Good morning, here's what the Oilman has for you today:

• Goldman CEO Refuses to Drop Oil, Gas Industry

• Oxy Is Not Boosting Production Despite Price Surge

• Upcoming Oil and Gas Events

• Tweet of the Day

Goldman CEO Refuses to Drop Oil, Gas Industry

David Solomon dismissed calls from activists to stop doing business with the oil and gas industry.

The Goldman Sachs CEO called the industry “hugely important to the global economy.”

How to get climate activists mad in one simple step

Tell the truth about oil and gas.

Which is exactly what Solomon did.

“Traditional energy companies are hugely important to the global economy; they are hugely important to Goldman Sachs,” he said at a recent event in Oklahoma.

“We are all going to continue to finance traditional companies for a long time.”

Ouch.

Truth does hurt.

Solomon’s reaction is to calls from activists for Wall Street lenders to abandon their energy clients.

Because net zero and everything.

The thing about business, however, is there are always alternatives.

If Goldman doesn’t get an oil company’s business, some other bank will.

Or a private equity firm.

This is what happened when some U.S. banks decided to stop doing business with oil and gas.

PE stepped in and reaped the benefits.

Or how about China?

A massive pipeline project in Uganda saw Western lenders get cold feet.

What did Uganda do? It went to China.

China said it would be happy to finance the Eastern African Crude Oil Pipeline.

That’s how reality works.

Today’s Edition Is Brought To You By ROX Exploration

Invest in the future of energy with ROX Exploration – a family-owned, independent company dedicated to exploring, developing, and producing oil and natural gas assets. ROX's team of experts drills and operates properties throughout Oklahoma.

If you're an accredited investor looking to diversify into direct oil & gas working interest offerings, then connect with ROX Exploration today.

Oxy Is Not Boosting Production Despite Price Surge

At least one U.S. oil major has zero plans to reverse production plans in response to higher prices.

According to Occidental’s CEO, this is unwise to do in the current situation.

Fear about demand

“We don’t increase oil significantly in a market where we don’t see the balance,” Vicki Hollub told Bloomberg in an interview.

“Only in a market where we see balance would we increase our production — and even then, it would be at a moderate pace.”

Wouldn’t it be interesting to know how many other producers feel that way?

I’d say a lot of them.

First of all, shale producers learned their lesson.

If you pump out too much, the price sags.

If you keep a lid on production, the price jumps.

Second of all, as suggested by Hollub, there is concern about the balance between demand and supply.

And when there’s concern, you don’t just add rigs.

Meet the new shale, very different from the old shale

When the shale revolution got underway, it was literally a race to see who could get more oil out of the ground.

This led to two price collapses and a couple of price wars with OPEC.

As the industry grew, it also matured to reach the place where it is today.

The boom days are over, but that’s not a bad thing.

They’ve been replaced with days of discipline—a much smarter approach to long-term survival.

Upcoming Oil & Gas Events

• September 26-28: Turbomachinery and Pump Symposium, Houston TX

• September 27-28: Eastern Kansas Oil and Gas Association annual meeting, Kansas Crossing Casino, Pittsburg, KS

• September 27-28: Permian Basin Petroleum Association, Midland, TX

• September 27-28: LAGCOE Executive Summit, The Houston Club, Houston, TX

Around the Global Patch

🇳🇴 Norwegian player withdraws from North Sea mini licensing round.
🇨🇳 EU investigates Tesla's China exports in EV subsidy probe.
🇷🇺 Russian crude oil exports decline due to terminal maintenance.

Tweet of the Day

Thanks for reading today's Oil Patch!

Stay oily, my friend.

Two quick requests before you go:

• If you found this useful, forward this email to a friend to spread the word. 👇

• Take 1 second to answer the poll below, and please tell us what you think 👇👇