about thirty five or forty rigs since January several weeks.
(04:17):
I think we're now six weeks in a row of
losses of rig count. So it's been a roller coaster,
is what it's been. It's every day it's something new.
What do you think is driving that decline and rig count? Well,
I think, like I said before, you know, some of
that was planned. You know a lot of companies expected
(04:40):
us to get into sort of an oversupply scenario moving
into the second half of this year. I think that
some of that was accelerated with all of the tariffs,
and you know, we had the big stock market drop
that came back and then dropped, and then just I
really do think that uncertainty breeds a lot of this.
And I also think that sorry, I had a phone call,
(05:05):
did that mess you up? Okay? I also think that,
you know, for the most part, companies sort of saw
this coming. And for a while I thought, Man, the
oil and gas industries getting better at forecasting and laying
(05:27):
down and slowing down quicker is to not create more oversupply.
And then I started thinking, well, they've lived through a
previous Donald Trump administration. They kind of know his style
and how he does, so maybe they were just better
prepared because of that. But it really feels like the
industry is slowing down much faster than we have historically.
Speaker 3 (05:49):
Yeah, this morning, I was looking at oil production numbers
and I see that we are still in record territory.
I was kind of on the fence about whether we'd
set a record production record this year, but I thought,
if we do, it's not going to be.
Speaker 2 (06:02):
A big one.
Speaker 3 (06:03):
And we are less than three percent above where we
were a year ago, and so the growth has substantially
slowed and looks like it's flattening out. And you know,
I don't know where we go from here, but I
would bet that production is lower, you know, two years
or three years from now than it is right now.
I think we're starting to flatten out, and I think
probably oil companies are thinking that way as well. What's
(06:27):
your view on that?
Speaker 2 (06:29):
I agree, I've been looking at that a lot, and
sort of the question I had was, we had such
a big head start this year. You know, those first
couple of three months of twenty twenty five, we were
producing so much more than we were the first few
months of twenty twenty four, and I thought, well, we
got such a big head start, like we're really going
to have to lose a lot of production to not
(06:50):
set a record this year. And so right now I'm thinking, yeah,
we set a record, but we do it with production
declining because we're so far ahead and that's what I
think will happen. Of course, that was all before this
Iran thing popped off, and now oil prices are jumping up.
I don't expect It's just me, but I don't expect
(07:10):
oil companies to just go out and stand up a
bunch of rigs because of what's happening in the Middle
East right now. I think they proceed with a very
cautious approach. I think we continue to see production declines.
Definitely think in twenty twenty six there's no chance we
set a record unless these oil prices we're seeing right
now somehow continue due to a prolonged conflict in the
Middle East.
Speaker 3 (07:32):
Right So yeah, I'm just looking right now at the
EIA numbers cumulatively through six fourteen, So through last week
we are two point six percent ahead of where we
were a year ago, so a little bit higher, but
not a huge jump. You know, definitely has flattened out
in recent months. So President Trump's energy policies. You know,
(07:57):
he's been in office for about five months. He's made
a number of energy policy announcements. How are his unleashing
American Energy Executive or affecting the oil and gas industry?
What are you seeing, has anything affected your company?
Speaker 2 (08:13):
No, not really. I think his economic policies have had
a much larger impact on the industry than his energy policies.
I like what I'm hearing from the administration around nuclear energy.
I like the push for nuclear But you know, you
(08:34):
can come out and strip away a bunch of regulations
and stuff. That's not going to change what companies do
on a day to day basis. They're not just going
to stop what they're doing. Anything they were doing to
meet prior regulations is already embedded in their business, and
it's just it's not something they change. So that's not
something that's going to drive a ton of you know,
(08:54):
new exploration or anything. Maybe the biggest thing from a
tariff policy or the steel tariffs, that's something I'm pretty
concerned about. That adds a significant cost to the drilling
and completion of new wells, which is our biggest contributor,
you know, obviously in the United States. So I honestly
(09:15):
think it's it's it's the economic policies and all this
tariffs and all this stuff has had more impact on
the industry than his actual energy policies.
