One Way, Or the Other?

 People, Ideas & Objects have set a precedent, demonstrating that producer officers and directors may deliberate on an innovative idea for a product or service for upwards of 33 years, effectively squandering trillions of dollars of other people's resources. When confronted with undeniable evidence of their inaction, they seem to require guidance to make the correct decisions. As of now, the decision to pick up our option on February 16, 2024, remains uncertain, with no communication received thus far.

The broader oil & gas economy in North America bears the scars of the missing $4 trillion we have documented. Shareholders, having been ignored, express their displeasure. While it's true that dividends are being distributed, this action hardly compensates for the substantial returns that should have been provided over decades or the capital raised through dubious earnings reports. The devastation inflicted on the service industry by officers and directors cannot be overlooked. The lack of a forward-looking plan or strategy leaves the industry ill-equipped for the challenges ahead, devoid of necessary resources.

The oil & gas industry's future hinges on its ability to innovate and meet the energy independence demands of the continent. Unfortunately, innovation has been stifled, historically thriving in the service sector but rarely within producer firms themselves. Innovators who dedicated their lives to bringing ideas to market find their efforts nullified as their intellectual property is co-opted and shared among competitors by the very officers and directors meant to lead.

A point arrives when it must be declared that enough is enough. The industry cannot sustain itself under this failed leadership. If, after midnight on February 16, 2024, producer officers and directors have failed to act on our option, it will be clear to all stakeholders that their conduct amounts to more than negligence; it is willful misconduct. What other conclusion can be drawn?

Our Value Proposition: Markets

 Three modules of the Preliminary Specification are “market” modules, including the Resource, Petroleum Lease, and Financial Marketplace modules. Each establishes a marketplace where producers can engage in the markets they need.The marketplace modules mimic the three markets producers participate in. They are designed to deal with the day-to-day activities of each producer, service industry member and others. Supporting them with the contractual, transaction processing and other capabilities of Oracle Cloud ERP and People, Ideas & Objects Preliminary Specification. We also support our user community and their service providers in our Cloud Administration & Accounting for Oil & Gas. Enabling producers to apply their competitive advantages and strategies in the greater oil & gas economy. 

North America has advanced its overall quality of life through markets and price discovery. The Preliminary Specification will act as a part of the structures that define and support the oil & gas industry. Our decentralized production model price maker strategy relies on the principle of oil & gas commodities being priced based on the price maker principle. Producers need to produce only profitable production, after full consideration of all their actual costs on a timely and accurate basis. This is how they’ll operate with Cloud Administration & Accounting for Oil & Gas. Using all of the information contained within the commodities market price (production, inventory, consumption, reserves) to determine profitability and ultimately what will and will not be produced. It is these same mechanisms that are involved in every transaction of a free market. 

From the Preliminary Specifications Resource Marketplace module we quote from a paper written by Professors Richard N. Langlois and Nicholas J. Foss entitled “Capabilities and Governance: the Rebirth of Production in the Theory of Economic Organization.” they note.

The organizational question is whether new capabilities are best acquired through the market, through internal learning, or through some hybrid organizational form. And the answer will depend on (A) the already existing structure of capabilities and (B) the nature of the economic change involved. p. 20.

And

If by contrast, the old configuration of capabilities lies within large vertically integrated organizations, creative destruction may well take the form of markets superseding firms. History offers many examples of both. p. 20.

And

Either way it boils down to the same common-sense recognition, namely that individuals - and organizations - are necessarily limited in what they know how to do well. Indeed, the main interest of capabilities view is to understand what is distinctive about firms as unitary, historical organizations of cooperating individuals. p. 13.

In terms of the Resource Marketplace module we first need to discuss two components of how operations are conducted in oil & gas. Field service industry providers extend producers' capabilities and capacities into their regions of interest. If producers owned and operated their field infrastructure it would otherwise be an impossible impediment and constraint towards progress. The second component is the history of abuse and disrespect producers have displayed and presented to the service industry over forty years. And particularly since 2015 when producers recognized their financial difficulties were amplifying. 

