Big Digital Energy

0:00 Dude, it's like we got a convenience store down there. What all do you have, Kirk? I have you get cherry, coke, come zero, which is going to kill me. Cherry cherry, cherry cake. I've got

0:12 your bigs on pepper, which are not as good as David's. But they're in a punch. They don't, they don't crack as easily. They're a little more pliable. What do you think who use it? What, what

0:25 seeds have more dominance in the major league baseball? Probably David, see a lot more David packs, but that's. Well, the stros he'd eat some more David's damn it. What the hell happened last

0:35 night? I watched the game. That's the problem. I haven't been watching much of this series. I want, I want a watch on the iPhone today, like I've been doing. I was at Kirby Ice House. Friday,

0:48 I start to finish. One of the best games I've ever seen and failed to rally and get They're getting back there last night, so it's it's not sure. Yeah. Well, it's Half on me and half on you. You

1:02 shouldn't have watched it all. You care more. And I had to kick a friend out of the UT game this weekend and the horns actually came back and ended up winning. Nothing there ever really down, but

1:15 I told him to leave the stadium because he was screwing it up. Will you tell me just how much was the UT payment to the refs to get that call at the end of the game? Hey, Chuck, there were some

1:27 really good memes floating around after that The lost odds, we don't want to play U of H at U of H because of some ticket, like, we're going to eat a certain amount of tickets. U of H stadium is

1:38 not big enough, blah, blah, blah. We want to play at the Rice Stadium, thank you, Chuck. Everyone does. We all want to be at Rice. U of H said no. Actually, the big 12 commissioner. So we

1:49 had to play at U of H at U of H, and damn, we barely got out of there. That was your parting gift from the big 12 commissioner And yours got hurt, which I'm actually okay with. but that's just me.

2:02 All yours, fans. Wow. Let's take this off. Wow. Yeah, go to Twitter. People are gonna watch my Twitter and they're like, God, you're on a roll against yours. You're kids, what, 19? So?

2:13 Yeah. If you're gonna play in the big leagues. All right. Right, Chuck. There you go. So what does this do to CFP and. I guess it depends on big 12 championship, ultimately. I think Texas is

2:27 gonna beat OU, but the fact that they barely got out of U of H should make a lot of people question their rankings, but that's just me. Ohio State Penn State was close, so. Yeah, I mean, my

2:41 favorite quote about this, my former brother-in-law used to always talk about how wonderful the University of Texas was and would denigrate my rice owls. My line was always, Please try building a

2:51 sports program without the taxing authority of the state of Texas behind you and then you can talk some smack. I look, look, we love Rice and a good friend of mine that actually played linebacker

3:03 at Rice. We're tweeting during the UT Rice game. He goes, why are we even playing Texas? I'm like, that's a good question. That's a good question. One of the coolest things I know I've

3:14 mentioned it on the podcast before, but I'm going to do it again, is the man on the moon speech that Kennedy gave was actually delivered at Rice Stadium And anyway, the copy of that speech back in

3:29 the day, they didn't have the iPhone, they didn't have the computers, you got your speech printed out and handed to you. So it's typed written on the typewriter and his speech. And when he goes

3:41 into that, why do we climb the highest mountain? Why do we do that? Kennedy actually delivers the line, why does Rice play Texas? And then he delivers the famous line of, we do these things not

3:55 because they're not they're easy but because they're hard. Well, the coolest thing is he had obviously gotten to campus. He had figured out a joke and it's handwritten in Kennedy's hand writing in

4:05 pen, Why does Rice play Texas? And you can see that in the Kennedy Museum in Boston. I know there were two big events. I mean, Texas at U of H. We had ass rows, but we had a roast. That I was

4:21 supposed to attend. And I actually didn't tell you guys, I left the water running in the second floor sink Yikes, long story is my fault, but who? Sorry, Holly. But when I looked on Twitter,