Speaker 3 (09:24):
So let's we mentioned the Middle East a couple of times.
I don't know if you're up to date on the
latest what's going on, but how explain you know, I
recorded my first TikTok yesterday in a long time, just
to explain what the situation was with Iran. That explained
to the listeners, you know, what's going on over there
and why is it important?
Speaker 2 (09:46):
Well, the reason it's important for the oil and gas
industry is, to me, the biggest threat is the Strait
of Hormuz. About twenty twenty one percent of the world's
oil flows through that straight out of the Persian Gulf,
the Gulf of Oman, depending on what direction you're going.
If something happens in there, that is the time when
(10:07):
you know, in our history we've heard of very hyperbolic,
crazy predictions about oil going to two or three hundred
dollars in gas being ten or fifteen dollars. That is
the one thing that could actually cause some of those
scenarios to play out. And even then, I don't think
we reached those hyperbolic predictions from the past, but you
could definitely see massive inflation in oil prices and gas
(10:31):
prices with these things happening in the Strait of Hormuz.
Fortunately it hasn't happened yet. The other night we had
apparently a couple of ships collided. They thought there might
have been an attack in the Gulf of Oman. I'm
still a little bit sketchy on that myself about what
actually happened there. But that's really the big thing. Iran
(10:53):
is a big oil producing nation and they're at war
in the Middle East, and that always drives oil prices up,
regardless of what the market looks like. Fundamentally, it's just
a thing. At the end of the day, I tell people,
you know, there's the price of oil is set by traders.
These are humans that are reacting to what's happening, and
at the same time they're also trying to figure out
(11:13):
how to make a buck on it, and you have
to and so trying to forecast what they're going to
do in these situations is difficult, but it's easy to
say it drives oil prices up. I think it's seventy
seven seventy eight dollars today, And if you think about it, fundamentally,
what's different in the market today than was a week
ago when it was sixty bucks? Right? Not really anything
(11:35):
fundamentally different it's all this tension. There's a fear premium there. Yes, yes, okay,
we need to take a quick break right there, and
then after the break, I want to talk about some
of the economic challenges facing energy companies despite the administration's
pro energy stance. So we'll be right back after the break.
Speaker 3 (11:55):
I'm Robert ray Pierre with the sweets guest Matt Randolph.
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Speaker 2 (13:02):
Welcome back to the Energy Mix Radio.
Speaker 3 (13:03):
I'm Robert Rapier with this week's guest, Matt Randolph. Matt,
one of the things that I think some people might
find odd is that Trump has very pro energy policies,
but low and gas companies are struggling. Stock performance is
down now. It has spiked over the conflict in the
Middle East, but you know, projects should being delayed and
(13:26):
as you noted.
Speaker 2 (13:27):
Rig counts down.
Speaker 3 (13:28):
What's your take on the disconnect between pro policies and
market performance. I think he wants to both the best
of both worlds, and it's not something that's exclusive. Obviously,
Republicans Democrats do the same thing. They want the best
of both worlds. So he wants to be pro energy.
There's a lot of money in the oil lobby that
(13:49):
goes to the Republican Party, but he also wants to
deliver low gas prices and low oil prices to make
it more affordable for his voters who just don't happen
to be oil executives, right, So I think he just
wants the best of both worlds. I think he understands
that low oil prices don't mean we're going to you know, drill, baby, drill.
(14:12):
But I think he also understands that it doesn't matter
because he can make the argument that it's happening even
if it's not right, and so people will assume that
we're in more energy independent and that we're drilling more
even though we're not if gas prices are lower. That's
what I think.
Speaker 2 (14:30):
So what's your official prediction? Have you made a prediction
on production record this year?