The status quo long ago accepted the assumption that oil & gas is a boom / bust industry. All other industries sought to work these issues out of their businesses and industries many years ago. It is this continuing acceptance by producers that has left us with a legacy of maybe six good years out of the past thirty six. Officers and directors don’t understand this argument as they’ve experienced thirty six years of superior executive compensation. Producers assumed the service industry would adjust to the boom / bust trend in lock step with them. There is an implied assumption that the service industry, like the oil & gas industry itself, enjoys revenues as a primary industry. Therefore, it continues business as usual during bust cycles. The diversity of the service industry offerings, and their coverage across the various regions of their operations throughout North America spread them thin operationally. As secondary industry participants they are not as resilient as producers believe. Scaling back from 1,900 active drilling rigs during 2015 to 400, forcing 50% price reductions on the drilling operator or they would use another vendor, the producers induced a collapse of their revenue streams into the low and below teens in terms of percentages of prior levels, which has been devastating on the financial health and viability of the entire service industry.

Now in 2024 the repercussions of this downturn have decimated much of the service industries capacities and capabilities that were once available to producers. The largest service industry providers have left the continent due to this abusive treatment. Therefore for producers to work out the boom / bust cycle through our price maker strategy will contribute to rectifying this issue in the long run. Through profitability everywhere and always, the oil and gas industry will build a stable infrastructure. Providing a stable environment, or a constant level of demand for which the service industry would be able to budget, plan and prosper. 

After this and similar treatment over the past four decades investors in the service industry are unwilling to participate in the rebuilding of their much needed field operations. They invested in good faith and were abused by the producer firms. They’ve witnessed the equipment they invested in being cut up for scrap metal to pay the light bill and taxes on the shop or horsepower sold off to other industries. This was due to the producers determining they could get away with leveraging additional field activity by not paying their bills for 18 months after the jobs were completed. Producers should have alerted the service industry representatives to these plans beforehand. The dilemma today is who’s willing to provide the financial resources for the service industry to recapitalize itself. The funds that would enable it to reestablish the capacities and capabilities necessary for a self-sufficient and profitable oil & gas industry? The service industry believes that producers broke it, they can fix it. Maybe when they have some skin in the game they won't be so abusive.

This is what’s known and understood in the market today. It's not news. Producers expect the service industry to resume normal operations, yet fail to consider the consequences of their prior actions. A similar example is the history of oil & gas ERP providers over the past thirty years. I can report there’s still no consideration of a second chance these first tier ERP providers will ride to the rescue of the producer firms. Why? They feel the industry is too complex, too costly and there are not enough producers to negotiate sales prices fairly. SAP is a custom implementation for each sale. The last two ERP providers left in 2000 and 2005, as documented on page 17 of our White Paper. This was due to producer officers and directors' inability to pay for software development in advance. The only method by which these vendors would approach the industry. 

Producers have had ten years to invest in the Preliminary Specification to make their organizations profitable and accountable. They also had the opportunity to avoid this inevitable, predictable and fatal outcome but didn’t do so. Not a penny has been spent on People, Ideas & Objects at any point. The need for skin in the game was the apt approach when so many oil & gas ERP investors and vendors were betrayed three decades ago. This has now been done to the service industry. People, Ideas & Objects are instilling market principles in the producer firms, however, this does not imply that those who support them have the inherent trust in producers as a result of their prior actions to rely on market mechanisms at this time. Industry culture will need to have been proven to be changed. We’ve heard the promises before. 

Producers sit on primary industry revenues. They will show a thumbs down to this idea as if People, Ideas & Objects is the only vendor they’ll be faced with who has this ludicrous prepayment idea. Officers and directors' actions have consequences that are wholly detrimental to everyone else in the industry. Officers and directors will argue this does not remind them of what markets and price discovery should look like. Correct, it's what’s necessary after their destruction of markets. 

These facts on the ground are what officers and directors refuse to consider or admit. Until they do the industry will be beset with problems of the scale and magnitude of trillions of dollars. These issues need to be dealt with and I am unaware of another solution. The need to rebuild the industry brick by brick and stick by stick must be financed by the only means now available. The primary industry revenues of the dynamic, innovative, accountable and profitable oil & gas industry. It is facilitated through the Preliminary Specifications Resource Marketplace module and the price-maker strategy in the decentralized production model. Granted there will be those within the service industry that will continue to scrounge for the pennies falling from the officers and directors' pockets. However, that does not create the dynamic, innovative, accountable, profitable and energy independent oil & gas industry that we need. 

