January 31

3 Podcasters Walk Into A Bar – #17 – When David, R.T. and Stu all bet’s are off – Especially Windfall Profit Taxes Again


One of the discussion points was from David’s Substack. Subscribe HERE.

The guys are in rare form – With David’s podcast, The Energy Transition covering the new talk from the white house about Windfall Profits taxes on the oil companies and not Big Pharma, it seems a little bit one-sided.

R.T. and David will be at Nape, and we will have several near-live updates from Nape. Stay Tuned.

Sponsorships are available or get your own corporate brand produced by Sandstone Media.

David Blackmon LinkedIn

DB Energy Questions 

The Crude Truth with Rey Trevino

Rey Trevino LinkedIn

Energy Transition Weekly Conversation

David Blackmon LinkedIn

Irina Slav LinkedIn

Armando Cavanha LinkedIn

ENB Top News


Energy Dashboard

ENB Podcast

ENB Substack

Highlights of the Podcast

00:00 – Intro
04:22- Talks about windfall profits that the major oil companies
a.) (06:28) – Chevron and Exxon
b.) (07:46)- Windfall profit tax on Pfizer
12:17- Talks about returning profits to investors
14:00- Talks about their own podcasts
18:25- Outro

With 3 unique personalities, backgrounds, and one horrible team sense of humor, it makes for fun talks around the energy markets.

David Blackmon is a Forbes author and currently writes Energy Absurdities of the Day. He has several active podcasts with ….. His industry leadership is evident, but a dry, calm way of expressing himself adds a different twist.

R.T. Trevillon is the podcast host of The Crude Truth filmed in Fort Worth Texas and runs an oil and gas E&P company. Pecos Country Operating has been in business for ….years and has a constant commitment to all of their stakeholders and is actively working in this oil and gas market.

Stu Turley is the co-podcast host of the Energy News Beat podcast. While Stu is a legend in his own mind,

[email protected]

Other Sandstone Media Energy Podcasts – Check them out! Sponsorships are available, or get your own produced by Sandstone Media.

David Blackmon LinkedIn

DB Energy Questions 

The Crude Truth with Rey Trevino

Rey Trevino LinkedIn

Energy Transition Weekly Conversation

David Blackmon LinkedIn

Irina Slav LinkedIn

Armando Cavanha LinkedIn



If you have any questions, please reach out to us. We want to answer all questions, and if you have what it takes to be a podcast host and you want your show reach out.

Also, sponsor slots are available. There is excellent reach with the four podcasts.


DB Energy Questions 

David Blackmon LinkedIn

The Crude Truth - With The Rey Trevino

The Crude Truth with Rey Trevino

Rey Trevino LinkedIn

The Energy News Beat Podcast

Stu Turley LinkedIn

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

Stuart Turley: [00:00:13] Good morning. Today is an absolutely fantastic day. It’s a little cold out there. I’m up in Bear country. My name’s Stuart Turley, president, CEO of the Sandstone Group. We’re here with the three podcasters walk into a bar, yet we had that crazy old uncle that when he started to joke at the family reunions and he says, these three people walk into a bar and the entire family just crawls for the carpet. We are men to those other guys, and I’m third. [00:00:44][30.6]

Stuart Turley: [00:00:45] We’re the three podcasters walking into the bar. My podcast is the Energy News Beat, and it is doing fabulous. Next, coming around the corner, we have the r t r T is the podcast host for The Crude Truth. It is an amazing podcast, makes him look smart. And so we’re he is an MP operator here in Texas and we rely on him for telling us what’s going on in the field. And last week we got to see his rig hands. Holy smokes. [00:01:20][35.4]

David Blackmon: [00:01:21] His giant rig hands. Yeah. [00:01:22][1.5]

Stuart Turley: [00:01:23] Oh, my goodness. He was huge. He made your head look a little bit normal there. Pretty welcome. [00:01:29][5.8]