4:32 someone gave you

4:35 kudos. Like, is it public now? I don't know. I saw the public, I was a little shocked. I was like, I saw the, yeah, I saw it. And I didn't respond to it. I wanted to, but I was like, whoa,

4:48 was this a slip? Let's give it an hour or two. It's still there. I think it's still there. And I reposted it So did the so did the GFC. you and your glory, and it's like, I'm actually gonna

4:59 stick to this wagon for a while. So

5:04 she saw me in my glory at the roast, and there was lots of PDA at the roast. Every time I saw her, big kiss. Right, she was claiming you. Yeah, she was claiming me, I think. Well, set it up,

5:17 I wanna hear about the roast. All right, so YDC, the Youth Development Center, after school literacy program, we say it's for you since fifth ward, but that's probably not the best marker, it's

5:29 slightly more north of - Better not be third ward, 'cause that's where the horns barely escape, so let's just keep money out of there. It's a little north of that, obviously, an economically

5:39 disadvantaged area. We've built a big, huge building over there. We run after school literacy. The punchline is, if a kid will spend a year on our program, they'll increase their reading and

5:51 comprehension scores by two to three grade levels. done an amazing job over there. And for the last 16 years, we have financed the YDC operation by throwing an annual roast. And we've had the

6:08 who's who the energy business sign up to be men of the hour. We had Ken Hirsch, we had Mike Lynn, we had Will Van Lowe, we had Ted Collins, I mean, Billy Quinn. And this year, the men of the

6:22 hour were actually for the Rice Brothers. Danny Rice, Toby Rice, Derek Rice, and Ryan Rice. And they were gracious enough to be a good sports and get beat up on. And we raised just over a

6:34 million dollars. Wow. The center runs again for another year. That's how we always say it. Quite entertaining. Yes, it was. And the key to the whole event, we yonder. Do you guys know what

6:47 yonder is? Where you put the phone into the pouch there, lock it up so no one have you found? So I was up on stage. I took your phone away. I took. your phone away. So then make a clear version

7:00 of those.

7:03 The Astros were playing, you had it on the screen and then the rest starts. Yeah, if you had a clear thing, you could take pictures and that's what you're trying to - What about the Apple Watch?

7:15 I don't know about them. I mean, can you still tweet and do shit on that, but you can't take pictures. Maybe. I hadn't thought that much. But anyway, you're kind of asking, who's kicking off

7:25 the big news of the day? Is it you, Mark? Sure, we're back to merger Monday. I think it's

7:34 pretty well known at this point. Chevron and Hess announced

7:39 an agreement to merge it in all stock transaction, 53 billion. What's notable and different about this one is really the asset location, primary asset in the Hess portfolio is in its 30 interest in

7:55 the staborate block. in Guyana offshore, which Exxon operates, about 11 billion barrels of gross resource potential, I think on the order of 400, 000 barrels a day of current production. Going

8:09 to well over a million, you know, the FPSO

8:14 ramp up and commissioning is ongoing. A lot of both exploratory and development upside. So these are very high margin barrels They diversify Chevron out of a pretty high degree of concentration in

8:29 the Permian and also gives them assets, both in Guyana and in the Bakken that have an overall CO2 intensity or each respective asset area has a CO2 intensity in terms of per barrel footprint that is

8:49 better than Chevron's 2028 overall portfolio targets My mark word is Guyana. It's just offshore, South America on the northwestern side of the continent. Correct. Guyana Suriname, you've got the

9:05 whole Guyana Basin that really continues on into

9:11 the territorial waters of Suriname. It's almost exactly opposite Ecuador. Why do I bring up Ecuador? Because if you've seen the new president, 35-year-old president who is heir to a banana empire,

9:26 well, his wife's like a 25-year-old bombshell. And the two of them together, amazing, I'm like, damn,

9:41 I can't draw him out at myself. Because it worked out really well for Canada, so we'll see how this goes for Ecuador. So Guyana, it's right next to Venezuela.