The Financial and Petroleum Lease Marketplace will also implement market organizational structures in the Preliminary Specification. This will provide the organized interface necessary to access and interact with these markets. Modules in which the full transactional power of the Preliminary Specifications ERP system supports these markets. We’ll also discuss the Marketplace Interface we're building. I believe COVID provides the opportunity to adjust one's opinion to this feature. I have suffered the slings and arrows, the ridicule for it in the past. There is little that disagrees with what I haven't heard. In my opinion it is revolutionary and needs to be seen in the context of the changes that occurred in 2020 - 2022 covid era. At a minimum it adds an element of serendipity to working from home. One point I may not have been clear about is that the Marketplace Interface is a virtual representation. Users will be able to access it through any screen on any of their devices. The person does not wear a headset.

The Petroleum Lease Marketplace module is exactly what you could imagine. An opportunity to post, bid, purchase, and sell mineral rights and producing properties in the marketplace that exists and is replicated virtually within the Petroleum Lease Marketplace module. Everything from the opportunity to participate in a joint venture to establishing surface rights payments is fully supported by the ERP system of the Preliminary Specification. Our product sits on top of Oracle ERP Cloud which includes their tier 1, Oracle Fusion Applications which Gartner rates as the highest quality offering. Oil & gas markets include Federal, State, Provincial, Freehold and offshore leases. An opportunity for industry to consolidate on a dynamic platform which uses proven tier 1 technologies with the constant support of service providers. This platform maintains transaction administration and accounting in a standard and objective manner. (Note: People, Ideas & Objects maintain the policy, and it is written into our user community and service provider licenses.) 

We will keep arm’s length distance from all royalty administrations. We operate in the long-term interests of the oil & gas industry. To ensure that they are provided with the most profitable means of oil & gas operations. There will be no compromise on this anywhere within this community.) This will be enhanced with the constant iterative design and development being undertaken by the People, Ideas & Objects user community and developers on a permanent basis. Whereas if a jurisdiction reviewed and changed their royalty rates at some point, in terms of either the rate or method calculated, producers would not need to concern themselves with the administrative or accounting aspects of those changes. The user community, developers and service providers would handle them and ensure that the software and services are updated on time. Producers would only need to deal with any issues regarding revised royalty costs. 

Producer firms do not have competitive advantages in administration and accounting. Thankfully that is one of the statements we have no pushback on. However, these areas shouldn't be slapped together in a haphazard manner. There’s no reason why the industry doesn't have access to state of the art ERP systems within their firms. That producers haven’t, has led to many questioning not only the integrity of accounting but also the systems used by the industry. This questioning should never have been necessary and implementation of Tier 1 ERP systems is now an explicit demand of the investment community. Oracle Cloud ERP is the premier Tier 1 ERP system on the market. 

And why is it that the issue of overproduction, or as we define it as unprofitable production, can be documented to have existed in the North American marketplace as far back as July 26, 1986? The solution we propose to the overproduction issue, in addition to aligning all seven Organizational Constructs, has been available since August 2012. In terms of markets, it is estimated that there is double the amount of oil needed by 2050. This capacity overhang forces North American high cost producers to assume the swing producer role and produce only profitable production. During the next 27 years, Saudi Arabia will be able to produce profitably at any price with its production costs of $3.00 and probable $0.00 in capital costs. They could use the money, and the markets in 2050 are too far away and unpredictable for them to sit back and wait for. 

The third marketplace module is the Financial Marketplace module. With the Preliminary Specification, the Joint Operating Committee becomes the key Organizational Construct of a dynamic, innovative, accountable and profitable producer. In the Joint Operating Committee section we noted that the movement of knowledge, which includes the detailed actual, factual accounting information for that specific property, to where the decision rights are held, which is the Joint Operating Committee, enhances accountability. 

It's here that the Financial Marketplace enhances accountability through the board of directors' interaction with their current and prospective shareholders and bankers. A review of the Financial Marketplace module specification would be the most comprehensive source of information to capture an overall understanding of the module. With the standard and objective nature of the accounting conducted throughout the Preliminary Specification and the service providers. Would that satisfy some of the issues investors and bankers have raised regarding their investments and loans in the industry? Where everything being produced is profitable and producers seek to maximize profits by shutting-in unprofitable production? Would People, Ideas & Objects, our user community and service providers help producers satisfy their shareholders and bankers to the point where they’d invest in the industry again? 

Two New Viable Scapegoats

 Two of the achievements of People, Ideas & Objects that officers and directors would point to. Would be the accumulation of its Intellectual Property and the precedence set in terms of the time and effort exerted toward change. 