Ray Trevino: [00:01:30] Oh, thank you. And he’s one of the small ones out there that’s just in there. But he’s done awesome for us. And he does. Jeremy Tetreault is his name. Jeremy Tetreault. And he is just awesome. He’s been one of our pumpers now for, I think, one and a half years that he’s out there right now. He was out there yesterday, shut down a few wells because we don’t have heat or treaters on him. So he was out there because it is cold. So thank you to him. And and he’s one of the small ones. Well. [00:02:00][30.8]

Stuart Turley: [00:02:02] Wow, they grow big in West Texas, don’t they? All right. Hey, welcome their r d and okay, we got the almighty David. I mean, you know, when David was fighting, fighting Goliath, that is one of the greatest stories in the planet. So if you ever see David Blackmon pick up a sling, run that guy is an animal in the energy space. David Blackman is the podcast host for the Energy transition. I like to call it the international version. It is a phenomenal, well, very successful group from, let’s see, the U.S., the country of Texas. We’ve got Bulgaria and we’ve got Brazil. And also he is a Forbes contributing author. He’s also got his podcast. And it is The crude truth. [00:02:56][54.1]

David Blackmon: [00:02:57] O the energy question. [00:02:58][0.9]

Stuart Turley: [00:02:59] Oh, sorry. You are from God. Yeah. Yeah. You were stealing material from our team, you know. Anyway, it is the energy question and it is in a phenomenal I got it inside brings me to get to watch those produced anyway welcome. [00:03:15][15.9]

David Blackmon: [00:03:16] Hey thanks man And don’t forget Tammy name is on our energy transition podcast. She’s she’s in England, born in Canada but lives in England now. And we have four different time zones chiming in on that one every Monday morning. [00:03:32][15.8]

Stuart Turley: [00:03:32] And I love our man. Good morning. Good afternoon. Good evening. Or in the middle of the night, whatever. You know, we’re time to present and I enjoy it. Everybody needs to do it. That’ll be in the show notes for all that kind of good stuff. So, David, this morning’s topic on that. I was in a meeting so I could make it, but I want to hear and our listeners want to hear also. [00:03:53][20.7]

Ray Trevino: [00:03:54] Yeah. [00:03:54][0.0]

Stuart Turley: [00:03:55] About your comments this morning in the energy transition. And that was Armando, you, Irina and Tammy. And the main topic was windfall profits. And I wasn’t there to, you know, ask intelligent questions. And so tell us how it went. Tell us what’s going on. [00:04:15][20.8]

David Blackmon: [00:04:16] Well, Armando does a great job of asking the intelligent questions for us. We’ve talked about the windfall profits that the major oil companies will be announcing this week, cumulative for the year 2020 of about $200 billion in total profits between Shell, BP, Exxon Mobil and Chevron, and the likely efforts by governments in the Western world to tax those windfall profits that we will see this year. Ali, ill advised that all is And, you know, one of the points I made is. [00:04:53][36.8]

David Blackmon: [00:04:54] Early on in in that podcast was that I wouldn’t so much mind a windfall profits tax in concept if in 2020 the same governments had been talking about issuing windfall profit loss or windfall losses refunds when so many companies in the oil and gas business were going bankrupt because the price had gone near to $0 and even zero on one day. [00:05:23][28.7]

David Blackmon: [00:05:24] And you know, we never see that. So it’s all about political demagoguery, mainly by Democrats, but also few Republicans tend to join in on that. And the big rhinos are an easy target by demagogue Rhino. [00:05:42][17.3]

David Blackmon: [00:05:45] So, you know, we’ve been dealing with that in the oil and gas business. I came into the industry in 1979, three months before Jimmy Carter signed the windfall profits tax into law, the first time the first windfall profit tax and spent the first five years of my career as a windfall profit tax specialist because I was an accountant. [00:06:05][19.8]

David Blackmon: [00:06:06] And so I probably know more about the original windfall profit tax than almost anybody in the industry. And I can tell you it was an awful idea then, and it would be an awful idea now. But no one should doubt that there will be efforts to pass one year this year. [00:06:25][18.4]

