The Crude Life Podcast Episode 47
April 6, 2020
Guests/Topics:
Christopher Cottrell, Winston & Strawn, gives an update on how their legal offices are handling the coronavirus pandemic and COVID-19 Shutdown.
Cottrell discusses some of the recent M&A activity in the oil and gas industry as well as the recent news of Whiting Petroleum filing for bankruptcy. Although not a bankruptcy attorney, Cottrell gives a basic overview of what type of bankruptcy Whiting has filed.
Cottrell said the M&A activity had been pented up, and reiterated that many of the companies having financial struggles still have valuable assets to optimize.
The interview dives into “force majeure” within contracts. Starting in the NBA, the phrase ” force majeure ” began making the rounds within contractual law circles are “acts of God”, “epidemic” and “pandemic” become important words in today’s world.
Recently, in response to the COVID-19-related market disruption, China’s largest natural gas and liquefied natural gas (“LNG”) importers have declared force majeure to provide relief and excuse performance from their contractual obligations. Major suppliers are contesting these assertions of force majeure.
Cottrell believes “force majeure” has the potential to become an issue in the oil and gas industry and suggested that the Texas Railroad Commission get ahead and define some terms.
Josh Swanson, Vogel Law, comments on “force majeure” and how it applies to the COVID-19 Shutdown and the oil and gas industry.
Swanson, who wrote a law review paper at University of North Dakota on the topic “force majeure” title “The Hand of God”, explains how the portion of a contract rarely is brought to light, but when it does there are processes and terminology that companies need to consider. From mailing letters to flooding wells, Swanson cites multiple examples of “force majeure” in recent history.
The interview then transitions into working from home and the paradigm shift society is currently going through. The Great Depression was mentioned as the last time period that is the closest in comparison due to the major shift in technology, agrarian education, urban land use and the migration to cities from rural America. A similar transition is happening right now with the digital world in distance education and home workplaces.
Swanson also comments on Whiting Petroleum’s recent bankruptcy filing and what some of his oil and gas clients are processing during the coronavirus pandemic.
Daily Radio Update on The Podcast:
Devin Becker, Becker Safety & Supply explains how the COVID-19 Shutdown has impacted his safety store’s traffic as well as outside sale people.
Daily Headlines:
As Prices Plummet, The Oil And Gas Industry Scrambles To Keep Businesses Afloat
Oil and gas sector critical to Canada’s economy
WrestleMania in front of no crowd is a reminder that fans matter
Sponsor of the Day: W.I.C.
W.I.C has been the leading industrial insulation company in the mountain states for over 41 years. They provide their partners with safety, quality, and productivity on every project big or small, but most of all integrity. From insulation and fireproofing to asbestos abatement and scaffolding. W.I.C believes perfection is possible and achievable on all projects.
W.I.C. is based in the rockies and serving the industry west of the Mississippi (but not limited to).
Leading the Industry in Safety, Quality, and Productivity!
Featured Event: The Crude Life 2020 March Madness Tournament
The Crude Life 2020 March Madness Tournament Schedule
Marcellus Region
(1) Swan Energy over (2) Knighten Industries 74-65
Permian Region
(2) Target Hospitality over (9) The Earth’s Champion Johnny Green 88-71
Bakken Region
(3) Aries Buildings over (9) Elite Energy Services 91-74
Powder River Region
(13) K9 Pipe Inspections over (2) Brigade Energy Servives 80-74
The Earth’s Champion Johnny Green’s Eco-Watch: Grand Theft: US Taxpayers Liable For $120,000,000,000 In Subsidies to Wind & Solar
The Earth’s Champion Johnny Green has been traveling across the planet cleaning streets, sidewalks, swamps and souls as part of the Clean Your Mind Tour.
The Eco-Champ is engaging with people from all of Earth’s nations about the eco-realities cell phone usage and environmental energy.
The Greatest Environmentalist on Earth is letting the world know environmentalists have lost their way and Renewables Ain’t Doable Without Fossil Fuelables.
Planet Service Announcement:
Links to Exclusive Interviews:
Chris Cottrell, Winstron & Strawn
Devin Becker, Becker Safety & Supply
The Crude Life Music Crossover: Moody River Band
Studio Sponsor: Hatch Coaching
Phone Line Sponsor: Bakken BBQ
The Crude Life Podcast can be heard every Monday through Thursday with a Week in Review on Friday.
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