BP’s New Chairman has Experience moving companies to the US.
Stu finds a nugget in the Oilprice.com article of BP announcing a new Chairman who happens to have experience in moving a publicly traded company to New York. Stu jumped on it like a crow on a June bug. We had covered this in June, discussing how it would be better for BP’s stakeholders to relocate to the US and then seek a buyer.
As we examine oil and gas deals, we also assess evaluations of companies in the M&A space.
BP Appoints New Chairman with Experience of Relocation to New York
In a move that could signal strategic shifts amid mounting investor pressures and takeover rumors, BP has appointed Albert Manifold as its new chairman. Manifold, who brings a wealth of experience in corporate transformation, including successfully
Which Energy Markets are Moving
Refinery closures are a significant problem, and California has 20% of its capacity slated for closure. The Clean Energy Sector is losing out globally.
As we navigate through July 2025, the global energy landscape continues to evolve amid economic uncertainties, policy shifts, and fluctuating demand. From traditional fossil fuels to emerging renewables, various sectors are experiencing notable movements—some upward, […]
The Other Key Daily Standup Top Stories
EQT Calls on Congress to Slash Gas Project Approval Times
In a bold move to bolster America’s energy infrastructure and maintain global competitiveness, EQT Corporation’s CEO Toby Rice has urged Congress to dramatically shorten the approval timelines for new natural gas projects. This call comes […]
WSJ Editorial Board writes: The reliability of the US Grid is in trouble
We have written about this several times in the last few weeks and applaud the United States Department of Energy for recognizing the problem and working diligently to address it. DOE’s Grid Reliability Report Sounds the […]
Another Offshore Wind Project Blown Away
In a significant setback for Australia’s renewable energy ambitions, Norwegian energy giant Equinor has abandoned its third offshore wind project in the country, casting further doubt on the viability of the nascent industry Down Under. […]
Highlights of the Podcast
00:00 – Intro
00:12 -Which Energy Markets are Moving
03:36 – EQT Calls on Congress to Slash Gas Project Approval Times
05:17 – WSJ Editorial Board writes: The reliability of the US Grid is in trouble
07:20 – Another Offshore Wind Project Blown Away
10:49 – Markets Update
12:03 – BP Appoints New Chairman with Experience of Relocation to New York
14:42 – Outro
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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.
Michael Tanner: [00:00:00] Another death blow to clean energy, next on the Energy Newsbeat Daily Standup. [00:00:04][4.0]
Stuart Turley: [00:00:12] Which way energy markets are moving? This is a critical story, Michael, as we sit back and take a look. Navigating through July 2025, the global energy landscape continues to evolve amid economic uncertainty, policy shifts, and fluctuating demand from traditional fossil fuels to emerging renewables. Michael, I had my head what little hair pulling out on this and it is a lot of fun. Quarterly investments hit a post IRA low of just $5 million in Q1, down from a peak of $157 million in q3 of 2023. This downturn is to policy reversals. And people are sitting there going, well, wait a minute, which way is Trump’s tariffs gonna go, left or right? Which way? Trump know this, that. And I think Trump is now proving to the world that tariff negotiations are actually a good thing. And aluminum minimum, as I used to say when I was three, a key material energy infrastructure from solar panels to electric vehicles is grappling with oversupply and subdued prices in July. I did not see that one on my bingo card. Price remains in the dildrums due to a supply gut with expectations of short term. So, you know, don’t day trade it. But Michael, I did not see ethanol. Ethanol biofuse stables showed mixed, but generally positive momentum in July. I’ve written a several times, Michael, on our sub stack, get rid of ethanol. It’s bad. I don’t want to, you it’s like, holy smokes, just, It’s bad for cars, bad for the economy, bad for everything else, but it showed up in the, what to invest in. I’d go figure that one out. Yeah, refineries, oil and refinery margins. Michael, you talk about this a lot. Fell with US utilization dropping below 90% in mid-January to 86%. And I put in a graph in here from Bloomberg. It was pretty interesting when you sit back and take a look at Europe to US drive oil refinery closures. We’ve got 20% of California coming up to close. There’s a couple other closures that are also big in here. That’s going to really exacerbate whole problem. And yes, I said exacerbate. That’s a big word for me. So don’t fall out of your chair yet. But in the natural gas market, prices are volatile gaining ground in July driven by heat waves and demand. They rose to 357 per MBTU. And right now at the time we’re recording this, they’re at 3.29. So that’s pretty interesting. [00:02:55][162.7]