Intellectual Property is an advantage to oil & gas producer officers and directors as much as it is a benefit to People, Ideas & Objects. Producers can point to it directly and state “they can’t do this” and “they can’t do that” as it would violate my IP, they must work around it. Making it a given that the status quo is the only method that will remain proven and implemented. 

Secondly, the precedent People, Ideas & Objects have set in terms of the effort to implement any necessary changes, to disintermediate or resolve industry issues or realize future opportunities. As of May 2024 this will equal 33 years of our effort. 

Additionally some characteristics of that precedent includes:

 - There will be no industry based financial or moral support provided. 

 - Ostracization and vilification of any individuals involved. 

 - The collective will of the producers needs to be overcome. 

 - Industry operates as one, with one voice and one strategy against deemed violators. 

We therefore stand at a point in time where the ability to make the requisite changes to industry is now or never. If People, Ideas & Objects is unsuccessful in implementing our deadlines of February 16 and April 12, 2024. How will anything be done in the future? Maybe I’m being melodramatic or thinking too much of the Preliminary Specification. History will tell us.

A Future With Rube Goldberg

 We’re discussed the Rube Goldberg-like devices being crafted within each producer firm. While each device is unique, they share one critical flaw: none result in 'real' profitability, unlike the organizational method employed in the Preliminary Specification.

Moreover, it's apparent that these producer firms criticize People, Ideas & Objects for embarking on a project they deem too broad in scope and scale, labeling it as 'too ambitious.' However, this critique overlooks the fact that our project's scope mirrors the objectives their own convoluted systems aim to achieve. The scale we aspire to might be substantial, but when considering the combined financial resources of all producers in the development of a singular administrative and accounting system, it becomes competitive with their individual budgets.

Professor Paul Romer, who was awarded the Nobel Prize for his 'New Growth Theory,' introduced the concept of sharing non-rival goods and services. This theory underpins our belief that the sharing of administrative and accounting responsibilities is a secondary reason why producers are losing money due to its high overhead costs. Distributing these costs across the industry could significantly reduce each producer's burden. 

'New Growth Theory' forms one of the seven Organizational Constructs of the Preliminary Specification, offering incremental and unquantifiable value to our product users. This opportunity remains on the table until February 16, 2024.

Cultural Stasis

 For several decades, a pervasive cultural stasis has afflicted the oil & gas industry. In the 21st century, I struggle to identify any significant changes initiated by producer officers and directors. Particularly frustrating is that even the investor activism starting in 2015 resulted in minimal change, aside from the begrudging acknowledgment of minimal dividends—essentially the least effort required to fulfill their corporate responsibilities. Note here that I’ve only been able to impose these deadlines due to the personal risks officers and directors have exposed themselves to. 

The strategy of 'muddling through' remains persistent and ubiquitous. Resistance to this entrenched culture seems non-existent, except within the investor community and among advocates like People, Ideas & Objects. Initiative and innovation have been drained from those gainfully employed in the industry, deterred by the political hazards of proposing change and the potential career costs of doing so. This situation forces many to consider leaving the industry as their best opportunity for advancement. Without the efforts of People, Ideas & Objects, one wonders where the industry might stand, especially if the looming Friday deadline passes without action from the officers and directors.

To say the industry faces issues is an understatement. The officers and directors are entrenched in a classic defense, a turf war against disintermediation— a scenario not unique to our times, reminiscent of the post-WWI era.

Our deadline is Friday, February 16, 2024. Failure of producers to embrace the option we offer signifies an inability to assert control over their business operations. The Preliminary Specification represents a unique market solution capable of timely addressing these challenges. Despite documented losses exceeding $4 trillion in natural gas revenues since July 2007—a situation we had forewarned—the resistance to our solution, which necessitates industry disintermediation, remains steadfast.

Should producer officers and directors neglect our Friday deadline, such inaction will be interpreted as a deliberate acknowledgment of their failure. To label their behavior over the past 17 years as merely negligent would be overly generous. Friday will determine the accuracy of this interpretation. Ignoring our deadline equates to an admission of willful misconduct by the officers and directors. However, should they engage with our option and aim to meet our April 12, 2024, deadline, they have a chance to demonstrate a genuine commitment to resolving the industry's challenges. Therefore, it's reasonable to conclude:

 - Inaction by them equates to guilt.

The Week That Was

 What a week it’s been, with continuous record-breaking differentials in natural gas prices being achieved daily. The closing factor was astonishing! In an attempt to mitigate this embarrassing disparity, they might contemplate ways to reduce oil prices or perhaps distract investors with a press release or a financial report touting record earnings. Anything to make it not look so bad.