Speaker 3 (14:34):
I didn't make one this year, but I think at
this point, I think we're going to be on track
to set a new production record. But I'm like you,
I don't see it again next year. Given the flattening.
We'd have to drop off a fair amount in the
second half of the year, which is possible, but you know,
low price is higher. I don't really see that happening.
But how about you, what do you see we do?
(14:56):
I we have to drop a lot of production. To Liz,
I believe we'll set the record during a time where
oil production is declining, which is kind of odd. That's
I don't know that that's ever happened. Also, I noticed
THEIA is.
Speaker 2 (15:11):
Predicting we're going to average thirteen point seven million barrels
a day this year, even though that hasn't happened once
this year. Uh So I think they're going to miss
that by a long shot. We'll probably come in at
I don't know what you're thinking. I'm thinking maybe thirteen four,
you know, but uh, no way, we'll be thirteen seven. Yeah.
Speaker 3 (15:32):
Year to date daily average is thirteen point four six four.
As I said before, that's two point six percent higher
than last year, which was thirteen point one point nine
through this time last year. So you know, we'd have
to drop off probably three percent more than that in
(15:54):
the second half of the year, uh to not set
a record, And I don't really see that happening.
Speaker 2 (16:00):
Yeah, we'll have to have a pretty significant crash. And
with all of this stuff happening in the Middle East
right now, I just don't see it happening.
Speaker 3 (16:07):
So this is a question that I got on TikTok
and and you touched on it before, But what tariff
policies are affecting you the most? Are you actually seeing
an impact yet, or has that thing's been delayed and
so forth, and you're not. It's not really hitting you yet.
Speaker 2 (16:26):
So it's not really hitting us yet. We do have
some things we purchase because we have invested in some
technology that's that we use, some AI and some other
stuff and some well site monitoring. We haven't seen a
huge impact of that yet. We haven't purchased a lot
of steel or you know, a lot of pipe in
(16:48):
recent months. So that's really the main reason we haven't
seen it. I've I've heard that it takes time for
those tariffs to be realized in the market. From a
retail perspective, I do know that the steel tariffs are
impacting you know, companies that drilling a lot of new wells.
(17:09):
You know, it's definitely impacting them because they're already seeing
those those tariffs. And I've read anywhere from adding you know,
eighty to one hundred and sixty thousand dollars on a
new drill, which I mean that's a significant amount of money. Right,
So I say, the steel tariffs are definitely impacting, But
(17:30):
with so much more money now being invested in technology,
I suspect that that will impact that side as well.
So you you mentioned something I'm curious about.
Speaker 3 (17:42):
You mentioned that you guys use AI, and I talk
about AI a lot, and I talk about, you know,
the demand for electricity and how that's going to translate
into more demand for gas. So AI definitely impinges on
the energy sector. But you said you use AI. What
how do you use AI in your company?
Speaker 2 (18:00):
So we built a data mining tool. We actually got
a gentleman from the University of Stanford to help us
build a data mining tool and it uses AI and
it gathers up all of the information you can find
about Like say, you can pick a five square mile
area on a map and you can plug that map
(18:20):
into this data mining tool and it will collect all
of the production information, all of the geologic information, all
of the data related to any oil and gas operation
in that area historically, and it can extrapulate all that
data and it can tell you where the reserves are
in that field that are left behind. That's one of
(18:42):
the things my company does is we go look for
a lot of left behind reserves and old wells and
recomplete them and it'll literally tell you go to this well,
perforate this zone fracket. That's the best spot on the map,
and it's really it's an awesome tool that just collects
all the data for you that would normally it would
(19:02):
take a normal person months to collect all this data.
It can do it for you in about ten minutes.
And it is a very expensive piece of technology, but
it is fascinating in the things that can give you
and it's much better than using like old well logs
and all the things we used to do back in
the day. So it's a really cool piece of technology.
