Episode 338 | Geopolitics and Supply Chain Disruptions

0:00Drilling fluids touch just about everything in the drilling process. We're here to deconstruct the drilling process and drilling fluid concepts to provide a deeper understanding of our industry. In each episode we'll share information, talk to interesting people, and maybe share a few stories along the way. Welcome to the Flow Line, a production of AES Drilling Fluids brought to you by Matt Offenbacher and Justin Goethe-A. Hey everybody, welcome back to an episode of the Flow Line. Of course, Matt Offenbacher and I are here for another fun-filled show. And so Matt, before we get into it, you know, we've got to start off with a little banter here and there. The rodeo. Yes. The Houston rodeo. Yeah. It's over-ish, right? Have you gone? Yes, did you go? Negative. Okay. Well, but I know a lot of people that did. I guess yesterday was a couple of concerts, but nonetheless, yeah, I didn't get a chance

1:04to go, but please tell me, was your experience a fun-filled event? It was. I mean, we do a very light version like get there as early as possible, go straight to the petting zoo. You know, I think we talked about this. You know. Maybe we did. You know, we forget some of these things, but anyways, the rodeo was great. We were in, we were out until next year. Yeah, it's, it sounded like it was pretty good. Besides, I kept seeing a bunch of stuff on social media about some big brawl that happened one last weekend. Yeah, now they got a dress code, so I'm going to have to find some less revealing western wear. Oh, man. Isn't that the best time to go is just to be able to dress up and wear revealing western clothes? Well, is that was the problem or what was the problem? I don't know. I think they're just trying to sort of raise the standards because of people's behavior and stuff where, I mean, but they're more skin equals more fights. Perhaps. Okay. I don't know. That's awesome.

2:04It's crazy how much of a crowd it draws. Apparently there was like millions of people who came to Houston for it and, I mean, think of like the way traffic gets all jacked up and everything. Yeah. There was one Saturday. I was like, what is going on? And it was like, oh, this is all rodeo. Yeah. Yeah, because you live probably around where traffic could get pretty bad going into downtown, right? I mean, everything's under construction there. Yeah. Yeah. Crazy. What else, man? Yeah. We're coming off a weekend. Beautiful weather. What would you get up to? A nice little visit to Memorial Park, you know, so just before it gets too hot, got my kids some snow cones. I don't know. I'm afraid we're getting into the place where they just associate going to the park with getting a snack. Oh, yeah. But quality time. Absolutely. Opening day on Thursdays. So. Oh my gosh. Totally. I didn't open with that comment. My eyes have been glued to Twitter to monitor the roster selections and see, you know, who's going to make the opening day roster.

3:04So the interesting piece on that is you do it for the love of the game, not because you're a degenerate gambler, right? Right. Which makes it cool because most people that are glued to that kind of stuff have money on the line. And you're doing it just because like you're passionate about the game of baseball and mostly because you love the Astros. Yeah. I think says a lot. Well, I can't afford a gambler, but like, I've, you know, I've been the guy who like, I'll be like, all right, let's try Rude Letter or something and be like, well, that $5 has gone. And it's like, I just think there's more entertaining ways to give away my money. So I'm not, I don't get there with the rush that some people do. But I feel like, you know, it all started with fantasy sports when everybody would like to be like, well, I need this running back to do really well, but I want that team to lose. Yeah. And it was always like very complicated. And I was like, I'm not, I'm not doing this for sure for my team. Yeah. Yeah. So true fan. Yeah. Anyways, true fan. No, speaking of baseball is a fun field weekend for us out there on the sport situation.

4:06Our kids played up a level. The boys did. They played in an eight year tournament as seven new kids, which is good. We actually beat the eight year, all the eight year teams we played. Wow. And we're going to get a chance to the top two or seven new teams who also entered the tournament as a team. So, but it's one of those. You just never know when you seven year olds are going to show up. They're either going to come locked in, dialed everything's clicking, or they're going to come in wanting to goof off, have a bad warmup which then leaks into the game and then it takes them like two or three innings to like get their stuff figured out. Yeah. By that time, it's too late. Yeah. You can't you can't start on like the third inning. you got to be coming out hot right out of the gate. But anyway, such as life. Yeah, well, I'm glad you enjoyed the weekend, those lovely weather, and it was fun. Good weekend to ball. Yeah, I know it was. It was before it gets scorching hot. It was nice, nice little breeze, and so overall it was good. Speaking of hot, the weather is getting hotter,

