Equinor Quits Wind?!

​ [[{“value”:”

Daily Standup Top Stories

Follow Michael On LinkedIn and Twitter

ENB Top News

Energy Dashboard

ENB Podcast

ENB Substack

ENB Trading Desk

Oil & Gas Investing

– Get in Contact With The Show –

Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Stuart Turley: [00:00:00] Norwegian energy giant Equinor is considering terminating its 810 megawatt Empire Wind farm off Long Island due to the Trump administration putting a halt to the construction project. I can’t blame them because all this is going to do is with the tax credits going away is going raise New Yorkers electricity. That’s all it is going to do. [00:00:23][23.7]

Michael Tanner: [00:00:24] Yeah. And I, you know, what this article is really talking about is the fact that you’ve got one side of the equation where Equinor is saying, Hey man, these were approved. We’ve been, we’ve spent, I mean, you’d be the article here. They’ve invested over $2.5 billion and costing them hard cash 50 million [00:00:40][16.7]

Michael Tanner: [00:00:49] What’s going on, everybody? Welcome into the Wednesday, May 14th, 2025 edition of the Daily Energy Newsbeat Standup. Here are today’s top headlines. First up. Ukraine’s MHP delivers first bio LNG supplies to EU. I promise you, I read that headline correctly. Next up, Equinor could ax win project off New York within days. Shocker there, save the whales. Next up Sempra ECALNG export project starts pre-commissioning activities. Finally, in the news segment, Russia readies billions for domestic fleet build out. Stu will then toss it over to me. I will quickly cover what happened in the oil and gas markets today. Oil ripped this morning, Stu. So price is up all around the board, including stock market. Then we will also quickly touch on Halliburton and Slumberjay. We did see some earnings drop and we will cover what that means. We will get to all that in a bag of chips, guys. As always, I am Michael Tanner joined by Stuart Turley in the flesh. So now when he doesn’t like something, I say he can just give me a quick smack on the head. But super excited. You’re in town, too. We’ve got a great event that we’re helping cohost tonight, so it should be great. But without further ado. Where do you wanna begin? [00:02:06][76.7]

Stuart Turley: [00:02:07] Hey, let’s start with our buddies there in Ukraine. Ukraine MHP delivers first bio LNG supplies to the EU. Michael, I didn’t realize bio LNG was a thing. When you dropped this story, I was like, is that a joke? Is that a real thing? And so I went and I looked up all of the bio and who are main players for bio LNG. And I’m now a fan of bio LNG. Of course you are. The key companies involved in bio L and G exporting are Gassim out of Finland. Go figure that out. You’ve got HP out of Ukraine. And then you’ve got Nestea out of Finland, Shell Global, Totel and their J’s, our buddies there. Titan LNG, and so this is a much bigger thing in Sweden, Finland, and I like it because it takes any kind of biomass and they can turn it into LNG export. I like this entire process, but the Ukraine Food and Architect firm, MHP, said it delivered the first shipment of Ukrainian-made bio LNG to a European Union partner, but they didn’t name the partner. Is it because they’re embarrassed that they’re taking poo? Or lng that’s been turned from who i’m not sure. [00:03:24][77.0]

Michael Tanner: [00:03:24] Yeah, and so this is just the part I find funny. They claim the product is ISCC EU certified and fully compliant with Red 2 slash 3 sustainability frameworks. That is a word salad that definitely came out of. That Kamala Harris would be proud of. She would be. [00:03:42][18.6]

Stuart Turley: [00:03:44] I mean, hey, if this works, I’m all for it. I think so. And it takes the agriculture and gives them another money stream. Absolutely. I’m in. I think this is absolutely phenomenal. Let’s move to save the whales. Save the whales, Equinor could ax the wind project in New York within days. And I couldn’t be happier, quite honestly, but I went and looked up how much Equinor was actually paid. And it’s kind of interesting that they’ve already been paid a bunch of money from investors and everything else, and I could not track it down. So I did not put it into the story, but the Norwegian energy giant Equinor is considering terminating its 810 megawatt Empire wind farm off Long Island due to the Trump administration putting a halt to the construction project. I can’t blame them because all this is going to do is with the tax credits going away is going to raise New Yorkers’ electricity. That’s all it is going do. [00:04:45][61.1]

