The two discuss the regional political forces shaping the Iran war so far, exactly how vulnerable the Strait of Hormuz is, and—shifting inland—what’s in it for the Kurds.

Using historical and current data, the episode traces how refinery configuration, shale-driven production growth, regional pipeline integration, and shifting geopolitics reshaped US trade flows over three decades. From OPEC’s dominant role in 1995 to Canada’s system-critical position today and the reemergence of Venezuelan barrels under evolving sanctions policy...this episode explores how long-cycle capital investment and policy decisions continue to influence refinery economics and supply strategy.

The discussion centers on the new legal frameworks being established in both countries within the context of fraught relations stretching back for decades.

Want to hear more? Listen in on a January episode highlighting industry's initial take following the removal of Nicholas Maduro from power.

Politico podcast

Monaldi Substack

Baker webinar

Washington, Caracas open Venezuela to allow more oil sales 

The episode is a practical walkthrough of what the latest research means for completion design, resource expectations, and environmental oversight.

If you’d like to dig deeper, the full articles are available with your membership on OGJ.com. 

Marcellus assessment shows continued expansion [Free - Members Only]

New assessment suggests substantial Appalachian shale gas resources [Premium]

Lightweight proppants improve completion [Free - Members Only]

Airborne Angolan methane monitoring reveals discrepancies [Free - Members Only]

Conference themes discussed as they relate to the year ahead include the shift from automation to autonomy, AI, the energy addition, and sustainability.

An oversupplied crude market, deep infrastructural needs, and in-country political uncertainty are only a few of the problems to be addressed.

But there are also opportunities, particularly if progress can begin quickly. This episode was based on and expanded from an OGJ article written by Conglin Xu, Managing Editor - Economics. 

In this episode, you’ll hear short recaps of this year's most-read content from OGJ.com...shared in our editors’ own words...with thoughts to carry into 2026. 

Give it a listen...you don't know what you may have missed! 

• Laura
  • 2024 Worldwide Reserves/Production tables  
  • 2025 Worldwide Reserves/Production tables
• Conglin 
  •  2025 Forecast & Review webinar  
  • 2026 Forecast & Review webinar (REGISTER TODAY!)
• Geert
  • Aethon president: Natural gas needs to top $5 to spur Haynesville investment
• Mikaila 

  • TGNR adds East Texas gas assets in $525-million deal with Chevron

• Chris  

  • Venture Global withdraws Delta LNG from pre-filing to focus on Plaquemines expansion

• Alex  

  • Shell starts oil production from deepwater Gulf of Mexico Whale development

  • Shell designed Vito development for present deepwater economics

  • Chevron Anchor pioneers 20K subsea development

Bell-Hammer looks back at the mid-1990s, when US production was believed to be in irreversible decline, fast-forwarding to today’s record production highs powered by shale technology, deepwater advances, and new global producers.

From the Permian basin to Brazil’s presalt and Guyana’s meteoric rise, this episode reveals how technology reshaped the world’s supply map.

OGJ Editor-in-Chief Chris Smith interviews Will Kernan, Power Solutions Strategy Manager for Caterpillar Oil & Gas, on why electricity demand has surged by multiple gigawatts since 2021 and why traditional reliance on the grid is no longer sufficient to ensure timely project development and stable operations.

Kernan outlines how accelerating electricity demand from both oil and gas operations and new industrial entrants—particularly data centers—has strained transmission capacity, driving greater interest in on-site natural-gas-fired generation and microgrid models.

The episode closes with a look at major grid-expansion proposals under consideration in Texas, their long lead-times, and how distributed generation, waste-gas utilization, and field-scale microgrids will shape a more flexible and resilient power ecosystem for the Permian in the years ahead.

Wondering what happens when an operator goes bankrupt? Or when decades-old wells still need to be plugged? Stakelum explains why decommissioning is a business and regulatory puzzle shaped by bankruptcy law, fragmented oversight, and shifting federal rules.

From 'boomerang liability' to the ripple effects of financial assurance requirements, the conversation notes how operators, regulators, and sureties are all recalibrating in real time.

Andrew Stakelum is an energy disputes partner in King & Spalding’s Houston office. His focus on the energy industry includes the oil and gas, renewables, and refining sectors. A key aspect of Andrew’s energy practice involves helping clients navigate the highly regulated environments in which they operate.

Stakelum holds a J.D., cum laude, from Tulane University Law School; and a B.B.A., magna cum laude, from the University of Georgia. 