Michael Tanner: [00:02:55] Yeah, absolutely. I do think we also are going to see residential pricing from an electricity standpoint drop down to about $12 per MCF, which is about 22% drop relative to an inflation adjusted number. It’s a lot of what’s going on with natural gas has to do with summer season right now. It’s lot harder than we expected. I think it’s clear to do, as you said in your conclusion, the energy markets are diverging, clean energy developers in the United States are contracting sharply and we know aluminum is facing massive pricing pressures amid a massive surplus refineries. While they’ve, we’ve seen a short-term margin boost. Like you said, the long-term effects are going to be very interesting. So I think this was a great breakdown on where the energy is moving. Again, it’s clearly, you don’t want to be in the clean energy sector. [00:03:36][40.4]
Stuart Turley: [00:03:36] Hey, let’s roll the next story here. Love this one. EQT calls for Congress to slash gas project approval times. I absolutely love Toby Rice. And when you and I have always said on the show, good management, good numbers, and EQT is a good organization. EQT’s corporation CEO, Toby Rice has urged Congress to dramatically shorten the approval times for new natural gas projects. This call comes amid raising concerns over delays that are not benefiting foreign energy producing. But also threaten the United States in leading emerging technologies like IA. This is really critical, especially when you look at the report that we’re gonna keep talking on, that there’s 200 and some odd gigawatts of new energy projects, and only 22 gigawattes of those are nuclear and natural gas, and you can’t get them done. This is about pipelines and natural gasses in EQT, and Toby Rice is all over his business. [00:04:34][58.1]
Michael Tanner: [00:04:35] Yeah, great quote here. When we spent the last 10 years ripping out coal, shutting down nuclear and making it more challenging to get natural gas infrastructure built, nobody should be questioning why prices are up and grid reliability is a major concern. I mean, truly, I think that summarizes exactly, exactly the moment we’re at. And if we are going to become the leader in artificial intelligence, if we are gonna become a leader in the data centers that power this AI, energy is a critical, critical input. And we’re going to have to look and get creative about this because it’s clear wind and solar ain’t going to do the trick. [00:05:06][31.2]
Stuart Turley: [00:05:06] No. In fact, I’m very nervous about the grid. And again, I thank our lucky stars that we’ve got an administration that understands what’s coming around the corner. Let’s go to the next story, Michael. Wall Street editorial board writes the reliability of the U S grid is in trouble. Oh, speaking of the grid Let’s go to this one. This is from our buddy over there on LinkedIn. We’re talking about Doug Sheridan. I absolutely love this one and this ties into the grid reliability report. The Wall Street editorial board writes, the reliability of the US grid is in trouble. A new energy department report potential shortfalls we just talked about. American could lose power in 2030 for an average of 34 days. That turns us into almost a third world country. That’s a lot, dude. The answer is the IRA turbocharged subsidies for wind and solar in ways that distorted the energy investment because the subsidies can offset more than 50% of a project’s cost. And Michael. Nobody to this day is still talking about the end of life and land reclamation of this thing. It’s just unbelievable. The $39 billion that is a liability against the wind industry is absolutely horrific. [00:06:26][79.7]
Michael Tanner: [00:06:28] Yeah, it truly is. We love ourselves some Doug Sheridan. I mean, like you said, this is crazy. Americans will lose power in 2030 for an average of 34 days, assuming typical weather conditions. And if we have either heat waves or non-heat waves, it could reach 55 days. I mean that’s unbelievable that that’s just a number that’s out there. [00:06:46][18.3]