9:46 This is correct. Correct

9:49 right I mean generally acknowledge this is the sexy is best margin fastest growing oil province on the planet right yeah i think it's the best visibility one of the one of the bar charts in the

10:04 in the presentation that was made this morning i misread 730 eastern for 730 central and miss the webcast but i was a little surprised to see it was one of those unitless cash flow from operations per

10:19 boe

10:21 broken out by asset area both chevron legacy pest edition and then combined i think the only one of which the two had overlapping assets to any meaningful degree isn't a gulf of mexico but the cash

10:35 flow from operations per boe for gayana significantly higher than anything else in the combined portfolios so so if if chevron is paying 53 billion for these assets and and Exxon's paying 60 billion,

10:56 who got a better deal, and why? It's basically same price tag. But are we getting more oil, higher margin oil? What are we getting here? Well, I think you look at the risk profile of Permian

11:08 versus offshore Guyana, deep water, quite differently. Too early to answer that question, but on balance, if the Chevron hierarchy as presented with the investor deck about the leverage to per

11:27 unit cash flow is as shown directionally, then you've got much higher cash flow growth leverage in a Guyana type of asset. And just thinking about all the downstream is Guyana heavy oil versus sort

11:43 of the No, it's not. It's not heavy. It's

11:47 from, to my knowledge, it's kind of mid-upper. 30s API. So it's not like sweet being around 41. It's not, it's not Venezuela. Well, no, even though they're close. So Kirk, to answer your

12:01 question and Mark, what do you take on this? Is did Exxon get the better deal with pioneers? Chevron, the better deal with Hess? I think it's like saying I bought front row tickets to my chemical

12:14 romance. And Mark bought front row tickets to the world series. They each got the thing they wanted the most, right? Because what, what pioneer allows Exxon to do in the Permian basin, four mile

12:28 laterals, et cetera, all that does more for them than potentially if Exxon picks up Hess. Fair analogy there. Yeah, I think, I think Exxon needed some acceleration assets and its portfolio, the

12:43 runway, if you will, in Permian with shorter than it is for Chevron, pre-pioneer.

12:51 you know, how that is ultimately treated will be reflected in the multiples, right? And it's, you know, it's certainly too early to tell. Today's a bit noisy because of what's going on with

13:04 crude prices and all these external things like Venezuela, sanctions, lifting, etc. So I think that's a fair way to think about it Okay, let me ask a different question then. If you were an

13:17 employee of HAS

13:21 or an employee of Pioneer, which one would you want to be and why?

13:27 I think we're so people starved in the industry that I think both sets of employees are going to be

13:35 pretty valued. That said, if you're worried about redundancy, obviously it's kind of exon pioneer, being a pioneer employee. One of the jokes I may or may not have made at the Rose was I had this

13:49 running stick about. You want to know what's going on in the industry? You come to the roast, right? 'Cause I said, look, over there, the Pioneer table, the Exxon table, they're over there

13:58 drawing straws to see who keeps their jobs. Yeah, the one thing about the guy on the outside is that Husted and Exxon operates the Staborate Block. So you've got now two powerhouse working interest

14:14 partners, but Exxon dominates from its operating position, which is

14:21 a consideration in terms of opportunity. I mean, you're not necessarily going to staff a non-operated asset as heavily as you would an operated asset. So what does that mean? So to Darren called

14:33 Mike saying, Hey, welcome to the family, or what?

14:38 Or what?

14:41 If that phone call even got made, or what? Or what? Yeah, part of, is a. think I, seeing we're what

14:49 is a disappointment, Chevron talked about it a little bit, and it's prepared comments about how all of these recent transactions kind of in the midst of and following COVID have been at about a 10

14:59 premium relative to whatever benchmark, near term benchmark, trading benchmark you wanna choose. And so if you look at things like forward multiples on earnings and EV to EBITDA, there's quite a

15:12 bit of an advantage in has trades at premium, both on earnings and EV

15:18 to EBITDA to Chevron. So part of that reaction is a 10 premium in the value that's being ascribed in the transaction plus the synergies that are going to be realized, run rate kind of a billion a

15:39 year after the close in the first half of next year. That's all a little bit betting on the come, I guess, but clearly they're buying some.