5:08but the markets and everything that's going on in the world is even hotter right now. Yes. The Twitter, the feeds are just scorching. It's a lot of scorching hot takes. Not quite sure how qualified any of them are, but I had the laugh at one. And I don't know how serious it was. And for those listening, we're going to get into the topic. We're going to, you know, kind of just more current events, market, how things are affecting, you know, worldwide logistics, you know, sort of some freight stuff. But, you know, our lovely president obviously says a lot on X and his platform, and I forget with Truth Social or something. But there was like a timeline on one day of like what he was saying. It was something like 1247, the war is over. 1249, we're going to bomb this. And it was like back and forth and back and forth for almost the whole day. And it just, it had me chuckling. But for today, Matt, it'd be good to just give some sort of,

6:12I guess some overview and some thought around, you know, we kind of joked like the world revolves around like oil. And it all starts there and global economies run off it and so on and so forth. But how what's going on right now is affecting that and then maybe tying it back to here closer to home. What do you think? Yeah, I think this is one of those, even though like there's a lot of weird stuff going on in the markets that I don't think anybody understands entirely, there's clearly a shortage of oil and particularly oil from the Middle East that is available to the market. And that's affecting people in different ways. And so it just seems like an interesting thought exercise to try and shed some light on that in that, you know, a lot of the things we need, there's either going to be less raw materials to make it. We're just straight up less energy. Yeah, no, that's true. And because of, and again, for the listener, some may be very familiar with what's going on. Some might know just oil is very high and they're trying to figure out why

7:15it costs double at the pumps right now. But ultimately, Matt, can you give just a broad overview of not necessarily why we're at war, but what the war is and then why sort of the actions at war affecting energy prices? Sure, I mean, you know, I imagine unless you're living under a rock, you understand that the US had attacked Iran, sort of the premise behind that of them being unwilling to give up particularly weaponry. And I haven't gotten into a lot of specifics. So there's some speculation about exactly what drew the line. Sure. But Israel is also heavily involved. And then kind of in the middle of all this, there's an argument to be made that Iran kind of had the religious ruling class and the revolutionary guards, the military, and there were sort of different influence there. But in essence, they're fighting back, but nobody's quite sure

8:18since a lot of the leadership has been eliminated. That it's OK, is this just like disparate groups sort of acting on what they believe were their last marching orders? Or is there any sort of command and control to have a consistent voice? But what they have done is attacked their neighbors, you know, part of the argument was attacking US interests, but they've actually attacked oil and gas infrastructure, of all their neighbors, which hasn't won them any friends, but it also goes to show how vulnerable a lot of this stuff is. In spite of Iran being tremendously weakened, they can still use relatively inexpensive things and do a lot of damage. And one thing that they have done is basically said, there's no safe passage through the straight-of-form moves, which is this narrow passage from the Persian Gulf out to all these other markets. And there's not a lot of other options as far as getting it

9:20from those export terminals to anywhere else in the world, particularly Asia. And so we're now sort of in this where they're kind of saying they'll give some people passage. It's a very weird, unclear, and I mean, I think there is even a case of they said somebody could go through and then they attack them. And so ensuring these vessels, some of these are dark fleet vessels that are sanctioned and aren't even supposed to exist. So it's a fairly confusing mess. So there are a few ships getting through, but it's not freedom to operate free travel and it's unclear even if they received escorts if there was anything that could really be done to protect them. So that's obviously got a huge clamp down on availability of crude oil in particular, LNG as well. And to the point where production is being shut in because there is nowhere to send it.

10:21And a lot of vessels looking, kind of floating around, waiting for some marching orders. Yeah, and let's remember, when you look at the global oil markets, not every country has oil that they can just drill and frack into. So a lot of these countries rely on imports, right? And a lot of the imports come from that area of the world. And so when we talk about the Strait of Hermos and why that's so important is because so much of the global trade for oil comes out of there. And if you think, well, that's shut down or there's not much traffic out there, then a lot of these countries that rely on that oil coming out of there kind of get stuck and they don't know what to do. And so they either have to either pay a ton more or not get it at all or maybe get it from somewhere else. And it might be more expensive. So clearly supply chains get disrupted amongst all this stuff. Absolutely. And I think it's quite interesting because you say, oh, well, US is net exporter. We got nothing to worry about. Well, in fact, it's a little more complicated than that.