Stuart Turley: [00:06:46] So you’ve heard me say always have a plan and, and then, and this goes back into business continuity and having your own generator. It is critical right now. If you’re in a business, make sure you reach out to me and say, Hey dude, here’s my wattage. Here’s the kind of generator let’s talk about how you get a generator to run your bare minimum to keep your doors open, because this could be a problem. If you don’t plan for the worst, the worst will happen. Oh, that’s a great quote. That’s a great [00:07:19][33.0]
Michael Tanner: [00:07:19] Oh, what’s now? [00:07:20][0.5]
Stuart Turley: [00:07:20] Let’s go to the next one. Another offshore wind project blown away. Oh, I love this one. This move aligns with similar decisions by other European countries, highlighting mounting challenges in the sector. This is a setback for Australia’s renewable energy ambition. Norwegian energy giant Equinor has abandoned its third offshore wind project in Australia, casting further doubt on the viability of the industry down under. The latest casualty is the Bass offshore wind farm, the Bowie project off the northeast coast of Tanzmania, following earlier withdrawals from proposed of and the, I can’t even pronounce this one, a-l-l region, a-lo-ro-er. I’d sound like Scooby Doo if I actually tried to pronounce that. The German firm Skyborne Renewables has also completed the exit of the Australian market after shelving this. This is bringing another yet another highlight Michael net zero policies equals fiscal collapse in the industrialization and the world is running into a brick wall at a very high rate of speed. [00:08:32][72.1]
Michael Tanner: [00:08:33] Yeah, that is, I mean, you’re going to talk about a high rate of speed. I mean these wind farms are dropping quicker than a Usain Bolt 100 yard dash. I mean they’re, they’re dropping like flies. I think you, you, ask this question at the end of the article. Is this a global trend? And your first word was absolutely correct, which was absolutely it is. It’s you’re basically in 2024 and 2025, the global project setbacks have reached a staggering 300 gigawatts. Wow. It’s a lot of power. It’s a lot of- [00:09:02][29.8]
Stuart Turley: [00:09:02] Well, it’s just like on the US grid, there’s a hundred and ballpark, 180 of wind and solar that is on the books that I don’t know how much of that’s going to get installed, Michael. [00:09:13][10.9]
Michael Tanner: [00:09:14] Yeah, no, it’s absolutely incredible. So I mean, luckily, if you’re a fan of the whales, this is great for me. It’s a little bit sad, but We will we will take create reliability overall. [00:09:23][9.8]
Michael Tanner: [00:09:24] Let’s jump over and quickly cover what happened in the oil and gas market. Stu, first, let’s go ahead and pay the bills. As always, thank you for checking us out. WWW.EnergyNewsbeat.com, the best place for all your energy and oil and gas news. Hit the links in the description below. All links to the timestamps, links to the articles, subscribe to us on Substack, the energy newsbeat.substack.com. Shout out to friends of the show. Reese Energy Consulting. Guys, we love them. ReeseEneryConsulting.com If you need anything… In the midstream space. They are the go. Two experts when it comes to that. Guys, they’ve got clients that range from two guys in your garage all the way up to the largest publicly traded companies in the world. So if you’re wondering if you are a right fit for them, the answer is yes, guys. They have an extremely talented team that can help you with all facets of both midstream and at midstream as it relates to the upstream sector, guys, so check them out, reeseenergyconsulting.com. Also, guys if you are thinking about allocating capital to the US energy market, specifically oil and gas, We have a great portfolio survey, investinoil.energynewsbeat.com. Fill it out. We’ll send you over a bunch of information based upon your responses. And if you qualify, we will point you in the right direction guys investing in oil and gas specifically domestically is a great rate of lower way to lower your tax burden give yourself a little bit of portfolio diversification and achieve some monthly dividends so absolutely it is it is great invest in oil dot energy newsbeat.com. [00:10:48][83.7]