Stuart Turley: [00:06:26] If I remember right, last week there was a article about Chevron and Exxon and about three or four articles, and Biden got his diaper in a wad. And when he will probably get banned by the U.N. for that. [00:06:40][14.4]

David Blackmon: [00:06:41] I think I think the word for it is depends, not diaper anyway. Well. [00:06:44][3.2]

Stuart Turley: [00:06:46] I’m going to I’m going to stick where I stand on that joke. Yeah. Just he’s trying to be clean because of your cloth. You know, the you know, his doctor wife is using cloth so that it’s not recyclable. They just wash. Okay. [00:07:06][19.9]

David Blackmon: [00:07:07] Too much information to do. [00:07:08][1.2]

Stuart Turley: [00:07:09] I don’t really care anymore. So when we sit back and kind of go, the Chevron made a lot of profit and everything else, but they are responding like we’ve talked about on this podcast, and that is they’re responding and giving back money to their investors, just like our you do as an an MP operator and they’re being ESG. [00:07:29][20.1]

Stuart Turley: [00:07:30] They are taking care of the environment, they’re taking care of their stockholders. I applaud them. The other thing, though, is when Biden gets all grumpy, it’s because he’s out there does not understand the open market. I want to call out for windfall profit tax on Pfizer. [00:07:48][18.4]

Stuart Turley: [00:07:49] Let’s go after them. Sure. If we’re sitting here going to go, oh, let’s go ahead and cost the consumers. Because, David, I you know, you sit back and kind of go sanctions hurt the consumers, windfall profit tax hurts supply and demand that hurts the the consumers. So. Consumers were hurt by Pfizer. Since everything’s coming out that it was a ramrod running through here. Right. [00:08:15][26.0]

Ray Trevino: [00:08:17] Yeah. [00:08:17][0.0]

Stuart Turley: [00:08:18] I’m just saying it was ramrod and I’m not saying good or bad. [00:08:21][2.5]

David Blackmon: [00:08:21] I do not disagree with you. Yes. [00:08:22][1.3]

Stuart Turley: [00:08:23] Yeah. I mean, science doesn’t lie. Physics don’t lie. That’s why the grid needs money. And I’m just saying. Right. So, Artie, what are your thoughts? [00:08:33][10.0]

Ray Trevino: [00:08:34] Well, first and foremost, as an MP, you know, I am totally against these windfall profits tax. And you stole the words right out of my mouth. Is that if we’re going to if we’re going to add another tax to these corporations that employ thousands upon thousands of Americans, first and foremost. [00:08:55][21.3]

Ray Trevino: [00:08:55] Okay, So we’re going to add that that we need to be we need to be then doing the same thing for Pfizer. Modena, of all these that have made record breaking, they have made just as much, if not more. Let’s not forget about Amazon, Walmart, Home Depot, who all during this as well, all during the pandemic made that made. What is that one thing? Almost perfect? Seven, eight, nine, ten, 12 figure profits all during this COVID. There’s no way to do that if you And guess what? [00:09:35][39.8]

Stuart Turley: [00:09:37] One, two, three, 12. How in the world that you learned how to kill Artie? [00:09:41][4.5]

Ray Trevino: [00:09:42] Hey, I just got. [00:09:43][0.8]

David Blackmon: [00:09:43] Out of the race. [00:09:44][0.4]

Stuart Turley: [00:09:45] Yeah. For a podcast. [00:09:45][0.6]

Ray Trevino: [00:09:46] It’s a lot of zeros. [00:09:46][0.6]

Stuart Turley: [00:09:48] Yeah, for a podcast. I’m sorry, I’m going to interrupt. This was to put up a joke to pass us. For our podcast listeners, we get a lot more podcast listeners already. And you were holding up your hand trying to kill one banana, two. Banana three. Banana 12. Oh, I’m sorry. That was funny. All right, keep going. [00:10:07][19.6]

Ray Trevino: [00:10:08] Look at it. It is a lot of zeros like David just said, and they needed not go after us any more. You know, I put it posted today, but I followed suit. Just the kind of I saw Pioneer Natural Resources did this, and I followed. You’ve got those. My, my, my, my little piece of this is a lot smaller than pioneer. [00:10:29][21.3]