11:22Both one, you're talking about a global commodity. And over 10% of it is not available right now. There's some storage on water. There's like some of it that'll get to market. They can buffer this just to everybody's. We thought this was going to be short. It hasn't been short. And so how much longer can it go before things get really bad? But the other aspect of this is you hear these talks about heavy oil and different types of crude. Well, the crude oil we produce in the US, especially West Texas intermediate, is a lot lighter. It's better for gasoline. Our economy runs overwhelmingly on diesel, which means we need some of that oil from the Middle East to heavy stuff. Yeah, Venezuela, Canada. So we had large volumes. Even when we were sending out more than we brought in, we were still bringing in a lot of Middle Eastern crude oil

12:22for our mixes and our refineries. So it's complicated. And so when you see these things that we're sort of running and unraveling all of this, all at once, it's pretty impactful. Yeah. And it's not just what we pay at the palm, but it's not just the cost of getting things from one place to the other that rely on say diesel fuel to run engines. But oil makes up a lot of different, is a raw material for many different products. And depending on how much you're paying attention to it, there's some folks out there that are creating a lot of content around like just how this is going to affect agriculture because a fertilizer and just in packaging and just all these different markets that do rely on oil and gas that's now being disrupted. And so, Matt, it'd be kind of cool. And you found this great table. I'm not sure who published it here. Morgan Stanley, it looks like. It looks like it, yes.

13:22Of just sort of different products that are being affected and the Middle East market share of these products. And so it'd be kind of cool to walk through this just because I think it kind of hits home more than just what you pay at the pump. Sure, absolutely. And what's shocking is that it's got to break down on market share. And some of these, it's like almost half the world supply. Like the first one on here is sulfur, 45%. Sulfuric acid, fertilizer production. So there's a lot of other kind of related products that are dependent on sulfur. And half of it is currently unavailable. That seems like a problem. And you talk about just how much of that stuff is generally quite cheap just because a lot of it, you take sulfur out of hydrocarbons.

14:25It's broadly available with other things you're producing. And then when you can't pull it out because you can't produce oil at the same time, let alone transport it somewhere, it's a pretty big problem. And a lot of these are going to be related into like base stocks for like fundamental things we need, even things that we need to operate a refinery. So the next one, like butane and propane, there's a fair amount of US is trying to get rid of some propane. I don't think this one affects us as much. But fuel obviously with butane and propane, but these are also feedstocks that go into refineries. So base things that you will use in cracker units and that kind of thing. And then crude oil, how about that one? So this is 34%. There is some oil that could be exported.

15:27I'm sure some of you have heard there's a pipeline that kind of goes across Saudi Arabia to the Persian Gulf, or now the Red Sea, I'm sorry. And there's a few other export terminals, Oman, some other places where you may be able to get out without having to go all the way through the straightforward moves. And so some of it is making its way to market, but overwhelmingly, that stuff is locked out. And then this one is probably like, I think there's been a lot of noise about this on Twitter. And helium is like a super messed up commodity. We've actually been involved in helping drill some helium wells. But for the longest time, I think it was Kansas had the largest, it was like a nationally run helium stockpile that the federal government ran. And they finally like privatized it. And the argument was originally that the whole thing holding it back was like, there's no shortage of helium.

16:29The problem is that the government is running it. And like inadvertently restricting supply, which is hurting like medical device suppliers. It's using chip fabrication, which is a huge one. And so tie, you know, the chip fabrication thing. Tie that into all the data center demand we have going on right now. And how much more expensive are chips going to get if there's a shortage of this stuff? Your MRI machines are going to have helium in them. So there is some domestic supply. A lot of this is that's already a pretty screwed up supply chain. And so I had no idea there was that much coming out of the Middle East, but lo and behold, the table tells a different tale. No kidding, so third. But OK, so we got obviously petrochemicals, which we sort of touched on there. Methanol being 30%. That's, again, almost one third. Plastic solvents. Yeah, butadiene is a big rubber plastic base material.

