ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for March:

1. Putin ❤ Finance Bros

2. Environmentalists Respond Rationally to Approval of Alaskan Drilling (JUST KIDDING)😉

3. Saudi Aramco's profit for 2022 reaches a measly $161 billion, barely enough to buy a small island or two 🤑

Putin’s Secret Weapon on Energy: an Ex-Morgan Stanley Banker

• Russia’s secret weapon on Energy? Finance bros. According to WSJ, Russia is relying on former Morgan Stanley banker Pavel Sorokin, who is now deputy energy minister, to develop new markets for its oil and gas companies amid Western sanctions.

  • Is Biden about to let us get out financed bro’d by communists? Can we get a deal team from Goldman to Kyiv asap?

• Sorokin is part of a group of young technocrats, known as Putin's 'newcomers', who have defied expectations and shown success in navigating sanctions.

  • When asked about Putin, Sorokin said, “he’s tough at times, sure, but he’s actually less authoritarian than people expect. Honestly, he’s no worse than my MD at Morgan.”

• Sorokin has played an influential role in exaggerating the impact of damage to the Russian-controlled pipeline to the Black Sea, helped set fixed prices on Russia's main oil export, and negotiated deals in Africa and the Middle East.

  • Many pundits are suggesting Sorokin may be the most promising dealmaker to come out of Russia since the Merchant of Death.

Alaska oil drilling protesters disrupt White House climate adviser appearance

• Environmental activists disrupted a White House climate adviser's appearance at an event, holding up banners and chanting slogans calling for an end to oil drilling in Alaska in opposition of the recently approved Willow project.

  • What happened to throwing the soup on art? That didn’t solve everything? Shucks. Maybe the slogans, chanting, and banners will do it.

• Reilly Haught, a 23-year-old protestor from West Virginia, told Reuters after the event that the Willow decision and others approving drilling on federal land undermine the climate benefits of the IRA.

  • At 23 years old, some fear Reilly may be too old to be spearheading the left’s energy policy though. As recent history has demonstrated, most environmental thought leaders peak between the ages of 15-17 (before they inevitably outgrow the intelligence levels of their constituents).

• Despite the White House acknowledging the protesters' concerns, Biden confirmed he will be going through with approving the development for drilling.

  • Thus, an especially long and sad bicycle ride home.

Saudi Aramco Posts Record $161 Billion Profit for 2022

• Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm.

  • Unfortunately, analysts fear the record profit is still not enough to offset losses stemming from the LIV Golf Tour.

• The company also saw its market cap reach $1.9 trillion, making it the 2nd most valuable company in the world behind Apple ($2.4tn)

  • Least valuable company in the world? Meta Materials (NASDAQ:MMAT)

• To showcase its business and tourist hubs, Saudi Arabia also recently announced the creation of a new airline, Riyadh Air.

• Tired = Drake buying a bigger private jet

• Wired = Saudi Arabia building an entire airline

Best of EFT

Coming to an Event Near You!

April 3rd - April 5th - SAGA Wisdom, Sokkvabekkr 2023 - Nashville, TN

April 5 - Digital Wildcatters, Energy Tech Night - Denver, CO

April 11 - SPE Technology Showcase - Scottsdale, AZ

April 26 - World Oilman's Poker Tournament 2023 - Las Vegas, NV

June 13th - June 15th - URTeC 2023- Denver, CO

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