(19:23):
And we're a small company, so in my mind it's like, man,
if we have this, I can't imagine what Exxon has,
like they probably have something that just would blow my
mind even more. But that's just one of the ways.
Another way is well site monitoring, you know, fluid levels
and tanks spill detection. We use AI and technology. We
(19:45):
have a natural gas plant that is completely unmanned. We
use AI there, so we actually are beginning to use
it in a lot of facets of the operation. Excellent.
That is fascinating.
Speaker 3 (19:58):
So we will take a quick break out there and
be right back with Matt Randolph on the Energy Mix
radio show.
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Speaker 3 (21:22):
Welcome back to the Energy Mix Radio. I'm Robert ray
Pierre with the Sweet's guest Matt Randolph. U. Matt, let's
talk about renewable energy under the new administration. UH, there
have been a lot of changes there. What changes have
you seen that are really affecting renewable energy development? And
are you seeing changes in corporate energy strategies as a result.
Speaker 2 (21:44):
There is you know, significant targeting of the subsidies that
were you know, allotted uh in the Inflation Reduction Act
that was passed. I don't know that they've managed to
get rid of those yet. I think it's in the
budget bill that is, you know, up for a vote
right now. I think that probably has a significant impact
(22:05):
on renewable energy. There was a massive I think it
was sorry, I think it was orsted massive wind offshore
wind project that was shut down recently a few months back,
and they just last week came back and let them
resume operations. I'm not sure what exactly happened there, but
you know, this administration is not at all friendly to
(22:26):
renewable energy, and that's unfortunate because I think, personally, I
think we need all forms of energy we can harness
because we're moving into a period where as you know,
energy demand is going to grow faster than it's grown
in our lifetimes, and they make these decisions, you know,
the Biden administration, they made their decisions based on, you know,
(22:48):
the climate change debate. And I feel like this administration
also makes these decisions based on that debate and not
on just how much energy are we going to need?
And to me, that's what's important. How much energy are
we going to need? And I think a lot of
times that gets forgotten when these different presidential administrations are
sort of targeting types of energies to fuel their base
(23:11):
and the misconceptions their base have about different kinds of energy.
I think we need all kinds of energy. We just
do because energy demand is growing rapidly. So they're definitely
not friendly towards the renewable energy sector for sure. Right,
So let's talk about energy independence.
Speaker 3 (23:31):
We You and I have both educated people about energy
independence and what that means and where we are. So
I don't think the EIA has released this year's numbers yet,
but this is about the time they release them. Where
do you think we stand at this point and what
does energy dominance really mean?
Speaker 2 (23:49):
I think our energy independence is still growing. I honestly
don't know practically how important it is. I mean, there's
some national security implications, but I believe it's still growing.
And I think we were about just a little under
ten quadrillion btu's surplus last year, if I'm remembering correctly.
Speaker 3 (24:09):
My previous report I think was about that. I think
I'm with you. I think it will grow. I think
the numbers were about to get or where we were
in twenty twenty four, and I think that probably grew.
Speaker 2 (24:20):
Yeah, And you know, a lot of things contribute to that.
You know, the natural gas production will contribute to that.
Oil renewable, all of it. Even the production of ethanol
contributes to that. A lot of people don't realize the
largest renewable energy soar as we have is ethanol. You know,
people wonder if it's wind or solar, it's neither. It's ethanol.
(24:40):
It's like sixty two percent of our renewable energy. It
counts towards that. So it will grow. But you know,
practically speaking, how does that affect you and I on
a daily basis. I just don't think it does. You know,
there's no benefit to any individual American that we produce
more energy than we can consume. Other than we can
(25:01):
say we're energy independent and that's cool, and of course
there's national security implications. We can leverage that energy, but
as far as saving us money or doing anything great
for us in our pocketbooks, no, it's it's just not
my thing, right.
Speaker 3 (25:16):
I tell people the same thing, and you know, I
have to explain to them or I generally ask people
what do you mean by energy independence?