17:33Grinit not as much there. It's mostly methanol. Right. Illuminum, that's any realized 24%. I mean, that's your can of bruski or your pop. Yeah, might go up because of it. Yeah, well, and so my understanding of some of these and Grinit, we know other people who'd be able to speak to this better, but my understanding of things like aluminum is, it's so expensive to ship aluminum or that it makes more sense to like smelt it as close to the source as you can or to extract it, which is relatively energy intensive. And so that's the reason, same thing with fertilizer production, which is a big part of this, as you mentioned earlier, well, kind of the next one down, urea, dimonium phosphate, ammonia. Those are all like all of that stuff because it's a naturally natural gas derived product. It makes the most sense to just like make it there and ship it as opposed to try and ship the feedstock, obviously,

18:36because it's gas explosive. Yeah. So anyways, those are the kinds of things that you would co-locate with an area that's abundant in energy or abundant in the base materials. And so the fertilizer one jumping ahead, I mean, that one is kind of very reminiscent of Ukraine, right? All those fertilizer plants when the price of energy became high, it wasn't just, I mean, this, maybe you can't get it to market, but it was just too expensive to produce. And a bunch of fertilizer plants in Europe closed. And it was real concerned about how it would affect the food supply because the cost and productivity of acreage, you know, if you can afford the fertilizer, it means prices go up. If you can't afford the fertilizer, it means yields go down. Right. And so what would that mean, particularly for sort of the poorest who are really dependent on that? And then, I mean, I guess we jumped down the table

19:38and we go to LNG, right? Yeah. And that's kind of a crazy story because, I mean, LNG has been such an important story for energy. I think the whole narrative of the 20th century was oil in the 21st century supposed to be natural gas. And, you know, there's just so much produced particularly out of guitar. Yeah. And to see that at least unavailable for now. Hey, Matt, are you sort of familiar with how much of the LNG infrastructure is damaged compared to what they've just shut down? I mean, do you, I know there has been some damage. Oh, yeah. So I guess my take is like how much longer before a lot of the LNG, assuming all these routes get opened back up, would they still be short? So the, I mean, they're saying four to five years. Like, this is a long road. And to some degree, I think that's what you do

20:41is you, you know, under promise and over deliver when you try and give those sort of estimates. But it may be it's not even safe to, you know, get an in-depth look at what you're up against. But I think it's so important to those economies that they'll look at to work on it. But if you look at sort of the timing in all these export terminals going online in the US, you know, there may be market shifts just because of availability. Yeah. So, you know, the LNG one is huge. I mean, you know, going back to just overall petroleum products, I think one thing we're seeing is, you know, jet fuel, right? Jet fuel is going kind of nuts now. Similar to, you know, the air with Ukraine. And it's, you know, another one, it's a particular cut of hydrocarbons that are unavailable. Yeah. So it's just harder to make here.

21:41Right. Yeah, the LNG one kind of going back to that because, you know, a lot of folks here in the US hear that because, you know, more LNG means hopefully more drilling for natural gas. The question might come up as like, well, now that, you know, 20% or 19% of it's off the market, are we going to be able to export more? A lot of these LNG facilities take years and billions of dollars to plan and execute on. So, short answer is not in the short run. But, you know, long term does this help prop up or give folks here maybe an upper hand? Perhaps I don't know the answer to that per se, but there are people speculating like this could really spur some more investment. And then, or at the least, maybe more LNG companies that are selling LNG might end up making more because people may be bidding on it. Because if the man's high and you've got it, you know, why wouldn't you try and maximize the opportunity? So, I think overall, it's probably, unfortunately, with the war, this could be an unintended positive

22:41for US LNG providers. I mean, what's your take? I mean, it very well could be. I think it is sort of the question of like right now, you know, could we, if we wanted to sell more right now, we can't, like you said, because of capacity. The other part of it is we have these very large established where, you know, LNG terminals where maybe adding another train is a lot easier than starting from scratch. Still takes years, but there's so many in the pipeline that much of the narrative for the, you know, five years from now is, oh, now we're going to have too much LNG. Like, we're going to deploy it all this capital and it's not going to have anywhere to go in the marketplace. And that may not be the case. It may be that even if that was a concern, it may sort of push that curve out a little further. So, you know, there's certainly that aspect of it. You know, and I don't know, like, LNG is so fascinating

23:46just because throughout my career, you look at, you know, Japan in particular, how willing they were to pay top dollar to get, you know, guaranteed deliveries. Yeah. And so there's, there's a question, of course, of, you know, freight being another, another driver, but does this help LNG or do prices go up? And now that it seems to be the sort of carbon intensity conversations have waned quite a bit. Most thermal power plants are capable of switching to coal. They're capable of switching to oil. And so if you can't get LNG at a reasonable price, it's called fuel switching and it's, you know, a viable option. It's not, certainly not as clean, but obviously, this affects the most sensitive markets first. And, I mean, ironically enough, you saw this with Germany, right, like they started burning the ignite,

