“The East Texas oilfield looks today a bit like the Samotlor field in Siberia” - Javier Blas

• Yesterday afternoon, it was 55F (13C) in Cambridge, England

• At the same time, the wind-chill in Corpus Christi, TX was 1F (-17C)

• We’re not sure if Hell froze over…but Texas certainly did

BLACKOUTS.

• Permian oil output is down ~1MM bbl/d

• U.S. GoM refiners runs rates are down ~3MM bbl/d

Last month, headlines read “Wind power overtakes coal in Texas electricity generation”.

*Bad timing*

The “R” in ERCOT stands for Reliability.

Well, the Texas power grid has been anything *but that* for the last couple days.

The cold has now frozen wind-mills, as well as many layers of the gas system.

Outage Stats:

• ~4MM homes & businesses lost power in Texas

• ~5MM homes & businesses went dark in Mexico

What happened?

• Demand exceeded the max supply forecast

• At the same time, 30% of capacity went off-line

• And the ISO doesn’t know when it will be fixed…

If you’re looking for more details on the outages, then we recommend following Jesse Jenkins for updates -

OTHER NEWS.

• On Wed nights (9PM CT), @EnergyCredit1 & @nimblephatty host a show on Clubhouse - check it out

• A couple days back, Dan Yergin dropped into separate room / talk on oil on Clubhouse - the app has been a great place to discuss oil & gas

We took the long-weekend off - hopefully you did too - we’ll be back w/ our regularly scheduled programming next week -