15:50 some really robust per unit cash flow assets with a good growth profile. I mean, that was Ben Dell's from Cambridge. His deal, gosh, when did he write that paper? He may have even written this

16:02 paper pre-COVID. It might be five years ago saying, Hey, EMP, you need to consolidate, do zero premium mergers just 'cause we need to get rid of the stuff. And so it's kind of played out 'cause

16:16 that's, if there's been a thread that I've seen on CNBC 'cause I watched some of it this morning, looking on the thread on Twitter, et cetera. There is a vibe of, man, Hesse just didn't get

16:30 enough of a premium for this. Interesting now. But we need to dig into this and we will as more news will come out, but interesting. I'm curious why we didn't break this on BDE. We should have

16:43 seen this coming. So I took my shot Thursday night. Let's go back to the rest again my stick. was you want to learn what's going on in the industry, you come to the roast and right after I did the

16:54 Pioneer Exxon joke, I said, Hey, look over there. Case fan off, nervously looking over his shoulder at the Chevron table. So I guess - You broke it, you did break it. I guess I just guessed

17:07 wrong one. Right. It did take 48 hours for Case to text me back and say, I wasn't at the roast, but I did hear about the joke

17:19 He laughed. Yeah, no, I mean, I mean, the interesting thing for me 'cause one of my largest, might still one of my largest holdings in the Yates family portfolios was when I was at Caine is

17:34 cracking, cracking big Bakken player. Caine backed Cracking, been in it, gosh, 10 years, something like that So the the bachan aspect of this fascinates me because has. as is good or better

17:50 position in the Bakken than anyone else out there. I mean, and so what happens there? 'Cause truly, if we're talking consolidation and you didn't have egos, shareholders, all that, it would be

18:03 like, okay, there needs to be one Bakken company. There's no reason to have. It's small enough that one company could run it. The longer laterals make a lot of sense there, et cetera So, you

18:16 know, it's not an NC, I think it's 175, 000, 180, 000 barrel a day asset for a HES. Is that a fit with Chevron? I don't know.

18:29 It's a, I mean, it's a decent add to base production. Yeah, just in terms of magnitude. So, Willie Nilly, you can't just sell it, but long term does Chevron really care about the Bakken? And

18:41 does it want to become a consolidator there? like it was in Colorado, I don't know. It's interesting because a story came out. concurrently with Hess, which actually before Hess, but an article

18:54 with Chevron's Mike Wurr CEO, he says, and the quote of the story is, quote, We're not selling a product that is evil. Yeah. So in priming the market and the story for an acquisition that's

19:07 heavy, oil and gas. Interesting. Which we'll table it for another time because we've explored it at Nauseam, what do the European counterparts in the peer group do? Wow. In competitive response.

19:23 And

19:25 so far, I think

19:30 the only one to really explicitly sound off on that is Wail who said, We want to be as boring as possible. Well, Wail is trying to steer the ship this direction. Interesting. I just wanted to

19:37 give y'all a day in the life of Mike Worth. So this is interesting. Have y'all seen this? Mike Worth, day in the life of Mike Worth, CEO Chevron Moovern Shaker, he gets up at 345. Wake up and

19:49 go to the gym for a 90 minute workout. I don't know, he didn't look that tough, but man. 515 to cup of coffee. Coffee cardio. A cup of coffee reading half a dozen newspapers, including digital

19:60 wildcatters, podcast, first one, he mentions. Financial Times, Wall Street Journal in New York Times. He says, I like to have a context for what's going on in the world. But digital

20:10 wildcatters is the only real news. 6 am. shower, head to the office. Wow And then he has Miriam meeting, 6 pm. back for dinner with my wife. My four children have left at home. Damn, he has

20:24 four kids at home. Wow, we could tell him what's causing that. 9 pm. bed and reading, 10 o'clock sleep. That dude is busy. I saw him during, what's the, Sarah wait, just passing through the

20:37 four seasons lobby. He looks to be in very good health and very fit. So that's an interesting insight on what he does. I call it burning at both ends in a very healthy way. Yeah. All right, so

20:54 real quick, while we're on merger mania, just 'cause this really rubbed me the wrong way.

