TO BE YOUR PARTNERS AROUND THE WORLD. SOUNDS GREAT. ALL RIGHT. WE’RE ABOUT 25 SECONDS AWAY.
>> GAS PRICES, SOMETHING WE
HAVE ALL NOTICED THE PAIN AT
THE PUMP. SO WHAT’S HAPPENING
IN TEXAS? ARE WE SEEING MORE
PRODUCTION AND WILL THE EAGLE
FORD SHALE COME BACK ALIVE?
TODD? STAPLES IS THE PRESIDENT
OF THE TEXAS OIL AND GAS
ASSOCIATION. HE’S ALSO THE
FORMER AGRICULTURE COMMISSIONER
FOR THE STATE OF TEXAS. BUT
WE’RE GOING TO TALK A WHILE
WITH THE RIGHT NOW. TIED.
I APPRECIATE YOUR TIME.
DO YOU SEE TEXAS PLAYING A ROLE
IN MAKING UP WHAT WE’RE LOSING
BECAUSE OF WHAT’S HAPPENING
IN UKRAINE?
>> TEXAS REALLY IS THE ENERGY
CAPITAL OF THE WORLD STAGE THAT
WE HAVE THE ABILITY. WE HAVE
THE RESOURCES. WE HAVE A
POPULATION AND WE HAVE THE
RIGHT POLICIES IN TAXES TO
CONTINUE TO MOVE FORWARD.
THE EAGLE FORD SHALE IS A
DYNAMIC ALL APPLY FOR OUR
NATION AND THE WORLD. RIGHT
NOW THEY’RE PRODUCING ABOUT
1.1 MILLION BARRELS A DAY
FORECAST INDICATE THAT THE
EAGLE FOR WILL PICK UP SPEED IN
APRIL AND INCREASE THAT TO
ABOUT ABOUT 23,000 BARRELS A
DAY WHICH IS MEANINGFUL.
>> AND SO HOW DO DOES THE U.S.
GO ABOUT MAKING ITSELF ENERGY
SELF-SUFFICIENT AT THAT?
AND IF THAT, IN FACT, IS WHAT
WE’RE GOING TO AIM FOR. WE
WE’VE HEARD A LOT ABOUT THAT
ENERGY SELF-SUFFICIENT TERM.
>> IT URGES SELF-SUFFICIENCY,
ENERGY SECURITY. THESE ARE ALL
TERMS THAT ARE REALLY ARE
ACHIEVABLE FOR THE UNITED
STATES PRE-COVID. WE WERE
PRODUCING ABOUT 13 MILLION
BARRELS A DAY JUST IN THE
UNITED STATES THAT DROPPED OFF
TO ABOUT 11 MILLION AT ITS LOW.
WE’RE BACK UP TO ABOUT 11.6.
THE PRESIDENT SOMETHING VERY
STRONG THE OTHER DAY WHEN HE
SAID THAT WE’RE NOT GOING TO
IMPORT ANY MORE RUSSIAN ALL
PRODUCTS. THAT WAS A VERY
STRONG ALLOW SIGNAL. BUT WE
TO SIGNAL TO THE HEART OF THE
SECOND CERTAINLY IS. WE WANT
TO RESET AMERICAN ENERGY
POLICY. WE WANT TO GROW OUR
PRODUCTION HERE AT HOME BECAUSE
FOR THE LAST COUPLE OF YEARS,
WE HEARD THAT THEY WANT TO STOP
GROWING. WE HAVE SEEN THE
KEYSTONE PIPELINE CANCELED.
WE HAVE SEEN A PERMIT PROCESS
IS DELAYED AND WE HAVE SEEN
LEASES BEING HALTED. THESE ALL
SEND A VERY CHILLING EFFECT
TO THE INDUSTRY. WHEN YOU THINK
ABOUT GROWTH BECAUSE WE NEED TO
HAVE THAT LONG-TERM GROWTH.