Unfortunately, the broader industry, which genuinely needs this revenue, is dismissed as merely greedy and lazy—a common accusation from officers and directors toward the service sector. And since investors have been receiving minimal returns for several quarters, they, supposedly, have no grounds for complaint. We are expected to admire these leaders as they metaphorically 'levitate' down the street, with reverence being optional, for now.

This situation epitomizes the dismantling of an industry, its resources, its people, and its future, orchestrated by those indifferent to anything beyond their immediate interests. Since August 2012, I have offered a solution, only to be met with personal ruin and to serve as their source of amusement. Nonetheless, I remain committed to this cause.

The sheer disregard and surreal nature of these actions are beyond comprehension. The most devastating realization is the bleak future of the oil and gas industry in North America, destined for nothing but a gradual decline.

A Few Questions

 People, Ideas & Objects have established deadlines for North American oil & gas producers to maintain their access to the developments of the Preliminary Specification. The first deadline is February 16, 2024, with details available in our blog post from Wednesday, January 17, 2024. This deadline provides the industry with the option to participate in our software developments by raising its budget by April 12, 2024, a time by which they can face their shareholders and state they have taken steps to resolve industry issues.

The alternative is to continue their obstinacy, which has cost their shareholders the benefit of the $4.03 trillion in unrealized natural gas revenues since July 2007. We can assume the same for oil, though there is no tangible means to determine the amounts, other than to avoid selling at negative prices. We believe these are the types of appropriate questions officers and directors should answer:

• When will the fundamental breakdown in natural gas pricing from 6 to 1, to 40 to 1 be addressed?
• Why was this acceptable?
• Does overproduction of oil generate these same questions?
• With a solution to chronic and systemic overproduction, unprofitable production, or lack of production discipline. Which the Preliminary Specification addresses and has been available since August 2012, why were no steps taken?
• Why has there been a failure to respond to the withdrawal of new funds by investors since 2015?
• Why was there no participation by producers' officers and directors in the market development of LNG into global markets? Was it due to:
• The comfort and satisfaction of reported profits from hedging commodities?
• Their belief that markets can clear any amount of oil & gas produced, even at negative $40 for oil?
• Distractions from other unrelated activities?
• Why was shale declared uncommercial, and would it have been if revenues were appropriately managed and the $4 trillion captured?
• What was the plan behind the clean energy initiative? How were these investments justified using oil & gas revenues?
• What is the vision and plan to address the future? Is consolidation expected to help focus the organization in today’s business environment?
• What other steps are being taken?

As detailed in our Notice series of blog posts beginning in October 2023, People, Ideas & Objects raised the natural gas issue and quantified its magnitude at approximately $4 trillion of actual losses. This is when we saw that none of the producers were participating in the export of LNG on a 'free on board' or 'net back pricing' basis, which are fundamental and basic business concepts.

Based on my understanding of the law, if the officers and directors take steps now to mitigate damages for shareholders, it could indemnify them to some extent, and their Officers and Directors Liability Insurance may not be canceled. I reiterate that I am unaware of their guilt or ability to resolve much of their personal risk, and whether the development of the Preliminary Specification will absolve them of their risks. At this point, issues have matured well beyond materiality, and the options available to the producers' officers and directors are limited to one.

Common sense may continue to not influence their actions. However on February 19, 2024 or possibly April 15 2024, assuming officers and directors ignore our deadlines. What legal dynamics come into play then?

#profit #OilandGas #AGM #Oracle #OracleCloudERP #LNG #officers #directors #boards

@APA_Corp @arcresources @bp_plc @CanadianNatural @cenovus  @Chesapeake  @Chevron  @conocophillips  @CPG_Corp  @DevonEnergy  @Diamondback_EP  @exxonmobil @EQTCorp @HessCorporation  @ovintiv  @PXDtweets  @Shell  @Suncor  @SWN_R2  @TourmalineOil  @Venture_Global  @WeAreOxy

Not That Issue

 People, Ideas & Objects have been discussing how natural gas producers missed an opportunity to rehabilitate prices through the expanded global LNG markets. July 2007 marked the start of the shale phenomenon, which began to significantly alter the natural gas price structure from a 6 to 1 ratio to the heating price of oil, soaring as high as 40 to 1 in 2023. We have documented a loss of over $4 trillion in incremental revenues as a result. Our argument, often misinterpreted by producers, was not about securing LNG contracts to capitalize on 'free on board' or 'netback pricing' opportunities in global markets. Rather, we argued that the expansion of the LNG market presented an opportunity for price rehabilitation. The current focus on LNG contracts is a distraction, one that producers have been precluded from participating in due to their inability to manage their business effectively.