Speaker 2 (25:23):
Because if you mean we.
Speaker 3 (25:24):
Don't import oil, we've imported oil for you know, one
hundred years close to that probably, so we've never been
energy independent and that we don't depend on anyone else.
But yeah, in the last five years, we have produced
more energy than we've consumed and that's changed. I think
the one practical significance is and people would ask me,
(25:44):
you know what if something happens in the you know,
straight Orf form MOOS is shut down, so well, our
refiners can switch and they can refine the oil we produce.
It's just not a good fit. It's not a good
economic fit for them, it's not a good technical fit.
But it can't be done. So you know, if we
had to refine our own oil and stop relying on imports,
we could.
Speaker 2 (26:05):
Do that, So okay, I'm gonna take another.
Speaker 3 (26:07):
Quick break there and we'll be right back with Matt
Randolph on the Energy Mix radio ship.
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Speaker 2 (27:22):
Welcome back to the Energy Mix Radio.
Speaker 3 (27:23):
I'm Robert ray Pier with this week's guest, Matt Randolph. Matt,
I wanted to ask you kind of what energy misconceptions
you're dealing with right now. What do you see coming up?
Speaker 2 (27:36):
More often than not, a lot of people think that
we are drilling a lot more because gas prices have
fallen here over year from where they were. I think
today they're about twenty five cents again and cheaper than
they were a year ago today, So they believe that drill,
baby drill is in, you know, full of fact, and
(27:56):
it's and it's going on. Yeah, that's certainly not the case.
That's just a product of lower oil prices and uncertainty
in the economy. A lot of people think, uh, well,
the real funny one, you know, we changed the Gulf
of Mexico to Gulf of America to get rid of
Joe Biden's drilling band. That that's one of the funniest
(28:17):
ones to me because as you know that that drilling
band off the west coast of Florida has been there
for decades, uh and nothing has really stopped in the
Gulf of Mexico. Those are the two main ones. A
lot of people think. I've had people tell me the
Keystone XL has been opened. Yeah, that's another piece of
misinformation that's floating around. Uh. I think those are the
(28:41):
main three, you know, just sort of the same old
classic historical misinformation type stuff that we've always dealt with.
The funny the funny.
Speaker 3 (28:52):
It's always funny to me when people come at you
or me with absolute confidence about something that is absolutely wrong.
Speaker 2 (29:01):
You know.
Speaker 3 (29:01):
I remember a guy who said, I'm you know, I'm
an engineer, and I can tell you they're shipping tarsands
as is down the pipeline too and and then exporting.
And I said, how do you think tars hans are
going down a popeline?
Speaker 2 (29:15):
And he was very insulting and like, but it was
completely wrong. That's not how they ship it.
Speaker 3 (29:21):
But but I get that stuff all the time, and
it's always you know, people people can be wrong, and
I don't mind, you know, correcting people, but it's those
that are just absolutely confident that come at you that
are always crack me up.
Speaker 2 (29:34):
Yeah, that's a big one that we don't need. Canadian
oil is a big one, and I just tell him.
I'm like, well, technically we don't, but you're going to
pay them over your gas if we don't import it,
Like I know, you won't be happy about that. Yeah,
there's there's a lot of Canada stuff. Well, has the nature.
Speaker 3 (29:53):
Of misinformation changed with the new administration? Are you seeing
anything different? You know, I would say sometimes the administration
says things and sort of the Biden administration. So I
think the stuff you're dealing with, maybe Biden was over
over talking renewables and Trump maybe over talking you know,
(30:13):
coal or oil, and so there's some misinformation in both
cases that originated. I think with the administration.
