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🛢️ BP CEO defends against climate activists' tantrum

Biden revises drilling permits and $2B worth of sand?

Good morning, this is the Oil Patch. We're your morning motivational speaker.

Here's what the Oilman has for you today:

  • BP CEO defends against climate activists' tantrum

  • Biden Administration Revises Unused Drilling Permits

  • Atlas Energy Solutions IPO at $2B Valuation

  • Around the digital patch

  • Tweet of the Day

BP CEO defends against climate activists' tantrum

BP CEO Bernard Looney defended the company's fossil fuel spending plans, as climate action group Fossil Free London threw a hissy fit outside the InterContinental London Park Lane hotel.

The protesters, holding banners that read "Climate Criminals Enter Here" and "No New Oil," attempted to block an entrance to the hotel during the International Energy Week conference.

Like a boss

Looney faced the critics head-on, reaffirming the need for an “orderly” energy transition and highlighting BP's commitment to net-zero emissions by 2050.

According to Looney, energy is the lifeblood of society, and we need to invest in both the energy transition and today’s energy system, which is predominantly an oil and gas system.

$16B in upcoming investments

Looney announced that BP would be investing up to $8 billion more in the energy transition this decade. BP will also spend up to $8 billion more in oil and gas development to support energy security and affordability.

Looney also made it clear that BP's priority is to listen to its shareholders and return value to them.

At the end of the day, Looney has made it clear that BP is here to invest its cash flows, pay taxes, and return value to its shareholders. So, to all the activists out there, BP's CEO has a simple message: Deal with it.

Biden Administration Revises Unused Drilling Permits

The Biden administration has quietly revised the number of unused oil and gas drilling permits it has approved, reducing the number by over 2,000.

The Bureau of Land Management updated the number of approved applications for permits to drill from an estimated 9,000 to less than 6,700.

The Biden administration had overstated E&P's approved permits

The White House repeatedly cited the 9,000-permit figure in response to criticisms of the administration's restrictions on federal fossil fuel leasing, arguing that the industry had the ability to begin producing immediately.

However, the latest data reveals that the number of unused permits is lower than previously claimed.

American Petroleum Institute's senior VP called on the administration to support American production

Frank Macchiarola asked the Biden administration to develop a comprehensive energy development strategy, including offshore leasing and quarterly onshore lease sales.

The DOI has delayed issuing a congressionally mandated five-year plan for offshore drilling and is considering a complete block on such leasing through 2028. Additionally, the administration has been criticized for dragging its feet on oil and gas lease sales.

The Biden administration has only held lease sales when directed by federal courts – or the Inflation Reduction Act.

A Biden administration official downplayed the data alteration

He noted that the number of unused oil and gas permits remains high. However, the revision highlights the importance of accurate reporting and transparency in the energy sector.

Particularly amid rising energy prices and concerns over supply shortages.

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Atlas Energy Solutions IPO at $2B Valuation

Atlas Energy Solutions Inc is ready to IPO. This oilfield services firm plans to strut its stuff with a valuation of $2 billion – that's right, billion with a "B" – and a cool $414 million to be raised in the offering.

$2 Billion for sand?

This isn't your everyday, run-of-the-mill, playbox sand. We're talking premium frac sand here:

  1. Atlas Permian offers two types of frac sand: 100 mesh and 40/70 mesh.

  2. The sand is sourced from high quality dune sand deposits.

  3. The sand is pure and high yielding.

But why is this IPO such a big deal?

Last year, Reuters reported that Atlas Energy Solutions was gearing up for a public listing that could value the company between $2 billion and $3 billion.

Despite the challenges that the oil and gas industry has faced, Atlas Energy Solutions is showing that there's still room for growth and success.

Plus, with the company's plans to expand its operations, this IPO will be creating jobs and boosting economic growth.

Cheers to that.

Around the Digital Patch

🇨🇦 Canada's Baytex acquires Ranger.📒 BP no longer to publish Statistical Review of Energy.🛢️ US Energy Department weighs in on COVID-19 origins.

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