Michael Tanner: [00:04:45] Yeah. And I, you know, what this article is really talking about is the fact that you’ve got one side of the equation where Equinor is saying, Hey man, these were approved. We’ve been, we’ve spent, I mean, you’d be the article here. They’ve invested over $2.5 billion and costing them hard cash, 50 million a To keep 11 vessels on standby. So I see where Equinor is like, I mean, come on guys, I get that you may not like offshore wind, but this has been approved. We’ve spent a lot of money. What’s going on here? On the other side of the equation, you’ve got Doug Burgum, Secretary of the Interior, basically saying that, hey, this project was rushed through and it didn’t go through the approval process. Now, okay, there is something to be said about legislation through regulation. When it favors our side, maybe we overlook it a little bit. [00:05:36][50.7]

Stuart Turley: [00:05:37] Well, I’m more of a black and white kind of guy. I like what the rules are. If they’re good rules, follow the rules. Good rules are… [00:05:45][8.2]

Michael Tanner: [00:05:44] Good rules are just the rules in general. [00:05:46][1.6]

Stuart Turley: [00:05:46] But the rules in general sometimes are baked by the left and they’re not good rules. So we don’t follow rules we don’ like? You have to follow the letter of the law. Now, go ahead and try to pull this crap on me. You’re winning straight. You’ve got a few podcasts where I’ve had to drop an F-bomb and it snuck through production. You’re not going to get past that today, dude. So no, honestly, Doug Burgum is exactly right. This was rushed through and I was trying to, as I said earlier, I was trying to track the money down because some of the money, I thought, had come from USAID. In some of the NGOs, and I did not have the proof, so I did not include it. So that’s why I was getting ready for this discussion. So [00:06:29][43.1]

Michael Tanner: [00:06:30] No, absolutely. I mean, I think we can all agree that offshore wind is a terrible, terrible way of renewable energy. There is a place for solar. There may be a place for onshore wind, but offshore wind has to rank at the lowest. I’m putting it below Bio LNG. [00:06:48][18.3]

Stuart Turley: [00:06:50] But bio LNG turns waste into I’m all in. I know, I know. [00:06:55][5.5]

Michael Tanner: [00:06:55] But yes, I mean, the flip flop, flip flop doesn’t help in this case. I’m in favor of the flip-flop because I think we can both agree offshore wind sucks. I do think that we got to do something with the permitting process though. And when it favors one side, yay. When it doesn’t favor another side. [00:07:11][15.7]

Stuart Turley: [00:07:12] That’s when I want to know, and I want to talk about this all the time. And that is there’s 79,000 wind farms in the United States. Windmills and turbines that are going to need land reclamation. Who’s going to pay for land recclamation? That’s a big question. The taxpayer. The landowner. Yeah, or the taxpayer. But no, that’s great. Let’s move on to Sempra. Sempra, I love this one. Let’s go with this one And Sempra’s ECA LNG export projects, pre-commissioning activities. Michael, this is exciting for the oil and gas producers in the Permian, because this is actually out of the Mexico Sempra facility that they’re firing up and you know what this means? This means that they are going to be exporting the takeaway from the Permian Basin that used to be flared waste gas is now going to be put on a ship and sold to Asia. This is exciting. [00:08:12][59.9]

Michael Tanner: [00:08:12] No, it really is in when it’s not that we’re against renewables, it’s we’re against uneconomic forms of energy generation, whether it’s renewable or not. Who really cares? And renewable is, is now it’s almost, you know, renewable has become the new woke. It’s like, I don’t even know what it stands for anymore. [00:08:29][17.0]

Stuart Turley: [00:08:30] We’re on LNG. [00:08:31][0.3]

Michael Tanner: [00:08:31] Yes, I know, but what I’m saying is, when we’re able to re this, you could argue what Sempra’s doing here is a renewable form of energy, because they’re taking this waste energy and now they’re shipping it back to China. [00:08:44][12.2]

Stuart Turley: [00:08:44] Okay. That or I thought you were thinking somebody in the Permian was pooping and we were like, whoa, you missed me on that one. No, this is, this is flared type gas coming out of the Permians. Absolutely. Absolutely turning waste into energy. I like the way you think there. And instead of thinking of turning Permian poo into waste, this is actually flared gas. [00:09:06][21.6]

Michael Tanner: [00:09:06] Flair gas is waste energy. [00:09:07][1.2]

Stuart Turley: [00:09:08] Yes, and we’re not wasting it anymore. We’re going to use it. Anyway, I thought this was absolutely fantastic. This podcast is going to go down in history as you and I trying to do who was the baseball skit. Who’s on first? Yeah, who’s on first? We’re gonna be doing who’s first with LNG and Poo. Let’s go to the next story, Michael, before I get myself air sick. Russia readies billions of domestic fleet build-out. This I found very interesting is that when you take a look at what Russia right now, there’s about 1400 tankers in the dark fleet. This article is talking about Russia’s building up their shipyards and they want to build up a thousand scenario for seas. 1,637 vessels will be built in Russia by 2036 of which 713 in the next five That is where the United States needs to get in our shipbuilding. That’s why I ran this story, because it is important to understand what Russia is doing. And a good chunk of them are going to be ice carriers. That means that they’re going to be really building up that Arctic bridge to Asia. And that, if you understand what’s going on, is that he is making sure his supply lines to Asia can go year round. They have six nuclear-powered icebreakers, and so when you combine those with the capability of these ice cargo ships, tankers, everything else, Russia is going to be a powerhouse. [00:10:44][96.2]