Ray Trevino: [00:10:30] But here in the great state of Texas alone, you know, we had over $24 billion of that went into the Texas schools roadways. And that was all because of the severance tax that we pay and a few other taxes that we already pay as oil and gas operators and exploration production companies. [00:10:52][22.1]

Ray Trevino: [00:10:53] And by the way, that is 4.5% of a severance tax. So we pay higher taxes, Texans. So I don’t I’m totally against a windfall profit tax. Look, they weren’t if this administration is so upset with the profits that that that these oil and gas companies are making and giving back to the American people by that, then they need to release these permits and let us drill, baby, drill, because the only way that we’re going to drop the price of oil is by getting that production up. And that is The crude truth right there. It is a supply and demand world. [00:11:31][37.9]

Ray Trevino: [00:11:32] So, yeah, I’m never for windfall profit tax. I learned a long time ago that, hey, we need to earn as much money as we can, because guess what? We are a capitalist society. So that’s my $0.02 on that. [00:11:45][13.6]

Stuart Turley: [00:11:47] I like that, R.T., because the last time some socialist got in power that countries went bankrupt or they took over, the rest of the world did. [00:11:56][8.9]

Ray Trevino: [00:11:56] I mean, think about that. I mean, 200 billion. Well, 200 billion, right? Or what was that? Chevron got the quarter. [00:12:05][8.5]

David Blackmon: [00:12:06] Oh, it’s total profits for the year. Between those four companies is supposedly going to total up to right at $200 billion. But you know, you think about that and you talked a minute ago about returning profits to investors. Well, the way they’re doing that is through stock buyback programs. [00:12:23][17.0]

David Blackmon: [00:12:25] That’s what they’re going to be doing, is buying back their own stock to increase the value of the stock. Well, Apple alone over the last five years has engaged in about $200 billion in stock buybacks, that company alone. And Amazon has done it. They all do it. All the tech companies do it. And nobody in Washington says boo about it when they do it. Right. Right. [00:12:49][24.3]

David Blackmon: [00:12:49] But let an oil company do it because oil companies are easy targets for demagogues in the political world. And you would think the world’s coming to an end. It’s a smart business strategy. It’s it’s it’s a way to return profits to investors. [00:13:05][15.6]

David Blackmon: [00:13:06] And and you know what? 100 million Americans are investors in the stock of energy companies. So it benefits retirees like me, frankly. And you know, anybody else with a 401. K or an IRA that’s invested in mutual funds. And so, you know, it’s just so ridiculous. It’s one of the most tiresome things you have to deal with when you’re in the oil and gas business. [00:13:34][28.4]

Ray Trevino: [00:13:35] And so with that being said, you know, David Blackmon is on his 41k, He’s like tiny Roth in Godfather Part two. He is just on a pension living. So please subscribe and pay all the content on his Substack And that is what Substack is that again? David. [00:13:54][19.0]

David Blackmon: [00:13:54] Yeah Blackman.substack.com. Be there and subscribe. Yeah I no. If I was like Hyman Roth, I wouldn’t be having to still earn money, you know, so. [00:14:02][8.0]

Stuart Turley: [00:14:03] Well, I’ll tell you what, David, I applaud you for the amount of content that you put out there for me to steal and I am a subscriber. So it’s like the hair care products and I am a customer. So, you know, I do pay for my material to steal. So it is one of the best ones. And I love your substack. It’s looking pretty groovy, dude. [00:14:24][20.6]

Ray Trevino: [00:14:24] I am excited. I know. Yes. Know, for all the listeners out there, please check it out. It’s the it’s crudetruth.substack. Wow. Excuse me. And I’m excited right now. I’m putting out there are three podcasters along with all my episodes of The Crude Truth, but please be on the lookout for original content and articles from me and my team. [00:14:49][24.8]