Speaker 2 (30:21):
Oh, for sure. You know, Joe Biden said we weren't
drilling after we had doubled rig count. You know, Donald
Trump says gas is a dollar ninety eight. You know,
that's obviously not a thing. It's today it's three twenty
on a national average. I think at the time it
was around three twelve or three thirteen on an It
wasn't a dollar ninety eight anywhere, is the point. And
(30:41):
that's just what you get with administrations. You know, they
just say whatever they got to say, knowing people will
believe it. You know, but yeah, there's a lot of misconception.
Just the other day, Donald Trump said gas prices are
lower because of drill, baby drill. You know, just a
complete falsehood. There's there's simply nothing at all true about that.
(31:03):
But that's that comes with politics, I guess. Yeah.
Speaker 3 (31:07):
So let's talk about there's been a lot of executive
orders aimed at deregulation.
Speaker 2 (31:15):
Have any of these.
Speaker 3 (31:16):
Filtered down to your company? Are you seeing deregulation and
is that affecting your day to day operations at all?
It's not affecting me personally in anyway or my company.
H I think the biggest area where we're going to
see and I don't know if it's so much about
deregulation as it is just pushing it more the L
(31:40):
and G business. If you look at the current investments
flowing into the industry, it's really concentrated around l G
and technology. Investments are going to be dropping. They're dropping
in the oil exploration and production space, but they're rising
rapidly in LERG and technology. The biggest I would say
(32:02):
benefactor of the Trump administration is going to be the
natural gas business and the liquefied natural gas business. They
are quickly expediting approvals for permits for export and new terminals.
They're trying to pull the thing off up in Alaska.
I don't know if that's going to go or not.
I think ultimately these projects have to be profitable for
(32:23):
people to invest in them, and if they haven't done
it in the last thirty years, I don't know why they.
Speaker 2 (32:27):
Would do it today. But we'll see. I think, you know,
definitely the benefactors of Trump are LNG. I think technology
happens either way, but not so much the oil space
but the natural gas space. And I think everyone's bullish
on natural gas just because the amount we're going to
export in the future, but we plan to triple current exports,
(32:50):
which is a massive amount, and we'll just have to
see what happens there and with the AID data centers.
Speaker 3 (32:56):
I just I'm really bullish on natural gas prices. I
don't see how they can go down much from here.
But I've been wrong about that before. I mean, I
demand has grown, but production growth has has kept pace,
so natural gas prices have remained in check, which you
know has been surprising to me. So so really nothing
(33:18):
different from you from an operational standpoint. With the new administration.
Speaker 2 (33:22):
No, not really.
Speaker 3 (33:23):
Okay, So I'm gonna ask you something. This is like
to me bigfoot sightings. People ask me about new refinery construction.
You know, we are we building a new refinery. Where
we're building a new refinery. What's the status.
Speaker 2 (33:39):
Anything going on in refining? Not that I'm aware of.
You know, I've been I've been closely tracking this new
refinery they're supposedly going to build in Oklahoma for the
last four years and is at this point. I think
it's dead in the water, and they just don't want
to say so. But you know, refining is the toughest
I believe this single toughest business in this industry overall.
(34:03):
And I think it's it's the most difficult to get
investment dollars. People don't want to put their money there.
There's better places to put their money. And even if
you you know, with massive deregulation of refineries, I don't
think that helps that much. You know, I don't think
it causes people to say, Okay, let's dump billions of
dollars into refineries. We do know that apparently, you know,
(34:25):
some countries in the Middle East are going to pour
a bunch of money into infrastructure. Saudi Ramco. They're going
to apparently expand the refinery there in a freeport. That's
the one thing I've heard as far as new refineries,
I haven't heard anything but a lot of investment dollars
flowing into infrastructure, basically gas pipelines and energy terminals. Just
(34:49):
not a ton happening on the refining sign. Okay, And
that's my impression as well. I get asked about it
all the time, and I.
Speaker 3 (34:55):
Say, I'll believe it when they start to steal in
the ground and concrete and the drop.
Speaker 2 (35:00):
Yeah. Okay. So we'll take a quick.