24:47which is a very dirty form of coal. When they started having energy shortages. Right. To the point where they were actually tearing out windmills to mine underneath them. Wow. So yeah, I mean, the last one on there, you know, it's just as light refined oil products, AKA naphtha, but petrochemical feedstock. So you name it. There's a lot of these chemicals that come from hydrocarbons. I think we knew that, but it'll be interesting to see what happens in the plastics market. It'll be interesting to see what happens with some of the things we take for granted, just as much as I think people are watching pump prices. Yeah. You know, airplane tickets, you know, even if you can get through the TSA lines, which apparently are terrible right now. You're right. Can you get a plane ticket for a reasonable price to take your family on vacation this summer? I don't know. Yeah. Well, and a lot of it, you know, when it comes talking back to price, really the biggest

25:48the thing that can drop it the fastest likely is just to drop in demand, right? Which will help rebalance things. And so that's sort of the topic because I've seen sort of being brought up now as it's like, okay, well, demand has been so high for so long coming out of the pandemic. At what point does it pivot now? Because the cure for high prices is what? High prices. We've all heard that a few years ago. So yeah, then to your point, you know, people start driving less, less flights, just more demand for goods. And price comes down. Are we at a point there? The latest data I've seen, we haven't, like demand hasn't fallen, but it's going to take a while for all that stuff to catch up. Yes. And we're somewhat insulated. Once again, like the US, the difference between like Brent Crude and WTI, it's pretty stark actually. Yeah. And that gap has continuously grown over the last few weeks. Yeah. So I mean, you're seeing that where it's like the, WTI is much cheaper in the grand scheme of things,

26:50but so it may affect us differently. We don't know what the end game is with the Trump administration. So are they comfortable sitting on this for a while? Or do they say we've achieved our objectives and do the Iranians agree that they're going to let ships pass through? I don't know. But going back to your, it's worth looking up. Somebody, I'd encourage you to just get on the search engine of your choice and look at sort of the distribution plot of demand, demand destruction and demand growth, because there are two distinct peaks. And as you get up north of a hundred dollar barrel oil, it's like, yeah, demand destruction is clearly something that's happened throughout history. Yeah. Looking for that sweet spot of oil, I think that's why you'd constantly hear, look man, if we could just stay at 65 to 75 like in coast. Yeah, we're good.

27:50But there's also the weird question with, I mean, inflation has been nuts over the past six or seven years. I mean, since the pandemic, insulation has just been, it's crazy to think of how different prices are. Yeah. And I feel old saying that, but it was so acute and you know, they're so rapid, but oil just never followed suit. And many people said, look, it's not for price fairly. It didn't account for this geopolitical risk premium it should have had. Does it create, you know, if you adjust for inflation, does that demand destruction really apply? Interesting, yeah. To qualify, we read this table because we think it's really interesting to think about how important hydrocarbons are and how many things either crude oil directly or adjacent to it come out of the Middle East that we will be short on. And that distorts markets. It increases prices, people go looking elsewhere, even if there's a substitute, everybody's running to the same substitute, shipping,

28:53like where boats go, changes and their cycles to that. So if they don't have their normal route, they start going other places. Yeah. So there's all of these knock-on effects. And it's very hard to know exactly how they're going to hit other than, I think, with our line of work, keep it in touch with all your suppliers. And that includes whoever's in charge of your transportation. And being ready to kind of jump on things as opportunities become available because there may be fits and spurts where things are available and then they're not. Yeah. Yeah, I know that the freight thing is interesting. You have it on the notes here. Because certainly, one of the bigger knock-on effects you see almost immediately. And we're kind of hit right now, too, in the US with different labor laws with driver capacity. And then on top of that, you layer on an increased and fuel price. And now, when we thought inflation was over the last several years slowly coming down, many will argue.

29:56But for all extensive purposes, inflation's kind of like tamed off a little bit. Well, this is just going to move it back all the way up to 567%. If it's higher for longer, it could. Now, if this thing drops off, like Mr. Trump says, it's going to you any minute now, then maybe it doesn't hit that hard. But that's the unfortunate piece. It's right when we kind of had somewhat consistency. It's just like this happened. And nobody's happy with the price of the grocery store, basically, any price in the moment. So for the US consumer and globally, for that matter, it just makes it tougher, obviously. And then to run a business. You know, look at us. I mean, our products don't ship from the sea to the rig on magic carpets. And so it just affects everything, which is challenging to whether it be run a business or to run a household. Yeah. And I, frankly, I had to explain to somebody,