Michael Tanner: [00:10:44] No, and it’s really part of their long-term strategy, which basically goes all the way to 2050, which is sort of their version of the Belt and Road Initiative that China’s doing, which they anticipate of having a fleet of about 2,600 of these vessels to basically, again, become a global energy power. Russia rightfully understands that energy is security, and security has a lot to with energy. And they’ve done a good job of doing this. We also see that their Deputy Prime, First Deputy Prime Minister, Dennis Markuva, he says that, I love how this article says, he says, that the scheme includes large-scale modernization, efforts to eliminate shortage of shipbuilding capacity, including establishing new shipyards and replacing foreign shipboard equipment with domestic alternatives and developing ship repair centers. And this is a lot of money. This is $500, you know, $6.2 billion in federal funding that they’re putting in there. [00:11:37][52.3]

Stuart Turley: [00:11:38] Well, they’ve got it, and you have to hand it to them that they are, again, Germany lost negative GDP in two years running and then Russia, even with all the sanctions, had a 4.2% increase in GDP growth. Yeah, so pretty darn cool. [00:11:55][17.0]

Michael Tanner: [00:11:55] No, pretty darn crazy. But let’s go ahead and jump over and quickly touch on finance, Stu. But before we do that, we’ve got to pay the bills. Thank you for checking us out here on the world’s greatest website, www.energynewsbeat.com. Stu and the team do a tremendous job making sure that website stays up to speed. Everything you need to know to be the tip of the spear. When it comes to the energy and the oil and gas business, go ahead and hit that description below all the links to the timestamps, links to the articles. One of the best ways to support the show. Is check us out via Substack, theenergynewsbeat.substack.com. It’s where Stu is posting a bunch of custom con only subscribers can get. And if you want to upgrade to a paid subscription, you get a couple extra little perks on top of that, including our historical library of articles, which is only available via Substack, that’s theenergynewsbeat,substack.com We’d also like to shout out sponsor of the show, Reese Energy Consulting. Our friends over there do an excellent job of keeping you. Up to speed and in the know when it comes to the midstream business. Guys, if you work for an upstream operator and you’re not working with a marketing company, no, I’m not talking about tweets. I’m talking about oil and gas marketing. I’ve talked about your first purchasers, your midstream contracts as if you’re working with the company that’s negotiating your contracts. I promise you, you’re losing out on 50 cents per MCF, a dollar per barrel, and that adds up over an entire year, could be hundreds, if not millions of dollars you’re out on friends at Reese Energy Consulting can help you out with that. You can also go check out their midstream offers. Guys, our whole show was LNG today. If you are in the LNG space and you have questions, call them up, reeseenergyconsulting.com. Tell them that Energy News Beat sent you and they will make sure to hook it up. And finally, guys, it is never too early to start thinking about your 2025 tax bill. If you need a little bit of a tax deduction, if you would like monthly distributions and you like portfolio diversification, and most importantly, if you want to become Billy Bob Thornton from Landman, I promise you investing in oil and gas is the way to do this. We have a great ebook written by one of our partners who basically breaks down the entire process on what it looks like to invest in the energy business, different segments, what it look like, what to avoid, what to take care of. Go ahead and go to investinoil.energynewsbeat.com to download. That ebook. It’s a great, great, great resource. That’s investin oil.energynewsbeat.com. Become Billy Bob Thornton. From land man. [00:14:18][143.0]

Michael Tanner: [00:14:19] Stu, markets kind of ripped today up about one percentage points on the s&p 500 up about to 1.7 percentage points. On nasdaq we are closing in on pre-tariff levels now there’s a couple sides to that coin which we’ll dive into so super interesting there two and ten year yields still above four 4.02 percentage points for the two year and 4.4 percentage points for the 10 year that’s up point two and point five percentage points respectively dollar index dropped about six tenths of a percentage point. We see Bitcoin basically at about $104,000 slightly below that right now. Crude oil up $1.80 today or about three full percentage points, 63.78 as we record this about one o’clock here on the 13th. Natural gas down about a half a percentage point, $3.62. XOP, which is our EMP securities contract, up 3.5 percentage points to $127.64, our OIA, which is EMP, or which is the EMP service index is actually up 1.3 percentage points, so slightly lagging. The real thing here, Stu, is we’ve got tariffs. This renegotiated or pausing of tariffs that’s happening right now. At the federal level is really what’s driving this and I want your opinion on where these tariffs on what’s happening right now because really there’s been a pause in the tariffs. [00:15:39][80.3]