21:04 There was nothing wrong with that. Jeff Colgan, who is a political science and something about climate solutions, whatever professor at Brown University wrote, an opinion piece for the New York

21:20 Times. And he said, and I kid you not that Exxon buying pioneer was a threat to democracy. Direct threat. A direct threat to democracy.

21:35 Well,

21:38 seriously? I know he's not, maybe he is working for the independent drillers because one of the stories that it's come out of. There was a great article actually in the Wall Street Journal about

21:50 this, about Sheffield and his great legacy. But one of the questions that has come up from the sale of Pioneer to Exxon has been the major independent drillers might face challenges in sustaining

22:02 independently. So they're concerned maybe this is a potential end of an era dominated by independent freckers. I have an opinion, but I'd love to hear your thoughts on that concern So maybe that

22:14 New York Times hit piece was actually paid for by the Permian Basin. I don't think there's anybody capable of playing that level of

22:30 three-dimensional chess.

22:33 It just seems - Tic-tac-toe. Right, yeah, exactly. It's just increasingly a catch-all rebuttal to anything in terms of, particularly what the oil and gas industry does. those who are on the

22:50 wrong side of the climate ledger do in terms of making the business better, responding to market incentives and what their shareholders want them to do. Any type of consolidation or concentration of

23:03 assets powered, despite the fact that the global super major is produced far less than 10 of oil production, is that's the new kind of catch phrase that is intended to really

23:19 generate or evoke a pretty emotional response. So everything is a threat to democracy that is fundamentally,

23:28 and that is a fundamental embodiment of what a democratic system allows. Well, and I said, I've read the article, and his point is kind of the same thing you hear all the time that

23:41 we as consumers shouldn't worry about the planet it and stop using oil and gas. Big, bad Exxon, et cetera, needs to stop investing it. Ie, it's the drug dealer's problem, not the consumer of

23:57 the drug, that's the problem. And so I think that was his threat. That was his problem is that Exxon's just doubling down. They say therefore net zero, but they're investing more in oil and gas.

24:10 And again, I read the article, I may have fallen asleep in the middle of it, not completed it, but you never hear Here's the solution of how we do it so that people don't suffer today. You never

24:22 hear that side of it. So interesting or we're working on things that mitigate the problem you're seemingly concerned about, which is things like carbon capture. Yeah, and we're really good at it.

24:34 Why don't you throw this on what we meant? Yeah, exactly. So you've got ExxonMobil, you've got Chevron on the other side of the pond, interesting enough, article, a letter came out today,

24:43 penned by over 130 businesses that represent over a trillion dollars of revenue.

24:49 in lead up to COP 28. So companies like IKEA, Volvo, eBay, Heineken,

24:59 AstraZeneca, BT Group, Nestle, Unilever, Bayer, or Sted, of course. The letter saying that we need to know that they've urged world leaders to agree to a timeline to ditch fossil fuels.

25:16 That's the letter that's coming out of all these companies that actually have really nothing industrial. They don't need, per se, fossil fuels. Even though eBay uses a lot of bandwidth on those

25:30 data centers. Exactly. And Heineken uses a lot of energy in Amsterdam to make beer. My Volvo wouldn't run right now if - Exactly. They're saying they're all going electric, but you know. Isn't

25:45 this interesting? Nodes you know It felt like to me when I read that article, that article is like, hey consumer, I know you wanna go net zero. Government, government, you gotta do it 'cause

25:60 they know the governments aren't gonna get their act together. No way. China and India aren't gonna agree to a carbon tax or anything that could put us on a path to - No, destroy their economy.