[00:10:49] Let’s quickly run through stu topline headlines smp 500 nasdaq a after being down early in the session. SMP 500 up five tenths of a percentage point NASDAQ up eight tenths for percentage point two and ten year yields fell about a half a percentage point a one point two percentage points for the ten year mainly on the back of tariff Uncertainty relative to that dollar index dropped another six tenths of a percentage point, a Bitcoin up still ranging about $118,000 crude oil pretty pretty down for the day down to 65 96 a Brent oil down as well 6911 and natural gas dropped about 25 cents or a whole 7% down to three dollars and 31 cents XOP Which is our EMP securities contract down 1.9 percentage points down to 126 91 I mean, I mean really there’s a little impact from on an oil side relative to what’s going on with the EU sanctions on Russia. I think a lot of what’s having to do with the pullback in oil right now has to do with us getting back to the tariff conversation. I think the geopolitical noise has sort of shaken itself out of the oil market and I think we’re also, again, slightly dealing with the fact that President Trump is still threatening to impose sanction on buyers of Russian exports, unless there’s that peace deal within 50 days. Going to be very interesting to see if that comes to be. [00:12:02][73.3]
Michael Tanner: [00:12:03] And finally, you actually, I stole this article from you, Stu. BP appoints new chairman with experience. Of relocation to New York. This is really, really interesting. So BP decided and has elected a new chairman of the board, Albright manifold who joins BP from CRH, which is an Irish building materials group where he has previously served as the CEO. To give you guys an idea on his background at CRH. He doubled their market cap capitalization and also orchestrated a high profile relocation of its primary stock listing to New or N-A-N- What that did was part of the reason why their market cap doubled. And you, you were able to pull this out of the article. You, you, you, you felt very sneaky about this when I got you get this credit too, because I think this has gone overlooked here. He’s going to take control of BP September 1st, 25 and he’ll be the chair elect, excuse me, September 1 and we’ll join as chairman on October 1. He expressed enthusiasm for accelerating BP strategies during what he calls a period of significant change. In the energy sector. It’s going to be real interesting, Stu, because I think exactly what you pointed out was interesting in this article is that he has experience migrating from exchanges to New York. And I think, you know, we talked on Friday about what’s ExxonMobil’s next move is. Well, we’ve talked about Diamondback or Oxy. I might almost put BP in that realm. If they make this change to be based in the United States, it could make them prime target for ExxonMobil relative to what we’re seeing here because they have an extremely good US shale game with BPX Energy and they have access to offshore and international projects that allow for massive growth from ExxonsMobil so I think this is really interesting Stu a great great find. [00:13:45][102.1]
Stuart Turley: [00:13:45] I’ll tell you, this was exciting. And I get excited because I wouldn’t, when we were talking about getting ready for the show on June 15th, I wrote BP Takeover Speculation Ignites is ADNOC, EGNOC Eyes Gas Asset should the BP relocate to the U S before selling and then all of a sudden the, the article showed up on oilprice.com but they really didn’t go into that. They didn’t, it was like all of the sudden one word in there. And I jumped on it like crow on a June bug when I rewrote this article. [00:14:17][31.5]
Michael Tanner: [00:14:17] Yeah, no, it’s an absolutely great find. It’s really fascinating. And I think it’s, it, it remains to be seen. I think BP is, is going to be in the, a seller in this market. So it’s going to be really interesting. [00:14:26][9.0]
Stuart Turley: [00:14:27] What’d we miss too? What should people think about? Oh, just keep an eye on everything. Silver seems to be going on the day trade zero on the block. But so you sit back and take a look. I think we’re about in the age of accountability, Michael. We’re about to find out. [00:14:40][13.4]
Michael Tanner: [00:14:40] Age of accountability. We love it, guys. With that, we’re going to go and let you get out of here. Get back to work. Start your day. Appreciate you guys checking us out. World’s greatest news show. Energy News Beat Daily. Stand up for Stuart Turley. I’m Michael Tanner. We’ll see you tomorrow, folks. [00:14:40][0.0][863.5]
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