The core issue, which applies to both oil & gas, is the producers' persistent failure to maintain any form of production discipline. Their understanding of markets is flawed, perceiving them as magical entities capable of absorbing any volume of production, even when oil prices plummet to negative $37.63. Relying on a 'muddle through' strategy, they hope to survive on either new investor cash or the cash flows generated by a capital-intensive industry.

A recent YouTube video reveals further misdirection. President Biden announced a policy to halt the approval of new LNG facilities, potentially rendering the contracts announced by producers in the last two months ineffective. People, Ideas & Objects have argued in recent weeks that focusing on contracts offers no relief to producers without production discipline. However, if the Preliminary Specification were operational and production discipline were instilled in the market, followed by the development of the LNG market, the prices realized would align more closely with their costs. This sequence of events was within reach when natural gas prices began to decline in July 2007, but it may have been too much to expect from producer officers and directors.

For the remainder of 2024, at the very least, we anticipate no additional LNG facilities will be approved. This could inadvertently aid North American producers in focusing on the issue of production discipline.

#Innovation #profit #OilandGas #AGM #Oracle #OracleCloudERP #LNG #officers #directors #boards

@APA_Corp @arcresources @bp_plc @CanadianNatural @cenovus  @Chesapeake  @Chevron  @conocophillips  @CPG_Corp  @DevonEnergy  @Diamondback_EP  @exxonmobil @EQTCorp @HessCorporation  @ovintiv  @PXDtweets  @Shell  @Suncor  @SWN_R2  @TourmalineOil  @Venture_Global  @WeAreOxy

Consequences of a Deadline Passed

 As of February 19, 2024, our deadline ( https://bit.ly/director-notice ) may have passed without any action taken by the producers' officers and directors to address their overproduction issues. These issues have led to a loss of over $4 trillion in natural gas revenues since July 2007. Does this inaction transition from negligence to willful misconduct, thereby opening the door to accusations of deliberate wrongdoing?

I am not a lawyer and I am not offering legal advice. I seek to provide a solution to what I believe are existential issues to the oil & gas industry.

In the context of oil and gas, particularly as discussed on platforms like 'Innovation in Oil and Gas' and 'The Preliminary Specification', understanding the distinction between negligence and willful misconduct is crucial. Negligence refers to the failure to take proper care in doing something, which in this case would be the management's inability to address overproduction. Willful misconduct, on the other hand, implies a conscious or intentional failure to perform a duty or a reckless disregard of the consequences of actions taken or not taken.

The transition from negligence to willful misconduct hinges on demonstrating a deliberate or recklessly indifferent attitude towards the necessity to manage production in line with economic and environmental sustainability. Such a transition is not just a matter of passing time but requires evidence that the officers and directors were aware of the consequences of their inaction and chose to proceed or fail to act despite this knowledge.

In the specific domain of oil and gas, where strategic decisions have profound implications not just economically but also environmentally, the principles outlined in 'The Preliminary Specification' emphasize the importance of proactive and responsible management. Highlighting the $4 trillion loss in natural gas revenues underscores the significant impact of such decisions and reinforces the argument for accountability at the executive level.

#profit #OilandGas #AGM #Oracle #OracleCloudERP #LNG #officers #directors #boards

@APA_Corp @arcresources @bp_plc @CanadianNatural @cenovus  @Chesapeake  @Chevron  @conocophillips  @CPG_Corp  @DevonEnergy  @Diamondback_EP  @exxonmobil @EQTCorp @HessCorporation  @ovintiv  @PXDtweets  @Shell  @Suncor  @SWN_R2  @TourmalineOil  @Venture_Global  @WeAreOxy

Change in Communications Strategy

 We are transitioning back to our blog to expand the reach of our campaign about the industry option and its expiration on February 16, 2024. Initially, we anticipated that our audience on X would engage more rapidly with this crucial information. However, it has become clear that our communication is not reaching our blog audience as effectively as we hoped. To bridge this gap, we will publish on the blog and then distribute it on X through IFTTT. This allows us to simultaneously engage both our blog and X audiences, ensuring comprehensive coverage and maximizing our campaign's impact.