I THINK IT’S IMPORTANT FOR OUR
CONSUMERS ARE FEELING THE PAIN
AT THE PUMP. AND IT’S VERY
IMPORTANT TO OUR PARTNERS
COUNTRIES AROUND THE GLOBE THAT
WANT TO ESCAPE IN THE CLUTCHES
OF THESE COUNTRIES THAT ARE
DOING THEM HARM AND WE NEED
TO STEP UP AND I THINK THAT WE
CAN. BUT WE NEED THAT SIGNAL
THAT WE’RE SERIOUS ABOUT AN
ENERGY PLAN FOR AMERICA AND
REALLY UNLEASH AMERICAN ENERGY
LEADERSHIP. AND YOU THINK THAT
IS TO COME FROM THE WHITE HOUSE
IS KIND OF WHAT YOU THINK SOME
OF YOUR ASSOCIATIONS WAITING
FOR RIGHT NOW. WE’RE REALLY DO.
IT WAS IT WAS ENCOURAGING,
STEVE TO HEAR U.S. SECRETARY
OF ENERGY AT THIS OR A WEEK IN
HOUSTON LAST WEEK SAY THAT WE
DO NEED MORE DOMESTIC
PRODUCTION. BUT AFTER 2 OR 3
YEARS OF HEARING OF THE EFFORTS
AND SCENE THINGS LIKE FOR CAR,
FEDERAL ENERGY REGULATORY
COMMISSION TO HAVE LONGER
PROCESS IS TO APPROVE LNG
PLANTS AND TO APPROVE PIPELINES
DOES HAVE A CHILLING EFFECT
WHEN WE HAVE THIS DIVESTMENT
MONITOR THAT WE’VE BEEN HURT.
SO I THINK THE PRESIDENT REALLY
NEEDS TO SEND A STRONG SIGNAL.
IT’S TIME TO RESET. IT’S TIME
TO COLLABORATE AND WE NEED WE
CAN DO THINGS IN AMERICA IF
WE WALK TOGETHER. BUT WE NEED
THAT PARTNERSHIP FROM
WASHINGTON. WHEN YOU TALK ABOUT
THE KEYSTONE PIPELINE AND
THINGS LIKE THAT. BUT I MEAN,
LIKE YOU SAID, THAT’S A
LONG-TERM SOLUTION ARE OTHER
THINGS SHORT TERM THAT CAN BE
DONE. I MEAN, I KNOW THAT THERE
ARE LEASES OUT THERE THAT ARE
NOT BEING PUMPED RIGHT NOW.
I MEAN, ARE ARE WE SEEING?
>> SOME OF THOSE THINGS BECOME
MORE ACTIVE AND IS THIS GOING
TO HAVE AN EFFECT ON THE TEXAS
ECONOMY OVERALL?
>> IT WILL CERTAINLY HAVE A
HUGE IMPACT ON THE TEXAS
ECONOMY. I MEAN, THE FACT THAT
WE’RE SEEING THESE ELEVATED
PROCESS, EVERY TAXPAYER IN
TEXAS, EVERY SCHOOLCHILD IN
TAXES, EVERYONE THAT DRIVES
A CAR IS GOING TO BENEFIT
BECAUSE THAT MONEY THAT THE
STATE OF TEXAS WILL RECEIVE
IS GOING TO GO TO FUND OUR
RULES. ROADS FUND OUR SCHOOLS
AND FUND OUR UNIVERSITIES.
AND SO TEXANS, ALL THE
BENEFICIARIES OF THIS. BUT OUR
INDUSTRY OR LIKE TO SEE
STABILITY. WE DO NOT WANT TO
SEE HARM TO ANYONE. AND WE
REALLY NEED THAT STABILITY.
YOU BRING UP. ALI SAYS THEY’RE
NOT BEING DEALT. THAT’S SO SUCH
A DIVERSION. WHEN I HEARD THAT
THE ADMINISTRATION TALK ABOUT
THAT BECAUSE THERE ARE ABOUT
9,000 LEASES OUT OF 36,000
PLACES THAT ARE ACTUALLY BEING
WORKED IN OR BEING IT, YOU
KNOW, EXPLORED. SO YOU HAVE A
SMALL SUBSET OF THAT. THAT’S
NOT OF THOSE. THERE STILL NEEDS
TO BE. 4600 PERMITS APPROVED.
AND THEN WE HAVE ENVIRONMENTAL
GROUPS THAT ARE ACTUALLY
ATTACKING THE THESE LEASES.