Stuart Turley: [00:15:40] Think it did exactly what we needed it to do and that was President Trump got China to sit up and listen. Everybody else is now hurrying to it. And by the way, if you haven’t paid attention to the Saudi trip, the Saudi government is treating our president with respect and it is not a fist bump. It is nice to have a respected trip to the Middle East. And hats off to President Trump. And hats off to the Saudi Arabian government for treating our president with respect and a lot of business, Michael. They’re talking about bringing home a lot signed contracts. I saw them sign a business deal between Saudi Arabia and the United States. Elon is there. I saw Elon’s interview. It was good. Fantastic. I mean, America is back and we don’t have to have a stupid fist bump. [00:16:37][57.7]

Michael Tanner: [00:16:38] No, you’re right, and I think you’re right, I think in the short term, history didn’t look too fondly upon the tariffs. I think over the four-year presidential cycle, history is probably going to look a little bit better when it comes to these tariffs because. [00:16:53][15.4]

Stuart Turley: [00:16:53] Cares because of what President Trump was doing all along. [00:16:56][3.3]

Michael Tanner: [00:16:57] And you, you were one of a few people both on the right and the left. So, you know, we, we love to criticize you and you’re wrong. We’ll give you a little pat on the back when you were right. So we appreciate, we appreciate that. The other thing guys that we saw was both Halliburton and Schlumberger earnings dropped. I think really why I want to touch on that is just mainly not to talk about what their earnings were in the first quarter, which weren’t great, but really what they said’s upcoming in the second quarter, which is where. Definitely going to have some lower oil prices. Let’s start specifically with Baker Hughes, the number three of the big three. They posted in Q1 a 27% drop in net profits to about $509 million. And their quote warning about second quarter was, quote, broader macro and trade policy uncertainty. Interesting, Schlumberger also went ahead and gave a warning of what’s going to happen. They had a more modest decline of about 4%, but a 22% decline in net profit quarter over quarter. Their quote was, the industry may experience a potential shift of priorities driven by change in the global economy, fluctuating commodity prices and evolving tariffs, all of which could impact upstream. Oil and gas investment and in turn, affected demand for our products and services. Halliburton trying to see where there is. I’ve got the quote here, but really what their quote was with oil prices falling out of the well-defined range, it had persisted for the much of two plus years, producers’ budgets are encountering meaningful strain for the first time in several years. That was a quote from Raymond James specifically talking about Halliburgton. It’s going to be very interesting to see what these go. They’re forecasting and I think what they’re doing is they’re setting themselves up to outperform Q2, I mean. At $63 oil where we sit right now, $60 oil, yeah, rigs are gonna get dropped. We’ve seen that on a week over week basis. But I think what they’re doing is they’re maybe being a little bit heavy handed in how they’re going about marketing. Talk about IR guy of the week. Let’s over promise under deliver a little bit, or excuse me, under promise, over deliver. We don’t wanna over promise and under deliver. But we wanna over scare you about how bad our earnings are gonna be and then let’s over perform when we actually drop them. So I think that’s mostly what’s going on here. I think it’s, again, going to be a choppy Q2, but I think gonna be interesting to see where prices go from here. What are we missing, Stu? Before we get, let these folks get out of here. [00:19:16][139.8]

Stuart Turley: [00:19:17] See the oil price is up. WTI right now is at $63.85 at the time we’re recording this and Brent is $66.78. That goes to with RT’s article on the crude truth. It’s going to follow that mapping and that’s a pretty good one we’ll share out on the energy news beat as well too. [00:19:37][19.8]

Michael Tanner: [00:19:38] No, absolutely. It’s a great article, guys. We hope to see everybody there tonight at our Super Dug happy hour. We appreciate everybody who signed up. I think it’s going to be a great event, so we are going to have some fun doing that. But with that, guys, we’re going to go and let you get out of here, get back to work, finish up your day. We appreciate you checking out Energy Newsbeat and the world’s best daily energy news podcast for Stuart Turley. I’m Michael Tanner. We’ll see you tomorrow, folks. [00:19:38][0.0[1153.7]

The post Equinor Quits Wind?! appeared first on Energy News Beat.

“}]]