ResNet Review

July 2023

ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for July:


  • Special Presidential Envoy for Climate John Kerry was heavily criticized after he testified during a congressional hearing that he has never owned a private jet. During a recent hearing, representatives confronted Kerry about his past private jet use in light of the top administration official's efforts to fight climate change.

    • What’s this new fad with besmirching the good name of our environmentalist heroes? First, they come after Leo over his mega-yacht. Now it’s John Kerry flying private. What’s next? Greta Thurnberg can’t drive her Suburu to primary school? Gimme a break.

  • The plane was registered to a charter company owned by Kerry's wife, Teresa Heinz-Kerry. According to flight tracking data obtained, the Gulfstream GIV-SP jet made a total of 48 trips that lasted more than 60 hours and emitted an estimated 715,886 pounds of carbon over the course of the Biden administration's first 18 months.

    • What an odd marriage. John’s the climate crusader saving the world from extinction with his solar panels. Teresa’s the gas guzzling heiress YOLO’ing her Gulfstream around the world. As Shakespeare says, “Love doth leaveth no carbon footprint”

  • Rep Mike Waltz told Kerry. "This isn't some kind of partisan gotcha. When we are asking Americans to make serious sacrifices, as we transition, for the common good and your family and/or yourself are flying around on private jets, that smacks of hypocrisy. It actually hurts your cause."

    • After rolling his eyes and checking his watch, Kerry responded by holding up the picture below…


  • WSJ recently profiled Jigar Shah, the man put in charge of running the Energy Department’s $400 Billion Dollar loan program. The program is in charge of trying to hand out a lot of money for green-technology projects.

  • The line for Shah’s cash stretches to 150 companies seeking loans, ranging from new companies with unproven products to giants such as General Motors. Shah has begun writing bigger checks, including a record $9.2 billion commitment to Ford.

    • Ford’s a great bet. Yes, their stock is down 18% over the last 10 years while the S&P 500 has been up 335% during that same period. And sure, they lost $2 billion dollars last year while demand for cars was at an all time high.... But did you seen that Bronco they raffled off at NAPE? Thing was sick. $9B seems light.

  • When Shah supported granting a loan for an Occidental Petroleum project, White House officials told him it could backfire. Administration officials worried about a backlash from environmentalists, a person familiar with the discussion said.

    • I’m with the skeptics on this one. What does Oxy know about Energy? And why would you want to co-invest with someone like Warren Buffet? Hopefully the loan doesn’t go through and we can put even more money into energy kingpins like Ford and GM.


  • Saudi Arabia is set to fall below Russia and lose its spot as the largest oil producer in the OPEC+ alliance as its production cuts begin to bite, tightening the oil market just as prices appear to be turning higher.

    • This Saudi/Russia rivalry is heating up. In addition to energy production, the two are also in a bitter competition to see who can wrongfully incarcerate more journalists. While Saudi Arabia used to be the stalwart, Russia’s recent aggression shows they’re poised for oppression for years to come.

  • Saudi Arabia giving up the top spot is by design. In bearing the brunt of the supply cuts, its Energy Minister has gone all in on a risky strategy to support the kingdom’s oil revenue at the expense of its share of the market. Analysts estimate Riyadh needs oil prices of around $80 a barrel to balance its state budget and fund lavish infrastructure projects.

  • Analysts say the Saudi cuts and Russia’s declining oil exports now appear to be having the desired effect: tightening the market and lifting oil prices.

    • Sounds promising, but aren’t we forgetting about an important someone in this equation? Aren’t we forgetting about the wild card? The cowboy in the corner? The crazy sonofabitch who, after recently curing cancer, might just unload 346M barrels onto the open market to “cure inflation”?

Oil and Gas to save the planet!

ExxonMobil Embarks on a Green Journey: Acquires Denbury Inc. to Lead the Carbon Capture Revolution!

Exxon Mobil Corporation has made an exciting move by agreeing to acquire Denbury Inc., a leading company in carbon capture and storage solutions. This all-stock transaction, valued at $4.9 billion, is set to propel ExxonMobil's Low Carbon Solutions business and revolutionize its decarbonization offerings for customers. By leveraging the combined assets and capabilities of both companies, ExxonMobil is confidently anticipating over 100 million metric tons of emissions reductions annually in the near future, paving the way for significant growth and impressive returns.

The acquisition grants ExxonMobil access to Denbury's remarkable CCS infrastructure, which includes an extensive CO2 pipeline network spanning an impressive 1,300 miles and strategically positioned sequestration sites. This infrastructure will expedite the deployment of CCS solutions for ExxonMobil and its customers, supporting a wide range of low-carbon value chains, including hydrogen, ammonia, biofuels, and direct air capture.

Additionally, the transaction encompasses Denbury's valuable Gulf Coast and Rocky Mountain oil and natural gas operations. This inclusion will immediately bolster ExxonMobil's operating cash flow while opening up exciting opportunities for CO2 utilization and the advancement of CCS initiatives.

With unanimous approval from both companies' boards of directors, the acquisition is now awaiting customary regulatory reviews and approvals. The successful completion of the transaction is anticipated in the fourth quarter of 2023, heralding a new era of environmental responsibility and innovation for ExxonMobil.

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