AND THE IRONY HERE IS THAT IN
AMERICA WE PRODUCE THE MOST
ENVIRONMENTALLY FRIENDLY ALL
ANYWHERE IN THE WORLD. OUR
COMPANIES HAVE MADE SIGNIFICANT
COMMITMENTS TO ACHIEVE THE
CLIMATE GOALS THAT SOCIETY IS
TALKING ABOUT TODAY. AN
AMERICAN KIT CAN LEAD THE WAY
OUR CARBON DIOXIDE EMISSIONS
HAVE ACTUALLY DECREASED
SUBSTANTIALLY OVER A TEN-YEAR
PERIOD WHILE BOTH CHINA AND
RUSSIA HAS INCREASED OVER 20%
SO THE UNITED STATES CAN LEAD
AND WE CAN LEAD IN AN
ENVIRONMENTALLY FRIENDLY WAY
AND WE CAN MEET OUR CLIMATE
GOALS ALL WHILE ACHIEVING THE
THE ENERGY THAT REALLY FUELS
CAN THINGS BE DONE SHORT TERM,
THOUGH, TODD TO TO BRING DOWN
THE GAS PRICES. IT’S GOING TO
BE DIFFICULT ON A SHORT TERM
WE WE’RE EXCITED THAT IN TEXAS
ARE RECOUNT IS INCREASED FROM
312 TO 320 RIGS RIGHT HERE IN
THE LONE STAR STATE ALONE.
AND SO OUR COMPANIES ARE REALLY
EVERYONE THAT IS PRODUCING ALL
THE DAY IS LOOKING FOR NEW AND
BETTER WAYS TO DO THAT AND OUR
TO BRING IT DOWN. WE HAVE SEEN
A BIG DROP. YOU KNOW, STEVE,
OVER THE 3 OR 4 DAYS FROM 130
BRATTON NOW BACK INTO THE 90’S.
SOME OF THAT IS DUE TO THE THE
NEW OUTBREAK OF COVID IN CHINA.
SOME OF THAT IS DUE TO WAS SOME
HOPE FOR PEACE TALKS. AND SOME
OF THAT IS DONE BELIEVE IN
ANNOUNCED AND THE INTEREST
RATE. AND SO WE KNOW THAT
THINGS CAN HAPPEN TO SOME OF
THAT PROCESS. AGAIN. BUT THE
BIGGEST THING THE MARKET NEEDS
TO SEE AND ARGUE THIS IMMEDIATE
RELIEF THAT EVERY DRIVER IS
LOOKING FOR IS CERTAINTY THAT
WORRY IN AMERICA OR UTILIZE THE
RESOURCES THAT WE HAVE AND THAT
WE TRULY UNLEASH AMERICAN
ENERGY LEADERSHIP. THAT’S WHAT
WE NEED FOR THE SHORT TERM AND
THE LONG TERM.
>> AND HE SAID WE NEED TO STEP
UP. IF THAT, IN FACT HAPPENS.
DO YOU SEE PRICES GETTING WORSE
OR BEFORE THEY GET BETTER?
HE SAID YOU’RE SEEING A
DOWNTURN RIGHT NOW.
>> YOU KNOW, WE’VE SEEN A
DOWNTURN NOW CORNY, BUT WE’RE
IN THE VOLATILITY. IT THAT IS
CREATED IN THIS MARKETPLACE
JUST BRINGS ABOUT SO MANY
UNCERTAINTIES AND UNCERTAINTY
IS THE ENEMY OF GROWTH. AND SO
WHILE THE THE SITUATION IS SO
UNSTABLE IN THE UKRAINE WAS
SEEING SOME POSITIVE SIGNS THE
LAST FEW DAYS FOR THE FOR THE
RELIEF AT THE PROCESS. THE
REALITY IS UNTIL WE GET A CLEAR
VISION AND OUTCOME FROM THIS
WAR THAT THAT’S THAT WE NEED
THAT TO OCCUR. AND REALLY, THIS
WAS REALLY JUST EXACERBATED
AND REALLY HIGHLIGHTED THE POOR
POLICY DECISIONS THAT IS LET US
AND 2 NOT BEING THE THE
PRODUCER THAT WE NEED TO BE
DAY 4. OUR OWN DOMESTIC USE AN
AROUND THE GLOBE AS WELL.
TODD STAPLES, APPRECIATE YOUR
TIME. PRESIDENT OF THE TEXAS
OIL AND GAS ASSOCIATION.
>> ENJOY THE CONVERSATION.
THANK UTAH.