Speaker 3 (35:02):
Break Rotten rout there and be back with our final
segment with Matt Randolph on the Energy Next radio show.
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Speaker 2 (36:11):
As you mix radio.
Speaker 3 (36:12):
I'm Robert Ray Pierre with this foice's guest Matt Randolph.
Speaker 2 (36:16):
Matt.
Speaker 3 (36:16):
In this segment, I want to talk a little bit
about you know what you're doing your mission to educate people.
I know that you lost a sub stack and you
continue to expand your platform. You know what's driving you
to educate people about energy and how has your approach evolved?
Speaker 2 (36:33):
Well, it's really you know, there's there's two. The reason
I got started was because there was so much misinformation
about our industry. As you know, it's the same reason
I got involved, exact same reason I got twenty years ago.
And like I told you, know, like I spoke about
the other day, it's because the industry itself is largely secretive.
(36:56):
They don't like to talk about this stuff, and that's
because it's historically a very litigious industry, so they try
to keep everything quiet, and that means everything people know
about the industry is filtered through politicians and the media,
which means it's wrong. Right. If you're hearing something about
our industry from politicians or the media, there's a ninety
(37:17):
nine percent chance it's going to be wrong. So my
goal was to just educate and inform people, and that's
kind of morphed into also being an advocate for oil
and gas workers and energy workers in general, and that's
part of the public speaking I'm doing now, is sort
of advocating for those people, because, like I told you earlier,
(37:37):
we've lost thirty percent of the oil and gas workforce
in Oklahoma in the last few years during a time
of prosperity. That's because of technology and efficiency and just
all the things that are happening we can drill it
well now in two weeks. That used to take what
I broke out and drilling it would take us a
year to drill that well. We couldn't drill that well.
We didn't even have the capability of drilling that well.
But what I'm saying is this goes so fast and
(38:01):
then you have so much technology displacing workers that we're
going to have to find something for those people to do.
Retrain them, you know, teach them the technology or the ai,
send them to some kind of schools. So the labor forces,
you know, in the oil and gas industry has shrunk
significantly over the past twenty years, and it's going to
continue to do so. Regardless of our energy demand and
(38:24):
how much energy we produce, the labor force is going
to continue to shrink. And a lot of these people
are you know, they're laborers. They're people that didn't go
to college. They're people that went out and got a job,
and they're making really good money. And I feel like
my concern is they're going to be left out in
the cold. Right in a state like Oklahoma where twenty
(38:44):
two percent of your GDP is from oil and gas,
and I can't remember the percentage of Oklahoma's that are
oil and gas workers, but they make two and a
half times the average salary of an Oklahoma We have
over one hundred thousand oil and gas workers in the state.
That's a massive blow to a state economy if you
(39:05):
lose half of your workers in the highest paying industry
of the state. So becoming more and more of an
advocate for those workers and trying to figure out ways
to help them is another one of my goals. So
I'm on YouTube, mister Global. YouTube is the handle I'm
on substack under Matt Randolph or mister Global too. I'm
on every social media platform. You will either find me
(39:28):
under mister Global or Matt Randolph. Right, Yeah, found I
found you on most of those. We cross paths now
and then, and there's a lot of fakes out there.
So if you fall I know, I know. And if
I message you and you follow me and I message
you and ask you about an oil and gas investment
or anything like that, it's not me. It is not me.
(39:49):
Do not respond. Yeah, I tell people that too. I've
had people.
Speaker 3 (39:53):
Get scammed out of a lot of money, like people
using my name and face, and I yes, I've had
to come out and tell people, you know, this is
not me. So you know, when I started doing this
about twenty years ago, my approach initially was very confrontational.
I was very in your face. I was calling out
(40:13):
the fraudsters and the scammers. And I did that for
a few years and it was good for engagement. But
I remember one time I did that with a company,
a publicly traded company that I thought was going to
go bankrupt, and I entitled the article dead man Walking,
and I got calls from the Department of Energy, who
(40:37):
was funding them. I got calls from the company, I
got call from investors. At that point, I said, I've
got to lighten up here and not be quite so flippant.