30:57and I didn't know whether it was actually fortunate. But we're so fresh and schooled up from coming out of the pandemic and all of the supply chain distortions, where we sort of have, in our book, a lot of contingencies that we may have to lean on that we'd rather not. And it helps us be more prepared. We just wish we didn't have to keep testing these conditions, you know? Right. So that's a good point. Matt, I guess last take, I mean, what could or what do you think this means for rig count? Let's just, you know, put some, I mean, that's the world we live in, right? So any tiebacks to activity, what do you think? I think you're, I don't think you're going to see anything dramatic. And I mean, once again, I don't know anything. This is just me and my gut. But like, I think it may be that rigs that we're going to drop down or rigs that we're going to get picked up, get moved forward a month or whatever. But, you know, there's a lot of people that are hedged.

31:58And so they're not even benefiting from some of this. Yeah. Their costs are all going to go up as well. Right. The, you know, normally crew gives them much better margins anyways, even when DNC costs go up. But there could be some challenges with that. But I don't think you're going to see somebody, you know, a big operator say, we're out in 10 rigs. Like, this is boom town, you know? Yeah. That's just, that's just my gut. Just given how, like, how weird the market is right now. If you just follow crude oil, it'll be $100 and it'll be $85. And you'll be like, there's absolutely nothing. Yeah. Like, it just seems like a very confused market. And I think oil and gas people see that. Yeah. And they say, I'm not going to commit to anything. Yeah. We'll just yo-yo in around. Well, anyone thinking you could be a boom cycle. Most boom cycles have only resulted in value

32:59destruction for companies. So ask me about what I think AI's data centers are going to do. Well, and the other part of it is a sustained boom cycle is, is normally sustained demand, right? This is a supply shortage. Yeah. So, you know, ingrained it. A lot of the glut we were supposed to be swimming in was overwhelmed by demand that was not accounted for. That most people would say was very obvious and should have been expected. So, I don't really know. Right. But that's kind of, I mean, are you in a similar place? Or do you see? Yeah. I'm in the camp that operators are not going to chase oil price to start ramping up activity and get more production. My sense, and again, this is just me thinking out loud as like, they're just going to seize the opportunity and then lean more into efficiency, more into cost discipline, more into maybe more recovery type stuff to maximize what they're already

34:00doing. But to deploy capital, the increased activity, I think that, I just don't think that game is being played anymore. And so, short answer is, I don't think you're going to see a ramp up in activity. On the margin, maybe right here or there, like you said, I think just drilling schedules might fluctuate accordingly, but I don't see a big ramp up in activity. Now, in six months, oil is still at $90. Then I think that means that supply has come down and maybe demand hasn't maybe come down, maybe as much. In that scenario, then the US is going to say, well, shoot. Now we're in a position to ramp up because we're the only ones that can meet the demand, perhaps. But a lot could happen in that sense. But from now to the end of the year, I don't see anyone being like, all right, here we go, adding 10 and 20% more recount. I mean, that's not going to happen. Yeah. So my take. Well, and look, if one of the listeners out there has a different take, I mean, we consume the news.

35:01But you hear what we hear, where we don't have anything. We have no inside track. This is just sort of a fun thought exercise and 100%. Can't be taken for anything more than that. But really, we just, I mean, if you're in our industry, recognize how important what you do is to sustain quality lifestyles for people, bring people out of poverty. There's a really human story to this, both in loss of life, no matter whose side you're on, in loss of livelihoods. And there's also just even folks who are going to feel the brunt of this perhaps through some of these products they need to heat their homes or to cook their meals. And so if we can get back to something that's more sustainable, I think everybody's all for that. Yeah, absolutely.

36:02It's a good way to wrap it up. But with that being said, if anyone has any thoughts, questions, or even has an idea for a show, it reaches out to us on LinkedIn, or you can reach us at the Flowline podcast at ASFoods.com. Matt, any tech tips or Flowline content coming down the pipeline for the old YouTubers? Yeah, we're cooking. Oh, yeah, let him cook. All right, well, be on the lookout for that. Shoot, until next time, enjoy this nice spring weather that's upon us. And until next time, cheers. Take care. Thanks for listening. Please tune in next week for another exciting episode of the Flowline. And remember, may your returns always be full and your trips always smooth. The use expressed in this program belong to participants and not their employees. The program is for informational purposes only and cannot take the place of seeking professional advice. Copyright AES Drilling Fluids.