This episode is sponsored by Sherwin-Williams.

Brooks highlights how storage levels, new supply projects, and shifting demand across key regions could influence market dynamics well into the next decade.

The conversation explores the geopolitical weight of Russia-China gas agreements and how these moves may ripple through the global energy system. 

The discussion includes a look at how importers are balancing short-term and long-term LNG strategies in a volatile market. From Europe’s uncertainties to Asia’s energy security priorities, the discussion outlines tensions shaping contracting decisions—and what an expected wave of new LNG supply might mean for emerging economies.

Procyk and Capper discuss Permian produced water cleanup standards, projects, and goals. 

Capper is chief executive officer of EnergyMakers Advisory Group and CAP Resources. Capper holds a BS (1983) in electrical engineering with a minor in bioengineering and computer science from Rice University, Houston. She is active with the Produced Water Society and the New Mexico Produced Water Recycling Consortium. 

In this episode, Procyk refers to previous podcast episodes. You can find them listed here:

• Insights: Produced water in the Permian basin (Part I)

• Insights: Produced water in the Permian basin (Part II)

• Insights: Permian produced water needs someplace new to go - a discussion with Laura Capper (Part I)

Joining Procyk is Laura Capper, chief executive officer of EnergyMakers Advisory Group and CAP Resources. Capper holds a BS (1983) in electrical engineering with a minor in bioengineering and computer science from Rice University, Houston. She is active with the Produced Water Society and the New Mexico Produced Water Recycling Consortium. 

Together, Procyk and Capper discuss Permian produced water disposal challenges, new permitting guidelines, and beneficial reuse options.

In this episode, Laura Bell-Hammer, Statistics Editor, takes listeners on a journey through the dramatic changes undergone by the industry—from early wildcat drilling and gut instincts to today’s data-driven exploration, automated drilling, and predictive production.

Bell-Hammer reflects on the legacy of the Journally Speaking column and Oil & Gas Journal, which has documented the industry’s milestones for over 120 years. Blending history, technology, and industry insight, the episode shows how far we’ve come, where we’re headed, and why trusted resources remain essential for the next generation of energy professionals.

References

Arbitrator rules in favor of Chevron, Hess in Guyana dispute with ExxonMobil (OGJ Online, July 18, 2025)

Global M&A activity slows amid rising valuations and fewer deals, Rystad Energy report

Civitas cuts back on capex, launches $100 million savings push (OGJ Online, May 9, 2025)

Canadian Natural Resources to acquire certain Alberta assets from Chevron for $6.5 billion (OGJ Online, Oct. 7, 2024)

Global crude inventory has been building steadily year-to-date. In an apparent oversupply, price action has a followed the fundamentals.

Market sentiment has been shaped by three major forces: escalating macroeconomic uncertainties surrounding the US and China, OPEC+'s evolving production strategy, and political risks amid military conflicts in the Middle East. 

In short, we are in a market where risks remain high. Barring unexpected disruption or major policy reversal, oil price momentum could continue to drift sideways through this year's third quarter. 

Did you miss the June 10 Part I episode where Procyk talked new hire competence, training, and statistical-based oilfield engineering? Listen in here! 

In this episode, Procyk mentions a 2022 article that appeared in the February 7, 2022, print edition of Oil & Gas Journal discussing the Liza development in Stabroek block offshore Guyana.

Read OGJ's coverage of Valero's warning to the government of California for more detailed information. 

While the planned refinery closure won’t be a first for net zero-focused state, it has triggered more aggressive attacks on California leadership and legislation.

This is a first of future ReEnterprised episodes that will take a closer look at California’s refining sector and the laws and regulations that govern it.

The US and China reached a temporary trade agreement on May 11. The US will lower tariffs on Chinese goods to 30% from 140% and China will reduce tariffs on US imports to 10% from 125%. Certain tariffs, particularly those related to cars, steel, and aluminum, remain in place. Overall, the agreement led to a positive response in global markets. US stocks surged, and oil prices experienced a strong uptake.

With tariffs reduced, if sustainable, there is the expectation of an increase in industrial activity, likely to drive higher demand for oil, supporting prices in the near term. But the deal is temporary, and uncertainty remains. Prior to the deal, certain North American shale producers began releasing first-quarter 2025 earnings reports, detailing plans to reduce capital spending and remain flexible in the current macro environment.  