Speaker 2 (40:47):
And I say that because I'm.
Speaker 3 (40:48):
Wondering about your approach, if your approach has changed since
you started doing this, because I definitely mellowed mine out,
because you know, you do alienate people when you get
in their face like that. And I try to be
more engaging now than I once was. I still don't
mind being confrontation or just calling out, you know, stupidity
when I see it, but I've kind of mellowed and
(41:10):
I'm wondering about your approach.
Speaker 2 (41:12):
I think my approach is mellowing. It sounds like I'm
probably going through maybe a similar process that you went
through back in those days. I started off very aggressive.
A lot of that aggression, though, was coming from people
attacking me, and I felt like I needed to defend myself.
I'm much more engaging and I would rather have more
(41:34):
civil discussion every day than to argue back and forth
with people. One thing I noticed that I'm doing is
I'm responding less to agitators, which, if you know me
at all, is very hard for me to do because
there's nothing that gets me going more than arguing with
some agitator, some idiot. I'll just say it right, there's
(41:56):
nothing that gets me more than arguing with those people.
But maybe it's because I'm getting older, maybe it's because
I'm tired, but I'm definitely going in the direction that
you went. I'm getting less combative, less confrontational. I do
still respond occasionally to agitators, maybe out of boredom, I
don't know, but I love. The One thing I love
(42:19):
about local politics and speaking locally and being off the
internet is everyone's goal is the same, and no one
cares about your politics and you're just setting around having
discussions about how to solve problems, and that's my favorite
thing to do. It's, as you know, the real world
is much different than the Internet. And so I can
(42:40):
stand in a room in Oklahoma and the red est
state in the country, with the farthest right Republicans and
with some Democrats, and we can all talk and have
a great, amazing discussion about how we're going to help
a group of people, or how we're going to help
an industry, and politics does not come up. And that's
why I'm moving towards doing more of that, because it's
(43:03):
actually constructive. And if you're not being constructive, what are
you doing so right?
Speaker 3 (43:09):
How do you balance your role in your company as
senior executive with your social media stuff? What does a
day in your life look like?
Speaker 2 (43:18):
Well, so I've largely stepped away from my company. Actually,
we hired a big time engineer to come in and
take over a lot of the duties that I was doing,
because after now thirty four years in the industry, I
was just like, man, I'm tired, I'm burnt out, and
I think someone can do this better than me, because
(43:38):
it's not getting the attention that it needs. So I've
stepped I've largely stepped away from that. I've retained my
ownership in the company obviously, and you know, we're still
doing all the things we were doing before, so there's
not a ton of balance there to really be concerned about.
I got in there, and I built it to a
point and we basically tenext the company, and now you know,
(44:02):
we're all of the partners that originally started the company
have done this. We have all said it's time for
us to step away, bring in some younger people, fresh people,
new ideas, and with our guidance, let them kind of
grow and build the company. Because our senior partner, he's
approaching seventy five years old and he's been in this
(44:25):
industry since he was eighteen, so he's tired. I'm tired.
So all of us are largely stepping away and backing
off a little bit and kind of handing the reins
over to people with new energy and new blood. So, okay,
I appreciate you coming on the show again.
Speaker 3 (44:42):
That's all the time we have, but as always, fascinating topics,
fascinating discussion. I want to thank this week's guest, Matt Randolph,
and hopefully we'll have you on again soon, Matt, Absolutely anytime.
Speaker 1 (44:54):
The Energy Mix Radio show is where we explore topics
that affect us all in the oil and gas industry.
Every this week, our host will interview the movers and
shakers in this fast paced industry. You'll hear from industry experts,
elected officials, and many more on the Energy Mix Radio Show.
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