26:09 There's no way they would do it. Yeah, so that felt like, hey, it's not us, it's them. We want this. We're right there with you Yeah, that's what it felt like to me. Kind of a marketing ploy.

26:22 Maybe it is. Some 27 year old intern in the marketing department wrote this letter, hey, that's great, let's sign off on it. And remind us where COP28

26:32 will be held. It's in the Middle East, brother.

26:38 In a country that is one of the largest producers of

26:43 the following cast, so again, I'll go back to my rest remarks 'cause I was quite. proud of my seven minutes or stick. But

26:52 I told the whole story about the threat to democracy. And I was like, come on, let's be real. Bunch of Dallas oil bros getting rich. It's a boom to hookers and blow. I mean, let's just speak

27:04 about democracy. I'm glad you brought this up. It's the perfect segue into hookers and blow chuck. I know we're sad about it, you know the,, but in LA home, almost next door to the interested I

27:06 was meant to text you saying, Chuck, I'm sorry. Bad news, 'cause I know you're And strobes, but there's another story that I read

27:23 Playboy Mansion just sold. And I know you had your eye on that house. So I just wanna say, I'm sorry you missed out. Yeah, well, I appreciate that. Appreciate that a ton. Yeah. All right, I

27:37 don't get any of these floating storage numbers and what they mean, but anybody wanna crack at it just more broadly, you had the headline of. We're easing sanctions on Venezuela. This is a bit of

27:50 a six month probationary period. It's announced, I think, over the weekend where the Venezuelans are now free to export and sell for cash wherever they choose with the condition that free and fair

28:09 elections and the participation of previously banned and some jailed political opponents are allowed by Maduro. I think there was a meeting in Barbados between the opposition and Maduro's ruling

28:24 party that stopped short on Maduro's side of agreeing to allow previous opposition candidates to run again. So we'll see. There's some background, unanimous comments from State Department officials

28:41 said.

28:44 We'll re-impose sanctions so fast to make your head swim. if this doesn't, the free and fair elections, if Maduro doesn't comply, it was basically the message. The other message coming out was

28:59 with this easing of sanctions, Venezuela is now open for business. There are a lot of frozen assets there, diminished value by some international, including American players. And so we'll see

29:12 what does it all mean for the global oil trade? I don't think there's an immediate displacement of or replacement of the barrels that OPEC has taken off the market. There's been decade plus of

29:25 neglect in under investment. And so this is more, I think, about one, the optics of it will have an effect short-term going into an election year. And two, allowing the Venezuelans to start to

29:40 generate some cash They've got a 90 billion foreign debt obligation, which

29:46 really kind of segues into the next story. So, I mean, y'all saw Monty Python on the Holy Grail, right? Yeah. Remember when he comes up to that castle, King Arthur does, and he's like, I

29:58 would like you, Brave Knight, to join me in my quest for the Holy Grail. And the dude's up there. We already got one.

30:07 It's very nice. You know, and I mean, just the absurdity of that guy turning around going, I told him, we already got one I mean, Venezuela's negotiating this agreement, Oh, we'll be allowed

30:20 to sell oil. Well, we didn't, you know, and we have to agree to certain political prisoners being released. Okay, he just said we had to release these idiots. Set them free, whatever. God,

30:33 this is such a windfall to Venezuela. I mean, I can't even believe this is on the table. I mean, this is totally, I need low oil prices going into the election. There is no justification. Bad

30:46 people. It's not the it's not the cleanest oil if you wanted dirty Environmentally clean. Well, you don't want Venezuela. I mean they're heavy stuff are refining complex does but ex on XR Well,

30:60 yeah, ex on in shells refineries on the Gulf Coast love this shit Yeah, they need it. They need it. They actually can't that's what you know Certainly sit go is built for and the Gulf Coast

31:11 refining complex is the highest complex of the index in the world Which means heavy sour is? Where we get you know, we get the most bang for the buck over time should we bid for sick? Oh by the way