According to the OGJ annual capital spending survey, the combined capex of six major oil companies—ExxonMobil, Chevron, Shell, BP, Equinor, and TotalEnergies—is projected to be US$108-112 billion in 2025. This marks a decrease from $113.7 billion in 2024 and $114.7 billion in 2023 and remains significantly lower than the pre-pandemic level of $123 billion in 2019.

Notably, majors are scaling back on earlier aggressive investments in renewables. 

From shifting strategies among oil majors to merger and acquisition activity in the shale sector to new developments in the refining sector and the Canadian oil industry, there’s a lot to unpack. 

In these sponsored The Business episodes, Oil & Gas Journal will talk with companies across the energy space about their latest activities.

In this episode, "Rapid Response Fabrication: Delivering When It Matters Most," we are joined by Dan Creech, executive vice-president of strategy and business development for Enerfab Process Solutions.

Listen in to learn about Rapid Response Fabrication, how it was developed, and how it’s executed to get operations safely back underway in the shortest time possible.

Since his inauguration, Pres. Trump has has wasted no time in rolling out orders and policies, and the energy sector is already feeling the effects.

In this episode, Xu dives into key developments and what they mean for the market, starting with the administration's stated priority to boost domestic energy production through deregulation and accelerated permitting. 

Enjoy the episode and want to read more about these and other government actions that impact the oil and gas landscape? Find more coverage at OGJ.com/general-interest/government.  

Procyk discusses perforation erosion studies and a paper on a chemical treatment for EOR in unconventional wells.

Demand from artificial intelligence and industrial electrification is growing rapidly, and companies are looking for power to support the growth. Adapting strategies, a handful of oil and gas companies have entered the chat. 

ExxonMobil and Chevron are both exploring behind-the-meter solutions for data centers, leveraging natural gas and, potentially, carbon capture and storage, to provide reliable, decarbonized power. 

In addition to the podcast, read more about US sanctions against Russia's oil and gas industry on OGJ.com. 

In this second part of the two-part series, Procyk details some of the potential solutions for all of this produced water and some of the difficulties still to be addressed. 

In this first part of a two-part series, Procyk breaks down what produced water is, where it's coming from, where it's going, its consequences, and potential options for reuse in ways beneficial to industry and agriculture.   

Pskowski, Martha, Houston Chronicle, "Can recycled oilfield water quench the thirst of drought-stricken West Texas?" Dec. 8. 2024. 

Khan, Jawad Ali, and Andreas Michael. "Wellbore Integrity Challenges in Saltwater Disposal: Case Study on the Fort Worth Basin." Paper presented at the SPE International Conference and Exhibition on Formation Damage Control, Lafayette, Louisiana, USA, February 2024. doi: https://doi.org/10.2118/217850-MS

Procyk, Alex, "Delaware basin model quantifies SWD pressure effects," OGJ, Oct. 3, 2022. 

Railroad Commission of Texas, "Federally Funded Well Plugging, Orphaned Well Site Plugging, Remediation and Restoration."

WestWater Research LLC, "Water Market Insider, Q3 2022."

Have an idea for a future episode? Have thoughts about a previous episode? Contact us at ogjonlinenews@endeavorb2b.com.

Xu details the implications of the decisions on the global energy markets. In addition to the podcast, find more economics data as it relates to the oil and gas industry at OGJ.com.

Have an idea for a future episode? Contact us at ogjonlinenews@endeavorb2b.com.

In this ICYMI episode of the Oil & Gas Journal ReEnterprised podcast, listen in as Mikaila Adams, Managing Editor, talks about the steps the oil and gas major has taken to scale-up the lithium industry in Arkansas on its quest to become a leading supplier.

Have an idea for a future episode? Contact us at ogjonlinenews@endeavorb2b.com.

Have an idea for a future Oil & Gas Journal ReEnterprised podcast episode? Contact us at ogjonlinenews@endeavorb2b.com.

Xu breaks down the latest trends in global oil demand, the nuances of supply dynamics, and the state of refining margins, providing a comprehensive picture of the market today.

For more economics and markets news, visit OGJ.com/general-interest/economics-markets.

Have an idea for a future episode? Contact us at ogjonlinenews@endeavorb2b.com.

Have an idea for a future episode? Contact us at ogjonlinenews@endeavorb2b.com.

How EPA’s Changing Greenhouse Gas Inventory is Redefining Methane Emissions, Methane Emissions Technology Alliance, YouTube, Oct. 26, 2023. 

Have an idea for a future episode? Contact us at ogjonlinenews@endeavorb2b.com.

Have an idea for a future episode? Contact us at ogjonlinenews@endeavorb2b.com.