Ray Trevino: [00:14:50] And that’s going to be crude truth dot substack dot com. And I think even with David’s permission, you going to repost some of his articles on my substack? Because again, David’s stuff is, is just too good. Kind of like he was talking about. He knows the ins and outs of the industry. He was not lying about that a few minutes ago. On what he knows about windfall profit taxes and what he knows about this great energy sector that we’re in called oil and gas. [00:15:18][28.3]

Stuart Turley: [00:15:20] We’re going to need to cut this one short just a little bit today, guys. But the reason is, is because we have some extra content coming out this week. And the feedback we’ve gotten from our email, from our Flounders. [00:15:35][14.6]

Stuart Turley: [00:15:36] That was a cartoon years ago with a fan mail from a flounder. We’ve got some really great feedback, but one of the things that I want to do is both of y’all are going to be at NAPE and we’re going to try to do a podcast from Nate, and I’m just excited about that. So y’all can do some phone shots and look like an influencer is our team. [00:16:01][24.7]

David Blackmon: [00:16:01] We’re going to have to learn how to do selfies with my cell phone. [00:16:04][2.4]

Stuart Turley: [00:16:04] Oh, yeah, I’m a little over that man. No, but if you couple of podcasts and our t if you can give us those things, we want to give close to real time as we can for you to be in that name right already. [00:16:19][14.8]

Ray Trevino: [00:16:19] Think how funny it would be that for the night and to kind of sit there and take my phone and be like, There’s David Blackmon on the stage. We all look great there and I’ll be doing it. David As you walk by more than your current commentary, please keep people going up. [00:16:37][17.9]

Stuart Turley: [00:16:38] And in our T as a as a what are those things call a a group of. [00:16:44][6.4]

Ray Trevino: [00:16:44] Rocks, you. [00:16:45][0.4]

Stuart Turley: [00:16:45] Know, a groupie. [00:16:46][0.4]

Ray Trevino: [00:16:47] Oh. [00:16:47][0.0]

Stuart Turley: [00:16:47] Yeah. Throw your bro up there. You met you all remember that, bro? Seinfeld Do not slow your bro man there for David Blackmon. He will ignore it. [00:17:01][13.6]

David Blackmon: [00:17:01] Yes, I will. Absolutely. [00:17:03][1.3]

Ray Trevino: [00:17:03] No, no, I will, bro. Bro. Oh, no. I’m gonna do that during. You know, actually, that would not that would not be good. Not I would go that would take right now but all three podcast. [00:17:15][11.7]

Stuart Turley: [00:17:17] All right so we got that going for us on our deathbed as another great movie quote. Okay so with that, David with is your speech I mean your dog. [00:17:26][8.8]

David Blackmon: [00:17:27] Man am Wednesday on a panel discussion with the great Doug Sheridan Nice who is just fantastic and it’s it’s moderated by Ed Crooks at McKinsey. My goodness what what a wonderful panel except for me. So you know, if you guys, though, if you have a chance to take a look at it online, do that. If you’re going to be there, be sure and introduce yourself to me know. [00:17:53][25.8]

Ray Trevino: [00:17:54] And that goes to same with anybody that might want to meet me. I’ll be there walking the halls. I’ll be there at 9 a.m. to listen to David. Definitely. I think I’ll also be doing a few other things. But what’s so funny? [00:18:08][14.0]

David Blackmon: [00:18:09] Well, we’re just getting this image of you walking the halls are t i. [00:18:13][4.3]

Stuart Turley: [00:18:14] I had an image of you walking the streets in high heels, so, you know, do. Come on. [00:18:19][5.3]

Ray Trevino: [00:18:20] You know. No, I don’t work for the Department of Energy. I don’t work for Wall. [00:18:24][4.1]

Stuart Turley: [00:18:25] Street down here, man. You guys are old issues and we’re filming this at 11:00. We’re going to have our team try to get this out tomorrow so that we can have everybody all prepped up for this. And we will put out on all of our socials and everything, any updates in any time. So, gentlemen, thank you. As always. You guys make my day. [00:18:45][20.6]

David Blackmon: [00:18:46] That brings you everybody here a wonderful week. [00:18:46][0.0]



David Blackmon, RT Trevino, Stu Turley

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