31:23 the three of us there we go

31:27 Let's think about how we can compete against buckies if we turn it into like a buckies competitor nice strippers Oh, good grief. I mean perfect. I'm out

31:39 We're all gonna get divorced and GF is gonna deny you. So that would be bad. That would be bad. So all right, let's move forward. But yeah, I can't. I can't figure out what we're doing with

31:52 Venezuela. That just to me. I'll take the under. Yeah. I mean, I had a neighbor in Nantucket and we were chatting. So yeah, I'm raising a fund and my partner is a big Venezuelan investor. He's

32:07 close to Maduro I was like, Okay, great. When's the fund closing? And it never closed. And nothing ever happens there, ever. How many cycles or incidents over the last 50, 60 years of

32:26 nationalization and confiscation in some cases and liberalization have there been at least two? Yeah. So I'm going to risk capital

32:38 in assets that I have almost forgotten about. Yeah. That may be frozen or otherwise kind of in uncertain

32:50 ownership state. I've got, I've got other things to do elsewhere. I mean, I, I feel the same way about Mexico. I was going to say go right to Mexico. They celebrate expropriation day down in

33:00 Richmond, Texas. I mean, it's like, yeah, it's like a big deal. And so yeah, that's so much shoes on the other foot with Sitgo, right? And Sitgo is a

33:13 Venezuelan owned through opposition party controlled and appointed holding companies. Currently, there was a ruling. They've been protected from

33:29 an auction to satisfy arbitration awards to creditors and there are a number of creditors That now has been removed by virtue of a ruling that.

33:43 these holding companies and the entities that own them are de facto or alter ego Venezuelan entities and Venezuelan has dead op Venezuela has dead obligations that US creditors among them Conoco

33:59 Phillips and Exxon are suing to get redress and now the judge has said we're gonna move forward with an auction Venezuela will be left with nothing if it plays out like the the expert observations are

34:13 saying the starts sometime early next year if they can't get repayment agreements with their creditors in place before the winning bid is announced Venezuela probably loses all of of any kind of claim

34:13 on the 13 billion asset that is set go which is about 800, 000 barrels a day

34:42 of mostly heavy-ven type crude refining 4, 200 retail stations, plus a big sign at Fenway Park. And so, you know, we'll see how that plays out. But again, it's just emblematic of what's going

34:56 on with the Venezuelan, the intractable Venezuelan debt situation. There's hope that, you know, these sanctions that we just just talked about before this would somehow satisfy or substitute for

35:15 an auction of set go whereby Venezuela stands to lose everything. And, you know, in the background, people are saying there's kind of slim to slim to done chance of that, that being the case. So

35:28 it will get auction. You've got a handful of players that are cited MPC, Motiva, and of course, the other big US refining owners Valero, etc. So. That's That's another part of the mess that is

35:45 Venezuela every American student at some point should have to study Venezuela for like six six weeks straight That is what socialism does And it repeats itself You know, it's just not good Not good.

36:05 All righty. Well, are we gonna make our way to the prayer vigil for Collins prostate given that he's got Another injury and his has left us alone Yes, yeah, there we go. There we go Any final

36:21 thoughts or are we all just gearing up for game seven? I mean, I think we need to gear up It's just we need to pre we need the cold cold bloodedist version of ill reptile Christian Javier to show up

36:34 tonight. Yeah, I Will say and score more than two runs. I will say this

36:41 I'm happy going into the bottom of the ninth with Al Tuvet at bat representing the winning run. I will be happy to do that. If we could skip straight to there. I'd rather be up 10-0, but hey,

36:55 I'll take whatever. The good news is if they get over tonight and if the Phillies close it out and represent the National League and create what will be a rematch of the 2022 World Series, the World

37:10 Series starts in Philadelphia, which means there's four away games in Philly and three home games. There we go. If it goes seven. We can have. Love it. So, all right everybody, thank you for

37:23 joining us. If you enjoyed the show, make sure to share it with a friend, subscribe, all that good stuff.