Here are this week’s special guests and energy experts on The Crude Life Week In Review Episode 507.
Kunal Patel is a senior business economist at the Federal Reserve Bank of Dallas joins The Crude Life’s founder Jason Spiess for an update on the oil and gas activity in the 11th District, including the Permian Basin, Eagleford and Haynesville basins in Texas.
Growth in the oil and gas sector stalled out in first quarter 2023, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index—the survey’s broadest measure of conditions facing Eleventh District energy firms—was 2.1 in the first quarter, down sharply from 30.3 in fourth quarter 2022. The near-zero reading indicates activity was largely unchanged from the prior quarter, a break from the more than two-year stretch of rising activity.
Oil and natural gas production increased at a slower pace compared with the prior quarter, according to executives at exploration and production (E&P) firms. The oil production index remained positive but declined to 10.5 in the first quarter from 25.8 in the fourth. Similarly, the natural gas production index fell to 7.4 from 29.4.
Firms reported rising costs for a ninth consecutive quarter as all series remained significantly above their averages. Among oilfield services firms, the input cost index was roughly unchanged at an elevated 61.6. Among E&P firms, the finding and development costs index slipped to 46.8 from 52.5. Additionally, the lease operating expenses index declined 11 points to 37.6.
Click here for the entire interview.
Dr. Bill Dunkelberg is a Chief Economist for the National Federation of Independent Business since 1971, Dr. Dunkelberg is a nationally known authority on small business, entrepreneurship, consumer behavior and consumer credit and government policy.
He is a past president and a Fellow of the National Association of Business Economists [NABE].
Dr. Dunkelberg has served as a regional judge for the Ernst & Young Entrepreneur of the Year program for 10 years and as a member of the board of the Greater Philadelphia Chamber of Commerce.
Dunkelberg is a former Professor of Economics at Temple University, the former Dean of the Fox School of Business, and serves as Chief Economist for the National Federation of Independent Business. He has appeared on CNBC, Bloomberg, CNN, MSNBC, the ABC, CBS and NBC Evening News programs, Good Morning America, and numerous local news and business TV and radio shows.
He is frequently quoted in the Wall Street Journal, Business Week, the New York Times, U.S. News and World Report, USA Today, Time, and Newsweek. He also serves on the economic forecasting panels for USA Today, Business Week and Bloomberg and as an economic consultant to ABC News.
Dr. Dunkelberg believes that in order to reduce unemployment and increase economic growth, the small business sector needs to grow. Natural gas and energy independence could bring many new companies to the US and would create jobs and growth.
Click here for entire interview.
Luke Eggebraaten recaps his new book The Digital Dirt World. Eggebraaten considers himself more than a serial dirt entrepreneur and a Dirt Bag Podcaster, so he used that momentum to springboard into becoming an author too.
The book “The Digital Dirt World” is now available on Amazon and is for a very small audience, according to Eggebraaten.
“This book is written for about 1% of people. We’re taking a deep dive into the fundamentals of digital marketing for construction companies,” Eggebraaten said. “This is for the construction management student that wants to understand how to market a construction company. I’m writing to the innovative and curious 63-year-old septic company president, who inherited the business from his great-grandfather and is motivated to keep it running and well-branded for future generations.”
Bobby Adkins and Stuart Schmidt of iTankData and joins The Crude Life’s founder Jason Spiess and Talk of the Town host Steve Bakken during two segments of the 2-hour daily talk and news program.
The four discuss the technology of the Bakken and other oil and gas basins across the United States. The conversation specifically dove into what iTankdata does for oil and gas, which is remotely monitoring fluid levels in tanks and provides management data to mobile devices.
Adkins explains that their technology is more cost-effective and accurate than competitors like SKAA systems. Stuart recently spoke with operators from Murphy Oil and OXY about bringing in additional chemical and oil field technology.
For example, in this case the technology can remotely monitor tanks and identify leaks and slow-downs, improving efficiency and catching negative events sooner. It can be used by anyone with a tank, including farmers and fuel storage facilities.
To contact Adkins or Schmidt of iTankData, click on their names or here.
Click here to listen to interview.
Kenley Nebeker, TrainND Northwest and Levi Perkins, Perkins Electric Innovations with an update on EVolution Hybrid.
One of the challenges is towing and range anxiety.
“If we have a greater amount of weight that we are towing or resistance whether it be a vertical incline or bad roads or a low tire, just things that will impact how much power we are using and increase the amount of amperage by the motor, and that would consume the battery quicker.”
Towing creates conversations about torque as well.
“The electric motors we are using they can build what we call Peak Torque at a really low if not zero RPM,” Perkins said. “This is different from a reciprocating piston where your peak torque could be at a specific RPM usually in the RPM range.”
The interview also discussed tires and how many electric vehicles have specific tires for the vehicle and if someone put new tires on, it impacts how far you can drive. So does temperature.
Joe Sinnott, Witting Partners and host of the Energy Detox Podcast, joins The Crude Life founder Jason Spiess to talk about how mental health is part of the oil and gas industry.
From the early days of “throwing some dirt” on your mental health issues to actual programs companies are installing into their company culture.
Sinnott and Spiess also discuss the mental health impacts of a company “using” an employee for marketing purposes – i.e. Women’s History Month or Minority Month. Themed months can become a tricky employment marketing plan as highlighting someone’s interests, genders and cultures once a year can open up new conversations for the other 11 months of the year.
Click on the link for entire interview
Plus CNBC’s Brian Sullivan gives a few energy related tips.
Music heard on The Crude Life Week in Review is written and performed by Alma Cook of Cook Compliance Solutions. Support her music career at www.hearalma.com.
Featured Music: Alma Cook
Click here for Alma Cook’s music website
Click here for Alma Cook’s day job – Cook Compliance Solutions
For guest, band or show topic requests, email studio@thecrudelife.com
About The Crude Life
Award winning interviewer and broadcast journalist Jason Spiess and Content Correspondents engage with the industry’s best thinkers, writers, politicians, business leaders, scientists, entertainers, community leaders, cafe owners and other newsmakers in one-on-one interviews and round table discussions.
The Crude Life has been broadcasting on radio stations since 2012 and posts all updates and interviews on The Crude Life Social Media Network.
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For guest, band or show topic requests, email studio@thecrudelife.com
About The Crude Life
Award winning interviewer and broadcast journalist Jason Spiess and Content Correspondents engage with the industry’s best thinkers, writers, politicians, business leaders, scientists, entertainers, community leaders, cafe owners and other newsmakers in one-on-one interviews and round table discussions.
The Crude Life has been broadcasting on radio stations since 2012 and posts all updates and interviews on The Crude Life Social Media Network.
Everyday your story is being told by someone. Who is telling your story? Who are you telling your story to?
#thecrudelife promotes a culture of inclusion and respect through interviews, content creation, live events and partnerships that educate, enrich, and empower people to create a positive social environment for all, regardless of age, race, religion, sexual orientation, or physical or intellectual ability.
Spread the word. Support the industry. Share the energy.
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The Crude Life Week In Review Episode 507: Moving Dirt, Making Money and Training New Energy Workers